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.
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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.
BEIJING - Chinese Vice-Premier Liu Yandong says that as robotics becomes increasingly intertwined with AI, big data and other technologies, the sector will play a significant role in driving economic growth in China.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) and China’s Sichuan Provincial Government today signed a Memorandum of Understanding (MOU) to strengthen mutual communication and co-operation, aiming to support and promote future development in both capital and commodities markets.
MANILA - Banks in the Philippines are set to continue to grow rapidly over the next two years, thanks to strong solid economic growth, corporate profitability, low interest rates, and a drop in nonperforming loans, according to S&P Global Ratings. The report estimates that the banking sector in Philippines will grow at
15%-17% in 2017 and 2018, after 16.5% expansion in 2016.
BEIJING - China has opposed secondary sanctions related to North Korea announced by the US Treasury Department on Tuesday and called on the US Government to correct the "mistake". The US Treasury announced on Tuesday new sanctions on 16 entities and individuals, mostly from China and Russia, for alleged business ties with the missile and nuclear weapons programme in North Korea.
BEIJING - China will boost financing guarantee services for small and micro businesses and the rural sector under rules released by State Council decree. Local governments should increase fiscal support for such companies while information technology such as big data should be adopted to better meet the demands of small firms and rural development, the rules state.
JAKARTA - In a surprise decision, Bank Indonesia (BI) has cut its policy rate by 25 basis points, n a move that is largely to address subdued economic and credit growth, says ANZ Bank. “We expect GDP growth will struggle to reach the upper end of BI’s target of 5.0-5.4% after registering 5.0% in H1 2017,” the bank says.