Here's our summary of key economic events overnight with news Russia's bombardment of Ukraine continues and they are making small gains at a very high cost. But 'peace talks' continue despite the brutal fighting, and markets still expect some sort of resolution in the near term.
Separately, the US Fed announced the expected +25 bps rate hike the markets were expecting, but they steepened the future policy rate path via their dot plot estimates. Today's was their first rate rise since 2018.
The initial market reaction has been reasonably orderly, but bond yields have risen sharpish, and the USD has also risen, although not against the NZD. Equity markets gave up some earlier-in-the-day gains.
Meanwhile, American retail sales came in +17.7% higher in February, than the same month a year ago. That is actually better than our weekly Redbook indications. Still the month-on-month rise wasn't quite up to market expectations, generating some disappointment.
Business inventories rose but not by as much as sales, so the inventory:sales ratio was stable overall, but had a healthy decline for the retail sector. Despite the supply-chain stress, these networks are not getting overstocked.
And American mortgage applications fell last week, while the mortgage interest rates rose again. In fact this rate is high and volatile now and that will restrain residential real estate activity.
In Canada, consumer prices rose faster than expected, and while not topping estimates by much, the rise at 5.7% is now its fastest in 30 years there.
Japan's export growth is still rising at almost a +20% pa rate in February, faster than at any time since before the GFC apart from the pandemic recovery. But their January industrial production data was flat, although this wasn't the decline that was expected in the month.
Separately, there was a 7.3 earthquake near Fukushima yesterday. Buildings shook and power was disrupted in parts of Tokyo, and a tsunami advisory was triggered. But things have since settled.
In China, there has been a relatively subtle but important set of signals that major economic policy support is underway. That galvinised their equity markets. In a brief statement carried by state media, China’s top financial policy body vowed to "ensure stability in capital markets, support overseas stock listings, resolve risks around property developers and complete the crackdown on Big Tech as soon as possible.” Then the central bank followed with a statement saying the central bank would help implement the policies, as did their banking watchdog.
And there is growing evidence suggesting Beijing is not acting to undermine the global sanctions against Russia.
The latest data on house prices in the major cities in China shows that 40 or their 70 largest cities in their reporting sample declined in February from January. (They say on a population weighted basis they rose. But that 'rise' is a 6 year low.) But second- and third-tier cities remained flat or decreased month-on-month. On a year-on-year basis that is only 24 of 70 major cities that rose. The declines are building.
The London Metals Exchange has been unable to restart proper nickel trading after further glitches. The Chinese-owned company, which earlier cancelled trades that had the effect of protecting a Chinese billionaire who was shorting the metal, is now in deep trouble with its market role gravely compromised. Traders basically don't trust the way it handles its affairs.
Meanwhile the lithium price rally continues. Some are calling it "insane".
In Australia, jobs growth is high and their jobless rate is at decade lows, but consumers are unhappy. ANZ suggests this can perhaps be explained by falling real wages. But even that is balanced by a much larger pool of household savings built up during the pandemic lockdowns so you might have thought this would back up consumption in Australia. In any event unhappy consumers present a downside risk to Aussie consumption.
The UST 10yr yield opens today at 2.24% and up +11 bps from this time yesterday after the Fed announcement. The UST 2-10 rate curve starts today unchanged at +30 bps. Their 1-5 curve is steeper at +90 bps and their 30 day-10yr curve is steeper as well at +194 bps. The Australian ten year bond is up +3 bps at 2.51%. The China Govt ten year bond is-2 bps lower at 2.82%. And the New Zealand Govt ten year is up +4 bps at just on 3.18%.
Wall Street is up +0.2% on the S&P500 in Wednesday afternoon trade, a sharpish retreat from the earlier +1.5% rise. The Fed dot-plot has investors realising that yields are under pressure now as fighting inflation with higher interest rates is back. Overnight, European market rose almost +4.0%, except London which was up +1.8%. Yesterday, Tokyo gained+1.6, but Hong Kong recovered spectacularly gaining +9.1% after prior panic selling. And Shanghai also had a good recovery, up +3.5%. The ASX200 rose +1.1% while the NZX50 was up a more regular +0.9%.
The price of gold starts today at US$1898/oz and down another sharpish -US$31/oz from this time yesterday, falling faster after the Fed move.
