Preview of the 2024 U.S. Presidential Election

Summary:

Macroeconomic performance is a strong predictor of election outcomes, but factors other than economic data also have an impact on election outcomes, both globally and in financial markets.

The macroeconomic context of the election

On January 15, local time, the results of the 2024 presidential election primary in Iowa, the United States, were released. This is the first party primary of the Republican Party, and Trump won the first battle by an overwhelming majority. The start of the Republican primary election also marks the official opening of the new US presidential election. The current U.S. presidential election will run over 294 days, starting in the Iowa primary on January 15 and ending on Election Day on November 5. There are several ways to predict elections, and macroeconomic performance has always been a strong predictor of election outcomes. In the current election cycle, macroeconomic performance favors Biden to a greater extent than political polls would suggest. It should be noted that most of these indicators are measured in terms of actual data (adjusted) to assess the current state of the economy. Therefore, the high inflation of 2021-2023 had a negative impact on these data. However, as the disinflation process has progressed, these data points have improved.

Preview of the 2024 U.S. Presidential Election_1

The president's approval rating is not only tied to the economy

Among these figures, the Presidential Approval Rating is one of the longest standardized polls in the world's history, and it is a trusted indicator of public opinion. According to indicators, the approval rating of Biden is lower than that of any re-elected president, and it is also lower than that of former President Donald John Trump during the same period in the first administration.

The Republican Party's continued resistance to the legitimacy of the 2020 election has caught the attention of some neutral voters. A June 2022 decision by the Supreme Court could increase voter turnout in the 2022 midterm elections: allowing state governments to issue regulations banning abortion. As a result, the Democratic candidate has a significant lead in the election relative to President Biden's razor-thin approval ratings.

Preview of the 2024 U.S. Presidential Election_2

The U.S. election in the historical context

The current political climate has made the federal electoral system even more volatile. In highly polarized societies, power shifts occur frequently because of the decrease in the number of voters in elections. This trend is evident when a 10-year moving average is used to measure national participation at the party level, as well as a party's control of Congress or the White House. For example, during the Cold War, the U.S. political system was very stable, and there were few power shifts except for a change in the president's party. But in 1990 that began to change. And in recent years, control has fallen to an all-time low, so much so that a political party has the same odds of retaining control of Congress as a coin toss.

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In short, the last decade has been the first time since the beginning of the 20th century that there has been a change of power every two years. Currently, there is a good chance that the Republican Party will regain the US Senate in 2024. This pattern is likely to continue.

The U.S. presidential election will have unprecedented global implications

One thing we need to understand is that if the macroeconomic and geopolitical environment is more stable, then increased political turmoil will not have a big impact on the market. But for now, the government elected in 2024 could inherit a world of geopolitical conflicts, ongoing trade conflicts, national security concerns, and revolutionary technological innovations. Increased political polarization can have a significant impact on policy outcomes, leading to frequent power shifts and large policy fluctuations. This is the main reason why financial markets are paying more attention to the U.S. election than they have in decades. The U.S. election did have a huge impact on the macro economy and markets.

In this regard, foreign policy will also be more relevant to markets than ever before, given the impact on the credibility of the U.S. alliance system. A return to the White House for Trump would mean higher fiscal spending and security costs for Europe and other allies. Moreover, the fiscal trajectory of the United States itself is on the ballot, although this is determined by the distribution of power between Congress and the president. And since 2017, most of the widening of the fiscal deficit has occurred during the one-party administration in Washington or during the critical phase of the pandemic.

From then on, the current political structure will shift towards a budget struggle and may begin a modest fiscal consolidation. But fiscal expansion is likely to be back on the agenda, depending on the composition of the executive and legislative branches after the election.

Finally, recent administrations have used executive power and rulemaking to circumvent the legislative process or to support major policies. While these executive orders face serious political and legal challenges, they can also have a huge impact on the nature and quality of decision-making across the government. The same applies to the Fed's governance, which affects the heart of U.S. economic policymaking.

Impact on investments

Perhaps the most immediate impact of an election year is the budgeting process between Republican House and Democratic presidents, which means fiscal policy will tighten slightly in 2024. The Fed is expected to start cutting interest rates in the spring, the main reason for which is deflation, but it will also be affected by election dynamics, which means that the dollar will be slightly weaker than last year.

