⚡JUST IN
#China April official #PMI
Manufacturing PMI 49.2 [Est.51.4 Prev.51.9]
Non-Manufacturing PMI 56.4 [Est.57 Prev.58.2]
Composite PMI 54.4 [Prev.57]
#manufacturing #EconTwitter 🇨🇳 1/ NBS: The PMI for China's manufacturing sector decreased by 2.7 PPs m/m, falling into the contraction zone after running above 50% for three consecutive months.
However, the financial situation of enterprises has improved, and enterprises are relatively optimistic about future.
2/

⚡ CPC held an economy-focused politburo meeting today, stressing new obstacles in economic transformation while demand is still not sufficient.
Boosting demand is key to economic improvement.
#China Key takeaways from the CPC's politburo meeting:
🔸The triple pressures of shrinking have been alleviated, and econ growth beat expectations.
🔸To deepen reform and opening up, combining the effectiveness of policies with the stimulation of vitality among market entities.
2/n

GERMANY IN TALKS TO LIMIT THE EXPORT OF CHIP CHEMICALS TO CHINA: BBG The move could affect German companies including Merck, BASF. Chancellor Scholz has been striking a harder line on China.
#Germany #China #chips

US FED SAYS FED AND CENTRAL BANKS OF ENGLAND, CANADA, JAPAN, ECB AND SWITZERLAND ANNOUNCE COORDINATED ACTION TO ENHANCE THE PROVISION OF LIQUIDITY VIA THE STANDING U.S. DOLLAR LIQUIDITY SWAP LINES. US FED SAYS FED AND CENTRAL BANKS OF ENGLAND, CANADA, JAPAN, ECB AND SWITZERLAND ANNOUNCE COORDINATED ACTION TO ENHANCE THE PROVISION OF LIQUIDITY VIA THE STANDING U.S. DOLLAR LIQUIDITY SWAP LINES.

SWISS FINMA APPROVES MERGER OF UBS, CREDIT SUISSE.
#CreditSuisse #UBS #BankingCrisis FINMA: GOV'T SUPPORT WILL TRIGGER A COMPLETE WRITE-DOWN OF THE NOMINAL VALUE OF ALL AT1 SHARES OF CREDIT SUISSE IN THE AMOUNT OF AROUND CHF 16 BILLION. ON THIS BASIS, IT WILL BE POSSIBLE TO CONTINUE ALL THE BUSINESS ACTIVITIES OF BOTH BANKS WITH NO RESTRICTIONS OR INTERRUPTIONS.

SNB: UBS TODAY ANNOUNCED THE TAKEOVER OF CREDIT SUISSE. BOTH BANKS HAVE UNRESTRICTED ACCESS TO THE SNB’S EXISTING FACILITIES.
#CreditSuisse #UBS #BankingCrisis SNB: THIS TAKEOVER WAS MADE POSSIBLE WITH THE SUPPORT OF THE SWISS FEDERAL GOVERNMENT, THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY FINMA AND THE SWISS NATIONAL BANK.
#CreditSuisse #UBS #BankingCrisis

⚡China mulls efforts to maintain supply and price of iron ore: NDRC
#China #IronOre ⚡#China state planner says has carried out field research to conduct in-depth research on #IronOre supply and price stability.

JUST IN:
#CHINA CENTRAL BANK TO CUT RRR BY 25 BPS FROM MARCH 27.
$CNH $CNY #CHINA CENTRAL BANK PBOC REITERATES PRUDENT, FORCEFUL MONETARY POLICY.
$CNH $CNY

🇨🇳Key takeaways of 2023 #China Government Work Report:
🔸GDP growth target at around 5%
🔸CPI growth target at about 3% unchanged
🔸Budget deficit at 3% of GDP vs 2.8% 2022
🔸Add 12 million urban jobs in 2023 vs 11 mln 2022.
🔸Plans 3.8 tln yuan special gov bond sales vs 3.65
1/n 🇨🇳Key takeaways of 2023 #China Government Work Report:
🔸Focus on expanding domestic demand, consumption
🔸More proactive fiscal policy
🔸Money supply growth to match nomical GDP growth
🔸Keep yuan exchange basically stableshore
🔸Shore up B/S of property companies
2/n

