<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"65c4744d8f08ddaeb791ac96","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. ","elementId":"f360f36b-68cb-4691-91e1-b5ee0a0581e9"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Consumer prices across China are falling at the fastest pace in 15 years, as its economy struggles with weak demand. ","elementId":"281c6eec-65c8-4ee6-8eec-7f06198e10c1"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China’s consumer price index fell 0.8% year-on-year in January, data released this morning showed. It’s the fourth straight month of declines, and the biggest contraction since 2009 after the financial crisis. ","elementId":"37c285e3-8b4c-406e-b0e0-94f7767919fa"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" The inflation rate was dragged down by falling food prices, which dropped by 5.9%…
Tag: Stock markets
Comments on Weibo giraffe post bemoan state of Chinese economy
A social media post about giraffe conservation has become the latest place for people in China who are unhappy about the economy to vent their frustration, as the Chinese government increasingly cracks down on negative commentary. On 2 February, the US embassy in China posted an update on its Weibo account about tracking giraffes in Namibia using GPS technology. As of Monday afternoon local time, the post had received approximately 166,000 comments, many of them about China’s economic pains. “Who can help me? I’ve been unemployed for a long time,”…
Chinese markets rally on report Beijing considering £222bn state rescue plan
Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were…
China falls deeper into deflation territory, hitting markets, as UK house asking prices drop – business live
From 52m ago Introduction: China’s consumer price drop adds to deflation fears Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. While most of the advanced world is struggling with inflation, China has the opposite problem. The world’s second-largest economy has dropped further into deflation territory, with consumer prices falling last month, new data released last weekend shows. China’s consumer price index (CPI) dropped 0.5% on a monthly basis in November, showing that prices of a basket of goods and services fell…
Chinese fashion giant Shein has filed paperwork to float on US stock market – reports
Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US. The listing would likely be the largest initial public offering (IPO) in years. Shein is one of the global leaders of fast fashion e-commerce, harnessing a network of small-shipment manufacturers in China, and a massive online advertising presence. JPMorgan Chase, Morgan Stanley and Goldman Sachs have reportedly been hired as underwriters for the move, according to unnamed sources cited by the Wall Street Journal, Financial Times,…
China falls back into deflation territory; UK energy companies pay £10.8m for missing smart meter targets – business live
From 31m ago Introduction: China’s economy falls back into deflation as pork prices tumble Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China has dropped into deflationary territory for the second time this year, reigniting concerns over its economy. Consumer prices in the world’s second-largest economy fell by 0.2%, compared with the previous year, in October, a larger decline than the 0.1% expected. Chinese producers also cut their prices at a faster rate. The producer price index (a measure of prices…
US orders immediate stop to some AI chip exports to China; Lloyds profits up but lending margins fall – business live
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Reckitt, the maker of Dettol bleach and Finish dishwasher products, has missed sales expectations as revenues dropped 3.6% year-on-year in the third quarter. ","elementId":"c705bb63-9627-4831-b267-42b06d699530"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Its shares were down 2.3% on Wednesday morning, despite it also committing to buy back £1bn in shares. ","elementId":"7d7e69ac-7899-4b7d-8dd7-43d2450dec8a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" It missed expectations because of the comparison with strong sales in…
UK government delays post-Brexit border checks for fifth time – business live
From 2h ago UK government confirms another delay to post-Brexit food checks The UK government has confirmed that it will delay the introduction of post-Brexit checks on food by another three months, after warnings the long-promised new regime would not be ready in time. The UK’s Cabinet Office said that “remaining sanitary and phytosanitary controls, as well as full customs controls for non-qualifying Northern Ireland goods, […] will now be introduced from January 2024. The government had said in April that new checks would come into force on Halloween, 31…
Homebuilder shares tumble as UK housing market weakens – business live
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Italy approves 40% windfall tax on banks; China’s trade slumps – business live
From 1h ago Italy approves 40% windfall tax on banks The Italian government is hitting the country’s banks with a new windfall tax, to help families through the cost of living squeeze. Italy’s cabinet yesterday approved a 40% “windfall tax” on bank profits this year, with the proceeds earmarked to help mortgage holders and cut taxes. Deputy prime minister Matteo Salvini told a news conference that the levy will hit the profits reaped from higher interest rates: “One only has to look at the banks’ first-half 2023 profits, also the…