China is stockpiling oil for its strategic petroleum reserve at a record pace, intervening on a scale large enough to send a powerful pulse through the world crude market.
The move comes as tensions mount in the South China Sea and the West prepares possible oil sanctions against Russia over the crisis in eastern Ukraine. Analysts believe China is quietly building up buffers against a possible spike in oil prices or disruptions in supply.
HONG KONG (Reuters) - China's mass consumer, health care and non-banking financial counters may well be the early winners in the country's stock markets this week after Beijing promised the most sweeping economic and social reforms in nearly three decades.
While China's housing market problems are similar in scale to those faced during the U.S. subprime mortgage bubble and its banks are rife with bad loans, it won't lead to another Lehman-style crash, Franklin Templeton's Mark Mobius told CNBC on Monday. Mobius said the similarities could not be denied but since Chinese banks are owned by the government, they will not be allowed to fail.
Last night's bad PMI number seems to have been the tipping point in a recent build up of bad Chinese data that came in last month. This morning, the Nikkei fell by 7.3%, and markets around Europe are down as well.
Yesterday, as we reported, in a surprisingly scathing report, Goldman announced that it was now positioning for an "imminent" two year real estate property downturn, which has significant probability of becoming a hard landing as many others, most notably Barclays in recent days, have pointed out.
HSBC Group is expected in the next few months to sell its 8.0% stake in the Bank of Shanghai. The financial services giant could receive as much as $800 million from its shares in the second-tier Chinese lender. Why do analysts think HSBC will unload its holding soon? It looks like the Bank of Shanghai is set to raise $2 billion by selling newly issued stock, on the Shanghai and Hong Kong exchanges, with a value of up to 30% of its existing shares. The listing could occur before June, so HSBC will have to act now if it does not want to be trapped by a lock-up period, typically imposed on e
The Huffington Post asked me to write a quasi-review of the new Simon Johnson and James Kwak book, 13 Bankers. I also am allowed to cross-post it with a lag, so here it is (the original source is here, with HP comments, since it is me thre is no point in indenting the whole thing):
It's no secret that the US Congress and many in the Obama administration have been somewhat obsessed with US-China trade over the last few years, and considering that China is a rising economic power and one of the United States' largest trading partners, a certain amount of US government attention is arguably warranted. However, two recent columns from the Wall Street Journal shine a really bright and depressing light on just how misplaced Congress' (and the US government's more generally) priorities have been, and continue to be, with respect to US-China trade policy.