And oil prices are again lower today, down -US$1/bbl. In the US they are now just under US$94.50/bbl. The international price is just on US$97/bbl.
The Kiwi dollar will open today firmer, now at just over 67.8 USc but the top of the gain has been cut after the Fed move. But against the Australian dollar we are now just under 94 AUc. Against the euro we are holding at 61.9 euro cents. That all means our TWI-5 starts today at just under 73.4 and +10 bps higher.
The bitcoin price was up +2.8% from this time yesterday to US$40,291. But post the Fed announcement is has fallen back to US$39,761. Volatility over the past 24 hours has been high at +/- 3.6%.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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82 Comments
Zelensky is doing so well he continues to beg for intervention by NATO that will lead to WW3. Here is an interesting video from an American mercenary. Language is typical soldier.
AMERICAN BRITISH AND OTHER FOREIGN MERCENARIES TRAPPED IN UKRAINE (bitchute.com)
According to the JIT, the Buk that was used originated from the 53rd Anti-Aircraft Missile Brigade of the Russian Federation[8][9] and had been transported from Russia on the day of the crash, fired from a field in a rebel-controlled area and the launch system returned to Russia afterwards.
In December 2017, the Russian investigative portal The Insider, the news agency McClatchyDC, and Bellingcat performed a joint investigation that confirmed the identity of a high-ranking military officer using a call-sign "Dolphin" to be Colonel General Nikolai Fedorovich Tkachev. Tkachev is heard supervising the operation of Buk delivery and set-up in wiretaps acquired by JIT.[275][276] In April 2020 the same three teams identified another high-ranking figure in the chain of command referred to by many DPR and LPR operatives as "Vladimir Ivanovich" to be FSB Colonel General Andrey Ivanovich Burlaka, first deputy chief of the Russian border service.
NATO can't push the button to shoot but they can do just about everything else including providing weapons and training.
The reason that the Ukrainians haven't been given large NATO anti-aircraft systems (only smaller Stingers, Starstreak and Strella) is that those systems are very powerful, complex and filled with secrets. Losing one to Russia would be unthinkable in terms of OpSec. We need to keep in mind that the Ukraine has flip-flopped a few times. There is some gear that it's incredibly important never gets into Russian hands. If we do supply a large AA system it will almost certainly be something last-gen pulled out of storage.
That said the Russians are dropping unguided munitions on cities in the dark, my guess is they'll be flying well within the operating window a of Starstreak system to even hit the right postcode.
No I think your perspective is distorted. Putin risks WW 3. NATO would only be responding to Putin's aggression. If we are so afraid of the possibility of WW 3 what is there to stop Putin anywhere? Should we dissolve NATO because we are afraid that the mutual defence agreements it has can risk WW 3? Should the EU be disbanded because mutual defence agreements and other agreements risk WW 3? There is only one side risking WW 3 here and that is Putin. To fail to respond appropriately increases that risk disproportionately. NATO and the EU have already failed to respond, increasing the risk that any response will now trigger it, when they should have come out hard in the first place.
Your argument would apply if Ukraine was part of Nato. But it is not. The West clearly signaled that Russia would be hit with sanctions if it invaded. Biden stated there would be no direct military intervention.
Putin weighed that up, and invaded anyway and also warned that direct military intervention by the West would bring out the big red buttons. So shooting down Russian jets would definitely be a step by the West toward a much bigger war.
No you present the argument in your response. Biden told Putin there would be no military response if he invaded Ukraine. The political equivalent of "go for it!" Sanctions mean nothing to Putin. He clearly thinks he personally will not be affected by them. He must also have a lot of faith in his personal security and his sway over the Russian leadership. Would he have invaded if NATO and the EU told him he would meet the full force of their militaries and that he would personally be hunted down like Sadam was? Moot point really because it didn't happen, but unless he was prepared for an all or nothing war I think not. If he was prepared for an all or nothing war then he must still be.
It's pretty clear that Putin is the aggressor. NATO may have a (small) part in pushing Russia towards its actions and Ukraine was only a few places above Russia in the Corruption Index (NZ number one! ;-) but Putin is clearly the one who made the decision to escalate.
