Forex News from InstaForex

[IFX Gertrude]

CEOs And Over 1,500 Startup Founders To Join Modi For 'Startup India Movement



CEOs and founders of over 1,500 startups from across the country are expected to attend the 'Start Up India' launch on January 16 where Prime Minister Narendra Modi will unveil the government's action plan for encouraging budding entrepreneurs and developing a conducive start-up ecosystem in the country. The event shall be a non-stop day long global workshop on start-up entrepreneurship and shall include panel discussions on topics such as "Unleashing Entrepreneurship and Innovation: What do Indian Startups Need to Grow and Prosper", "Celebrating Women: Stories of Innovative Women Entrepreneurs", "How digitization will change India's future", "Making Indian Healthcare Leapfrog" and "Financial inclusion is within reach". The panel discussion on "Show Me the Money: How do we Capitalize Entrepreneurship?" shall be chaired by Minister of State for Finance Jayant Sinha. A unique Question and Answer (Q&A) session titled "Face-to-face with Policy makers" is also being organized wherein secretaries of key government ministries and departments will answer questions on how government will be creating an enabling ecosystem for start-ups. The objective is to reinforce commitment of the government towards creating an ecosystem that is conducive for growth of start-ups. The event shall also feature interactive talks with global leaders and venture capitalists such as Masayoshi Son (founder and CEO, Softbank), Travis Kalanick (founder, Uber) and Adam Nuemann (founder, WeWork). A delegation of over 40 top CEOs and founders of start-ups, venture capitalists and angel investors from Silicon Valley will be attending as special guests for the event and will be taking part in interactive Q&A sessions. Google shall be conducting an innovative session titled "Launchpad GoogleAccelerator" which will involve live pitches being made by early stage start-ups to potential investors. Nikesh Arora, President & Chief Operating Officer, Softbank shall be interacting with participants on aspects relating to start-up funding. A virtual exhibition is also being organized as part of the event to showcase some of the unique and innovative work done by start-ups in the country.

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[IFX Gertrude]

Malaysia Exports Rise In November



Malaysia's exports increased in November from a year ago, figures from the Department of Statistics showed Thursday. Exports grew 6.3 percent year-over-year in November to MYR 67.6 billion. Shipments of electrical and electronics products, which contributed 34.2 percent to total exports, rose 0.6 percent in November. Exports of refined petroleum products surged 13.2 percent. Imports climbed 9.1 percent annually in November. The increase in imports was mainly attributed to consumption goods, intermediate goods and capital goods. On a monthly basis, exports plunged 10.8 percent in November and imports declined by 9.8 percent The visible trade surplus of the country came in at MYR 10.2 billion in November, which was lower by 6.9 percent and 15.9 percent respectively for the both yearly basis as well as monthly basis.

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[IFX Gertrude]

Fitch: Chinese Offshore Debt Issuances Face Limitations Despite New Rulesl



New rules introduced by Chinese regulators in 2015 may help to reduce structural subordination risk for Chinese corporates' offshore creditors, but these rules have limitations and may only benefit a small pool of corporates in the short-term, Fitch Ratings says in a special report. Fitch expects that the National Development and Reform Commission (NDRC) may provide "window guidance" in implementation of the new registration-based scheme, introduced in September 2015, for offshore debt issuance by Chinese corporates. Fitch believes the registration-based scheme will favour leading corporates, especially state-owned enterprises (SOEs), in government-supported sectors. The State Administration of Foreign Exchange (SAFE) eased the regulatory restrictions on cross-border guarantees in May 2015, but still prohibits the proceeds from offshore debt issuance under onshore guarantees to be repatriated back to China. Given the limitations of these new rules, keepwell deeds supplemented by equity interest purchase undertaking deeds and/or liquidity support covenant deeds may remain popular and efficient structures for issuers who wish to repatriate funds to China, although the new NDRC registration rules apply to offshore debt issued under keepwell deeds from onshore corporates as well. The full report, titled "Common Structures of Chinese Offshore Debt Issues: New Regulations Bear Monitoring as Top Chinese Corporates Seem Tipped for Gains" is available on www.fitchratings.com.

