‘Take a calm breath’: agriculture minister seeks to cool escalating trade hostilities with China over coal

‘Take a calm breath’: agriculture minister seeks to cool escalating trade hostilities with China over coal

David Littleproud said reports that coal shipments had been cancelled would not ‘disrupt our exports’ and was not retaliatory When we set out years ago to rethink how technology could solve the industry’s toughest challenges, one prevailing theme we focused on was the idea of empowering a community. Intraday trade: Find Latest Stories, Special Reports, News & Pictures on Intraday trade. Read expert opinions, top news, insights and trends on The Economic Times. Series of articles and discussions on currencies trade, insights and commentary from currency analysts. +0.177

Agriculture minister David Littleproud has warned Australia needs to “take a calm deep breath” amid an escalation of trade hostilities with China, as Beijing moves to shift its power plants’ $14bn reliance on Australian imports towards domestic coal.

The potential foreshadowing of a trade war comes as the communist party-run Global Times newspaper continued to inflame tensions, seeking to cast Australia with an un-nuanced choice between its security ally America, and its largest trading partner, China.

In the lead up to the Chinese government’s National People’s Congress on Friday, Australian politicians and mining companies were scrambling to understand the seriousness behind reports that China’s National Development and Reform Commission has told five state-owned power plants not to buy thermal coal from Australia.

The reports also state at least two shipments of Australian thermal coal purchased last week had since been cancelled, with other Chinese buyers planning to call off upcoming tenders.

It is understood the coal directive from the Chinese government is part of a push towards strengthening its domestic coal market, however the reports also suggest Russian coal may be imported to fill any void left by Australian product.

Mining and trading giant Glencore, which exports thermal coal to China, declined to comment on the reports.

The Guardian understands industry players on Friday discussed the implications of a drop-off of Chinese demand, however most were waiting to see if there were any further announcements on coal to come out of the National People’s Congress.

Tania Constable, Minerals Council of Australia chief executive, told the Guardian “Australia’s high quality coal remains in demand in China”, and that mining companies “will continue to work with Australian and Chinese authorities to meet all requirements”.

A coal industry source who is familiar with the export situation told the Guardian they believed the directive away from Australian thermal coal was “just bluster as part of this trade war talk”, and that “ultimately it’s going to be more expensive for China” if eventuated.

A spokesman from Port of Newcastle, a key departure port for Australian thermal coal exports to China, told the Guardian shipments to China “remain steady” despite reports of cancelled cargoes.

In 2019, China dramatically slowed customs clearance of Australian coal supplies, which was widely interpreted as a retaliation against Australia’s decision to exclude Chinese telco Huawei from bidding to build Australia’s 5G network.

Responding to reports of the thermal coal directive, Littleproud on Friday said the move is “not anything that will disrupt our exports”, and the world had long been aware of China’s move towards greater domestic production.

He said the shift from China – predicted by some analysts from 1 July – was not retaliatory for Australia’s forthright and public pursuit of an international Covid-19 inquiry, of which China saw itself the target.

“This is something we’ve been aware of for some time.

“There are plenty of other markets for Australian coal … we’ve got plenty of markets that we’ve opened up and we’ll continue to open them up, India, Indonesia, right around the world, whether it be resources or agricultural products.”

Earlier on Friday, deputy prime minister Michael McCormack told the ABC trade minister Simon Birmingham – whose Chinese counterpart refused to answer his phone calls this week – and other Australian diplomats were attempting to fix the issue.

“Of course we’re very concerned by it … but we have a two-way relationship with China,” McCormack said.

“China needs Australia as much as Australia needs China and we want to make sure that whatever we do is in a careful and considered way,” he said.

Opposition agriculture and resources spokesman Joel Fitzgibbon told the Guardian “it’s a bit premature to read too much into what’s happening”, but said “any extension of harmful trade policy to the mining sector would be seismic for Australia”.

On Thursday, the Global Times dedicated two articles to dissecting the Australia-US alliance and Australia’s deteriorating relationship with China.

