China’s
First Bond Default in Focus as Debtholders Meet - (www.bloomberg.com) Holders
of China’s
first corporate bond to default onshore met today in Shanghai, as investors look for clues on how the
government will balance market liberalization with steps to maintain stability.
There was difficulty assessing the overseas assets of Shanghai Chaori Solar
Energy Science & Technology Co. and no specific restructuring plan emerged
from the gathering, according to Wang Xuejun, an investor in attendance. The
solar-panel maker will issue a statement by tomorrow at the latest, Vice
President Liu Tielong said when reached on his mobile phone after the meeting.
More than 10 police cars were on the street in front of the company
headquarters today around 2:30 p.m. as the gathering took place. While Premier Li Keqiang said defaults may be unavoidable in some
cases after Chaori failed to make a full coupon payment on March 7, the country
has averted similar cases since. Widespread bond nonpayments would cause
financial market turbulence, which can’t be allowed when the economy faces
“relatively heavy” downward pressure, according to a front-page commentary in a
central bank publication today.
UK
Home Prices Have Biggest August Plunge On Record As Russian Sanctions Sink In - (www.zerohedge.com) London
home prices fell in August by 5.9%, the plunge the biggest since Dec 2007
(and 2nd biggest drop on record). Since western sanctions on Russian oligarchs
hit 3 months ago, home prices have fallen in London (especially the highest-end
regions, such as Kensington -7%) and now that weakness is accelerating and
spreading across the entire UK. As Rightmove reports, the2.9% drop in UK home
prices is the worst August on record. How long before the UK pulls back on its
'support' for US sanctions? Costs, indeed?
China
Home Prices Fall in Majority of Cities on Weak Demand - (www.bloomberg.com) China’s
new-home prices fell in July in almost all cities that the government tracks as
tight mortgage lending deterred buyers even as local governments eased property
curbs. Prices fell in 64 of the 70 cities last month from June, the National
Bureau of Statistics said today, the most since January 2011 when the
government changed the way it compiles the data. Beijing prices fell 1 percent
from June, posting the first monthly decline since April 2012.
Part-Time
Workers a Full-Time Headache on Yellen Radar: Economy - (www.bloomberg.com) Holders of China’s first corporate bond to default onshore met
today in Shanghai,
as investors look for clues on how the government will balance market
liberalization with steps to maintain stability. There was difficulty assessing
the overseas assets of Shanghai Chaori Solar Energy Science & Technology
Co. and no specific restructuring plan emerged from the gathering, according to
Wang Xuejun, an investor in attendance. The solar-panel maker will issue a
statement by tomorrow at the latest, Vice President Liu Tielong said when
reached on his mobile phone after the meeting. More than 10 police cars were on
the street in front of the company headquarters today around 2:30 p.m. as the
gathering took place. While Premier Li Keqiang said defaults may be unavoidable in some
cases after Chaori failed to make a full coupon payment on March 7, the country
has averted similar cases since. Widespread bond nonpayments would cause
financial market turbulence, which can’t be allowed when the economy faces
“relatively heavy” downward pressure, according to a front-page commentary in a
central bank publication today.
End
of Boom Forces Miners to Review $616 Billion of Deals - (www.bloomberg.com) A
proposed spinoff by BHP Billiton Ltd. (BHP) of about $15 billion in assets signals
the start of a new round of disposals as the biggest mining companies adapt to
the end of a boom for commodities. With Anglo American Plc (AAL) fielding offers on a weekly basis for
mines and Rio Tinto Group
last month dumping Mozambique coal assets for a fraction of what it paid three
years ago, producers are streamlining in the wake of China-led minerals demand
that drove record profits as metals prices soared. Mining companies have been
sharpening portfolios as commodity prices retreat and after poorly timed
acquisitions in a decade-long $616 billion investment spree led to asset
writedowns and management clear-outs. BHP rose the most in seven months in London trading after saying it favors a plan to
separate out some of its operations and may announce details next week.
Ukraine
separatist leader says rebels getting tanks and reinforcements - (www.reuters.com)
California’s Record Heat Is Like Nothing You’ve Ever Seen... Yet - (www.bloomberg.com)
California’s Record Heat Is Like Nothing You’ve Ever Seen... Yet - (www.bloomberg.com)
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