Chinese President Xi travels overseas to promote his strategic role

BEIJING (AP) — President Xi Jinping is using his first overseas trip since the start of the pandemic to promote China’s strategic ambitions during a summit with Russia’s Vladimir Putin and other leaders of a Central Asian security group. Chinese leader promotes ‘Global Security Initiative’ announced in April following formation of Quad by Washington, Japan, … Read more

Asian markets rise, South Korean stocks explode ahead of US CPI report

China’s tourism revenue still well below 2019 levels, data shows Domestic tourism revenue for the Mid-Autumn Festival hit 28.68 billion yuan ($4.16 billion), just 60.6 percent of pre-pandemic levels in 2019, official data showed. . Revenues have remained below 2019 levels since the pandemic hit in early 2020. Cinema ticketing site Maoyan showed the long-weekend … Read more

Japan travel stocks rise following report on easing of rules

North Asian refiners will receive a full allocation of Saudi crude in October, Reuters reports At least three refiners in North Asia have been told by Saudi Aramco that they will receive full contract volumes of crude in October, Reuters reported, citing people with knowledge of the matter. In its first cut in four months, … Read more

Hong Kong’s Hang Seng rises 2%, leads Asian markets higher after Powell’s inflation comments

HSBC says latest inflation readings from China allow PBOC to maintain accommodative monetary policy China’s latest inflation figures give the People’s Bank of China room to maintain its current monetary stance, HSBC said in a note. “The moderation in price pressures gives the PBOC room to remain dovish,” said China economist Erin Xin. Xin added … Read more

Japan’s Nikkei rises 2% in mixed Asian session after Wall Street rebound

Australia’s central bank pleads for slower rate hikes Reserve Bank of Australia Governor Philip Lowe said the central bank “acknowledges” that “the case for slowing the pace of interest rate increases is growing stronger as the level of the cash rate increases”. National Australia Bank economist Tapas Stickland said Lowe’s remarks could “signal a shift … Read more

Japan’s Nikkei rises 2% in mixed Asian session after Wall Street rebound

Australia’s central bank pleads for slower rate hikes Reserve Bank of Australia Governor Philip Lowe said the central bank “acknowledges” that “the case for slowing the pace of interest rate increases is growing stronger as the level of the cash rate increases”. National Australia Bank economist Tapas Stickland said Lowe’s remarks could “signal a shift … Read more

Asia-Pacific markets are trading lower; China’s trade data in August beats expectations

Pakistan pays price for climate crisis caused by other countries: minister Pakistan is facing the worst consequences of the climate crisis, thanks in part to actions by the developed world, Finance Minister Miftah Ismail has said, as the country battles the worst floods in its history. Ismail joins a chorus of supporters from the flooded … Read more

Asia-Pacific markets are trading lower; China’s trade data in August beats expectations

Pakistan pays price for climate crisis caused by other countries: minister Pakistan is facing the worst consequences of the climate crisis, thanks in part to actions by the developed world, Finance Minister Miftah Ismail has said, as the country battles the worst floods in its history. Ismail joins a chorus of supporters from the flooded … Read more

Chengdu in China enforces strict lockdown despite earthquake

BEIJING (AP) — Authorities in Chengdu, southwest China, have maintained strict COVID-19 lockdown measures on the city’s population of 21 million despite a major earthquake that left killed at least 65 people in outlying areas. Footage circulating online on Tuesday showed workers wearing top-to-bottom protective gear preventing residents of apartment buildings from exiting through locked … Read more

Mixed actions; RBA hikes interest rates

Chinese yuan won’t weaken much beyond level 7, says Capital Economics The Chinese Yuan is likely to break level 7 against the greenback based on yield spreads in the two countries, according to Julian Evans-Pritchard, senior China economist at Capital Economics. But the currency won’t weaken much beyond that, he told CNBC’s “Squawk Box Asia.” … Read more