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Is it time to invest in China’s internet giants? Two strategists weigh in

Investing in China’s technology giants may seem like a risky move to some investors, but one analyst says valuations are “extremely cheap” and China tech buys are an obvious choice now. Tencent and Alibaba are “extremely strong companies,” according to Anand Batepati, portfolio manager at GFM Focus Investing. “Unless you think that the government or some external force is going to destroy 90% of their existing business, then I think it’s a no brainer” to buy these stocks, he told CNBC’s “Street Signs Asia” on Tuesday. However, Gil Luria, technology ...

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Ukraine holds key rate at 25%, sees it unchanged until 2024

The National Bank of Ukraine kept its key rate unchanged at 25% on Thursday, a level it said was forecast to be maintained until the second quarter of 2024 as it grapples with high inflation fuelled by Russia’s invasion. The central bank, led by new Governor Andriy Pyshnyi, said it expected a 32% GDP contraction in 2022, a slight improvement on its earlier forecast, and that the economy was “livening up” after falling sharply when the war began eight months ago. It said a gradual recovery was set to continue ...

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ENGINE: Europe & Africa Bunker Fuel Availability Outlook

Northwest Europe Prompt supply of LSMGO and VLSFO is said to be normal in Rotterdam and other ports in the ARA hub, sources say. Recommended lead times for the two grades in Rotterdam are 3-4 days, while HSFO requires longer lead times of 5-7 days, a source says. Meanwhile, independently held fuel oil and gasoil inventories in the ARA dropped last week, according to Insights Global data. The region’s fuel oil stocks decreased by 460,000 bbls to 6.65 million bbls in the week to 13 October and remained below their ...

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Globalization is not dying despite delusional push for decoupling

Singapore’s Prime Minister Lee Hsien Loong said on Tuesday that China’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a major trans-Pacific free trade agreement, would be “good” for the bloc, reiterating Singapore’s positive stance even as some other players appear more skeptical, Nikkei Asia reported. Aligning with high-standard international trade rules, China filed an application to join the CPTPP last year. Chinese Ministry of Commerce spokesperson Gao Feng said in May this year that the country will expand high-level opening-up and will continue to advance its ...

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Euro zone’s current account deficit widens on soaring energy bill

The euro zone’s current account deficit widened in August as soaring energy costs pushed up the bloc’s import bill, data from the European Central Bank showed on Thursday. The currency bloc of 19 countries, which ran a current account surplus for years before Russia’s war in Ukraine, recorded an adjusted deficit of 26.32 billion euros in August after a 19.96 billion deficit a month earlier. In the 12 months to August, the euro zone’s current account deficit equalled 0.1% of gross domestic product (GDP), down from a surplus of 2.8% ...

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Argentina’s MY 2022-23 wheat output estimates cut by 1.5 mil mt to 15 mil mt: BCR

Argentina’s wheat output estimates have been scaled down for marketing year 2022-23 (December-November) due to continued drought and frost conditions in key growing regions. The Rosario Grains Exchange, or BCR, on Oct. 19, reduced its forecast for wheat output in MY 2022-23 to 15 million mt, 1.5 million mt lower than previous estimates. The output is seen nearly 35% lower on the year. Major wheat growing regions such as Cordoba and Santa Fe have reported the sharpest decline in output projections, with production expected to plunge 48% on the year ...

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Mandatory conciliation stalls Argentinean union grain strike

The Argentine province of Buenos Aires issued a mandatory conciliation late on Tuesday in the dispute involving Argentina’s grain inspectors’ union, URGARA, which has threatened to disrupt the critical grain exports sector. As part of a dispute between the union and food exporting company Desdelsur SA, the union said that “we will comply with the conciliation but we will continue to be on alert and mobilise until the situation of the workers in the dispute is resolved”. On Tuesday, the union threated the possibility of an abrupt walkout at the ...

