HSBC flash PMI: China production still contracting
HSBC’s flash PMI data for Chinese production – which comes out a week earlier than the final HSBC and official numbers, showed continued weakness in China’s manufacturing sector in May.
The index dropped further below 50, hitting 48.7, and marking seven straight months of contraction in the sector. Continue reading »
World Bank to China: shop more
Just as China looks to be refuelling the investment engine, a word of warning comes from the World Bank: China’s traditional fallback plan of infrastructure-based growth is not the answer to a sliding economy. Much better to get people spending.
The World Bank also trimmed its 2012 growth forecast for China to 8.2 per cent, in line with yesterday’s update from the OECD. Continue reading »
Wen comments boost rail, coal, booze
Another day, another step towards stimulus? Premier Wen Jiabao said over the weekend he wanted to see more steps taken to boost Chinese growth.
He gave no detail of what those steps might be but it was still a spot of good news for those invested in Chinese railway stocks on Monday, which all received a boost. Continue reading »
Thailand bounces back
Thailand was expected to have a strong year in 2012 as it rebounded from severe flooding last year, which shut down factories, disrupted supply chains, and crimped consumer spending.
The Q1 growth figures, released on Monday, showed a bounce that is both bigger and sooner than expected. Continue reading »
China stimulus: a lightbulb moment
Stimulus ahoy! After the miserable economic data last week, and the RRR cut at the weekend, China has moved swiftly to boost domestic consumption.
But don’t get too excited just yet, it’s not a repeat of the 2008 mega-stimulus. The latest step is to use Rmb26.5bn ($4.2bn) to subsidise the purchase of energy-saving white goods, like washing machines. Continue reading »
China: troubling news hits Hang Seng
For the bulls, Wednesday is so far a matter of “look away now”. Worst hit among Asian markets – all of which are comfortably in negative territory – is the Hang Seng, down more than 3 per cent by mid-afternoon.
While the main concern for investors globally might be Greece, the slow drum beat of bad news from China continues. Continue reading »
China’s RRR: opening the toolkit
How ungrateful. Within minutes of the weak Chinese economic data last week, analysts began clamouring for policy action. The uniform prescription was for a cut to reserve requirement ratios, which promptly followed over the weekend.
But already the message seems clear: the RRR cut will do little in itself to spur growth. Continue reading »
Chinese data: it gets worse
Maybe it was all just wishful thinking. Analysts who said Chinese growth hit bottom in Q1 look to have been proved wrong, after a raft of miserable data from the world’s second largest economy showing that things are getting even worse.
Everything is falling. Continue reading »
China trade: warning signals
Whichever way you look at it, China’s latest set of trade figures is bad news. Not only did both exports and imports fall short of expectations, they missed by quite a way.
Although the first half of 2012 was expected to be a tough one, analysts say action is needed soon if the Q3 rebound many have been pinning their hopes on is going to happen at all. Continue reading »
Europe to Chongqing: now direct
Chongqing isn’t just the world’s biggest city (depending how you measure it), one of the fastest growing places in China, and the venue for a murder mystery that is still shaking China’s political foundations. It is now reachable directly from Europe.
Finnair’s first Helsinki-Chongqing flight takes off on Wednesday, and opens a route that will operate four times a week. But is it needed? Continue reading »
Taiwan: export drop accelerates
Despite the recent enthusiasm in the west for manufacturing, pity the globe’s exporters of manufactured goods. In a time of economic uncertainty, those that rely on foreigners to buy aren’t all having a great time of it, as Taiwanese export data showed on Monday.
And it may not be over yet. Continue reading »
Lenovo goes mobile in central China
Lenovo may be best known for its PC division, part of which came from its purchase of an IBM unit a few years back. It recently overtook Dell to become the world’s number one in the PC market.
But, to help keep up in a world increasingly focused on mobile devices, the company is building a major new facility for smartphones and tablets. And it’s doing it in central China. Continue reading »
A little more China in your bowl
Not many people in the western world eat Chinese food for breakfast. Until now. On Wednesday Bright Food announced it had bought 60 per cent of Weetabix Foods, parent of the famous British breakfast cereal of the same name.
According to the company, this is the largest outgoing Chinese acquisition in the sector. Continue reading »
People’s Daily halted after price soars
Chinese state media is hardly a bastion of free speech, but the Communist party mouthpiece has apparently fallen victim to a different form of outside manipulation.
On Wednesday, trading in People’s Daily Online, the recently listed web arm of the official newspaper, was halted. Continue reading »
Samsung: king of the hill
Whether you are on the train in London, Hong Kong or New York, there’s one thing you’ve probably seen a lot more of in the last 6 months: Samsung Galaxy phones.
Sure enough, the SII – South Korea’s challenger to the iPhone – and its over-sized brother, the Note, have helped Samsung conquer the mobile phone market, according to the latest company figures and analyst estimates. Continue reading »
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