China outbound visa service ByeCity secures $20 million from Alibaba, CBC Capital

   ByeCity, a travel service for Chinese nationals needing a visa for outbound trips, announced today that it secured US$20 million in a series B funding round led by Alibaba and CBC Capital (hat-tip to TechNode). This is the company’s third funding round, with previous investments of US$10 million in 2008 and an undisclosed amount in 2011. But the company has actually been around since 2000 – the early days of China’s online travel industry. Chinese nationals hoping to travel to most foreign countries are required to either join a tour group or secure a visa in advance, even for countries that offer landing visas. The main thrust of ByeCity’s business focuses on securing these visas for customers, which it claims to do with a 99.8 percent success rate. For those few exceptions that ByeCity fails to obtain visas, it reimburses their fees. (See: Over 20% of bookings on China’s top flight and hotel site come from mobile) Last year alone, ByeCity reports it processed 400,000 visa applications, gaining 471 percent year-on-year and over ten times as many as in 2011. Dozens upon dozens of visa services are available in China, but most only operate on a local level. Traditionally offline business with brick-and-mortar offices, many of them have set up shop on Taobao, the massive C2C marketplace owned by Alibaba, to reach a broader audience. ByeCity is no stranger to this, and already has its own storefront on Alibaba’s Tmall.

Source: TECHINASIA

JUWAI-HOME OVERSEAS As Chinese snap up more overseas property, Juwai grows to 1.5 million active users

When we first looked at Juwai two years ago, we immediately thought, yes, this makes a lot of sense. It’s an online property marketplace for a very particular niche – aimed at people in China looking to buy real estate overseas. Now Juwai – which means “home overseas” – has grown to 1.5 million monthly users, browsing through 2.4 million real estate listings from 53 countries. The startup declined to reveal revenue figures. A Juwai representative tells Tech in Asia that the top five countries for China’s real estate buyers last year were, in descending order, the US, Australia, the UK, Canada, and Germany. Juwai reckons that 63 million of China’s growing and increasingly wealthy middle to upper class individuals can afford to buy property overseas.

The overseas investment boom is proving controversial in many nations. A report in Australia’s The Age this week says that Chinese buyers are pricing young Australians out of the housing market. That article even mentions Juwai.

Chinese property buyers spent an estimated US$28.7 billion on residential property around the world in 2011, according to the startup. That’s still growing as wealth in China increases, yet crowded living conditions – as exemplified by the worsening pollution – make an overseas move an attractive option. Juwai has just given its iPhone app a major overhaul so that users, when on an overseas trip, can use their phone’s GPS to find available properties nearby. Juwai’s iPhone app is here.

Source: TECHINASIA

Compared to the iPhone 5s, this chart shows the iPhone 5c has bombed in China

   Source: TECHINASIA
Apple (NASDAQ:AAPL) isn’t going to tell everyone precisely how much of each model it sold in every country, so we need to find an alternative source of data to dig up some insights about its phones. One such good source in China is Umeng, which is like China’s answer to Flurry. If we look at the the latest report from Umeng – the one my colleague looked at in relation to China’s 700 million smartphones and tablets – we get a good idea of the popularity of the iPhone 5c relative to the 5s. Or, to be more exact, its unpopularity. As Ben Evans spotted in the report, the slightly cheaper 5c has bombed. This chart, which we’re remade and translated from the Umeng analytics, says it all: What it shows is that in the fourth month from the launch of the iPhone 5s in China, the model accounted for 12 percent of active iOS devices on Umeng’s app analytics network. The cheaper 5c, in contrast, only accounted for slightly less than two percent. While the 5s has rocketed, the 5c barely took off – and now it’s struggling even to go upwards. See: The average price of a new Android phone in China? A mere $233 Observed usage doesn’t equate to sales – and there are no absolute numbers for the quantities of each phone models in the country – but this data is an still indictment of Apple’s strategy of remaking the previous year’s model in a plastic wrapping. Chinese consumers weren’t fooled by the marketing, and they aren’t buying the 5c. It’s not all bad news for Apple in China. Clearly the 5s is being taken up more quickly than the iPhone 5 was in 2012.

GoDaddy Preps For IPO Fewer Than 3 Years After Its $2.25B Sale To Private Equity Groups

GoDaddy, the well-known domain and hosting company, is preparing to go public. The company was sold for $2.25 billion in the summer of 2011 to a mixture of private money, including Silver Lake, a group now famous for its work to help Dell go private.

According to the Wall Street Journal, GoDaddy has “plans to interview banks that would lead the underwriting of its IPO.” That timeframe, the paper goes on to note, would place its IPO sometime in the second half of this year, presuming a normal pacing.