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Fed’s Evans: Keeping unemployment below 5% would be ‘good’ outcome in inflation fight

If the Federal Reserve can bring inflation under control with unemployment remaining under 5% that would be “pretty unusual and good,” Chicago Fed President Charles Evans said. In remarks at the University of Virginia Evans said the policy projections outlined after the September Fed meeting, with the target interest rate rising to 4.6% next year and unemployment rising to around 4.4%, “could be consistent with an economy that runs below trend but doesn’t actually go into a recession…If you bring this in under 5% (unemployment) that would be pretty unusual ...

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U.S. existing home sales slide again in September

U.S. existing home sales dropped for an eighth straight month in September as surging mortgage rates and still-elevated selling prices push affordability beyond the reach of many prospective buyers. Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the National Association of Realtors said on Thursday. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012. Economists polled by Reuters had forecast ...

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South Korean mills buy 30,000 T wheat from U.S. -traders

A group of South Korean flour mills led by the miller SPC bought around 30,000 tonnes of milling wheat to be sourced from the United States on Wednesday, European traders said. The purchase included several different wheat types and was all bought on an FOB basis with trading house Viterra believed to be the seller, they said. The wheat was for shipment between Jan. 15 and Feb. 15, 2023. The purchase involved soft white wheat of about 9.5% to 11% protein content bought in the mid $340s a tonne, soft ...

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Saudi Arabia’s SAGO seeks 535,000 T of wheat in tender – Twitter post

Saudi Arabia’s state grains buyer SAGO has set a tender to purchase 535,000 tonnes of wheat for shipment March-April 2023, it said on its official Twitter feed. The deadline for submissions of price offers in the tender is believed to be Friday, Oct. 21, European traders added. Results are expected on Monday, Oct. 24. The tender seeks hard wheat for arrival in 2023 between March 1 and April 25, they said. The wheat is sought in a series of nine consignments of about 60,000 tonnes. Three shipments are sought for ...

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Aluminium rebounds on fall in stocks, hope about Chinese curbs

Aluminium prices bounced on Thursday, breaking four sessions of losses, as available inventories slid and investors hoped that China would ease its strict COVID restrictions. Three month aluminium had gained 2.6% to $2,226 a tonne by 1015 GMT after sliding 8% over the past four sessions. The most-traded aluminium contract on the Shanghai Futures Exchange SAFcv1 climbed 1% to 18,460 yuan a tonne. “We might see some bounces in metals prices, mostly on rates-related re-positioning and short-covering, but there’s nothing sustainably bullish in this market – it’s still overwhelmingly bearish ...

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MOL Concludes Charter Agreement for LNG Carrier with TotalEnergies

Mitsui O.S.K. Lines, Ltd. announced that it has signed a multi-year contract to charter a newbuild LNG Carrier with TotalEnergies Gas & Power Limited, who is wholly owned subsidiary of TotalEnergies on September 26th. The vessel currently being built by Daewoo Shipbuilding & Marine Engineering is fitted with the most modern ME-GA engine which provides lower emissions compared to previous generation vessels. ME-GA engine is equipped with Exhaust Gas Recirculation (EGR) system that reduces methane slip while improving overall fuel consumption. The vessel will have cargo tank capacity of 174,000 ...

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Australia’s Santos posts record revenue as LNG prices, volumes soar

Australia’s Santos Ltd STO.AX said on Thursday its third-quarter revenue jumped over 88% to a record high on higher sales volumes and as a global energy crunch boosted liquefied natural gas (LNG) prices. The Adelaide-based company has benefited from a tightening global LNG market with potentially a colder winter in Asia and higher LNG prices in Europe amid Russia choking gas flows to Europe. Santos narrowed its production forecast to between 103 million barrels of oil equivalent (mmboe) and 106 mmboe from 102 mmboe to 107 mmboe, and its sales ...

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Fed may have to slow or stop balance sheet trimming in 2023, Barclays says

The Federal Reserve may have to slow or stop shrinking its nearly $9 trillion balance sheet sooner than many now expect, according to a report from Barclays. The investment bank’s analysts wrote this week that the current pace of the drawdown likely needs to change in the first half of next year. That’s because if the Fed were to press forward with allowing its balance sheet to shrink, bank reserves would, by the end of 2023, fall to levels that would complicate maintaining firm control of the federal funds rate, ...

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