Mark Newton, CMT’s Post

China will issue this year's third batch of ultra-long special treasury bonds on June 14, the Ministry of Finance said Thursday. The bonds worth 35 billion yuan (about 4.92 billion U.S. dollars) will be issued at the Beijing Stock Exchange with a term of 50 years and an interest rate depending on competitive bidding. It will be China's first issuance of the 50-year ultra-long special treasury bonds this year.

Could the tide be turning for Singapore REITs (S-REITs)? In a recent episode of Money Mind on CNA, Calvin Chin Siong Goh, CFA, Portfolio Manager, Real Estate Asian Equities makes the case for S-REITs and why he feels S-REITs will perform better in the second half of 2024. What to look out for when investing in S-REITs? Which sub-sectors of S-REITS should investors have on their radar? Watch on to find out: https://lnkd.in/gnU-uQFQ #LionGlobalInvestors #AssetManagement #Singapore #SingaporeREITs #SREITs #realestate

What will follow the liquidation of China Evergrande? Earlier this week, a Hong Kong court decided to liquidate China's largest real estate developer, China Evergrande, which caused a strong shock in the local capital and real estate markets.  https://lnkd.in/e7uQV4wx Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford the risk of losing your invested funds. Disclaimer: Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. #economicnews #financeandeconomy #markets #investing #fx

The U.S. Is Now Germany’s Biggest Trading Partner — Taking Over From China https://lnkd.in/eA2p9tzj #newsheadlines #news #breakingnews #headlines #latestnews #newsupdate #dailynews #newspaper #instanews #update #currentaffairs #newsinshort #trending #worldnews #newstoday

Shared some of my thoughts on real estate investment trusts (REITs) in the latest episode of CNA’s Money Mind. REITs are an important component of Singapore’s equities market, and collectively represent almost 12 percent of total market cap. There is active market participation by both retail and institutional players. Amidst all the angst over the thinning out of Singapore’s equities market, we arguably have an edge in attracting good property companies in the REITs space given that we are already one of the largest REIT hubs in the region.

😶 💵🕳WSJ [excerpt]: #China’s #property market meltdown created a multibillion-dollar opportunity for distressed-#debt investors. It hasn’t paid off. The country’s #realestate sector is reeling from a yearslong slowdown that has put strains on the #economy, sparked widespread protests and triggered defaults on around $81 billion of Chinese developers’ #international #bonds between 2021 and 2022, according to figures from S&P Global Ratings. The wave of #defaults in the sector proved irresistible to many distressed-debt funds. These funds buy the bonds or loans of struggling companies, often at a price well below face value, and negotiate with the companies to work out a debt restructuring plan. They flooded into the market two years ago, including buying many of the outstanding bonds of developers China Evergrande Group, KWG Group and China Aoyuan Group, according to a Hong Kong-based trader. But the distressed-debt playbook isn’t working in China. Dozens of Chinese property companies have defaulted on their bonds over the last two years, but only a handful have paid #investors back any #money. Last month, Evergrande abandoned a $35 billion debt restructuring plan that it had finally agreed with some of its investors after protracted negotiations. China Aoyuan still hasn’t completed a deal more than 18 months after it defaulted. Most dollar bonds sold by Chinese property companies are trading below 10 cents on the dollar, and several are trading at less than 5 cents, according to research firm CreditSights. “The market is showing all the signs that it’s lost patience,” said Jean-Charles Sambor, head of emerging markets fixed income at BNP Asset Management. “When you see these bonds now trading below 10 cents on the dollar, it tells you that investors expect a very low recovery, or total liquidation in some cases.” #news #business

I REALLY DON'T LIKE HOLIDAYS: It allows the japan and europe markets to move prices to odd places. light volume thru these periods make price action questionable. we will not know what is what until NY opens tuesday 9:30 am. This is one of the reasons i do not like trading over the weekend, especially long holiday weekends. #sp500 #trader #investing

From this week's Perspectives newsletter Engin Kose, our Research Director, provides commentary on this chart.   The Rengo report showed large firms hiking #wages by an average of 5.28%, compared with a 3.8% increase in the prior year’s survey (that figure was later revised down to 3.58%). This marks the largest increase in wages going back to 1991 and adds meaningful fuel to the fire in deliberations among Bank of Japan officials trying to decide at their next meeting, held from March 18-19, whether it’s finally time to exit a negative interest rate regime and scrap its current Yield Curve Control policy. The Rengo data reinforce the view that these moves are very likely to happen in March or April. Read full newsletter on our website: https://bit.ly/3PvdcMX #finance #economics #investing #stocks #macro

The last thing to worry about is money. A very small IPO in Beijing Stock Exchange locked up RMB200billion (USD28b) last Friday. The same day, the entire A-share day trading value was only a little more than RMB600 billion (USD84b) China has plenty of private liquidities. There is an estimated RMB280 trillion (USD40t) household savings in the banking system, growing at an average of RMB12 trillion (USD1.7t) a year. 2023 was an exceptional year with the total saving at RMB40trillion (USD5.6t). We don't need stimulus to spend, we are happy with this fresh bubble lemon drink at RMB4 - it is healthy and fun. We don't want more supportive policies - we are dizzy with the existing ones. We don't even require a bull market to invest - we are long term investors. We need consistent policy expectations, stable economic environments and clear legal rules without appendix, for trust and confidence to return, soon.

If you buy the bond of this company and it survives, you will earn a whopping 2500%! China’s second-largest developer Country Garden with annual revenues of more than $70 billion, is on the verge of collapse. The company’s bonds due in 2024 are trading at a paltry 9 cents, signalling massive losses for the bondholders. China’s property meltdown continues as deflation grips the second-largest economy in the world. The LGFV (Local Government Finance Vehicles) also remain a huge concern as defaults rise in these opaque vehicles. It’s happening and happening fast. Strap In! Chart: BBG #markets #investing #economy #china