But here's an interesting perspective and some hidden or little known facts about Russia's backstory in this geopolitical theatre:
Apparently a third of Americans are not against more US military action even if it results in nuclear conflict.
https://www.pewresearch.org/politics/2022/03/15/public-expresses-mixed-…
I don't believe Putin is trying to start WW3 and does it not become a WW until other countries step in? One could suggest we're in an economic "world war" already given sanctions imposed by the Allies. Maybe war is no longer defined by pure military action.
Hmm... I'm not sure how you arrived at that.
A lot of talk about WW3 and who started it and blah blah. I simply asked some questions suggesting that we're already in a world war of sorts, it just doesn't look like the wars of old. The economic sanctions is fighting back. The double standards are adding up of course but being able to observe that is not saying no one is at fault. How this war ends is obviously the real issue and more military and conventional warfare may not be the best ending.
I was surprised at the level of people that would accept a nuclear conflict to end the war.
Nato is not going into the Ukraine..they going to hold lots of meetings and talks and supply a few bullets, then eventually Russia will take control after they have destroyed most of the infrastructure and Nato will shrug it's shoulders say it tried and move on to some post invasion talks and reflection on what went wrong. In six months Russia will start trading again with the world, as the world moves on with the next issue.
A qualification is needed here. NATO will not go into the Ukraine provided one of its member states is not attacked. The same for the USA. It held off in the WW2 until directly attacked. So plenty of arms and talk from NATO and USA as you say.
A slip up by the EU and USA in preventing the war. My cynical nature is that the USA is quite comfortable with letting Russia bleed figuratively and literally on this war and the Ukraine is the sacrificial lamb. Zelensky and his cabinet have been duped into thinking NATO or the USA will put troops on the ground or no fly zones. If he didn't know this before the war then he and his cabinet are incredibly ignorant.
I don't think Zelensky and cabinet are under any illusion or have been duped.
The constant call for a no fly zone is a way of exerting maximum pressure to obtain all other forms of military and humanitarian assistance.
It's worth remembering that Russia invaded Ukraine without Ukrainian provocation. Unless, of course, you consider democratically electing a government "provocation".
Unless, of course, you consider democratically electing a government "provocation".
"democractically electing"... Somewhat.
Oil and gas were discovered in 2012 during the pro-Russian government. Suddenly in 2014 there were calls for democracy, the old government thrown out and a new pro-western government installed. NATO starts training with Ukrainians. Coincidence?
Agree with all of this. Seems like they didn't think strategically enough, they should have abandoned the idea of joining NATO and warmed up to being a partner with Russia AND a partner with the West, but not militarily. The middle path was the only sensible way through as a buffer state.
The moral of the story is to never give up your nuclear weapons - and if you don't have any get some as quickly as possible.
"Finally, the United States and Russia responded to Ukraine’s security concerns by agreeing to provide security assurances upon its NPT accession.
In turn, the Rada ratified START, implicitly endorsing the Trilateral Statement. However, it did not submit its instrument of accession to the NPT until Dec. 5, 1994, when Russia, the United Kingdom, France, and the United States provided security assurances to Ukraine."
Vietnam isn't a puppet state of China. North Korea isn't a puppet state of China. Lithuania/Estonia/Finland aren't puppet states of Russia, though the first two are treading on thin ice being part of NATO.
It can be done, you just have to have clever foreign policy. NZ does it reasonably well with our Chinese/Western allies relationships.
The question is, how can Ukraine now avoid becoming a puppet state of Russia? Their previous anti Russian, pro Western military strategy has resulted in Russian invasion. If it's successful, Ukraine will definitely be a Russian puppet state... and that's the rub. You have to walk the tightrope with falls on both sides, Ukraine decided they were going to go with NATO and so are being pushed around by the other side.
Not too late to save the situation though. Ukraine needs to talk peace, abandon application to join NATO and assure Russia of friendlier relations in the future. That may come with giving up some territory now, however. Russia needs to reaffirm Ukraine sovereignty in such a case and abandon hopes of reclaiming their former territory.
NATO had a foot in the Ukraine or vice versa. An article in the Guardian via Reuters. What I've posted here is right at the end of the article.
https://www.theguardian.com/world/2022/mar/14/talks-russia-ukraine-resu…
The Yavoriv facility hit by Russia on Sunday(13/3/22) has previously hosted foreign military trainers from the UK, US and other countries, but it was not clear whether any were at the base. Ukraine held most of its drills with Nato countries there before the invasion,
with the last major exercises in September. Nato denied it had any personnel in Ukraine and the Pentagon said its last people had left weeks ago.
