Stocks were mixed in Asia on Wednesday while upbeat manufacturing data lifted shares in China as investors studied the outcome of the debate between President Donald Trump and his Democratic challenger, Joe Biden.

A man looks at screens showing Japan's Nikkei 225 index at a securities firm in Tokyo on Friday, Sept. 18, 2020. Stocks are mixed Wednesday, Sept. 30, in Asia as investors wait for the first debate between President Donald Trump and Democratic challenger Joe Biden. (AP Photo/Hiro Komae)

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A man looks at screens showing Japan’s Nikkei 225 index at a securities firm in Tokyo on Friday, Sept. 18, 2020. Stocks are mixed Wednesday, Sept. 30, in Asia as investors wait for the first debate between President Donald Trump and Democratic challenger Joe Biden. (AP Photo/Hiro Komae)

Hong Kong and Shanghai led regional gains while Japan’s Nikkei 225 edged lower. Overnight, the S&P 500 lost 0.5% as heavy selling of banks helped reverse some of the gains the market a day earlier.

Investors remain cautious with COVID-19 infections on the rise again in the U.S. and elsewhere. The Trump-Biden debate occurred as coronavirus deaths worldwide have surpassed 1 million. Many millions

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HONG KONG (Reuters) – Shares of China Evergrande Group <3333.HK> rose as much as 17.9% after the property developer reached a deal with some investors in its unit Hengda Real Estate to ease cash-crunch concerns.

The shares rose as high as to HK$19.46 ($2.51), the highest since Aug. 21, and ranked the fifth most actively traded by turnover in morning trading.

China second-biggest property developer by sales reached a deal on Tuesday in which investors holding 86.3 billion yuan ($12.66 billion) of Hengda agreed not to ask the debt-laden property developer to repurchase their holdings.

The Guangzhou-based developer also said its property-management services unit, Evergrande Property Services Group Ltd, has submitted an application for a listing on the Hong Kong bourse. Reuters publication IFR had reported the float would raise $2 billion.

The statement came days after the developer’s vehicle manufacturing arm, China Evergrande New Energy Vehicle Group Ltd <0708.HK>,

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SSEC -0.2%, CSI300 -0.1%

HK->Shanghai Connect daily quota used -0.9%

FTSE China A50 +0.1%,

BEIJING/SHANGHAI, Sept 30 (Reuters)China shares closed lower on Wednesday as losses in real estate and materials stocks outweighed optimism from upbeat factory activity surveys, with the markets recording their worst monthly loss since May 2019.

** The Shanghai Composite index .SSEC ended down 0.2% at 3,218.05 and the blue-chip CSI300 index .CSI300 0.1%. For the month, the Shanghai Composite index lost 5.23% and the CSI300 index 4.75%.

** Markets fell in September mainly due to worries over ongoing Sino-U.S. tensions and fluctuations in overseas markets on concerns about a second wave of coronavirus outbreak.

** Shanghai shares of Semiconductor Manufacturing International Corp 688981.SS, China’s largest chipmaker, slid by 25% during the month amid the newly imposed export restrictions by the United States, citing a risk of military use.

** China’s factory activity extended

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HONG KONG—China’s most-indebted property developer averted a near-term cash crunch, sending its shares and bonds sharply higher Wednesday, a surprising turnaround from less than a week ago.

China Evergrande Group

said a group of investors agreed not to force it to cough up more than $12 billion to repurchase their stakes in a major subsidiary. Another of its businesses separately filed documents for a Hong Kong listing that could raise between $2 billion and $3 billion in the coming months, according to a person familiar with the matter.

Shenzhen-based Evergrande is Asia’s largest junk-bond issuer and was China’s largest developer by contracted sales last year. It is a sprawling conglomerate, with projects in various stages of development all over the country.

The company has borrowed heavily in China and offshore as it grew during the past decade. As of June it carried outstanding debt totaling 835.5 billion yuan, equivalent to

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Factory activity in China improved slightly in September, according to official data published Wednesday, showing a small rebound in the economy ahead of the week-long National Day public holiday.

The closely watched Purchasing Managers’ Index (PMI) is a key gauge of manufacturing activity in the world’s second-largest economy, which has largely bounced back after plunging in February because of tough coronavirus measures.

In September, the PMI figure increased slightly to 51.5 after slipping to 51.0 in the previous month. Any figure above the 50-point mark represents growth while below it signals a contraction.

