Turkey’s Sıddık Kardeşler Haddecilik Files for Bankruptcy Proceedings

Turkish steelmaker Sıddık Kardeşler Haddecilik, has been unable to overcome its ongoing financial difficulties and has filed for bankruptcy proceedings, SteelOrbis.com reported. Accordingly, the company and its partners have filed for bankruptcy with the Istanbul Anatolia Second Commercial Court of First Instance, with its debt reportedly amounting to TRY 2.6 billion ($90.32 million). The court granted the company a three-month temporary notice and appointed a temporary bankruptcy commissioner.
Turkey
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China PMI Signals Continued Decline in Manufacturing

China’s manufacturing activity declined for the third straight month in June as trade frictions with the U.S. continued to weigh on the world’s second-largest economy, the Wall Street Journal reported. The official manufacturing purchasing managers index for June–the first full month after the China-U.S. trade truce was reached in London–came in at 49.7, edging up from May’s 49.5 and matching the 49.7 tipped by a Wall Street Journal poll of economists, according to data released by the National Bureau of Statistics on Monday.
China
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China Home Sales Slump Persists as Calls Grow for More Stimulus

China’s home sales extended their slump in June, putting further strain on the economy and underscoring the impetus for fresh support measures, Bloomberg News reported. The value of new-home sales from the 100 largest property companies stood at 339 billion yuan ($47.3 billion), the latest preliminary data from China Real Estate Information Corp. on Monday showed. That represents a 23% fall from a year ago, according to Bloomberg calculations. June’s sales follows an 8.6% decline in May. On a monthly basis, however, the latest sales were up 14.7% from May, CRIC said.
China
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Japan Factory Output Rose in May, But Tariffs Cloud Outlook

Japan’s industrial production increased modestly in May, but the rebound is likely to be temporary due to the impact of U.S. tariffs and concerns over a global slowdown, the Wall Street Journal reported. Industrial production rose 0.5% in May from the previous month, after declining 1.1% in April, data released by the Ministry of Economy, Trade and Industry showed on Monday. The May reading was much weaker than the 3.5% increase expected in a poll of economists by data provider Quick.
Japan
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Tokyo Consumer Inflation Eases But Stays Well Above BOJ’s Target

Consumer inflation in the Tokyo metropolitan area eased in June but remained firmly above the Bank of Japan’s 2% target, leaving the central bank balancing on a policy tightrope, the Wall Street Journal reported. Core consumer prices in Tokyo—excluding fresh food—climbed 3.1% in June from a year earlier, compared with May’s 3.6% increase, government data showed Friday. That was lower than the 3.3% rise expected in a poll of economists by data provider Quick. Tokyo figures are considered an early indicator of nationwide trends.
Japan
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