China market meddling risks denting Beijing's international ambitions *China wants inclusion in MSCI's Emerging Market Index. "The psychology of the Chinese authorities is to control things, but opening up capital markets requires them to lose a lot of control," said Charlie Awdry, China fund manager at Henderson Global Investors. The near-30 percent stock market plunge comes as Beijing is lobbying for its domestic shares to be...
| By: Lawrence White and Saikat Chatterjee
US official: China, US working to end ivory trade Cabinet secretary says Beijing and Washington are both working to end commercial ivory trading. Jewell met in Beijing with Vice Premier Wang Yang and Forestry Administration head Zhao Shucong. She said Beijing has not set a timeline to ban the trade but wants to close legal loopholes in fighting illegal ivory sales before a total ban is feasible.
Source: The Associated Press
UPDATE 1-China's CIC sovereign fund says ready to work with AIIB *Net profit grew 2.5 pct last year to $89.1 bln. BEIJING, July 3- China's sovereign wealth fund China Investment Corp is ready to work with the new Chinese-led Asian Infrastructure Investment Bank to invest in projects in the region, a senior official said on Friday. The AIIB, which is expected to rival institutions such as the World Bank and the Asian Development...
UPDATE 1-China says to reduce IPOs amid stock slump BEIJING, July 3- China will reduce the number of initial public offerings and the amount of capital raised from the equity markets, the stock regulator said on Friday, as markets shows little sign of stabilising after dropping by nearly a third in three weeks. China Securities Regulatory Commission spokesman Zhang Xiaojun said 10 IPOs would be launched during...
European shares lower as Greek vote eyed European equities slipped on Friday as investors look ahead to Sunday, when a Greek referendum on the country's future in Europe takes place.
| By: Holly Ellyatt
Supply of quality copper concentrate shrinks, sows seeds of price support *Flooding stalled mining in Chile. MELBOURNE/ TOKYO, July 3- Supply of high quality copper concentrate shrank more than expected in the first half of this year due to output delays in top miner Chile, squeezing the pipeline for metal producers and likely supporting prices later in 2015, traders said. Production from two of four mines in Chile that churn out clean,...
| By: Melanie Burton and Yuka Obayashi
UPDATE 5-Oil drops on rising U.S. rig count "This is the first weekly increase in 30 weeks and is an indication that the slump in drilling activity has ended," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt. Brent crude for August was down 45 cents at $61.62 a barrel by 0800 GMT, extending a downward trend in place since early May, which has seen prices fall almost 10 percent.
| By: Christopher Johnson
Iron ore price fall a sign China's economic might waning China uses more than a billion tonnes of iron ore a year to make steel- 14 times the consumption of the United States- but Beijing's efforts to shift the economy to consumer-led growth means steel consumption is peaking faster than expected. "It's clear China can no longer consume all the iron ore that's out there, so something's got to give," said James Wilson, a...
| By: James Regan and Ruby Lian
POLL-Asian currencies to fall slightly with Fed set to raise rates *China to be an exception. That stands in contrast to the bumpy ride ahead for emerging markets outside of Asia, especially Latin America, where analysts appear fearful of the impact of higher U.S. rates and Greece's stand-off with its creditors. "Asian emerging currencies are likely to be more resilient than some of the emerging currencies, such as in Latin...
| By: Siddharth Iyer
WRAPUP 4-China hunts for "manipulators" as stocks tumble *China shares have fallen nearly 30 pct from mid-June peak. SHANGHAI, July 3- Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation amid increasingly desperate attempts by Beijing to head off a full-blown crash. The CSI300 index of the largest...
| By: Nathaniel Taplin and Samuel Shen