Senin, 02 September 2019

Argentina imposes currency controls to support economy - BBC News

Oil falls as U.S., China add more tariffs in trade war - Investing.com

© Reuters. An oil pump is seen at sunset outside Vaudoy-en-Brie

By Aaron Sheldrick

TOKYO (Reuters) - Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.

slipped 22 cents, or 0.4%, to $59.03 a barrel by 0620 GMT, while U.S. oil was down 2 cents at $55.083 at barrel.

The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on , the latest escalation in a bruising trade war.

U.S. President Donald Trump said both sides would still meet for talks later this month. Trump, writing on Twitter, said his goal was to reduce U.S. reliance on China and he again urged American companies to find alternate suppliers outside China.

Beijing's levy of 5% on U.S. crude marks the first time the fuel had been targeted since the world's two largest economies started their trade war more than a year ago.

"Despite President Trump dismissing concerns about a protracted trade war, we are of the view that the latest escalation would not result in a trade deal anytime soon," said Samuel Siew, investment analyst at Phillip Futures in Singapore.

Elsewhere, oil output from members of the Organization of the Petroleum Exporting Countries rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.

In the United States, energy companies cut drilling rigs for a ninth month in a row to the lowest level since January last year. [RIG/U]

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September 02, 2019 at 08:06AM

Gas prices expected to increase in Metro Vancouver over long weekend | Urbanized - Daily Hive

It’s best to head to the gas station before you kick off your long weekend plans as prices are expected to increase.

According to gas industry expert Dan McTeague, prices around Metro Vancouver will reach a high of 154.9 cents/litre by Saturday and will drop one cent on Sunday.

“The increase was due to the scheduled maintenance to the Olympic Pipeline and rise in California prices with August contracts there,” McTeague told Daily Hive.

GasBuddy.com’s index notes the lowest gas price around Vancouver is currently 134. 9 cents/ litre.

GasBuddy

Earlier today, BC Utilities Commission (BCUC) released the findings of its inquiry into the province’s high gas prices.

The final report found that “there is a significant unexplained difference of approximately 13 cents per litre in wholesale gasoline prices” between Metro Vancouver and its Pacific Northwest comparator.

US-China tariffs hit: How global stocks are responding - Fox Business

Investors wondering how the new U.S. and China tariffs would affect the global stock market got a mixed message Monday.

U.S. markets were closed for the Labor Day holiday, but other markets globally opened with slight upticks.

European markets were up slightly in early trading. London's FTSE 100 rose 0.9% to 7,274.50 and France's CAC 40 added 0.1% to 5,487.74. Germany's DAX was 10 points higher at 11,949.88.

In Asia, the Shanghai Composite Index gained 1.3% to 2,924.11 while Tokyo's Nikkei 225 shed 0.4% to 20,620.19. Hong Kong's Hang Seng lost 0.4% to 25,626.55.

Seoul's Kospi ended 1 point higher at 1,969.19 and Sydney's S&P-ASX 200 retreated 0.4% to 6,579.40. New Zealand and Taiwan gained while Southeast Asia markets retreated.

A new round of tariffs hit Sunday when the U.S. began taxing $112 billion in Chinese imports at 15%. China hit back by taxing certain U.S. imports at 10% and 5%.

This round of U.S. tariffs is expected to send prices higher for some consumer goods, like footwear, clothing and textiles. President Trump had previously spared clothing and shoes from tariffs.

“The bottom line is that, for the first time, Trump’s trade war is likely to directly raise prices for a lot of household budget items like clothing, shoes, toys, and consumer electronics,” PIIE senior fellow Chad Brown wrote in a report.

MORE ON FOXBUSINESS.COM ...

If the U.S. and China cannot come to an agreement on trade, more tariffs are expected to hit Dec. 15.

CLICK HERE TO READ MORE ON FOX BUSINESS

The Associated Press and FOX Business' Megan Henney contributed to this report.

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2019-09-02 11:18:59Z
52780370816931

Argentina imposes currency controls as its economic crisis deepens - CNBC

A woman walks with an Argentinian flag during a march in support of President Mauricio Macri on August 24, 2019 in Buenos Aires, Argentina.

Ricardo Ceppi | Getty Images News | Getty Images

Argentina's government has imposed currency controls in a bid to stabilize financial markets, as Latin America's third-largest economy faces a deepening economic crisis.

The temporary measures, announced on Sunday, allow the government to restrict foreign currency purchases following a sharp drop in the super-sensitive peso.

All companies must now request permission from Argentina's central bank to sell pesos and buy foreign currency to make transfers abroad.

In an official bulletin issued on Sunday, the government said currency controls were necessary "to ensure the normal functioning of the economy."

The latest move follows the surprise announcement on Wednesday that Argentina would seek to defer payments on roughly $100 billion of debt, which credit rating agency S&P classified as a default under its own criteria.

The measures — which will remain in place until the end of the year — constitute a startling turnabout for President Mauricio Macri.

Shortly after starting his term in December 2015, the embattled leader of South America's second-largest country abruptly removed strict capital controls that had been in place since 2011.

Macri's government and the central bank are trying to shore up confidence in financial markets ahead of the presidential election on October 27.

IMF doesn't want to be the one that 'pulled the plug'

Recession-hit Argentina has been struggling with a financial crisis, which was exacerbated by the president's stunning defeat in a recent primary poll.

