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Market Talk – July 1, 2022 | Armstrong Economics

ASIA: China's huge manufacturing and service industries just saw their first month of growth since February, according to surveys published Thursday, as Covid restrictions were eased in many cities. But the shadow of further lockdowns still looms over the world's second biggest economy as Beijing sends mixed messages about the best way out of the

Market Talk – April 1, 2022 | Armstrong Economics

ASIA: China's factory activity slumped at the fastest pace in two years in March, a private sector PMI showed, as the fallout from the Ukraine crisis and resurgence in domestic coronavirus cases hit external and domestic demand. The outcome was in line with Thursday's official data showing activity in Chinese manufacturing and services simultaneously contracted

Market Talk – October 1, 2021 | Armstrong Economics

Market Talk – July 1, 2021 | Armstrong Economics

Market Talk – July 1, 2021 | Armstrong Economics
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Market Talk – December 14, 2020 | Armstrong Economics

Spread the love ASIA: Despite claims of an economic recovery, Chinese state-owned companies are defaulting on their debts. A string of missed debt repayments by major firms has shaken local as well as global markets. State firms defaulted on a record $6.1 billion worth of bonds between January and October, according to Fitch Ratings. That’s about as much as the last two years combined. The development has rattled China’s nearly $4 trillion corporate debt market, of which state-owned enterprises are estimated to account for more than half. At least 20 firms suspended plans for new debt issues totaling $2.4 billion, all citing recent market turmoil. The mounting non-payment of debt payments is getting worse in recent weeks. A slew of major companies, including German automaker BMW’s Chinese partner Brilliance Auto Group, top smartphone chipmaker Tsinghua Unigroup, and Yongcheng Coal and Electricity declared bankruptcy or defaulted on their loans in November. According to Reuter

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