China looks to jumpstart struggling economy
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 25 October 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Show Notes
Stocks returning cash should outperform capex spenders - Goldman
Texas Instruments seeing 'broadened' industrial weakness has Wall Street concerned
T-Mobile follows AT&T, Verizon in boosting free cash flow, seeing strong postpaid adds
Transcript
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| 0:00.0 | Welcome to Seeking Office Wall Street Lunch. |
| 0:04.0 | Our afternoon update on today's market action, news, and analysis. |
| 0:08.0 | Good afternoon. Today is Wednesday, October 25th, and I'm your host, Kim Khan. |
| 0:13.9 | Our top story so far. |
| 0:15.9 | China rolled out fresh stimulus to prop up its economy. |
| 0:19.0 | Its top parliamentary body cleared a 1 trillion yuan or 136.66 billion dollar sovereign bond issue, |
| 0:25.8 | although concerns remain over its wider impact on growth. |
| 0:28.8 | The move, which will push China's 2023 budget deficit ratio to about 3.8% from 3% |
| 0:35.9 | is expected to support rebuilding of disaster hit areas and improved disaster relief infrastructure. |
| 0:42.0 | A total of 500 billion Uw won will be used this year and the |
| 0:45.5 | remainder will be carried over into 2024. |
| 0:47.8 | Xu Min, a former deputy governor of the People's Bank of China, told Bloomberg, the package is not huge, but the impact will be big. |
| 0:56.0 | He calls a stimulus, sectoral, earmarked, clear structure-oriented, and aimed at benefiting industries where Beijing wants to replace old |
| 1:04.3 | economic drivers like the property sector. Beijing also passed a bill to allow |
| 1:08.6 | local governments to front load part of their 2024 bond quotas which will help maintain steady investment and expand domestic demand. |
| 1:16.5 | UBS economist Paul Donovan says China was expected to meet this year's growth target of around 5%. |
| 1:22.4 | The rush to stimulate at this point suggests |
| 1:24.6 | concern about growth momentum in 2024 or a worry that living standard reality |
| 1:29.6 | is not as good as the reported GDP figures imply. The move helped Chinese equities today, but had little impact on copper prices despite the prospect of greater demand. Copper futures are down about half a percent. Earlier this week they hit their lowest level since |
| 1:43.5 | November after LME tracked inventories expanded for 14 weeks. That's the longest |
| 1:48.5 | such streak since 2010. Among the morning's big earnings reports, Boeing maintained its targets of 4.5 billion to 6.5 billion in operating cash flow and 3 to 5 billion of free cash flow. |
| 2:00.0 | But the Jetmaker cut its year-end delivery target for the best-selling 737 to a range of |
... |
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