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Live News: China Service Sector Growth Slows, Further Signs of Weakening Recovery

China’s services sector growth slows, further signs of slowing recovery

The aircraft will be assembled at the Airbus plant in Tianjin. China’s service sector has recovered faster than manufacturing since the pandemic lifted restrictions © Qilai Shen/Bloomberg

China’s service sector activity expanded more slowly than expected in June, highlighting the challenges facing the economy as the post-pandemic recovery slows.

Caixin’s service purchasing managers’ index was 53.9 on Wednesday, down from 57.1 in May and below consensus expectations of 56.2. A reading above 50 indicates an increase in activity.

The index has been in the spotlight in recent months as the services sector recovered faster than the manufacturing sector. The manufacturing index fell to 50.5 in June from 50.9 in May and was in line with consensus expectations of 50.2.

China’s economic recovery has faltered amid a slowing consumption recovery, and stimulus measures have so far cut interest rates modestly.

South Korea to allow first new bank in 30 years

South Korea has decided to allow new entrants to the banking sector for the first time in 30 years to encourage competition in an oligopoly after strong criticism over high bonuses paid to employees amid rising interest rates.

The country’s banking sector is dominated by five major financiers in what President Yoon Suk-yeol earlier this year called a “golden feast” where they could easily profit from the difference in interest rates between deposits and loans. criticized the financial institutions of

The government will license existing financial companies to become national commercial banks, allow more online banks, and relax deposit and lending rules for local branches of foreign banks.

Asian stocks edge lower as traders wait for purchasing managers’ data

Currency traders at Seoul's KEB Hana Bank work behind screens that mirror Kospi.

Currency traders at Seoul’s KEB Hana Bank work behind screens that mirror Kospi. Most Asian stocks fell Wednesday © Ahn Young-joon/AP

Asian stock markets fell in quiet trading on Wednesday after the US Independence Day holiday and ahead of the release of a range of indicators on economic activity across the region.

Hong Kong’s Hang Seng Index fell 0.3% in early trading, while South Korea’s Kospi fell 0.4%. Japan’s Topix and China’s CSI 300 were flat.

European stocks edged higher in quiet trading as US markets were closed on Tuesday. Investors will be watching for purchasing managers’ indices for Australia, China, Hong Kong, Japan and India to be released later on Wednesday.

What to see in Asia today

event: Bank Negara Malaysia kicks off two days of Monetary Policy Committee meeting. Central Bank of Kazakhstan announces interest rate decision. Uzbekistan’s Foreign Minister Bakhtiyor Saidov arrives in Azerbaijan.

Economic data: In China, Caixin released June’s Service Purchasing Managers Index and Composite Index. Australia’s monthly services PMI will also be released, as well as the AIG Construction Index for June, the ANZ Commodity Price Index and the latest retail sales data. Japan released its services PMI for June, and Hong Kong released its manufacturing PMI. In India, Nikkei Service PMI will be released. Singapore also released its retail sales figures for May, while Taiwan, Thailand and the Philippines also released inflation rates.

market: Futures prices in Hong Kong and Tokyo fell. European stocks edged higher a day earlier as US markets were closed for the July 4 holiday.

President Zelensky claims Russia mined at Zaporizhia nuclear power plant

Ukrainian soldiers cover their ears as Russian tanks shell their positions near Zaporizhia on Sunday

Ukrainian soldiers cover their ears in a shelter as Russian tanks shell their positions near Zaporizhia in southern Ukraine on Sunday © Libkos via AP

Ukrainian President Volodymyr Zelensky warned on Tuesday that Russia may be preparing an attack on Europe’s largest Zaporizhia nuclear power plant.

“Russian forces have placed objects resembling explosives on the roofs of several generators at the Zaporizhia nuclear power plant,” he said, citing Ukrainian intelligence. “Maybe to simulate an attack on a plant. Maybe they have another scenario.”

Russian forces have taken control of the factory since the beginning of last year’s invasion. Rockets and mortar shells were hit near the factory, and a gunfight erupted in the surrounding area.

Judge Limits Relationships Between U.S. Officials And Social Media Groups

In a politically difficult case dealing with tensions between free speech and efforts to curb online misinformation, a U.S. judge has ruled social media over federal officials removing certain communications from platforms. Prohibited from working with companies.

Judge Terry Doughty of the Western District of Louisiana on Tuesday issued a preliminary injunction barring officials from the U.S. Department of Justice, agencies such as the FBI, and officials, including senior White House officials, from meeting with social media companies to take them down or encourage them to take them down. bottom. Cut back content that “includes protected free speech” from the platform.

Read more about injunctions here.

Bank of England considers forcing foreign banks to replace branches with subsidiaries

Tourists gather outside the Bank of England

Tourists gather outside the Bank of England. Central banks may force foreign financial institutions to establish subsidiaries © Hollie Adams/Bloomberg

The Bank of England is considering a controversial plan to force more international banks to set up subsidiaries in the UK, people familiar with the matter said.

The move could lower the threshold for foreign banks with corporate operations in the country needing to set up well-capitalized and liquid subsidiaries. The Bank of England is considering the deal as part of its review of the Silicon Valley bank failure, people familiar with the matter said.

Subsidiaries such as those set up by SVB allow local regulators to take control of failing banks rather than leaving them to the discretion of their parent regulators.

Read more about the Bank of England’s plans here.