The attack is thought to be the westernmost carried out by Russia in 18 days of fighting.
Yes, just like all military (including Russia), they aren't honest when talking about where they actually have military deployments, for obvious reasons. And that's exactly why strategic military alliances such as NATO need to be very cautious about expansion. Both sides know that military deployments of any variety (personnel/equipment/nukes/etc) are never honestly revealed until the last moment it's used and they can be relocated anywhere in the alliance at a moments notice.
Yes Russia is bleeding alright and really a self inflicted wound isn’t it. Their military is down on material, morale and reputation. The economy now perilously poised. America possibly is comfortable with that but they should be a damn sight more uncomfortable that Russia’s loss is China’s gain.
Europe needs a red line from aggressive Russian expansion.
Actually Europe only needs to wait a few more years and Russia would hardly be able to govern itself, much less expand, if this asessment is correct:
Here're a few bits which don't make it out to the public eye:
- Russian losses may seem large but compared to its overall military strength, still insignificant
- Russian forces have captured a few Javelins and MLAWs and are turning them against the Ukrainians. Worst, the Russians will likely bring some home to copy (reverse-engineer) and probably sell some to the Chinese too!
- Russia seems to have been commandeering farming equipment to help build up supply lines (e.g. fuel lines) as they inch their way forward. Of course, turnabout is fair play and we've seen some Ukrainian farmers helping themselves to Russian equipment!
- Russian conscripts (despite Putin's claims to the contrary) have been put in (no pun intended) harm's way - in fact, they seem to be placed in front of regular troops to test Ukrainian positions and strengths. Follow up troops are usually well-equipped whilst the conscripts have second-rate or older equipment (didn't expect this old Soviet tactic to re-surface!)
- Russian comms tech and encryption seem to be poor in quality, and the Ukrainians have managed to hack and listen to Russian communications (why they were able to call down artillery on a Russian armoured column where a supposed general was riding in and killed). The Russians were supposedly in possession of very powerful jamming equipment which would black out a region (radios, mobile phones, TVs, etc) but that does not seem to be happening. Maybe it jams their own equipment too?
- Russians rely on a lot of wheeled vehicles and these seem to be having trouble with the cold and muddy conditions, which is why most Russian vehicles stick to the roads where they are vulnerable.
- Russians also lack optics, such as night vision, so have to stick to travel during the day, where again they are vulnerable
- They seem to be asking for drones from China and munitions to replenish what they've lost
Frenzarin,
"Zelensky is doing so well" What is that meant to convey? He is the PM of a country that is suffering a brutal invasion by a superpower. What should he do? It is surely not surprising that he asks for intervention and neither is it surprising that NATO won't oblige.
A new release found NZ consumers are cutting back more than expected on eating/drinking out, home renovations and coffees to make up for higher housing, food and fuel bills. What sticks out though is the higher-than-expected spend on imported goods (tech, furniture, clothing, etc.).
Consumption dead, net exports in the red, business confidence down, time for Robbo to make big announcements in the coming Budget to drive economic growth - that is if projects can get past comms and public consultations.
Don't forget the second hand market. Anyone keeping an eye on trademe? I've recently bought some very nice (almost new) kit for a fraction of the new price. Those in need of cash sell their goods second hand - those who can't afford nice things new buy them second hand or from the op shop.
Yes and so far as buying online; Amazon is cheaper as is Alibaba than most of our retail stores. Amazon's freight is not bad either. I await an item that I ordered a couple of days ago which will be with me March 30 all going well. Logistics really isnt as much of a problem at the moment direct from America? Or so my order says. On reflection, the seller could be based in Sydney. Either way cheaper for me
For glass half full types.
The Future is Vast: perspective on humanity’s past, present, and future
The BOM's latest climate driver update has indicated the rain-bearing La Niña is set to hang around for a while longer yet.
The La Niña passed its peak in January and had been slowly declining but it is now looking like the climate driver could linger until late autumn.
...There is no promise that the La Niña will definitely, definitively end anytime soon.
We are now on the second La Niña year in a row and, as Dr Santoso points out, having three in a row is certainly possible.
