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ASIA: Goldman Sachs has cut China's growth forecast to 7.8 percent this year from the previously estimated 8.2 percent as the world's second largest economy

Spread the love ASIA: China has denounced a US Senate bill worth approximately $250bn that aims to boost American technology and manufacturing prowess as an example of the US hyping up “the so-called China threat,” and accused Washington of attempting to hinder its development. The Senate on Tuesday overwhelmingly approved the Innovation and Competition Act. The expansive legislation, passed by 68-32 votes, combines various China-related measures into what analysts have called the biggest piece of US industrial policy legislation in decades. Analysts said the passage of the bill reflected...

Spread the love ASIA: China’s factories slowed their output growth in April and retail sales significantly missed expectations as officials warned of new problems affecting the recovery in the world’s second-largest economy. Factory output grew 9.8% in April from a year ago, in line with forecasts but slower than the 14.1% surge in March, National Bureau of Statistics data showed on Monday. Retail sales, meanwhile, rose 17.7%, much weaker than a forecast 24.9% uptick and the 34.2% surge in March. In the factory sector, motor vehicle production growth fell sharply to 6.8% from 69.8%, due i...

2/12/2021 3:40:21 PM GMT USD/JPY retreats below 105, finds support at 104.55, recovers. Chairman Powell: The US labor market remains weak. Chairman Powell: Fed has no plans for rate increases or bond program reductions. US Treasury rates move higher after Wednesday low. FXStreet Forecast Poll sees no immediate increase in USD/JPY. The USD/JPY reneged on its breakout promise this week dropping below 105 on Tuesday but support at 104.55 held on Thursday. The descending channel is increasingly distant and a declining a draw with the upper border below 103. Movement in the pair is tied to impr...

Spread the love ASIA: China posted its biggest daily jump in COVID-19 cases in more than five months on Wednesday, stepping up containment measures that have seen four cities put under lockdown, as the world’s second-biggest economy scrambles to head off a new wave of infections. Most of the new cases were reported near the capital, Beijing, but a province in the far northeast also saw a rise in infections, official data showed, amid a resurgence that has seen more than 28 million people put under home quarantine. On Wednesday, the National Health Commission reported a total of 115 new conf...