For the U.S. stock market, the average annual return in an election year is likely to be 6.8%, down from the average of 8.8% after 1948. Given that the market rally in late 2023 has already paid off many benefits, and economic growth is expected to be slightly weaker this year, this is also a reasonable outcome for 2024 annual returns.

It's important to note that this election season is likely to be spectacular, with markets likely to have a “bumpy ride” both before and after Election Day.

Risk Warnings and Disclaimers

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Economic

US Q4 GDP growth rate numbers on deck. On the corporate front, look out for earnings from Intel and American Airlines.

German business confidence data

Germany is set to release business morale data, and the European Central Bank's interest rate decision is also expected. Meanwhile, in the US, attention is on the GDP growth rate for Q4 and other important economic indicators. In the UK, earnings reports from companies in the health and tech sectors like Intel will be closely watched.

In Germany, there will be new data on business confidence. This is important because it can give us an idea of how optimistic or pessimistic German businesses are about the future. The previous month's reading was a bit low, but experts think this month's reading might be a little higher.

ECB to decide on interest rates

The European Central Bank will also make a decision on interest rates. Basically, they will announce if they plan to change the cost of borrowing money. Experts don't expect any changes this time, but if they are worried about inflation - the rate at which prices are rising - they might make a move that affects the value of the euro compared to other currencies.

In the US, we're going to find out how much the economy grew in the last quarter of the year. This is important because it tells us how well the US is doing financially. There will also be updates on things like how many new homes were sold and how many people made jobless claims. All of these data points can affect the value of the US dollar.

UK big companies' earnings reports

In the UK, the focus is on earnings reports from some big companies. For example, Intel, a tech company, will be making important announcements about its products and plans. This could have an impact on its competition with other companies in the automotive sector. We'll also be looking closely at American Airlines' earnings report, to see how they've been affected by issues with Boeing planes.

To stay updated on all economic events of today, please check out our Economic calendar

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Chandan Gupta

Traders' Opinions

Commodity

Economic

Fundamental Analysis

Gold futures (XAU/USD) find themselves at a crossroads, wrestling with uncertainty as investors brace for pivotal economic data releases and contemplate the direction of the US central bank's policy.

The precious metal, often seen as a safe-haven asset, has faced a challenging start to the year, struggling to build upon the momentum it enjoyed at the close of 2023. Market observers now eagerly await to see if gold can stand its ground at the $2,000 mark.

At the time of this analysis, the gold price (XAU/USD) hovers around $2,030, with the week's highest reaching the resistance level of $2,038 . Despite this, the overall trend paints a different picture, revealing a decline of approximately 1% over the past week and a more substantial 2% dip since the start of 2024. In a contrasting move, silver prices, gold's sibling in the metals market, have managed to breach the $22 level . However, even silver has faced headwinds, experiencing a 4% drop in the past week and a more substantial 6.5% decline since the dawn of the new year.

The metal markets are in keen anticipation as they prepare to digest significant economic data during the week, notably the release of the fourth-quarter US Gross Domestic Product (GDP) report on Thursday. The GDP growth estimate, as indicated by the Federal Reserve Bank of Atlanta's GDPNow model and the New York Federal Reserve's Nowcast model, stands at approximately 2.4%. This economic landscape, characterized by flexibility, could potentially provide the Federal Reserve with more room to keep US interest rates elevated for an extended period.

Recent shifts in investor expectations add an interesting layer to the narrative. According to the CME FedWatch tool, the futures market no longer foresees interest rate cuts at the Federal Open Market Committee (FOMC) meetings in January or March. Most markets are now looking towards a quarter-point drop in the benchmark federal funds rate in May. This adjustment has had a ripple effect, bolstering the US Treasury bond market and strengthening the US dollar.

The US Dollar Index (DXY), a measure of the dollar against a basket of major currencies, has seen a rise to 103.70 from its opening at 103.33. This uptick in the dollar's strength, however, may present a challenge for gold. Traditionally, a stronger dollar tends to be bearish for US dollar-denominated commodities like gold, making them relatively more expensive for foreign investors.