JUST IN:
Saudi Arabia, UAE Clash Over Oil, Yemen Amid Growing Rift: WSJ Sources
#OOTT Saudi Crown Prince Mohammed bin Salman Skipped Abu Dhabi Summit in January to Snub Emiratis: WSJ Sources
#OOTT #OPEC

China state planner NDRC says experts suggest strengthening regulation and supervision of iron ore market to curb unreasonable price rises.
#China #IronOre

https://twitter.com/Sino_Market/status/1627972143261818880

Experts suggest that iron ore trading enterprises and steel enterprises should comprehensively and rationally view current supply and demand situation in iron ore market and not follow trend of speculation: NDRC
#China #IronOre

#Alibaba:
3Q Rev. 247.76b Yuan, Est. 245.87b Yuan;
3Q Adj Ebitda 59.16b Yuan, Est. 53.56b Yuan;
3Q Cloud Rev. 20.18b Yuan, Est. 21.34b Yuan;
3Q Adj Earnings Per Ads 19.26 Yuan, Est. 16.57 Yuan.
$BABA US-listed #Alibaba shares rise 4.2% in premarket session. $BABA

China offers financial support to Guangdong-Macao In-Depth Cooperation Zone in Hengqin and Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Qianhai.
#China #HongKong #Macau China central bank says to facilitate credit financing for Hong Kong residents and cross-border investment and financing for Hong Kong enterprises.
#China #HongKong #Macau

China Seeks Extra Scrutiny of Ford-CATL Deal on IP Concerns: BBG
#China #US #CATL #Ford China will scrutinize Ford Motor Co.’s recent agreement with Contemporary Amperex Technology Co. Ltd. to ensure the Chinese battery giant’s core technology isn’t handed over to the US carmaker: BBG cites people familiar
#China #US #CATL #Ford

Fed's Mester: Fed Has No Intention of Changing 2% Target, Would Oppose Such a Shift. Sustainable Fiscal Environment Important over Longer Run. Does Not Expect the US to Fall into Recession.
#Fed $USD Fed's Mester: Expect Growth Well Below Trend in 2023, Not Recession. Retail Sales Data Show Some Slowing, Economy Resilient.
#Fed $USD

FED'S MESTER SAW 'COMPELLING' CASE FOR 50-BP HIKE AT LAST MTG.
$USD #FED Fed’s Mester sees the need for rates to get hiked further, favored 50bp in Jan.
$USD #Fed

$TIGR, $FUTU reverse premarket losses to trade positive after China securities regulator updates rectification of illegal cross-border business development of overseas licensed institutions. China securities regulator says core requirement for rectification of illegal cross-border business is banning opening of new accounts from mainland Chinese investors while allowing existing investors to continue to conduct transactions through original institutions.
$TIGR $FUTU

China Top 100 Developers See Jan Sales -32.5% Year on Year: CRIC
#China #property China's Top 100 developers see Jan sales at 354.29 billion yuan, down by 32.5% year-on-year and 48.6% month-on-month: CRIC
#China #property

⚡#China's Premier Li Keqiang visits Central Bank of China and State Administration of Foreign Exchange and presides over a symposium. ⚡#China's Premier Li Keqiang calls for bigger role of finance in economy, asks finance sector to further support China's macroeconomic stability: CNR

⚡️JUST IN
Economic activities in China was weak in December.
Manufacturing PMI 47.0 [Est.48.0 Prev.48.0]
Non-Manufacturing PMI 41.6 [Est.45 Prev.46.7]
Composite PMI 42.6 [Prev.47.1]
#manufacturing #EconTwitter 🇨🇳
1/ Thread China's NBS:
Production and demand continue to slow down on both ends. The pandemic has cast negative impacts on the operations of some enterprises, with production activities slowing down and product orders decreasing.
#manufacturing #EconTwitter 🇨🇳
2/ Thread

China's immigration authority says to resume issue of visa for mainland residents to travel overseas from Jan 8.
#China #OOTT #COVID19

https://twitter.com/Sino_Market/status/1607401754337087488

China's immigration authority: Will optimize immigration management policies and measures from January 8, 2023.
#China #OOTT #COVID19