John Vail, Chief Global Strategist for Nikko Asset Management, says the release of second-quarter data on aggregate Japanese corporate profits confirms his 12-year theme about improving corporate governance in Japan and how investors should not worry about the low-growth domestic economy.
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NEW DELHI – Global asset manager Natixis is predicting that India’s economy will weaken further in the third quarter, promoting a further interest rate cut, but beyond the short-term, growth should rebound strongly, helped by the diminished negative impact of demonetisation and GST.
GENEVA – International Air Transport Association (IATA) data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), increased by 11.4% in July 2017 compared to the same period a year ago. It was the fourth time in five months that double-digit annual growth has been recorded.
SEOUL – South Korea’s President, Moon Jae-in, at an emergency meeting of his National Security Council (NSC) has strongly denounced North Korea’s latest mission test as a provocation that is "a clear violation of U.N. Security Council resolutions and also a grave challenge to world peace and security.”
JAKARTA - CIMIC Group’s global mining services provider, Thiess, has been awarded a new contract at Gunung Bara Utama (GBU) Coal Mine in the West Kurai region of East Kalimantan to deliver total mining solutions from 2017 until 2024, generating revenue to Thiess of approximately AUD437 million.
XIAMEN - Chinese President Xi Jinping met with his Russian counterpart Vladimir Putin, calling for enhanced mutual support and strategic co-ordination, China’s State newsagency, Xinhua reported. . “The two leaders also agreed to appropriately deal with the latest nuclear test conducted by the Democratic People's Republic of Korea (DPRK),” Xinhua said.
NEW YORK- The Taiwan Stock Exchange Corporation (TWSE) and Nasdaq Inc. (Nasdaq:NDAQ) have signed a Memorandum of Understanding to promote mutual development and foster co-operation between the two companies. The MoU also paves the way for both sides to work closely to expand their ETF markets, facilitating cross-listing of ETFs on both the TWSE and Nasdaq markets.
BEIJING - The 19th National Congress of the Communist Party of China (CPC) is expected to convene on October 18 in Beijing. The Political Bureau of the CPC Central Committee decided at a meeting yesterday to submit the proposal on the schedule to the seventh plenary meeting of the 18th CPC Central Committee, which will be held on October. 11. The Political Bureau meeting was presided over by Xi Jinping, General Secretary of the CPC Central Committee.
HONG KONG - Strong production and a rebound in new orders lifted China’s manufacturing PMI in August as the effects from unfavourable weather conditions in previous months faded. The product and new orders sub-indices moved higher to 54.1 and 53.1 respectively in August from 53.5 and 52.8 in July.
ANZ Bank says business expectations also rose to a six-month high of 59.5. In addition, activity in the steel industry rose, with the industry’s PMI, which is compiled by a third party, surging to a record high of 57.2 in August, reflecting robust business sentiment.
NEW DELHI - At 5.7%, GDP growth in India slowed for the April-June quarter amid a sharp decline in manufacturing activity. On a sequential basis, growth moderated to 1% q/q (vs 1.8% in the January-March quarter). The momentum was dampened by net exports (which contributed -2.4ppt to GDP) and weak investments (0.5ppt to GDP).
SEOUL - In a fourth conversation between the two leaders, President Moon Jae-in and Prime Minister Shinzo Abe on August 25 shared a common understanding about the serious security situation on the Korean Peninsula.
HONG KONG – Global asset manager Natixis says that following strong growth in the first half of 2017, the Chinese economy softened slightly in July, especially on the production side. Official PMI retreated slightly to 51.4, although the Caixin PMI improved to 51.1. “This points to a moderation of manufacturers’ expectations given the wider coverage of the official PMI,” Natixis says.
BEIJING - China’s major industrial firms posted steady profit growth in the first seven months of the year, official data shows. From January to July, industrial companies with annual revenue over RMB 20 million (USD 3 million) reported total profits of above RMB 4.2 trillion, up 21.2% from the same period in 2016, the National Bureau of Statistics said in a statement.
BEIJING - President Xi Jinping says he is ready to make concerted efforts with President Moon Jae-in of the Republic of Korea to properly address the differences between the two countries.
HONG KONG - S&P Global Ratings today affirmed its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on Hong Kong, but said the rating outlook remains negative, mirroring S&P’s long-term rating on China (AA-/Negative/A-1+; cnAAA/cnA-1+).
BEIJING - After two years of setbacks and delays, construction is set to begin in October on a high-speed railway linking China and Thailand, Caixin reports. The project’s first phase, a 253-km (157-mile) rail line, will be the first high-speed rail line in Thailand.