Summarize this content to 100 words China’s services sector growth slows, further signs of slowing recoveryGreg McMillan of Hong Kong

The aircraft will be assembled at the Airbus plant in Tianjin. China’s service sector has recovered faster than manufacturing since the pandemic lifted restrictions © Qilai Shen/Bloomberg

China’s service sector activity expanded more slowly than expected in June, highlighting the challenges facing the economy as the post-pandemic recovery slows.Caixin’s service purchasing managers’ index was 53.9 on Wednesday, down from 57.1 in May and below consensus expectations of 56.2. A reading above 50 indicates an increase in activity.The index has been in the spotlight in recent months as the services sector recovered faster than the manufacturing sector. The manufacturing index fell to 50.5 in June from 50.9 in May and was in line with consensus expectations of 50.2. China’s economic recovery has faltered amid a slowing consumption recovery, and stimulus measures have so far cut interest rates modestly.South Korea to allow first new bank in 30 years Song Jung Ah in SeoulSouth Korea has decided to allow new entrants to the banking sector for the first time in 30 years to encourage competition in an oligopoly after strong criticism over high bonuses paid to employees amid rising interest rates.The country’s banking sector is dominated by five major financiers in what President Yoon Suk-yeol earlier this year called a “golden feast” where they could easily profit from the difference in interest rates between deposits and loans. criticized the financial institutions ofThe government will license existing financial companies to become national commercial banks, allow more online banks, and relax deposit and lending rules for local branches of foreign banks. Asian stocks edge lower as traders wait for purchasing managers’ dataWilliam Langley of Hong Kong

Currency traders at Seoul’s KEB Hana Bank work behind screens that mirror Kospi. Most Asian stocks fell Wednesday © Ahn Young-joon/AP

Asian stock markets fell in quiet trading on Wednesday after the US Independence Day holiday and ahead of the release of a range of indicators on economic activity across the region.Hong Kong’s Hang Seng Index fell 0.3% in early trading, while South Korea’s Kospi fell 0.4%. Japan’s Topix and China’s CSI 300 were flat.European stocks edged higher in quiet trading as US markets were closed on Tuesday. Investors will be watching for purchasing managers’ indices for Australia, China, Hong Kong, Japan and India to be released later on Wednesday.What to see in Asia todayFT Reporterevent: Bank Negara Malaysia kicks off two days of Monetary Policy Committee meeting. Central Bank of Kazakhstan announces interest rate decision. Uzbekistan’s Foreign Minister Bakhtiyor Saidov arrives in Azerbaijan.Economic data: In China, Caixin released June’s Service Purchasing Managers Index and Composite Index. Australia’s monthly services PMI will also be released, as well as the AIG Construction Index for June, the ANZ Commodity Price Index and the latest retail sales data. Japan released its services PMI for June, and Hong Kong released its manufacturing PMI. In India, Nikkei Service PMI will be released. Singapore also released its retail sales figures for May, while Taiwan, Thailand and the Philippines also released inflation rates. market: Futures prices in Hong Kong and Tokyo fell. European stocks edged higher a day earlier as US markets were closed for the July 4 holiday.President Zelensky claims Russia mined at Zaporizhia nuclear power plantChristopher Miller in Kyiv

Ukrainian soldiers cover their ears in a shelter as Russian tanks shell their positions near Zaporizhia in southern Ukraine on Sunday © Libkos via AP

Ukrainian President Volodymyr Zelensky warned on Tuesday that Russia may be preparing an attack on Europe’s largest Zaporizhia nuclear power plant. “Russian forces have placed objects resembling explosives on the roofs of several generators at the Zaporizhia nuclear power plant,” he said, citing Ukrainian intelligence. “Maybe to simulate an attack on a plant. Maybe they have another scenario.”Russian forces have taken control of the factory since the beginning of last year’s invasion. Rockets and mortar shells were hit near the factory, and a gunfight erupted in the surrounding area.Judge Limits Relationships Between U.S. Officials And Social Media GroupsStefania Palma of Washington and Richard Waters of San FranciscoIn a politically difficult case dealing with tensions between free speech and efforts to curb online misinformation, a U.S. judge has ruled social media over federal officials removing certain communications from platforms. Prohibited from working with companies.Judge Terry Doughty of the Western District of Louisiana on Tuesday issued a preliminary injunction barring officials from the U.S. Department of Justice, agencies such as the FBI, and officials, including senior White House officials, from meeting with social media companies to take them down or encourage them to take them down. bottom. Cut back content that “includes protected free speech” from the platform.Read more about injunctions here.Bank of England considers forcing foreign banks to replace branches with subsidiariesLaura Noonan in London

Tourists gather outside the Bank of England. Central banks may force foreign financial institutions to establish subsidiaries © Hollie Adams/Bloomberg

The Bank of England is considering a controversial plan to force more international banks to set up subsidiaries in the UK, people familiar with the matter said.The move could lower the threshold for foreign banks with corporate operations in the country needing to set up well-capitalized and liquid subsidiaries. The Bank of England is considering the deal as part of its review of the Silicon Valley bank failure, people familiar with the matter said.Subsidiaries such as those set up by SVB allow local regulators to take control of failing banks rather than leaving them to the discretion of their parent regulators.Read more about the Bank of England’s plans here.
https://www.ft.com/content/47290a5b-a23a-444e-ba06-d35bff9998b9 Live News: China Service Sector Growth Slows, Further Signs of Weakening Recovery

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