In a vote seen by many as a key gauge for the first round of Argentina's presidential election at the end of October, business-friendly Macri lost by a far greater margin than expected to the opposition ticket of center-left Alberto Fernandez and populist ex-leader Cristina Fernandez de Kirchner.

The peso fell to a record low last month, after the primary result cast serious doubt over the center-right incumbent's re-election chances.

Argentina's currency, seen by some as a guide for the country's economy, closed at around 59.49 per U.S. dollar on Friday. The peso has fallen more than 30% since the August 11 primary vote.

Market participants had expected some form of capital controls from Argentina's government. However, some are concerned the move could jeopardize the International Monetary Fund's (IMF) latest disbursement of its historic $57 billion bailout program.

James Athey, senior investment manager at Aberdeen Standard Investments, told CNBC's "Squawk Box Europe" that he still believes the IMF will deliver another $5.4 billion tranche to Argentina later this month.

"Essentially, the IMF doesn't want to be the one that pulled the plug."

Athey argued credit rating agencies had the same problem when it comes to Argentina, with many of them "rushing" to downgrade the country to junk status in recent weeks.

"Realistically, the underlying health of the situation, I don't think it has changed that dramatically. What has happened is that prices of some of the external assets have changed and given the facade that things are dramatically worse… They were always pretty bad."

"So, I don't think the IMF wants to be the one that says: 'No, you can't have that last bit of money'. But, $5 billion at this stage is really throwing a few pennies into the wishing well," Athey said.

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2019-09-02 08:10:06Z
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Asian markets mixed as US-China tariffs take effect - CNN

China's Shanghai Composite Index (SHCOMP) rallied 1.3% to close the day higher. It was lifted by defense and infrastructure stocks. Newly released economic figures were also unexpectedly positive.

The shipbuilding and aerospace industries were the best performers on the market. China has said it will showcase new equipment and weaponry at a military parade meant to celebrate the 70th anniversary of the founding of the People's Republic of China on October 1.

The defense sector is expected to outperform the broader Shanghai Composite Index this month, according to analysts at China Galaxy Securities, an investment firm.

Infrastructure shares also jumped. New private survey data released Monday showed China's manufacturing sector expanded in August to a five-month high.

The data, released by the media group Caixin, suggests that strong infrastructure spending is propping up factory activity in China, according to Julian Evans-Pritchard, senior China economist at Capital Economics.

But long-term concerns remain an issue as exports continue to struggle.

The latest round of tariffs that the United States and China imposed on each other went into effect Sunday — a round that came as concerns about slowing global growth are building and fear of recession stalks several major economies. Investors and executives around the world are also waiting to see when the two economic superpowers will come back to the negotiating table.

The outlook for global demand is still cloudy, Evans-Pritchard wrote in a research note.

Over the weekend, government figures showed a contraction in the manufacturing industry.

The manufacturing indexes are consistent with a slowdown in year-on-year economic growth, he said, adding that Chinese authorities will have "little choice" but to ease policy in the coming months to offset the tariff impact.

Among other major indexes, Hong Kong's Hang Seng Index (HSI) lost 0.4%, while Japan's Nikkei (N225) also fell 0.4%.

South Korea's Kospi (KOSPI) ticked up by less than 0.1%.

Here are the other big moves at 4:15 p.m. Hong Kong time:

Newly released factory activity from Japan pointed to a continued downturn in the country's manufacturing sector. "The sector was plagued by production cutbacks and flagging demand, which have been the trends so far in 2019," said Joe Hayes, an economist at IHS Markit, in a note. "Softer growth across Asia, particularly in China, was reported to have dented export opportunities."
South Korea's manufacturing activity contracted in August at a slower pace than it did in July, according to data released Monday.
The yuan weakened in both onshore and offshore trading. The Chinese central bank fixed the yuan at 7.0883 per one US dollar on Monday, slightly weaker from Friday's 7.0879.

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2019-09-02 08:23:00Z
52780370816931

Surveys show China manufacturing demand weak amid trade war - Yahoo News

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China Manufacturing

In this Aug. 27, 2019, photo, an employee works on the production line of a smart electricity meter manufacturing plant in Nantong in eastern China's Jiangsu province. Two surveys of Chinese manufacturing show demand is weak amid a mounting tariff war with Washington over trade and technology. (Chinatopix via AP)

BEIJING (AP) — Two surveys of Chinese manufacturing show demand is weak amid a mounting tariff war with Washington over trade and technology.

A monthly purchasing managers' index released by a business magazine, Caixin, rose to 50.4 from July's 49.9 on a 100-point scale on which numbers above 50 show activity increasing.

That indicates "renewed improvement" but said a gauge of new orders fell to its lowest level this year, the magazine said.

A separate survey released Saturday by an industry group, the China Federation of Logistics & Purchasing, showed activity declining to 49.5 from July's 49.7. It said market demand was "relatively weak."

Chinese exporters are struggling in the face of U.S. tariff hikes. Exports to the United States, their biggest market, fell 6.5% in July.

Washington and Beijing stepped up their fight on Sunday by imposing additional tariffs on billions of dollars of each other's goods.

Beijing has propped up economic growth by boosting government spending on construction.

Economic growth sank to 6.2% over a year earlier in the quarter ending in June, its lowest level in at least 26 years.

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2019-09-02 06:45:44Z
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