* Fresh China data point to economic rebound
* Rise in India car sales considered unsustainable
* Hyundai union approves wage deal to end strikes
* Four found guilty in Delhi rape case
* Mexican president’s tax reform proposals win mixed reception
* Roberto Azevêdo urges WTO to reach $1tn global trade deal in Bali
* Mozambique joins high yield, frontier market bond spree
* Batista to contest pumping $1bn into OGX
* PKK halts removal of fighters from Turkey in blow to peace process
* ICC under scrutiny as Kenya’s deputy president faces trial
* Mining group Bumi’s split from Indonesia’s Bakrie family delayed again
* Foreign firms turn to FX swaps to fund Chinese operations
* Tin jumps on Indonesia export fears
* Markets: up
Fresh China data point to economic rebound
Chinese industrial output, investment and retail sales all strengthened in August, the latest evidence of an upswing in growth in the world’s second-biggest economy.
Rise in India car sales considered unsustainable
India’s struggling carmakers staged a temporary comeback in August, boosted by higher sales from Maruti Suzuki following a factory closure last year, although industry figures warned that low demand and a weak rupee would cause the sector to shrink for a second consecutive year.
Hyundai union approves wage deal to end strikes
Hyundai Motor has reached a final agreement with its labour union to end a string of labour disruptions that have cost South Korea’s largest automaker Won1tn ($921m) in lost production.
Four found guilty in Delhi rape case
An Indian fast-track court has convicted four men of raping and murdering a 23-year-old physiotherapy student on board a New Delhi bus – a brutal crime that put a harsh spotlight on the harassment of women in urban India’s public spaces.
Glencore Xstrata to list in Jo’burg despite S Africa’s troubles
Commodities bosses have spent the last two years trying to put as much rhetorical distance as possible between their companies and South Africa. Not Ivan Glasenberg, chief executive of Glencore Xtrata and a South African himself. Undeterred by a negative perception of his mother country caused by crippling strikes, rising costs and often unreliable government policies, he has just announced an even closer relationship with South Africa.
Mexican president’s tax reform proposals win mixed reception
The Mexican government’s sweeping tax reform plans surprised many by being milder than expected. But middle-class voters complained they were still being clobbered and the main opposition, pro-business, party warned an accompanying fiscal stimulus risked launching the country on a slippery economic slope.
Roberto Azevêdo urges WTO to reach $1tn global trade deal in Bali: The new head of the WTO, who succeeded Pascal Lamy at the beginning of this month, has used his debut address to members to issue a rousing call for them to reach a deal in Bali later this year that would add up to $1tn to the global economy.
Mozambique joins high yield, frontier market bond spree
Mozambique has joined the debt spree in sub-Saharan Africa with a state-backed agency tapping investors’ appetite for high yields and frontier markets with the country’s first ever US dollar-denominated bond. The government-guaranteed $500m seven-year bond was sold on Friday to international investors yielding roughly 8.5 per cent.
Batista to contest pumping $1bn into OGX
Eike Batista plans to contest a decision to pump up to $1bn of his own money into OGX, delivering a setback to investors in his cash-starved oil company. The former billionaire warned that if the dispute were not resolved within 60 days he would take the issue to the arbitration court of Brazil’s stock exchange, according to a regulatory filing by OGX on Monday.
(Beyondbrics has a good backgrounder on this rather complicated story here
PKK halts removal of fighters from Turkey in blow to peace process
The Kurdistan Workers party (PKK), the militant group that has battled Turkey over three bloody decades, has announced it has halted the withdrawal of its fighters from the country in a move that raises questions about the peace process between the government and the banned organisation.
ICC under scrutiny as Kenya’s deputy president faces trial: Kenya’s deputy president, William Ruto, is due in the dock at The Hague on Tuesday in a trial that could unsettle the International Criminal Court as much as the east African nation whose leaders are accused of crimes against humanity.
Mining group Bumi’s split from Indonesia’s Bakrie family delayed again: “The separation process has already taken months. It blames the delay on the complexity of the deal, discussions on arrangements with the Bakries for payment, plus a simultaneous split between the family and their Indonesian partner Samin Tan, who would become the single largest investor in Bumi by buying the Bakrie stake.”
Foreign firms turn to FX swaps to fund Chinese operations: Multinational companies said that they could raise more money, more quickly and more cheaply by borrowing in dollars and swapping the money into yuan than if they borrowed directly in yuan through the offshore yuan-denominated bond (Dim Sum) market in Hong Kong.
Tin jumps on Indonesia export fears: Tin hit a five-month high on Monday amid growing uncertainty about supply from Indonesia, the world’s second-biggest producer and leading exporter. In an attempt to gain greater control over tin, one of the country’s most valuable commodities, the government now insists all locally produced ingot is traded through the Indonesian Commodity & Derivative Exchanges (ICDX) before it can be exported.
MSCI Emerging Market Index up +1.32% at 986.68
FTSE down +0.75% at 6,579
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Warsaw Wig up +2.12% at 48,824
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Bovespa up +0.93% at 54,252
Nikkei 225 up +1.54% at 14,423
Topix up +1.47% at 1,190
Hang Seng up +0.99% at 22,977
Shanghai Composite up +1.15% at 2,238
MSCI Asia ex-Japan up +1.58% at 452.00
CNX Nifty up +3.81% at 5,897
€/$ 1.32 (1.33)
$/¥ 100.15 (99.57)
Brent Crude (ICE) down -0.30 at 113.42
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100 Oz Gold (Comex) down -9.40 at 1,377