BEIJING (Reuters) – China's export growth is expected to have slowed further in September as overseas demand weakens, adding to strains on the shaky economy amid COVID curbs and a property crisis, a Reuters poll showed on Thursday.
Outbound shipments likely rose 4.1% from a year earlier after growing 7.1% in August, according to the median forecast of 30 economists in the poll.
Surging inflation, higher interest rates and the months-long Ukraine war are increasingly weighing on the global economy, with China's protracted slowdown adding to the pressure.
Both the official and private-sector China factory activity surveys showed new export sub-indexes extended contractions last month. Exports had been one of the few bright spots for the economy this year.
"The PMIs add to growing evidence of a turning point in foreign demand," said Julian Evans-Pritchard, economist at Capital Economics, adding this could be the start of a double-digit contraction in Chinese exports.
Foreign trade-related container throughput in China's eight major ports dropped 14.6% in the first 10 days of September due to typhoon disruptions, but grew later during Sept. 11-30, data by China Ports & Harbours Association showed.
Meanwhile, imports are expected to remain weak in September, likely rising 1%, compared with only 0.3% in August.
South Korea's export growth, a leading indicator for China's imports, hit the slowest pace in nearly two years in September. Shipments from the trade-dependent country to China were down 6.5%.
Analysts at Goldman Sachs noted fewer working days and lower year-over-year growth of oil prices in September also implied import growth could slow.
With the weakening yuan, China's trade surplus is likely to have widened to $81.0 billion from $79.39 billion in August, the poll showed.
Trade data, which will be released on Friday, is one of the last official economic indicators to be announced before China's ruling Communist Party Congress starting on Oct. 16.[L4N3090YT]
As the world's second-biggest economy contends with continued COVID-19 curbs and a weakening property sector, the International Monetary Fund on Tuesday downgraded its 2022 growth forecast for China to 3.2% from 3.3%.
(Poll compiled by Anant Chandak; Reporting by Ellen Zhang and Ryan Woo; Editing by Kim Coghill)
Shares of Moderna surged more than 11% on Wednesday after the biotech company [announced](https://investors.modernatx.com/news/news-details/2022/Merck-and-Moderna-Announce-Exercise-of-Option-by-Merck-for-Joint-Development-and-Commercialization-of-Investigational-Personalized-Cancer-Vaccine/default.aspx) it would develop and sell a personalized cancer vaccine with Merck. The stock was the biggest gainer on the S 500 around midday. Shares of Merck were little changed. Merck will pay Moderna $250 m
Energy inflation remains a serious concern. Protect your portfolio.
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Stocks were quiet Wednesday, as investors avoided rallying into the CPI inflation report. EV plays Albemarle and Aehr Test Systems dived.
I'm 63 and have zero retirement, just Social Security benefits. How can I begin saving? And where can I begin investing this late in the game? -Rita Saving for retirement is certainly easier and has a greater impact on you … Continue reading → The post Ask an Advisor: I'm 63, Have No Retirement Savings and Will Rely on Social Security. How Do I Begin Saving? Is It Too Late to Start Investing ‘This Late in the Game'? appeared first on SmartAsset Blog.
Altogether, the seasonally adjusted inflation still stood at 8.3% over the past 12 months in August. “High inflation is unlikely to become a permanent feature of the economy,” Aliaga-Diaz assured, adding that “central banks are trying hard to bring it down” though that “may cost them a mild recession.” Instead, Aliaga-Diaz says the best strategy is to look ahead “over medium and long-term horizons,” and that the “odds are that markets will be better than the last few months.”
After months of waiting, the Japanese carmaker is taking a big loss as it finally leaves Russia.
Analysts at Cowen Group and Morgan Stanley see significant upside for investors that own these Warren Buffett stocks.
Don’t assume the worst is over, says investor Larry McDonald. McDonald, founder of The Bear Traps Report and author of “A Colossal Failure of Common Sense,” which described the 2008 failure of Lehman Brothers, expects more turmoil in the bond market, in part, because “there is $50 trillion more in world debt today than there was in 2018.” The bond market dwarfs the stock market — both have fallen this year, although the rise in interest rates has been worse for bond investors because of the inverse relationship between rates (yields) and bond prices.
Those hoping for the fourth quarter to herald a stock market comeback have been disappointed so far. A late-year rally has yet to properly materialize with the market still factoring further turmoil as the fight against inflation continues and the specter of a recession remains. However, while the prospect of a recession looms, Morgan Stanley’s Investment Management Managing Director Andrew Slimmon points out that many stocks already appear to be taking for granted the likelihood of a recession.
(Bloomberg) — The Biden administration’s new restrictions on doing business with China are sending shock waves through the global semiconductor industry, with chip-equipment makers girding for perhaps the most painful fallout. Most Read from BloombergIntel Is Planning Thousands of Job Cuts in Face of PC SlumpHere’s How Weird Things Are Getting in the Housing MarketPutin Says All Infrastructure at Risk After Nord Stream HitAlex Jones Must Pay $965 Million for His Sandy Hook LiesUS Core Inflation
In this article, we shall discuss the top 12 picks in Carl Icahn’s stock portfolio. To skip our detailed analysis of Icahn’s history, his investment strategy, and hedge fund performance, go directly and see Carl Icahn Stock Portfolio: Top 5 Picks. Carl Icahn is an American financier and currently serves as the Chief Executive Officer […]
The big question: Has the market hit a bottom yet? Well, according to Oppenheimer's Head of Technical Analysis Ari Wald, there are signs one is forming, the most notable of which is that the Russell 2000 index – the barometer for small-cap stocks – “held to the June lows in the most recent late Q3 move to the downside." Wald also notes that the signal of a market top is when the S&P 500 makes a “higher high, and small caps make a lower high," and we are currently seeing the opposite scenario pla
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Annual inflation is still roaring, but the I Bond formula looks back six months; expect a drop of about 3 percentage points.
(Bloomberg) — JPMorgan Chase & Co.’s boss Jamie Dimon says the US stock market could suffer another “easy 20%” drop, which would push the benchmark index below 3,000 — a level it hasn’t seen since the depths of the coronavirus pandemic. So what would another slide of that magnitude actually look like and which stocks would get hit hardest? For one thing, it would be painful for investors, with technology and so-called growth shares likely taking the brunt of the suffering, with their elevated
“After too many years of paying for oversight, I finally woke up to the reality that it cannot be in the investor’s best interest as long as the manager is rewarded for assets under management.” Well, firstly the AUM model — which stands for assets under management and is often a flat 1% of one’s assets — isn’t without controversy.
Nearly half of IBM’s roles—known as “new collar” jobs—no longer require a college degree, says former CEO and chairman Ginni Rometty.
Online gaming platform Roblox (NYSE: RBLX) is a hit with kid gamers, but with Wall Street — not so much. Roblox stock was shocked yesterday when Barclays bank initiated coverage with an underweight rating (i.e., sell), sending the shares down more than 6% at one point. Today, Roblox's ride higher continued, and as of 12:12 p.m. ET on Wednesday, the shares were up 5.7%.