“It may be a long-time habit of Australians to see the US as their indispensable economic partner. Yet the truth is that they are not the beneficiaries of the ‘America First’ policy under the Trump administration, and instead could even be the victims of it,” read one of the articles.

“A trade spat is escalating between China and Australia, with the interests of a considerable number of Australian farmers caught in the middle,” warned another article on Thursday evening.

Weihuan Zhou, a senior lecturer at the University of New South Wales’ China International Business and Economic Law Centre, told the Guardian the timing of the articles was deliberate, and that they were trying to send a warning that China will not seek to further escalate trade tensions provided Australia doesn’t do anything inflammatory.

“If Australia takes a further move that is seen by the Chinese as politically driven, then China may escalate its retaliation,” Zhou said, pointing to a Global Times article from earlier in the week that warned “China has the power to hurt the Aussie economy but won’t fire the first shot in a trade war”.

Earlier this week, China slapped an 80.5% tariff on Australian barley – alleging Australia had breached anti-dumping laws by subsidising barley production, a charge Australia denies – and banned imports from four Australian abattoirs over technical and labelling breaches.

Both of those moves have been seen as retaliation against Australia leading calls for an independent international investigation into the origins and handling of the Covid-19 pandemic, a push China saw as targeted against it.

Source: www.theguardian.com

Author: Elias Visontay

Trading Technologies develops market data feed

Trading Technologies develops market data feed

Over the years, many of our customers have shared with us their frustrations with the state of the industry when it comes to the treatment of market data. And while the challenges relating to exchange data in the equities trading industry have been well publicized recently, we’ve noticed little coverage going to the plight of the futures industry.

Our clients collectively represent a significant portion of the visible liquidity on some of the world’s most active markets. Nevertheless, many of them face seven-figure market data fees for consuming the data that they are effectively creating along with other market participants. Of all the problems our clients have faced over the last decade, this is the one we’ve heard about more than any other.

We’ve spent the last few years working on a solution.

We have long enabled firms to view and manage their global order book, so what if we simply presented that same global order book—the exact same data we’ve been showing them for decades—in a way that summarized their working orders in a traditional depth of market view? And what if we further allowed our customers to contribute their own order book—aggregated and anonymized of course—to a common global order book that would in many respects provide an alternative to the public market data feed at any given exchange?

Would we have the distribution and a sufficient portion of the world’s liquidity flowing through our pipes so that the data would be rich enough to be meaningful? And could we really perfect the underlying technology to be able to pull something like this off at scale, i.e., across more than 50 exchanges and over a dozen data centers globally?

It turns out we did, and we could.

Internally, it’s called Echo Chamber, and it’s the tip of the iceberg of what we believe will restore some balance to the economics of market data in the futures industry. It’s a platform that allows individual firms, groups of firms and any publicly contributed (and anonymized) order data to be aggregated and disseminated in real time across the world’s largest exchanges.

To be clear, our aim here is very simple: we want trading firms to start to realize value proportional to the value they’re creating when making markets. We want to offer a new service that ten years ago would have seemed unnecessary because the firms that were doing the work to create and contribute the data were the last ones to be expected to pay for it.

By integrating our new Echo Chamber feed into the trading experience, our clients will have the option of utilizing this alternate feed for their own trading needs, whether for primary or secondary markets. And while Echo Chamber won’t always be on every level of the lit market, for many of the world’s most liquid contracts and asset classes, it is today.
An unprecedented latency advantage

Echo Chamber will also enable every participant on the TT platform network to enjoy the same types of scale and aggregation advantages enjoyed by the world’s largest and most sophisticated trading firms. Because TT represents such a large percentage of order traffic on such a large number of exchanges, we can further leverage Echo Chamber to provide a latency advantage to our global user base that is orders of magnitude greater than those off-network.

How does all of this actually work? When an order is sent to an exchange on the TT platform, Echo Chamber acts to “echo” back the implied book update to whichever automated TT tools may be in use (including synthetic orders, Autospreader®, ADL® and our various algo SDKs). This means that depending on the exchange, those strategies will receive a book update up to hundreds of microseconds or even milliseconds before the rest of the world receives them. And by “rest of the world,” we of course mean the half dozen or so HFT firms that already profit from this same advantage. Only now all TT platform subscribers can benefit, not just those traders within a single trading firm.