"It has happened before," he said.
https://www.abc.net.au/news/2022-03-17/la-nina-to-last-until-end-of-aut…
https://www.climate.gov/news-features/blogs/enso/march-2022-la-ni%C3%B1…
Great that the Chinese government is realising it can't become a tech innovator if it limits it's tech companies from access to capital. They totally shot themselves in the foot with their moves last year to discourage investments into their tech companies.
Some fantastic deals in Chinese tech companies even after todays rise. Some Chinese tech companies paying ~10% dividends with PE less than 3! Makes US stocks look way overvalued.
Yahoo finance is pretty good for looking at stock performance, though they often miss company announcements. Hatch and Sharesies I believe all have access to the US ADRs for Chinese companies, you could go for one that offers those markets directly, but they are quite a bit more expensive AFAIK.
I only invest money I can potentially lose in such shares, especially given the uncertain situation the world is currently in. And these shares are about halfway between speculative and solid, as a result of the geo politics involved, which is important to be aware of. I wouldn't invest huge amounts, have been cost averaging quite a few companies for quite some time (buying a little of each at a time).
Note, this isn't financial advice, just telling you what I have been doing.
And there is growing evidence suggesting Beijing is not acting to undermine the global sanctions against Russia.
Hmmmm...US fails to trap China over Ukraine at Yang-Sullivan meeting
Yang Jiechi Meets with US National Security Advisor Jake Sullivan
There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 1]
With the 7s10s already inverted, and the 5s today mere bps away, making a macro case for the distortion isn’t too difficult. Despite China’s “upside” economic data today, even the Chinese are talking more about their downside worries (shooting/hoping for “stability”) than strength. In the US or Europe, no matter the CPIs in either place there are cyclical (not just inventory) warning signs all over the place.
Aside from these economic concerns, is there a pure money case to be made for these curves, the yield curve, weirdly-shaped as it is, along with the very heavy inversion to eurodollar futures?
There Is An Absolutely Solid Collateral Case For What’s Driving Curve Inversion(s) [Part 2]
Securities lending as standard practice is incredibly complicated, and for many the process can be counterintuitive. With numerous different players contributing various pieces across a wide array of financial possibilities, not to mention the whole expanse of global geography, collateral for collateral swaps have gone largely unnoticed by even mainstream Economics and central banking.
This despite the fact, yes, fact, securities lending was the epicenter of the 2008 “somehow” Global Financial Crisis; a crisis that was, in its very essence, an interbank run on collateral. AIG, Bear Stearns, all the famous names now penned into infamy, made infamous by inability to source collateral once what was supposed to be the safest part of the system went sour.
And the most widely known of them all, Lehman, had the extra flair of triparty repo.
From Aljazeera
"The International Court of Justice (ICJ) has ordered Russia to cease military actions in Ukraine immediately, saying it is “profoundly concerned” by Moscow’s use of force."
Hahaha! Not much good that'll do.
The only way for the war to stop and without starting WW III is for internal dissention and change to topple Putin.
And the only peaceful way is to break through Russia's telecommunication network firewalls and streaming footage of Russian forces being attacked, conscripts surrendering, Ukrainians being wounded or shelled, and show all the destruction.
Once the wider Russian population wakes up and realises what's happening, things will be set in motion to end Putin and the war.
No. This will not happen.
No one will meaningfully do anything about Ukraine, as at a strategic level, no one aside from Russia cares what happens in Ukraine.
By supporting the coup and pushing Ukraine towards NATO membership (not to mention arming them) the west was essentially trying it on. But this at a strategic level was not something the Russians wanted to accept.
Russia has strong strategic reasons for the invasion. Very strong. And they are settling things knowing they will not be stopped. There are no strategic resources being contested here and Russia is responding to a threat on its boarder. Control of the Ukraine will also significantly decrease the length of the border that Russian military forces need to dominate.
You need to block out the war news on MSM, this is entirely focused on pushing the Ukrainian battler under dog, but that's just selling clicks. The Western MSM war reporting is highly biased to the point were it is no less propaganda and population control as compared to Russian state news (which note we are blocked from Accessing easily).
That any war is deplorable is not the question here. This is a game between princes played out over centuries.
There are no strategic resources being contested here
Quite wrong there. In 2012, sizeable amounts of shale gas was discovered in the west (between Moldova and Belarus) and east (Donbas region) as well as oil and gas deposits off the coast. These would have made Ukraine the 2nd largest in Europe, after... you guessed it, Russia.
