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EMERGING MARKETS: NATO Bolsters Presence in W Pacific, China Unemployment Rises

EMERGING MARKETS
  • Global: NATO is bolstering its presence in the Western Pacific by sending warships to more places, a move that risks stoking tensions with China, which is worried about the alliance’s growing influence in the region.
  • China: China’s central bank chief pledged further steps to support his nation’s economic recovery, while cautioning that it won’t be adopting “drastic” measures. Chinese state media published a pair of interviews with People’s Bank of China Governor Pan Gongsheng on Thursday after key indicators for July suggested the country’s economic growth remains lackluster.
    • MNI (Beijing) China’s urban unemployment rates rose broadly in July, indicating the labour market has remained weak as the world second-largest economy struggles to recover. Labour market weakness is sapping domestic demand, and is expected to hinder China’s new growth-orientated urbanisation plan, as MNI has reported.
    • MNI (Beijing) - Beijing Property Sales Steepen Decline in July - Beijing’s real-estate sector sold 5.8 million square meters of property during the first seven months, down 4.1% y/y and accelerating from the 2.5% drop reported for the first six months, Beijing Municipality data showed on Friday.
  • Iron ore headed for a deep weekly loss after hitting the lowest level since 2022 on concern that a steel-industry crisis rippling across China will sap demand, while supplies from miners remain robust. Futures traded near $93 a ton in Singapore after hitting $92.65, matching the previous session’s low.
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