The performance of the dollar is not the only factor influencing the gold market. Treasury markets have seen an upward trajectory, with the ten-year bond yield climbing by five basis points to 4.145%. Concurrently, the yield on two-year bonds rose by 2.4 basis points to 4.4%, and the yield on 30-year bonds increased by 6.5 basis points to 4.381%. This movement is crucial for gold, given its sensitivity to interest rate fluctuations – a critical factor affecting the opportunity cost of holding non-yielding bullion.

In summary, the gold market is in the throes of a dynamic interplay between economic data, central bank policy, and market sentiment. As investors grapple with shifting expectations and external factors, the fate of gold hangs in the balance, with each market development leaving its imprint on the precious metal's journey in the complex world of financial markets.

Technical Analysis

The daily chart for Gold XAU/USD indicates a neutral stance with a slight upward inclination. Global geopolitical tensions and increased central bank gold purchases support this balance. Consider any dip in prices as a potential re-entry opportunity. Key support levels are $2010 and $1985, while potential bullish thresholds are $2055 and $2070.

Approach market fluctuations strategically, viewing downturns as chances to reassess and re-enter. Gold's sensitivity to global events makes it a dynamic asset, requiring a watchful eye on critical support and resistance levels. In conclusion, the nuanced perspective suggests caution and strategic thinking amid geopolitical factors, presenting opportunities in market fluctuations. Pinpointing Optimal Buying Opportunities for XAU/USD_1

Pinpointing Optimal Buying Opportunities for XAU/USD_1

To stay updated on all economic events of today, please check out our Economic calendar

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Chandan Gupta

Forex

Traders' Opinions

Fundamental Analysis

In the midst of this week's trading, the British pound exhibited resilience, reaching its highest level against the US dollar in a week and testing the upper bounds against the euro. This positive momentum was underpinned by a buoyant investor sentiment prevailing in the market.

At the heart of this positive atmosphere is the global risk sentiment, exemplified by the S&P 500 stock index scaling new heights on Monday. Investors are casting an optimistic gaze into a year marked by central banks initiating interest rate cuts. In such environments, the pound tends to forge ahead against both the euro and the dollar, brushing aside the recent weakness triggered by unexpectedly lackluster UK retail sales data released last Friday. This robust performance has extended the pound's rally into 2024.

The positive momentum in the S&P 500, reaching a new all-time high of 4,868 on Monday, seemed to align with investors recognizing an opportunity they might have missed during the recent robust rally. Magnus Poulsen, an analyst at Danske Bank, noted, "It seemed like investors were buying this rise because they realized they had missed out on the strong rally in recent weeks with growth and inflation expectations improving more than expected." The market's response reflected a sense of catching up to the positive trajectory.

Notably, the recent gains have positioned the pound as the best-performing G10 currency for 2024. This ascent is attributed to supportive global equity markets and a recalibration of market expectations regarding potential interest rate cuts from the Bank of England in 2024. As the new year unfolded, markets initially anticipated a rate cut as early as March. However, a shift in interest rate expectations from the Federal Reserve coupled with robust data in the UK has led to a complete reversal, with markets now fully pricing in a rate hike in June.

The market's confidence in this trajectory is reinforced by last week's above-consensus inflation reading, revealing a return of year-on-year CPI inflation to 4.0%. Resilient demand growth in the UK, anchored by a robust labor market and low energy prices, coupled with a recovery in consumer confidence, provides a solid foundation. The tight labor market and rising real wages further contribute to the positive outlook. The Bank of England is likely to maintain higher interest rates for an extended period, driven by yield attractiveness and a better financial situation allowing for stimulus before elections.

The Bank of England may have the leeway to keep interest rates elevated for a longer duration compared to the US Federal Reserve and the European Central Bank. This outlook aligns with the broader positive sentiment surrounding the pound's performance.

However, the narrative isn't without its cautionary notes. One potential risk is the Bank of England pivoting earlier than expected, signaling an imminent interest rate cut. Another risk factor is a potential downturn in the global stock market, which could prompt a reversal of some of sterling's recent gains in a 'risk-on' scenario. He warned against investors becoming overly confident and complacent amid the hype surrounding the US Federal Reserve's potential interest rate cuts.

Despite a decline in inflation from multi-decade highs, analysts remain watchful, emphasizing its persistent stability. This emphasis underscores the importance of maintaining a nuanced perspective in navigating the dynamic landscape of currency markets.

