South Korea should maintain its accommodative fiscal and monetary policy settings to support the economic recovery, the IMF says https://t.co/B7tOgFOBJh ...

Economic Policy & Impact - Argentine President Javier Milei's free-market overhaul aimed at revitalizing the country's struggling economy has not yet yielded the promised recovery [1] - The economic shock therapy implemented nearly two years ago has not resulted in the anticipated recovery [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's manufacturing and services sectors - **Current Status**: A modest recovery is underway, as indicated by August PMIs, supported by stronger production and new orders, which helped offset weaker domestic demand from July [1][3][4] Core Insights and Arguments - **Exports**: - Container shipping to the US increased by 1.7% month-on-month (m/m) and 5.4% year-on-year (y/y) in August, despite a decline in the China Containerized Freight Index (CCFI) [3][7] - Overall outbound container shipping decreased by 0.5% m/m, while bulk shipping rose by 6.1% m/m [3][7] - Departing container ships' deadweight tonnage rose by 9.9% y/y in August [9] - **Automotive Sector**: - Auto retail sales increased by 3% y/y and 7% m/m in August, with New Energy Vehicle (NEV) sales rising by 5% y/y and 9% m/m [3][19] - Industrial production (IP) growth for autos remained stable with a slight uptick in August [3][19] - **Production Trends**: - Steel IP contraction may narrow or turn positive, primarily due to base effects [3][19] - Operating rates for tire plants showed mixed results, with declines in semi-steel tire plants and increases in all-steel tire plants [19] - **Fiscal Policy**: - Government bond issuance reached over 1.3 trillion yuan in August, consistent with the average monthly pace from January to July [3][28] - The People's Bank of China (PBOC) net increased outstanding monetary policy instruments by 386 billion yuan in August, indicating a benign liquidity condition [3][44] - **Housing Market**: - New home sales in 30 major cities fell by 9.9% y/y in August, an improvement from a 18.6% decline in July [3][57] - Secondary home sales decreased by 3.6% y/y in August, compared to a 9.5% decline in July [3][57] - Centaline's sales manager confidence index improved in late August, influenced by policy easing in major cities [3][57] - **Inflation and Commodity Prices**: - Agricultural food prices dropped by 11.6% y/y in August, while pork wholesale prices fell by 25.0% y/y [3][68] - Commodity prices showed mixed trends, with polysilicon futures remaining high and lithium carbonate prices easing [3][68] Additional Important Insights - **Monetary Policy**: - The PBOC's liquidity operations included a net liquidity withdrawal of 53.4 billion yuan via pledged open market operations (OMO) and a net injection of 300 billion yuan via outright OMO [3][44] - **Market Sentiment**: - Despite improvements in certain sectors, the overall market sentiment remains cautious, with confidence indices still below levels seen in late 2024 and early 2025 [3][57] - **Future Projections**: - The remaining government bond quota is estimated at 3.4 trillion yuan for the last four months of the year, compared to 3.8 trillion yuan for 2024 and 3.7 trillion yuan for 2023 [3][32] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the relevant industries in China.

Sri Lanka has staged a remarkable recovery. But for a country still grappling with the effects of an economic implosion and the scars from a 26-year civil war, that won’t be enough https://t.co/MtP5GtiJld ...

Liquidity conditions in Hong Kong resumed tightening this week with a key money-market rate climbing above a level that some analysts say may stifle a nascent economic recovery https://t.co/fv853dZCG8 ...

#报告 TS Lombard：新兴市场脆弱的经济复苏面临风险；看好中国第四季度刺激措施的影响。None (@None):None ...

Economic Impact - France's political instability threatens the fragile economic recovery [1] - Companies are likely to postpone hiring and investment decisions due to the instability [1]

Financial Data and Key Metrics Changes - Comprehensive income after tax improved to $31 million from a loss of $30 million last year, primarily due to a lower fair value loss [10] - Funds from operations (FFO) increased by 6.7% to $161.4 million, with underlying FFO reflecting a 3.3% increase to $0.54 per share [14][19] - The weighted average cost of debt at year-end was 5.2%, with interest coverage for the period at 2x [17] Business Line Data and Key Metrics Changes - The Auckland office portfolio delivered like-for-like rental growth of 2.5%, while Wellington generated strong growth of around 6% [11] - Commercial Bay Retail saw FFO increase by 8.3%, with occupancy remaining at 97% and specialty sales over $12,000 per square meter [36] - The investment portfolio's occupancy increased to 97%, with approximately 19,000 square meters leased over the financial year [30] Market Data and Key Metrics Changes - The Auckland premium office market remains strong with a vacancy rate of 3.3%, while secondary markets are experiencing increased vacancy [32] - The Wellington market remains subdued, primarily influenced by central government expenditure [35] - The retail sector is showing signs of recovery with improved trading conditions and anticipated visitor growth [36] Company Strategy and Development Direction - The company is focused on capital management and has launched a process to seek a capital partner for 50% of PwC Tower [5] - The development pipeline is valued at $3.7 billion, with a commitment to student accommodation and residential projects [40] - The company aims to grow its capital partnerships from $1.6 billion to $4-5 billion over the medium term [29] Management's Comments on Operating Environment and Future Outlook - The economic environment is sluggish, particularly in Auckland and Wellington, but growth opportunities are emerging [5][6] - Management expects the broader economy to improve in the latter part of the year and into 2026, supported by monetary policy easing [6] - The company remains optimistic about capitalizing on opportunities in an improving economy [41] Other Important Information - The company has updated its dividend policy to a payout range of 80% to 95% of funds from operations, reflecting a more flexible approach [18] - The InterContinental Hotel sale achieved a premium to book value, indicating strong market interest [14] Q&A Session Summary Question: Update on PwC Tower process and potential new partnership - The process is in early stages with encouraging engagement from multiple parties, reflecting strong demand for premium office space [44][45] Question: Likelihood of starting enabling works in 2026 - The company anticipates commencing enabling works next year [50] Question: Clarification on one-off items affecting FFO - One-off items include closure costs related to a hospitality venue and swap closeouts due to capital structure changes [51] Question: Guidance on FY 2026 tax benefit adjustment - A small tax expense is expected, with estimates around 30-40 basis points [54] Question: Capital partnering for 256 Queen student accommodation - Strong interest from both domestic and offshore investors, with options for university or independent operator involvement [80]

Financial Performance - Investment portfolio Funds From Operations (FFO) increased by 3.7% to $150.3 million[9, 49] - Operating Profit before indirect expenses and income tax increased by 1.2% to $152.3 million[9, 48, 49] - Adjusted Funds From Operations (AFFO) was 6.54 cents per security (cps)[9] - Net tangible assets (NTA) per security decreased by $0.04 to $1.21[48] Portfolio & Occupancy - Portfolio occupancy was 97%[7, 39, 123] - Weighted Average Lease Term (WALT) was 6.0 years[9, 39, 123] - Commercial Bay retail FFO increased by 8.3%[9, 49] and MAT increased by 3.7%[9, 123] Capital Management & Investment - Strategic exit of the InterContinental Auckland hotel for $180 million[9] - Repaid $165 million of maturing retail bonds and USPP notes[9] - New $75 million five-year wholesale bond issued[9] - Capital partnerships totalling $1.6 billion on completion value[86]

The Swedish central bank will likely reduce its benchmark interest rate by half a percentage point this year to kick-start a delayed economic recovery, according to analysts https://t.co/vOMw7EJDU9 ...