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[IFX Gertrude]

China to face adversity in hitting 6.5% growth over 2016-2020



China will face great hardship in achieving economic growth above 6.5% between 2016 and 2020 due to sluggish global demand, escalating labor costs, and aggravating environmental concerns in the country. According to State Council's Development Research Centre President Li Wei, gross domestic product has recorded annual growth of approximately 10%. The 6.5% projection is not high, but it will be difficult to attain such pace of growth. China is scheduled to release fourth quarter and full-year GDP figures on January 19.

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[IFX Gertrude]

Fxwirepro: Aud/jpy Extends Recovery from Multi-Year Lows, Good to Buy Dips



Poor Chinese inflation data released over the weekend raised concerns over China's ability to boost the economic growth, denting risk appetite and boosting yen. AUD/JPY hit a multi-year low of 80.88, levels not seen since Oct 2012, but was rejected at lows. The pair later rebounded higher towards 82 handle, on the back of strong pullback seen in the USD/JPY pair. Broader market sentiment will continue to dominate markets amidst a data-light economic calendar today. Strong resistance is seen at 81.95 levels, breaks above could take the pair to next hurdle at 82.95 (5-DMA) and then to 83.90 (Jan 8th highs). To the downside immediate support might be located 80.88 (Session lows Jan 11) below that at 79.50 (Oct 2012 Level). Recommendation: Good to buy dips around 81.50, SL: 80.90, TP: 82.95/83.90

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[IFX Gertrude]

Singapore bond market sees default despite unrecognized notes



Singapore's bond market may default for the second time following lenders said Pacific Andes Resources Development Ltd. has not recognized some obligations on S$200 million ($139 million) of notes. In a January 10 filing, the Hong Kong-based company said it received a letter from HSBC Holdings Plc, alleging it breached on the 2017 securities. Investors, under the bond's terms, can request full immediate repayment in the event the firm's shares are suspended. Since November 25, Pacific Andes has halted trading in the country.

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[IFX Gertrude]

Fxwirepro: Usd/jpy Bounces Off Trendline Support, But Unable to Hold Gains Above the 118 Handle



USD/JPY bounce overnight from trendline support failed near 118 handle and the major dropped to new session lows towards the mid-point of 117 handle. Yen back in demand amid falling Japanese stocks, Asian stocks have been volatile triggering risk-off trades. Strong support for the pair lies at 116.65 (trendline) and further below at 116 levels, while on the upside resistance is seen at 118.02 (Jan 11 & session highs) ahead of 118.75 (Jan 7 highs). Price action is well below the cloud and moving averages biased lower. RSI and Stochs on dailies are deeply in oversold territories. The data calendar is rather empty today, nothing of note for the JPY in terms of macro news except for the BOJ Governor Kuroda's speech.

Recommendation: We will wait for further technical confirmation to initiate any trade

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[IFX Gertrude]

Disney to reveal Shanghai theme park on June 16



Walt Disney Co. announced the new Shanghai Disney Resort will be unveiled on June 16, the firm's biggest investment outside America. The $5.5 billion resort will showcase Disney's two hotels, tallest castle, and a pirates-themed land. The size of their first Chinese resort is 963 acres (389 hectares), three times bigger than the Hong Kong Disneyland. Chairman and Chief Executive Bob Iger has remained upbeat on the project, which has been planned for years, amid China's economic degeneration and stock market slump.

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[IFX Gertrude]

China Exports Fall Less Than Forecast



China's exports declined less than expected in December, data published by the General Administration of Customs revealed Wednesday. Exports fell 1.4 percent on a yearly basis in December, slower than the 8 percent decline forecast by economists. At the same time, imports slid 7.6 percent annually, also slower than the expected decrease of 11 percent. Consequently, the trade surplus rose to around $60 billion, which was well above a $51.3 billion surplus forecast by economists.

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[IFX Gertrude]

China Exports Fall Less Than Forecast



China's exports declined less than expected in December, data published by the General Administration of Customs revealed Wednesday. Exports fell 1.4 percent on a yearly basis in December, slower than the 8 percent decline forecast by economists. At the same time, imports slid 7.6 percent annually, also slower than the expected decrease of 11 percent. Consequently, the trade surplus rose to around $60 billion, which was well above a $51.3 billion surplus forecast by economists.

News are provided byInstaForex.