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361-380 of 1003
19-20 Sept 2023 FOMC meeting
Local Banks exposure to China is also a source of concern.
i feel more uneasy about local banks exposure to China/ US/ UK/ Australia property markets
that one is the real wave
that one is the real wave
Feeling uneasy about the US markets.
10-year Treasury yield hits highest level since 2007
PUBLISHED MON, AUG 21 20234:38 AM EDTUPDATED MON, AUG 21 20234:14 PM EDT
U.S Treasurys: investors await Fed speaker comments, economic data (cnbc.com)
ticdata.treasury.gov/Publish/mfh.txt
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
(in billions of dollars)
HOLDINGS 1/ AT END OF PERIOD
Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan
Country 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Japan 1104.4 1076.3 1082.3 1064.4 1116.4 1196.0 1230.7 1232.7 1219.9 1215.0 1229.0 1303.0 1299.9
China, Mainland 859.4 867.1 870.2 877.9 901.7 938.6 939.2 938.8 951.8 976.0 1013.2 1028.7 1033.8
10 arrested in S$1 billion raid in S' pore allegedly from ' Fujian Gang' , ' spent millions' in nightclubs in 1 night - Mothership.SG - News from Singapore, Asia and around the world
" Zaobao quoted an anonymous property agent who said the Fujian Gang, at one point, possibly had " hundreds" of members in Singapore."
" Zaobao quoted an anonymous property agent who said the Fujian Gang, at one point, possibly had " hundreds" of members in Singapore."
China property sales fall at fastest clip this year in June | The Straits Times
Property sales by floor area declined 28.1 per cent year on year, extending a 19.7 per cent fall in May, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).
For June, total property investment amounted to 1.2849 trillion yuan (S$237.2 billion), falling 20.6 per cent from a year earlier after a 21.5 per cent drop in May, according to Reuters calculations.
Property sales by floor area declined 28.1 per cent year on year, extending a 19.7 per cent fall in May, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).
For June, total property investment amounted to 1.2849 trillion yuan (S$237.2 billion), falling 20.6 per cent from a year earlier after a 21.5 per cent drop in May, according to Reuters calculations.
Chart: China Suspends Youth Unemployment Data After New Highs | Statista
As the following chart shows, unemployment among 16-to-24-year-olds in urban areas has been a growing problem in recent years. The share of people without a job has risen every month of 2023, reaching 21.3 percent in June - the highest figure on record since the data was first published in 2018.
Country Garden: How bad is China' s property crisis? | Reuters
While Country Garden' s total liabilities of 1.4 trillion yuan ($191.7 billion) are only 59% as big as those at Evergrande, the world' s most indebted developer, it has 3,121 projects across all China' s provinces, compared to around 800 for Evergrande
This week, news of missed payments on investment products by leading trust firm Zhongrong International Trust Co highlighted the outsized exposure of China' s $3 trillion shadow banking sector to the property sector.
Increasing defaults by developers had already raised Chinese banks' non-performing loan ratios to 4.4% at the end of last year from 1.9% in 2020, Moody' s said.
But market experts generally do not think China is on the brink of a " Lehman moment" with one company' s failure cascading into a broader financial collapse, as financial institutions' exposure to the real estate sector has dropped in the past few years.
China' s property sector accounts for more than half of global new home sales and home building, and it is the largest asset class in the world, with an estimated market value of around $62 trillion.
As the following chart shows, unemployment among 16-to-24-year-olds in urban areas has been a growing problem in recent years. The share of people without a job has risen every month of 2023, reaching 21.3 percent in June - the highest figure on record since the data was first published in 2018.
Country Garden: How bad is China' s property crisis? | Reuters
While Country Garden' s total liabilities of 1.4 trillion yuan ($191.7 billion) are only 59% as big as those at Evergrande, the world' s most indebted developer, it has 3,121 projects across all China' s provinces, compared to around 800 for Evergrande
This week, news of missed payments on investment products by leading trust firm Zhongrong International Trust Co highlighted the outsized exposure of China' s $3 trillion shadow banking sector to the property sector.