Zhao Qinghe, a senior statistician at the National Bureau of Statistics (NBS), said that this month’s figures, with increases in several key indices, demonstrated a “steady recovery” and a pre-holiday consumption boom.

But Zhao also noted that some industries, such as apparel, textile and wood processing, reported insufficient market demand.

“We also see that, although overall manufacturing

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BEIJING (Reuters) – China will need a plethora of reforms if it is to make a new economic strategy that relies mainly on domestic consumption work, advisers to the Chinese cabinet said on Tuesday.

FILE PHOTO: People wearing face masks walk on a street in Shanghai, following the coronavirus disease (COVID-19) outbreak, China July 16, 2020. REUTERS/Aly Song/File Photo

President Xi Jinping has proposed a “dual circulation” strategy for the next phase of economic development in which China will rely predominantly on “domestic circulation”, to be supported by “international circulation”.

“To rely mainly on domestic circulation, we indeed face a very arduous task,” Yao Jingyuan, the former chief economist for the country’s National Bureau of Statistics, told a briefing.

“Fundamentally we must rely on reforms, and we need to deepen reforms.”

Lin Yifu, a second adviser to the cabinet, said China’s new economic strategy was not a short-term measure to

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Taking a leaf out of Prime Minister Narendra Modi’s call to shrink trade with China, the secondary steel producers have urged the government to ban iron ore export to China.

Secondary steel units, which contribute 50 per cent of steel production, depend on domestic iron ore supply unlike large primary steel producers who own captive iron ore mines.

This apart, the sponge iron production of about 31 mt and pellet plants with 85 mt capacity are also dependent on domestic iron ore. The secondary steel industry annually require about 90-100 mt of iron ore, said Rajeev Singh, Director General, Indian Chamber of Commerce, in a letter addressed to the Prime Minister’s Office.

Odisha and Chhattisgarh have about 136 sponge iron ore units with a capacity of 24 mt but produced only about 13-14 mt. However, amidst the current raw material crisis situation, it is expected to be cut down further

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  • The US Commerce Department issued export restrictions against SMIC.
  • These restrictions will set back China’s search for domestic alternatives to Samsung and TSMC and limit Chinese tech companies’ ability to compete in foreign markets.

The US Commerce Department issued an order requiring US companies to obtain a license to export products to SMIC, according to Reuters. The Department alleges that SMIC could be supplying components to China’s military; however, representatives of SMIC deny this, claiming that the company only manufactures semiconductors for civilian and commercial end-users. 

Huawei share of smartphone shipments by region

US export restrictions against SMIC will set back China’s search for domestic alternatives to Samsung and TSMC.

Business Insider Intelligence

The export restrictions will make it particularly difficult for SMIC to obtain foundry equipment, setting back China’s efforts to develop a domestic alternative to Samsung and TSMC. Samsung and TSMC currently operate the only foundries in the world capable of manufacturing 7nm chips. The

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Surveillance cameras are seen outside the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China December 13, 2018. Picture taken December 13, 2018. REUTERS/Stringer

BEIJING (Reuters) – China’s banking and insurance regulator issued draft rules on Monday to rein in risks accumulated in country’s booming online insurance sector.

The rules, on which the regulator is seeking public feedback till Oct. 28, will ban unlicensed institutions and individuals from participating the online insurance businesses, including selling and offering consultancy services of insurance products, according to a statement released by the China Banking and Insurance Regulatory Commission (CBIRC).

The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”

The CBIRC said in

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Tesla Inc.’s plan to build a $25,000 car within the next three years doesn’t seem to have fazed China’s most-promising electric vehicle startups, with executives at the Beijing Auto Show saying Elon Musk can bring it on.

“It’s a good thing for us,” WM Motor Co. founder and Chief Executive Officer Freeman Shen said. “We are very happy Tesla came to China because Tesla is just like Apple in the early days, they educate the whole market.”

Just as Apple Inc.’s share in the mobile-phone market has been eroded by local players like Xiaomi Corp., Oppo and Huawei Technologies Co., so too will Tesla’s, however over a longer time horizon, Shen said. Tesla’s slice of the “mainstream” electric vehicle market will significantly decrease in five to 10 years, he said.

Where WM Motor will be by 2030 isn’t certain either. The company earlier this month raised $1.5 billion in a

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