As with any robust network, of course, the more firms that join in and contribute their data, the more advantageous the Echo Chamber feed will be to each respective participant.

The road TT has been on for nearly a decade hasn’t always been an easy one. When we set out to rethink how to build a global scale trading platform, we knew we were signing up for the type of challenge that is fraught with risk and often ends in failure. But we also knew that by building a network that brought the world’s trading population closer together than ever before, we’d be in a position to solve some of the industry’s biggest problems.

Source: www.finextra.com

Intraday trade: Latest News on Intraday trade | Top Stories & Photos on Economictimes.com

Intraday trade: Latest News on Intraday trade | Top Stories & Photos on Economictimes.com

05 Mar, 2020, 11.28 AM IST

Divi’s Lab is a ‘Buy’ call with a target price of Rs 2300 and a stop loss of Rs 2180.

02 Mar, 2020, 11.26 AM IST

IndusInd Bank is a ‘Buy’ call with a target price of Rs 1160 and a stop loss of Rs 1085.

25 Feb, 2020, 11.16 AM IST

NIIT Tech is a ‘Buy’ call with a target price of Rs 1935 and a stop loss of Rs 1870.

24 Feb, 2020, 11.26 AM IST

SRF is a ‘Sell’ call with a target price of Rs 4000 and a stop loss of Rs 4180.

20 Feb, 2020, 11.14 AM IST

Birlasoft is a ‘Buy’ call with a target price of Rs 110 and a stop loss of Rs 94.

19 Feb, 2020, 11.11 AM IST

Jubilant Food is a ‘Buy’ call with a target price of Rs 1900 and a stop loss of Rs 1800.

18 Feb, 2020, 11.16 AM IST

PVR is a ‘Buy’ call with a target price of Rs 2144 and a stop loss of Rs 2055.

17 Feb, 2020, 11.13 AM IST

Biocon is a ‘Buy’ call with a target price of Rs 325 and a stop loss of Rs 302.

14 Feb, 2020, 07.52 AM IST

A senior broker quipped exchanges might have had to put out the circular on upfront margins with a heavy heart because lower activity would also impact their revenues.

14 Feb, 2020, 11.26 AM IST

United Spirits is a ‘Buy’ call with a target price of Rs 725 and a stop loss of Rs 700.

12 Feb, 2020, 11.16 AM IST

Kotak Bank is a ‘Buy’ call with a target price of Rs 1745 and a stop loss of Rs 1676.

11 Feb, 2020, 11.12 AM IST

Cadila Healthcare is a ‘Buy’ call with a target price of Rs 294 and a stop loss of Rs 275.

Source: economictimes.indiatimes.com

Forex Currency | Currencies Trading News & Articles - Market Pulse

Forex Currency | Currencies Trading News & Articles – Market Pulse

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Both US weekly jobless claims and Markit preliminary PMI readings showed improvements but were nothi…

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As expected, US Retail Sales and Factory Output data on Friday plunged to record lows. That wasn’t e…

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    Author: Ed

    Global Markets News | uk.reuters.com

    Global Markets News | uk.reuters.com

    European shares closed unchanged on Friday although rising U.S.-China tensions hit Asia-exposed banks and luxury stocks, while hopes of a global recovery kept weekly gains intact for the main indexes.

    European shares closed unchanged on Friday although rising U.S.-China tensions hit Asia-exposed banks and luxury stocks, while hopes of a global recovery kept weekly gains intact for the main indexes.

    European shares fell on Thursday, as signs of worsening U.S.-China relations added to concerns over the pace of recovery from the coronavirus-led economic downturn.

    European shares fell on Thursday, as signs of worsening U.S.-China relations added to concerns over the pace of recovery from the coronavirus-led economic downturn.

    Source: uk.reuters.com


    ‘Take a calm breath’: agriculture minister seeks to cool escalating trade hostilities with China over coal

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