Increasing defaults by developers had already raised Chinese banks' non-performing loan ratios to 4.4% at the end of last year from 1.9% in 2020, Moody' s said.
But market experts generally do not think China is on the brink of a " Lehman moment" with one company' s failure cascading into a broader financial collapse, as financial institutions' exposure to the real estate sector has dropped in the past few years.
China' s property sector accounts for more than half of global new home sales and home building, and it is the largest asset class in the world, with an estimated market value of around $62 trillion.
DBS
Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results (sgx.com)
OCBC
Financial Statements and Related Announcement::Half Yearly Results (sgx.com)
UOB
Financial Statements and Related Announcement::Half Yearly Results (sgx.com)
Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results (sgx.com)
OCBC
Financial Statements and Related Announcement::Half Yearly Results (sgx.com)
UOB
Financial Statements and Related Announcement::Half Yearly Results (sgx.com)
SGX Fund Flow Weekly Tracker (Week of 14 Aug 2023).xlsx (live.com)
Institution and Retail net buy last week.........so whio is selling........
Institution and Retail net buy last week.........so whio is selling........
Asia markets fall as investors assess Japan inflation China&rsquo s Evergrande bankruptcy filing
Asia markets fall as investors assess Japan inflation China' s Evergrande bankruptcy filing (cnbc.com)JPMorgan hikes EM default forecast as Country Garden drives China contagion fears
- JPMorgan raised its 2023 global emerging markets corporate high-yield default forecast to 9.7% from 6% in a note dated Aug. 15.
- It also raised its Asia high yield default rate forecast to 10% from 4.1% &mdash that figure drops to just 1%, if China property is excluded.
- The bank expects China property to account for nearly 40% of all emerging market corporate high-yield default volumes in 2023.
FINANCE
Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
- Fitch Ratings cut its assessment of the banking industry&rsquo s health in June, a move that analyst Chris Wolfe said went largely unnoticed because it didn&rsquo t trigger downgrades on banks.
- But another one-notch downgrade of the industry&rsquo s score from AA- to A+ would force Fitch to reevaluate ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC.
- &ldquo If we were to move it to A+, then that would recalibrate all our financial measures and would probably translate into negative rating actions,&rdquo Wolfe said.
China&rsquo s economic challenges gather steam as new loans plunge, property fears loom
KEY POINTS
- Credit data for July released Friday showed a slump in demand from businesses and households to borrow money for the future.
- On Tuesday, China is set to release July economic data that&rsquo s expected to show no change from June in the pace of growth for industrial production and fixed asset investment, according to a Reuters poll.
- Developer Country Garden announced over the weekend it was suspending trading in at least 10 of its mainland-China traded yuan bonds.
China economy: new loans fall, property fears, low consumer sentiment (cnbc.com)
Hong Kong, China stocks extend losses Country Garden drops nearly 15% to new record low
Hong Kong, China stocks fall led by property Country Garden down 15% (cnbc.com)
Pennies........Construction......Marines......
The expectation tonight is for FED to raise interest rate by 25 basis points and pause.
PACW falls more than 50% after hours on report bank is considering options (cnbc.com)
IMO, Another high potential bank to bite the dust.................
PacWest falls more than 50% after hours on report bank is considering strategic options
-------------------------------------------------------------------------------------------------------------------------------------------------------------IMO, Another high potential bank to bite the dust.................
Stocks turn lower
The major averages turned lower following Fed Chair Jerome Powell&rsquo s press conference.
Investors seemed to have turned their attention to Powell&rsquo s comment that the rate-setting committee has &ldquo a view that inflation is going to come down not so quickly.&rdquo
&ldquo It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won&rsquo t cut rates,&rdquo he said.
As of 3:45 p.m., the Dow Jones Industrial Average was down 245 points, the Nasdaq was lower by about 0.3% and the S& P 500 was down 0.5%.
-Darla Mercado
Live updates: Fed decision May 2023 (cnbc.com)