Experts believe a wider spat with Europe would be much more damaging than the current tit-for-tat with China.Traderead more
After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Markets pay particular attention to Italy's spending, given its public debt pile. This stands at above 130% of its growth rate, one of the highest in the world.Politicsread more
Flight bookings to Hong Kong have fallen 10%, hit by the unrest in the city, said Alan Joyce, the chief executive of Australian carrier Qantas Airways.Airlinesread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
These in-demand skills can command top pay packets, says Feon Ang of professional networking site LinkedIn.Get Aheadread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace.Asia Marketsread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
Half of Chinese millionaires are considering moving overseas, and the U.S. remains their favorite destination, according to a new survey.
Among Chinese millionaires with a net worth of more than $1.5 million, half either plan to or are considering moving abroad, according to a survey from Hurun Report in association with Visas Consulting Group. The survey suggests that the flow of wealthy Chinese and Chinese fortunes into U.S. homes and buildings is likely to continue, helping demand and prices in certain real estate markets — especially in the U.S.
The U.S. remains the most popular destination for wealthy Chinese moving their families and fortunes abroad, according to the report. Canada ranks second, overtaking the U.K., which had ranked second but now ranks third. Australia comes in at fourth.
The favorite city for wealthy Chinese moving to the U.S. is Los Angeles, while Seattle ranks second followed by San Francisco. New York ranked fourth.
When asked for their main reasons for moving abroad, education was the top reason, followed by the "living environment."
"Education and pollution are driving China's rich to emigrate," said Rupert Hoogewerf, chairman and chief researcher of Hurun Report. "If China can solve these issues, then the primary incentive to emigrate will have been taken away."
Yet the fear of a falling Chinese currency is also driving many rich Chinese — and their money — abroad. Fully 84 percent of Chinese millionaires are concerned about the devaluation of the yuan, up from 50 percent last year. Half are worried about the exchange rate of the dollar, foreign exchange controls and property bubbles in China.
So far, the Trump administration's restrictions on immigration have not touched the EB-5 program, a favorite of wealthy Chinese that allows them a path to citizenship in the U.S. in exchange for an investment in property of $500,000. Yet 27 percent of wealthy Chinese said waiting times are the biggest hindrance to overseas immigration.
Over 60 percent of wealthy Chinese are "optimistic" about China's economic development, but only 22 percent said that China's "high-speed development will continue and 44 percent said it will slow down.