Technical Analysis

The GBP/USD currency pair has been riding the upward wave lately, and so far, it's managed to keep its head above water. However, there's a cautious note in the air – a potential shift in the breeze if the pair ventures towards support levels at 1.2620, 1.2510, and 1.2440. These levels could be the make-or-break points for the current upward trend.

Taking a peek at the daily chart, the resistance level at 1.2775 is playing a crucial role in maintaining the bullish outlook. It's like the sterling has its sights set on this level, considering it a beacon of sorts for the continuation of its upward trajectory.

But, as they say, today is a new day in the world of currency markets. The Sterling/Dollar pair is getting ready to face the music, influenced by announcements of purchasing managers’ index readings for the manufacturing and services sectors from both Britain and the United States. It's almost like the pair is on stage, waiting for the audience's verdict on its performance.

And let's not forget about investor sentiment and the global financial markets – they're like the supporting actors in this financial drama, adding their influence to the plot. The sterling might sway one way or the other depending on how these players decide to dance today.

In essence, the GBP/USD pair is in a bit of a balancing act. The upward trend holds for now, but it's keeping a wary eye on those support levels. Meanwhile, that resistance level at 1.2775 stands tall, asserting its significance in the grand scheme of things.

As the day unfolds, traders and investors will be watching closely, armed with economic indicators and market sentiment as their compass. The Sterling/Dollar pair is in the spotlight, and its performance today will undoubtedly leave an imprint on the broader narrative of this currency tale. Sterling's Tenacious Recovery in GBP/USD Faces Lingering Risks and Uncertainties_1

Sterling's Tenacious Recovery in GBP/USD Faces Lingering Risks and Uncertainties_1

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Devin

Political

Turkey's parliament backed Sweden's NATO membership bid on Tuesday, clearing a last major hurdle toward enlarging the Western bloc after 20 months of delays that frustrated some of Ankara's allies and extracted some concessions.

In May 2022, Turkish President Tayyip Erdogan raised objections to requests by Sweden and Finland to join the military alliance. The Nordic states made the bids after Russia's full-scale invasion of Ukraine.

Turkey ratified Finland's bid in April 2023 but, along with NATO member Hungary, has kept Sweden waiting. Hungary has made no specific demands of Stockholm, but Turkey demanded Sweden take more steps to crack down on what Ankara sees as terrorists in its jurisdiction.

Here is a guide to what Stockholm, Helsinki, Washington and other NATO countries have done to address Ankara's concerns, marking what political analysts say are geopolitical victories for Erdogan even though ties with the West have been strained.

What concessions have Sweden and Finland made?

At a NATO meeting in Madrid in 2022, Turkey secured an agreement with Sweden and Finland in which they would lift arms embargoes and take measures against members of the outlawed Kurdistan Workers' Party (PKK), and the separate so-called Gulen movement that Ankara holds responsible for a 2016 coup attempt.

The same year, Stockholm reversed a ban on exporting military equipment to Turkey, without revealing details of companies or products.

In June last year, it introduced a new anti-terrorism bill that makes being a member of a terrorist organisation illegal, saying that it had upheld its part of the deal.

Later in 2023, a top Swedish court blocked the extradition of two Turks that Ankara says are Gulenists, and an appeals court upheld the conviction of a man for attempting to finance the PKK, which is also deemed a terrorist group by the European Union and United States.

Separately, in response to criticism in Turkey and other majority Muslim countries, Justice Minister Gunnar Strommer said Sweden was examining whether it could change the law to stop people burning the Muslim holy book, the Koran, in public.

Finland, for its part, agreed in 2022 to consider granting arms export permits to Turkey on a case-by-case basis. After nearly a wait of nearly a year, Ankara said Helsinki had won its blessing.

What have other NATO members done?

When Erdogan signalled at a NATO conference in July last year that Sweden would eventually get the green light, NATO member Canada agreed to re-open talks with Turkey on lifting export controls on drone parts, including optical equipment.

The Netherlands lifted restrictions on arms deliveries to Turkey.

Also last July, following a meeting between Turkish and Swedish leaders, NATO Secretary-General Jens Stoltenberg announced the alliance would establish a special coordinator for counter-terrorism. In October, he appointed Assistant Secretary-General Thomas Goffus to the post.

Sweden's go-ahead for U.S. F-16 fighters?

