· Beijing doesn’t want the U.S. to form an ‘anti-China coalition’ in the post-Trump era, consultancy says
Beijing is concerned that there’s a higher chance of countries in Asia partnering with the U.S. to counter China under President-elect Joe Biden – and wants to prevent that from happening, according to a political consultancy.
Tensions between the U.S. and China have risen under President Donald Trump as the administration pushed an “America first” agenda, often taking a unilateral approach instead of coordinating with allies
Reuters reported that the foreign ministers of Japan, India and Australia kept their statements vague at last month’s Quadrilateral Security Dialogue in Tokyo, while Secretary of State Mike Pompeo strongly criticized the Chinese Communist Party.
Gilholm told CNBC’s “Squawk Box Asia” that Japan, India and South Korea are economically important to China, but that Beijing is well aware of Tokyo’s relationship with Washington.
“But I think for China, their concern is that, with the end of the Trump era, the prospects for the U.S. coordinating its China policy with a lot more of these countries has improved,” he said. “China will be very keen to prevent that with every country involved.”
· China's factory growth likely edged up in November: Reuters poll
China’s factory activity likely expanded at a slightly faster pace in November, a Reuters poll showed on Friday, as the world’s second-largest economy steadily recovers from the coronavirus crisis.
The official manufacturing Purchasing Manager’s Index (PMI) is expected to rise slightly to 51.5 in November from October’s 51.4, according to the median forecast of 22 economists polled by Reuters. A reading above 50 indicates an expansion in activity on a monthly basis.
· The Chinese Ministry of Commerce has determined that Australian exporters have been dumping wine into its market.
There is dumping of imported wines originating in Australia ... (and) it has been substantive,' the ministry said in a statement on its website.
There is a causal relationship between dumping and material damage and it has been decided to implement temporary anti-dumping measures ... in the form of a deposit from November 28.'
Theministry said the 'margin ratio' for the deposit would be between 107.1 per cent and 212.1 per cent on Australian wine imports of 2L containers or less.
· Kim Jong Un likely to let his missiles do the talking with Biden
North Korea has greeted the last two U.S. presidents with tests of missiles or nuclear bombs within weeks of taking office. And experts see the same happening with Joe Biden, whom the regime has called "a rabid dog."
· Germany to double net borrowing for 2021 to fight COVID
Germany plans to almost double the borrowing it had planned for next year to finance emergency aid for businesses during the second wave of the COVID-19 pandemic, lawmakers said on Friday.
The parliamentary budget committee agreed to a debt figure of almost 180 billion euros ($215 billion) - the second largest amount of net new borrowing in the history of post-war Germany.
· Hungary PM says to decide about Christmas COVID rules in about 10 days
Hungary’s government will decide in about 8-10 days on restrictions to be applied over the Christmas holidays to curb coronavirus infections, Prime Minister Viktor Orban told state radio on Friday.
Orban said that two weeks after a night-time curfew and restrictions were introduced, infection data “have not shown a significant change” and the number of hospitalised COVID patients would soon reach 10,000, which meant the healthcare system was “under enormous pressure.”
· Oil drops as supply concerns, vaccine doubts sap rally
Oil prices were lower on Friday in quiet trade due to the U.S. Thanksgiving holiday, dropping amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.
Brent crude was down by 31 cents, or 0.7%, at $47.49 by 0758 GMT, having fallen 1.7% overnight. West Texas Intermediate was down by $1.02, or 2.2%, at $44.69. U.S. crude prices did not settle on Thursday due to the holiday.
Both benchmarks have risen about 6% this week after AstraZeneca said that its COVID-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the pandemic.
· Venezuela resumes direct oil shipments to China despite U.S. sanctions
Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).
Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm.
The imposition of the sanctions was part of a push by the Trump administration to oust Venezuelan President Nicolas Maduro, but they failed to completely halt the South American nation's oil exports or to loosen Maduro's grip on power.
PDVSA's customers instead boosted shipments to Malaysia, where transfers of cargoes between vessels at sea have allowed most of Venezuela's crude to continue flowing to China after changing hands and using trade intermediaries.
PDVSA, CNPC, PetroChina and Venezuela's oil ministry did not reply to requests for comment.
Reference: CNBC, Reuters, Energyworld.com