FirstFT: China warns of economic uncertainty


Good morning.This article is our live version First FT communication.Register our Asia, Europe/Africa or America A version sent directly to your inbox every working day morning

What is your understanding of the news this week?Take our test.

The pace of China’s economic recovery Stand up humbly After signs of weakness in the world’s second largest economy, more policy support was expected in the second quarter.

The National Bureau of Statistics said on Thursday that on a quarterly basis, China’s GDP grew by 1.3% in the three months to the end of June, which was higher than the revised 0.4% growth in the previous quarter.

According to polls by Bloomberg and Reuters, economists had previously expected the economy to grow by 1% to 1.2%. In the second quarter, GDP grew by 7.9% year-on-year, while the first quarter grew by 18.3% year-on-year. The high growth in the first quarter reflects the cessation of economic activity in early 2020 after the Covid-19 pandemic broke out in central China and forced the government to implement a nationwide lockdown.

The release of the National Bureau of Statistics data comes as Chinese economic planners are trying to strike a balance between financial stability and growth.

There are five more stories in the news

1. Morgan Stanley’s decline in trading was offset by the trading and wealth department This Wall Street bank became the latest report that Higher fees Due to increased revenue and profits in the second quarter, investment banking helped make up for some of the weakness caused by slowing transactions.

  • More bank news: Wells Fargo, Citigroup and JPMorgan Chase shut down There were more than 250 branches in the first half of this year because Bank of America bet that most of the digitized human traffic during the lockdown period will never come back.

2. U.S. regulators are under fire for delaying the delisting of Chinese stocks The U.S. Securities and Exchange Commission is under increasing pressure Finalize regulations After legislators discovered that the agency might not start enforcement until 2025 at the earliest, they removed Chinese companies that did not comply with US auditing rules.

3. Israel’s Candiru sells national spyware The cyber warfare organization weaponized vulnerabilities in Microsoft and Google products, allowing the government Hack more than 100 journalists, Global activists and political dissidents, new research findings.

4. The Democratic Party is concerned about the carbon border tax U.S. legislators are developing plans to tax imports from carbon-polluting countries to help pay $3.5tn package Among the new government expenditures, from universal childcare to the expansion of public medical benefits.

  • Global climate policy: U.S. carbon border tax plan follows EU proposal Towards zero emissions -As Germany gets out of trouble, the importance of this is emphasized Deadly flood Related to climate change.

5. South Africans are struggling from the riots In the past few days, South Africa is closer to social collapse than society. Anytime after apartheid ends Almost three years ago. The riots triggered by the arrest of former President Jacob Zuma last week have killed more than 70 people and destroyed Africa’s most industrialized economy.

Thick smoke from burning barricades outside Durban shopping mall ©Andre Swart/AP

Coronavirus Digest

  • Automobile manufacturers Can expect one Chip supply rises sharply In the next few weeks, TSMC said that this indicates that the global shortage may have passed the most serious stage.

  • Malaysia Yesterday, 13,215 new Covid-19 cases were reported, reaching new record Since the Delta variant has contributed to the spread of the disease, this is the third consecutive day.

  • Covid-19 causes decline in Child vaccination, The World Health Organization has issued a warning.

  • As United Kingdom And other countries/regions are facing a new wave of Covid infection, and scientists are racing to find answers What causes long Covid. (FT, The Straits Times)

Follow our latest news about coronavirus Live blog with Sign up For us Coronavirus business update Learn more about Covid-19 news in the newsletter.

the day before

Bank of Japan monetary policy decision The Bank of Japan expected to maintain monetary policy unchanged constant Today, we will turn our attention to new efforts to tackle climate change. (Bloomberg)

UNESCO World Heritage Committee Annual Meeting The UNESCO World Heritage Committee gathered in Fuzhou, China, Nowadays Consider a request to add to the World Heritage List.

Zomato IPO subscription period ends Zomato’s offer, where Closed today, Including the issuance of new shares worth 90 billion rupees (US$1.2 billion), priced at 72-76 rupees per share.As one of the most watched technology companies in India, the Indian Food Delivery Group is Ready to lead the trend The technology IPO is in the country this year.

What are we still reading

Private membership club opens its doors to the public 26 years later, more than 119,000 members Soho House When the company first launched, it had 30 branches in 12 countries and received a valuation of $2.8 billion on Wednesday—never profitable. The company hopes that the $420 million raised through Thursday’s initial public offering will enable it to repay debt and continue its rapid expansion.

Transatlantic inflation soars The pace of rising prices has accelerated economists’ concerns about the risk of overheating, which has put pressure on policymakers to consider exiting stimulus policies during the unprecedented pandemic more quickly. Explained by our economic teams in the U.S. and Europe What is driving the price increase.

  • Also, my colleague Robert Armstrong chew Federal Reserve Chairman Jay Powell made the latest comments in the latest issue of the Unhedged newsletter.registered Here.

The line chart of the annual percentage change of consumer prices shows that the price growth rate is picking up

BJP turns to coercion to limit India’s population growth As the expansion and rapid growth of educational opportunities have lifted millions out of poverty, India has made great strides in promoting small families.But experts say that Uttar Pradesh’s plan to cut benefits for people with more than two children will Hurt the poorest people in this country.

What the Utoya Holocaust survivors knew 10 years ago “22 Juli” has become as notorious as 9/11 in the United States.Because of Norway’s close ties, a newspaper estimates that as many as a quarter of Norwegians know someone pretentiousHere is how Norway’s deadliest violent attack since World War II changed their lives.

The former plastic surgeon behind the “stable coin” Tether As the world’s largest cryptocurrency linked to other assets, Tether is a lubricant for investors to enter and exit more volatile cryptocurrencies – but it is also subject to controversy.At the center of it is a name called Giancarlo Devasini.

beautiful

Five eco-friendly sunscreens How do you limit your plastic use?take Sunscreen — 72% of which contain microplastics. This does not include packaging. This is the way to absorb sunlight-without a trace of plastic.

Newsletter recommended for you

Swamp notes — Expert insights into the intersection of money and power in American politics.registered Here

Trade secrets — A must-read book on the changing face of international trade and globalization.registered Here



Source link