Newscasts - Asia Markets Briefing: More disappointing data out of China

Bajaj Housing Finance

16/09/2024 10:09

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Source: 'Reuters - Business videos'

Description: Over the weekend new figures showed that China's industrial
output growth slowed to a five-month low in August and there was further
weakening in both retail sales and new home prices. All this bolstered the
case for aggressive stimulus to shore up the economy to help it hit its annual
growth target.
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Video Transcript:

The calls for more stimulus grow louder as yet more disappointing data comes
out of China. Welcome to Asia Markets Briefing. I'm Ramzan Karmali. Well, over
the weekend new figures showed that China's industrial output growth slowed to
a five-month low in August. And there was further weakening in both retail
sales and new home prices. All this bolstered the case for aggressive stimulus
to shore up the economy to help it hit its annual growth target. The National
Bureau of Statistics said that extreme weather had disrupted growth. Faltering
Chinese economic activity has already prompted the likes of Goldman Sachs and
Morgan Stanley to scale back their 2024 China growth forecasts to below the
government's official target of around 5%. The economy grew by 4.7% in the
second quarter. Onto the markets now, almost Asian currencies and equities
rose on Monday holidays in China, Japan, Indonesia, Malaysia and South Korea
made for thin conditions the Feds two-day monetary policy meeting beginning on
Tuesday will take center stage for the week, expectations off with the central
bank to kick start an easing cycle, providing room for regional central banks
to consider cutting rates. Let's have a look at the oil markets now and prices
are on the rise. That's thanks to expectations of a US rate cut this week and
the fact there is still some capacity offline in the Gulf of Mexico, but those
gains are being capped by persistent demand worries amid that weak Chinese
data. Shares of Bajaj Housing Finance more than doubled in their trading debut
on Monday. The firm is now worth $16 billion however shares of some of its
rivals in the home loan finance business fell heavily. The blockbuster listing
is the latest in India's booming IPO market that's seen over 200 companies
raised more than $7 billion this year. Police have detained 104 striking
workers protesting low wages at a Samsung Electronics plant in southern India.
Officials said they were planning a March on Monday without permission. The
detention marks an escalation of the strike by workers at a Samsung home
appliance plant near Chennai in the state of Tamil Nadu. Workers want higher
wages and have boycotted work for a week disrupting production that
contributes roughly a third of Samsung's annual Indian revenue of $12 billion.
And coming up on the data front on Tuesday, we get the latest non-oil domestic
export data out of Singapore after July's surge a Reuters poll suggests there
will have been some pullback in August, on a monthly basis, it predicts a
decline of 3.3%, but on an annualized basis it's still seen as growing at 15%.
And that's it from your Asia Markets Briefing