The EU would happily switch from Russia to Ukraine for cheap oil and gas and Putin wasn't happy about that. The security concerns are only secondary.
"Russia has strong strategic reasons for the invasion. Very strong" Putin's actions have just given NATO border countries very strong strategic reasons to challenge Russia or they could be next. NATO would never have considered a territorial invasion of Russia. Even if Ukraine became part of NATO, Ukraine would never have considered a territorial invasion. The NATO threat to Russia is a figment of Putin's imagination, it's rooted in cold-war paranoia thinking. Russia has nukes, no-one is going to invade it. By invading Ukraine, Russia has forced NATO and it's allies to aggressively confront Russia. Putin miscalculated the strategic advantage of invading and going forward Russia will be in a more precarious position than if they just accepted that Ukraine had chosen to become more aligned with the west rather than Russia.
A nuke attack that takes 5 minutes to launch, then arrive and take out all of Moscow is very different to a nuke attack that takes 10-30 minutes. It may mean Russia has no ability to mount a counter attack, so a nuke attack you can't respond to, very much changes the situation. With hypersonic nukes either available or being developed, that's a real possibility, so reinforces the need for buffer states. That's not a figment of anyones imagination, that may be on the ground reality in 0-20 years. Putin is thinking longer term than what's available now, he is looking at the weapons in the pipeline (or ones that Russia have and others are catching up with).
It's very provocative for Russia to have hypersonics in Kaliningrad for the same reason, they should be removed from there also for de-escalation, but are in response to US nukes in Germany (and possibly because they are being upgraded by the US to be carried by stealth F35s, so have standoff capability).
It all pretty much shows why they should all go nuclear free and just get rid of all nuclear weapons. But in abscence of that, everyones holding nukes and upgrading their delivery systems in a massive cold war like arms race. Progress on de-nuclearisation has unfortunately stalled and indeed numbers may be growing again.
The price of gold starts today at US$1898/oz and down another sharpish -US$31/oz from this time yesterday, falling faster after the Fed move.
Liquidation of collateral to meet margin calls?
The London Metals Exchange has been unable to restart proper nickel trading after further glitches. The Chinese-owned company, which earlier cancelled trades that had the effect of protecting a Chinese billionaire who was shorting the metal, is now in deep trouble with its market role gravely compromised. Traders basically don't trust the way it handles its affairs.
It's been so long since I heard a good tale of counterparty risk outside residential housing. This one is easy though, ban the Chinese from trading directly by assigning them a trusted broker to manage their account.
I'm just wondering how the Lithium price is going to affect EV prices, and if so, how these price changes may impact various assumptions made around future emission reduction targets.
This time last year ~US$13k/Ton to ~US$78k/Ton today.
https://tradingeconomics.com/commodity/lithium
"Lithium carbonate prices in China extended their rally to 497,500 yuan/tonne in the third week of March, marking a gain of over 75% so far in 2022, amid high global demand and projections of scarcity. Sales of electric vehicles powered by lithium batteries are soaring amid the transition to greener energy. According to Adamas Intelligence, a record 25,921 tonnes of lithium carbonate equivalent batteries were deployed to roads during December 2021, a 68% increase on the year and a 31% increase on the month. At the same time, sales of new energy vehicles in China rose by 157% to 3.2 million units in 2021 and are expected to surpass 5 million in 2022. Meanwhile, battery manufacturers race to secure long-term supply contracts due to mineral scarcity. Benchmark Mineral Intelligence estimates a 26,000-tonne shortfall in 2022 and a 300,000 tonne by 2030, as miners cannot keep up with demand."
Yes this will be interesting but I suspect the larger battery manufactures will have some different compositions or have bought enough forward contracts to manage it. Also interested to see whether the 80k EV subsidy is inflation adjusted otherwise it may not achieve much of anything.
Chinese developers having a hard time?
https://www.bloomberg.com/news/articles/2022-02-15/london-property-news…
https://www.ft.com/content/09704e4c-d198-4350-b987-5743eae46c89
https://www.thetimes.co.uk/article/beijing-court-forces-chinese-billion…
https://vigourtimes.com/chinese-developer-sells-nine-elms-project-for-h…
https://www.yicaiglobal.com/news/china-rf-falls-as-developer-plans-to-s…
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