Hanging over discussions has been the question of Washington's endorsement of Ankara's request to purchase $20 billion worth of F-16 fighter jets and 79 modernisation kits.

A day after Erdogan last July gave the go ahead for Sweden to join NATO, the White House said it would move ahead with the transfer of the F-16s to Turkey in consultation with Congress.

While Erdogan sent Sweden's NATO bid to Turkey's parliament for consideration last October, he openly linked the F-16s with its ultimate ratification.

Ankara made the F-16 purchase request in 2021 but has faced objections in the U.S. Congress over its delaying of NATO enlargement and its human rights record. Ankara has since floated a potential purchase of Eurofighter jets instead.

What is the current state of Sweden's bid?

Erdogan is expected to sign parliament's decision into law, probably within days. After that, Turkey would deliver the final document - the instrument of ratification - to Washington under NATO rules.

Though Turkey was seen as the main hurdle, Hungary has also not ratified Sweden's bid. Prime Minister Viktor Orban said on Tuesday he had invited Sweden's prime minister to visit and negotiate his country's membership.

Hungary pledged not to be the last to ratify the bid, but its parliament is in recess until around mid-February.

Source: Reuters

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Owen Li

Energy

Asia and Africa have replaced Europe as the top destinations for Russian crude oil exports since Moscow was slapped with European sanctions on sales of energy products following its invasion of Ukraine in February 2022.

Prior to the sanctions in mid-2022, Europe accounted for more than 60% of Russia's oil exports and provided Moscow with a lucrative income stream for oil that was supplied cheaply to major European consumption hubs by pipeline.

To make up for the lost European volumes, Russian exporters were forced to slash oil prices since 2022 to grow business in far-flung markets, and divert record volumes of crude previously transported by pipeline onto tanker vessels.

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude_1

The main Russian crude oil grade, Urals, has traded at a discount of more than $20 a barrel to Dated Brent crude - Europe's main cash oil benchmark - since mid-2022, versus an average discount of less than $2 a barrel in 2021, LSEG data shows.

That aggressive discounting in turn resulted in steep jumps in Russian oil purchases by Asia and Africa, and record high overall crude imports by both continents in 2023, ship tracking data from Kpler shows.

Continued aggressive oil pricing by Russia is likely to spur additional increases in oil buying across both Asia and Africa in coming years, despite efforts everywhere to cut reliance on fossil fuels in energy systems.

Global Pivot

Total Russian seaborne shipments of crude oil and condensate hit new highs of 2.75 billion barrels in 2023, ship-tracking data from Kpler shows, up 4.4% from 2022, and came despite a drop of nearly 46% in shipments to Europe.

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude_2

Offsetting the collapse in sales into Europe was a jump of 56% in shipments to Asia, which is now the top overall market for Russian oil, and an increase of 144% in Russian oil sales to Africa.

For both Asia and Africa, the annual increase in oil purchases from Russia in 2023 was the largest ever, helping to push total oil and condensate imports to record highs in both regions.

The higher shipments to Asia and Africa also increased the share of Russia's non-European exports to a record 73% from less than 40% in 2019, ensuring that Moscow has started 2024 far less dependent on Western oil markets than ever before.

Cut Price

The chief driver of Russia's penetration into Asian and African oil import markets was the steep price discounts offered on crude since Europe's sanctions kicked in.

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude_3

In addition to discounting Urals crude shipped out of northern Russia, exporters also cut the price of Sokol oil, shipped mainly out of the Russian far east, to record discounts of more than $13 a barrel against dated Brent crude cash prices.

Such steep price cuts compared to Europe's main oil benchmark provoked strong buying interest from several cost-conscious buyers, notably in China and India, which together accounted for 48% of all Russian oil flows in 2023, Kpler data shows.

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude_4

That combined share of Russian oil purchases by China and India compares to about 30% in 2022 and less than 15% in 2021.

However, while in volume terms China and India were Russia's main customers in 2023, several nations across Africa posted far steeper annual growth in Russian oil imports.

Rising Stars

Ghana, Libya, Tunisia and Togo all posted more than 100% annual growth in Russian oil imports in 2023, while Morocco, Senegal and even Nigeria - an oil producer and exporter - also showed steep jumps in Russian oil imports last year.

