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EMERGING MARKETS: Biden's Aide Arrives in China, Iron Ore Prices Extend Recovery

EMERGING MARKETS
  • US/CHINA: US President Joe Biden’s top national security aide Jake Sullivan arrived in Beijing for a three-day visit as the world’s two largest economies seek to manage their rivalry through dialogue. Sullivan landed in the Chinese capital on Tuesday as the first US national security adviser to visit China since 2016. He is expected to meet the country’s top diplomat, Wang Yi, over two days of talks and meals in the outskirts of Beijing.
  • IRON ORE: Futures in Singapore have gained almost 6% so far this week — reclaiming a foothold above $100 a ton — as investors bet that China’s steel output may have found a floor after a severe slowdown in demand. Steel consumption and production in China have come under intense pressure in recent months, with the country’s top supplier warning of some of the most severe market conditions this century.
  • CHINA: Country Garden Holdings Co. told some investors that it is considering further extending payments on some of its yuan bonds, according to people familiar with the matter, as a prolonged sales slump adds to the Chinese developer’s financial stress. In an effort to gain more time to map out a debt overhaul, Country Garden’s main onshore unit may push back payments on several yuan bonds due in September by six months, the people said, citing private conversations. That would include 10% of the principal on its 4.38% notes due September 2026, the people added.
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