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October 2023
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Bloomberg (October 3)

2023/ 10/ 04 by jd in Global News

“Global funds further trimmed their Chinese stock holdings in September, extending a relentless selloff and lowering their average position in the country to the lowest level since 2020,” as “outflows surpassed the $3 billion level for a second consecutive month.” The MSCI China Index has now slumped more than 11% in 2023 and is “ on track for a third straight year of losses, which would mark its worst losing streak in two decades.”


Reuters (October 2)

2023/ 10/ 03 by jd in Global News

“Tensions between the West and China are rising, from tit-for-tat trade tariffs to tech rivalry and spying allegations. The ramifications for global markets are significant, with Washington and Beijing’s determination to loosen dependence on each other fraying long-established supply chains. That could help keep inflation and interest rates elevated. Still, there are gains for emerging nations and tech giants on the right side of the power battle.”


Washington Post (October 1)

2023/ 10/ 02 by jd in Global News

“Offices in many of the world’s major cities are struggling to find workers to occupy them.” In contrast, during 2023 “Tokyo will add some 1.26 million square meters… of new office space, with little trouble occupying it…. Foreign investors, some of whom are dumping properties overseas, are snapping up buildings.” While Tokyo’s post-COVID recovery “has been more circuitous…it may be more complete than global peers.”


New York Times (September 28)

2023/ 10/ 01 by jd in Global News

“Stocks are heading for their worst month of the year as a triple whammy of soaring bond yields, rising oil prices and slowing growth trigger a widespread sell-off, even in once-loved mega-cap tech companies.”


Financial Times (September 28)

2023/ 09/ 30 by jd in Global News

“Another tediously pointless, economically debilitating and teeth-gratingly stupid US government shutdown is looming. Goldman Sachs now reckons that there is now a 90 per cent chance it starts this Sunday.”


Institutional Inevestor (September 27)

2023/ 09/ 29 by jd in Global News

“For the past year, the prevailing narrative in the commercial real estate market is that the staying power of the hybrid work model — and the failure of several prominent real estate lender banks — has caused valuations to tumble.” In contrast, Willis Towers Watson is protesting “the death of commercial real estate has been overblown.” For starters, the vacancy issue has mainly affected “office space, rather than other commercial real estate subsectors.” Moreover, the dreaded “wall of maturities” that will sink the commercial real estate market is a myth. While many commercial real estate loans are “maturing this year, there are mechanisms to get around potential defaults, including loan extensions.”


South China Morning Post (September 26)

2023/ 09/ 28 by jd in Global News

“Foreign investors are returning to Japan’s property market in their droves, attracted by the weak yen and an economic recovery fuelled by the buoyant logistics and hospitality sectors, according to a new report.” Singapore investors are leading the charge with property investments totaling “nearly US$3 billion spent from January to September, eclipsing the around US$2.5 billion from the US, and some US$1 billion from Canada.” Japan’s “mild inflation and favourable financing costs” are also adding to the attraction.


Bloomberg (September 25)

2023/ 09/ 27 by jd in Global News

“China is the biggest buyer of Australian goods from iron ore to coal and food products and a windfall from recent elevated commodity prices helped Canberra report its first budget surplus in 15 years. If Chinese demand were to weaken, it would lower those prices and slim Australia’s trade surpluses, or even return it to deficits.” The Council of Financial Regulators (CFR) found that “The impact of a deeper economic deterioration in China will be mainly felt in Australia through weaker trade and reduced risk appetite in financial markets.”


Wall Street Journal (September 24)

2023/ 09/ 26 by jd in Global News

“America’s billionaires love Japanese stocks. Why don’t the Japanese?” Despite enthusiasm from overseas, “there are few signs its estimated 125 million residents share in the excitement. Burned by dismal returns since the bursting of Japan’s asset bubble in the late 1980s and early 1990s, generations of families here have stashed most of their money in low-yielding savings accounts rather than trying to increase their wealth through the stock market.”


Reuters (September 23)

2023/ 09/ 25 by jd in Global News

“China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country,” according to a former official “in a rare public critique of the country’s crisis-hit property market.” Official data shows approximately 7.2 million homes, but that excludes “the numerous residential projects that have already been sold but not yet completed” and speculatively purchased homes that remain vacant. Estimates vary, but “He Keng, a former deputy head of the statistics bureau,” estimates there aren’t enough people to fill China’s available housing inventory.


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