Some of the import volumes shattered previous records, with flows into Ghana alone topping 16 million barrels in 2023, against 600,000 barrels a year on average from 2017 through 2022, according to Kpler.

With Egypt, Libya, Morocco, Nigeria, Senegal and Tunisia bringing in an additional 109 million barrels last year, it is clear that Africa as a whole has quickly emerged as a key market for Russian oil sellers.

And thanks to strong economic momentum and favourable demographic trends across several African nations, the continent is expected to remain a key driver of global energy demand growth over the coming decades.

Between 2010 and 2022, Africa's oil consumption expanded by 21%, according to the Energy Institute Statistical Review of World Energy.

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude_5

That growth lags the 28% expansion recorded by Asia-Pacific over the same period, but is expected to accelerate over the coming decades as the continent's massive population and growing businesses dial up consumption of all types of energy.

Much of Africa's additional energy consumption needs may be met by new and planned increases in renewable energy supplies, especially in households and offices linked to electric grids.

But strong growth in the region's car numbers, along with rapid expansion of fuel station networks, looks set to bring steady increases in overall oil and fuel demand and so ensure a reliable and rising market for oil exporters such as Russia.

Source: Reuters

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Ukadike Micheal

Economic

Stocks

China's central bank has taken new steps to boost bank lending to households and businesses, signaling a move to support economic growth following a lackluster 2023. The unexpected announcement by People’s Bank of China Governor Pan Gongsheng during a press conference in Beijing revealed a cut to banks’ reserve requirements, freeing up around 1 trillion Chinese yuan, equivalent to $139 billion, for new loans. This action, the third such move in less than a year, is seen as an effort to stabilize a floundering stock market and bolster the broader economy.

The timing of the reserve reduction came as a surprise to many economists, who were expecting such a move later in the year. This decision, along with the central bank's intention to cut some key rates linked to loans for small firms and rural enterprises, has been met with cautious optimism. However, some economists argue that the economy requires more than just cheaper and more abundant loans. They emphasize the need for increased government spending, as well as more forceful efforts to address the real-estate downturn and boost consumer confidence.

China's economy expanded by 5.2% in 2023, a rate faster than that of 2022 but still one of the weakest growth rates in decades, excluding the troubled years of the pandemic. The growth was supported by government spending on infrastructure and a surge in investment in manufacturing, particularly in green technology and other emerging industries. Despite this, the economy faced challenges such as declining exports and subdued consumer and business spending.

Amid concerns about a steep selloff in the stock market, the central bank's move is seen as an attempt to address market sentiment. However, it is also noted that the central bank's role may be limited, with fiscal policy expected to take center stage this year. The Chinese government is anticipated to focus on financing investment in areas like infrastructure and social housing.

While the central bank's action is considered a positive signal of the government's desire to stabilize growth and the stock market, its impact may be limited, especially given weak business and household confidence. Economists expect China to follow a measured approach to stimulus, with fiscal policy playing a more significant role. The central bank is likely to focus on ensuring liquidity, while fiscal policy moves to the forefront.

China's recent economic measures reflect a delicate balance between addressing immediate concerns, such as market sentiment and lending conditions, and the broader need for sustained economic growth. The central bank's unexpected move is a step in the right direction, but more comprehensive efforts, including fiscal policy adjustments, are necessary to address the underlying challenges facing the Chinese economy. As China navigates these economic complexities, the world will be closely watching to see how these measures shape the country's economic trajectory in the coming months.

Source: Wall Street Journal

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Preview of the 2024 U.S. Presidential Election

The macroeconomic context of the election

The U.S. election in the historical context

The U.S. presidential election will have unprecedented global implications

Impact on investments

ECB Rate Decision; Q4 GDP Growth Rate; Intel; American Airlines

Pinpointing Optimal Buying Opportunities for XAU/USD

Fundamental Analysis

Technical Analysis

Sterling's Tenacious Recovery in GBP/USD Faces Lingering Risks and Uncertainties

Fundamental Analysis

Technical Analysis

What Turkey Gained in Delaying Sweden's NATO Bid

Source: Reuters

Oil Demand in Asia, Africa Boosted by Cheap Russian Crude

Source: Reuters

China Implements Measures to Increase Bank Lending in Extensive Move to Support Economic Growth

Source: Wall Street Journal

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