Newscasts - Asia Markets Briefing: Asian shares are on course to end a tough week on a high note

China Evergrande New Energy Vehicle

09/08/2024 10:00

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_2u99aze1&referenceId=1_2u99aze1&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: China's consumer prices rose at a slightly faster-than-expected
rate in July partly due to weather disruptions to food supplies. Whereas
producer deflation persisted, keeping the country's underlying consumption
trends soft in a test for policymakers.
Short Link: https://refini.tv/4deKedT

Video Transcript:

Asian shares are on course to end a tough week on a high note. Welcome to Asia
Markets Briefing. I'm Ludovica Brignola. China's consumer prices rose at a
slightly faster-than-expected rate in July, partly due to weather disruptions
to food supplies. Whereas producer deflation persisted, keeping the country's
underlying consumption trends soft in a test for policymakers. CPI edged up to
a five-month high of 0.5% year-on-year in July versus a 0.2% rise in June. The
Producer Price Index for July fell by 0.8% from a year ago. That's not having
too much of an impact, though, on the stock market and Chinese shares are
flat, while Asia Pacific stocks are higher, boosted by gains on Wall Street
after new labor market data boosted investor confidence in the US economy and
eased some recession concerns. US unemployment claims dropped more than
expected yesterday. In Japan, yields rose, tracking a jump in US Treasury
yields overnight after that data. Despite the rise, strategists say the
current level of yields on shorter maturities is still too low, given the Bank
of Japan's possible rate hike. And now in corporate news, China's
Semiconductor Manufacturing International said on Friday, it will steer clear
of a price war in the industry and forecast current quarter revenue growth of
up to 15%. Revenue rose by 21.8% year-over-year to $1.9 billion, also beating
forecasts. An investor has filed a petition in a Chinese court to liquidate a
major onshore unit of heavily indebted property developer China Evergrande.
Vanward, a Shenzhen-listed electric appliance manufacturer, cited a dispute
with an Evergrande unit over an investment worth CNY200 million.
SoftBank-backed Ola Electro Mobility shares soared 10% in their trading debut
on Friday, valuing the company at INR369.45 billion after the first stock
offering by a pureplay electric vehicle maker in India. The company controls
39% of the electric scooters market in India. And staying in the country,
Reliance Industries plans to use naphtha supplies as partial payment for crude
purchases from Venezuela after the refiner obtained a US approval last month
to resume oil trade with the sanctioned producer. That's what three sources
told Reuters. Oil prices edged up in Asian trade, heading for a weekly gain of
more than 3% as US jobs data calm demand concerns, while fears of a widening
Middle East conflict persisted. Israeli forces stepped up airstrikes across
the Gaza Strip on Thursday, killing at least 40 people. And that is your Asia
Markets Briefing