Mongolia gets a new prime minister who pledged to address the economic demands of protesters
Lawmakers approved former parliament speaker Zandanshatar Gombojav as prime minister by an overwhelming majority in a vote late Thursday night.
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Yahoo
30 minutes ago
- Yahoo
China's economy grows 5.2% on trade war truce
China's economy expanded more than five percent in the second quarter of the year, official data showed on Tuesday, after analysts predicted strong exports would provide crucial support despite trade war pressures. The country's leadership is fighting a multi-front battle to sustain growth, a challenge made more difficult by Donald Trump's tariff campaign. The US president has imposed tolls on China and most other major trading partners since returning to office in January, threatening Beijing's exports just as it becomes more reliant on them to stimulate economic activity. The two superpowers have sought to de-escalate their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Trump upped the ante on Monday, warning Russia's trading partners -- which include China -- that he will impose "very severe" tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days. Western nations have repeatedly urged China -- a key commercial ally of Russia -- to wield its influence and get Vladimir Putin to stop his three-year-old war with Ukraine. Official data on Tuesday showed the Chinese economy grew 5.2 percent in April-June, matching a prediction by an AFP survey of analysts. But retail sales rose 4.8 percent on-year, below the 5.3 percent forecast in a Bloomberg survey of economists, suggesting efforts to kickstart consumption have fallen flat. However, factory output gained 6.8 percent, higher than the 5.6 percent estimate. "The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference. "Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said. - Optimism - Data from the General Administration of Customs on Monday showed exports rose much more than expected in June, helped by the US-China trade truce. Imports also rose 1.1 percent, higher than the 0.3 percent gain predicted and marking the first growth this year. Customs official Wang Lingjun told a news conference on Monday that Beijing hoped "the US will continue to work together with China towards the same direction", state broadcaster CCTV reported. The tariff truce was "hard won", Wang said. "There is no way out through blackmail and coercion. Dialogue and cooperation are the right path," he said. However, many analysts are anticipating slower growth in the next six months of the year, with persistently sluggish domestic demand proving a key drag. Data released last week showed that consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years. The producer price index, which measures the price of wholesale goods as they leave the factory, declined 3.6 percent year-on-year last month, extending a years-long negative run. Economists argue that China needs to shift towards a growth model propelled more by domestic consumption than the traditional key drivers of infrastructure investment, manufacturing and exports. Beijing has introduced a slew of measures since last year in a bid to boost spending, including a consumer goods trade-in subsidy scheme that briefly lifted retail activity. bur-oho/pbt/dan
Yahoo
34 minutes ago
- Yahoo
Asian markets mixed as China's economy meets forecasts
Markets were mixed Tuesday as positive Chinese economic data was offset by weak consumer spending, while optimism that governments will hammer out deals to avoid the worst of Donald Trump's tariff threats provided support. Beijing said gross domestic product expanded 5.2 percent in April-June thanks to a surge in exports as businesses front-loaded shipments ahead of the US president's stiff levies, and after the superpowers agreed to work on a long-term pact. While the reading was slightly slower than the first quarter, it was in line with forecasts in an AFP survey and comes after figures on Monday showed exports soared more than expected in June, including a strong recovery in goods sent to the United States. Meanwhile, industrial output came in above expectations. However, Tuesday's reports showed efforts to boost consumer activity continue to fall flat, with retail sales expanding 4.8 percent last month, well below estimates in a Bloomberg study and highlighting the work leaders face in kickstarting the economy. China's recovery has been hamstrung by a bruising trade war with the United States, driven by Trump's sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month. But observers warn of lingering uncertainty. "The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference. "Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said. And the US president upped the ante Monday, warning Russia's trading partners -- which include China -- that he will impose tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days. After a strong start to the day, Hong Kong pared an early rally while Shanghai dipped into negative territory. Elsewhere, Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose, with Seoul and Manila in the red. Trump also Monday said he will impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade. That came after he said he would hit the country and the European Union with 30 percent levies, having announced a slew of measures against key partners last week if deals are not struck by August 1. However, analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back. The mixed performance in Asian markets followed a healthy day on Wall Street, where the Nasdaq hit another record high. Bitcoin edged down after hitting a record high above $123,200 on Monday thanks to optimism over possible regulatory changes for crypto assets in the United States. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: UP 0.1 percent at 39,507.28 (break) Hong Kong - Hang Seng Index: UP 0.5 percent at 24,315.92 Shanghai - Composite: DOWN 0.4 percent at 3,503.99 Euro/dollar: UP at $1.1674 from $1.1670 Pound/dollar: UP at $1.3434 from $1.3428 Dollar/yen: DOWN at 147.63 yen from 147.77 yen Euro/pound: UP at 86.90 pence from 86.88 pence West Texas Intermediate: DOWN 0.4 percent at $66.70 per barrel Brent North Sea Crude: DOWN 0.3 percent at $68.98 per barrel New York - Dow: UP 0.2 percent at 44,459.65 (close) London - FTSE 100: UP 0.6 percent at 8,998.06 (close) dan/mtp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
39 minutes ago
- Bloomberg
Indonesia Looking at Levy on Coal Exports to Boost State Coffers
Indonesia, the world's biggest coal exporter, may impose an export levy on the fossil fuel in a bid to boost state revenues, according to local media reports that cited a government minister. The tariff would only be collected from miners when coal prices are high, with authorities still determining what level that would be, Energy and Mineral Resources Minister Bahlil Lahadalia told reporters after a parliamentary hearing in Jakarta on Monday. He also said a similar levy on gold exports was being considered.