It’s a rollicking time for technology IPOs, with Twitter’s famed day-one pop now etched into history, and Box trundling towards the public markets to boot. Last year was a strong year for tech IPOs, and with the NASDAQ at its current heights, folks who were thinking about taking some of that public dollar are looking to get in while the gettin’ remains good.

Today, for example, Castlight Health, a company that sells cloud healthcare tools, spiked more than 100% after its flotation went live.

Five bucks says Goldman Sachs participates and the company trades as GDDY on the NASDAQ.

Sina Weibo, China’s Answer To Facebook And Twitter, Files For $500M IPO In The U.S.

      

  Sina Weibo,the microblogging and social media service that’s often characterized as China’s answer to Twitter and Facebook, has filed documents with the U.S. Securities and Exchange Commission to raise up to $500 million in an initial public offering.

Weibo was launched by Chinese online media giant Sina in August 2009. Today, Sina owns a majority stake in the company, with Alibaba holding a minority interest.

According to the IPO documents, Weibo pulled in revenues of $188.3 million in 2013. Like its U.S. counterpart Twitter, however, the company is still not turning a profit at the bottom line: Weibo recorded a $38.1 million net loss in 2013. The company had 2,043 employees as of December 2013.

The company has had some impressive growth in China and beyond. In its IPO prospectus, Weibo shared some of its figures:

“Since our inception four years ago, Weibo has amassed a large user base in China and in Chinese communities in more than 190 countries. In December 2013, Weibo had 129.1 million monthly active users, or MAUs, and 61.4 million average daily active users, or average DAUs, increasing from 96.7 million MAUs and 45.1 million average DAUs in December 2012, respectively, and 72.9 million MAUs and 25.2 million average DAUs in December 2011, respectively. A microcosm of Chinese society, Weibo has attracted a wide range of users, including ordinary people, celebrities and other public figures, as well as organizations such as media outlets, businesses, government agencies and charities"

Source: TechCrunch 

CEOs of biggest Russian firms could be hit by sanctions

"The CEOs of Russias's two largest firms are on a list of those who may be hit next week with European and U.S. sanctions over the Crimea crisis, a German newspaper said on Friday, suggesting tougher than expected measures against Russia's elite.

European officials told Reuters the EU was working on a five page list of 120-130 Russians who could be subjected to asset freezes and travel bans. Officials were still debating whether to hit a large number of Russians when the measures take effect at the start of next week, or target a smaller number initially and expand the list if the crisis continues.

Germany's Bild newspaper reported that Alexei Miller, boss of natural gas monopoly Gazprom, and Igor Sechin, head of Russia's biggest oil firm Rosneft, would be among those targeted, along with senior ministers and Kremlin aides.

Reuters was not immediately able to confirm the Bild report. Rosneft spokesman Mikhail Leontyev said sanctions on his firm's boss would be "stupid, petty and obvious sabotage of themselves most of all. I think it will primarily affect Rosneft's business partners in the West in an extraordinary way." Gazprom and the Kremlin declined to comment"

 Source: Reuters

U.S. Consumer sentiment declines in March

Consumer sentiment declined to an early March reading of 79.9 -- the lowest reading since November -- from a final February level of 81.6, according to Friday reports on a gauge from the University of Michigan and Thomson Reuters. Economists polled by MarketWatch had expected a March reading of 80.8. Economists watch sentiment levels to get a feeling for the direction of consumer spending. 

Source: Marketwatch

Deutsche Bank maintained a Buy rating on Yandex

Deutsche Bank maintained a buy rating on Yandex, the Russian Web Search engine, but reduced its price
target to US$ 38 from US$ 44 on macro concerns.

Source: Street Insider

U.S. Bureau Of Labor Statistics PPI February -O.1% seasonally adjusted.

 PRODUCER PRICE INDEXES - FEBRUARY 2014


The Producer Price Index for final demand fell 0.1 percent in February, seasonally adjusted, the 
U.S. Bureau of Labor Statistics reported today. This decline followed advances of 0.2 percent in 
January and 0.1 percent in December. On an unadjusted basis, the index for final demand moved 
up 0.9 percent for the 12 months ended in February, the smallest 12-month rise since a 0.9-
percent increase in May 2013. 

In February, the 0.1-percent decrease in final demand prices can be traced to the index for final 
demand services, which fell 0.3 percent. In contrast, prices for final demand goods advanced 0.4 
percent.

Within intermediate demand, the index for processed goods climbed 0.7 percent, prices for 
unprocessed goods jumped 5.7 percent, and the index for services rose 0.2 percent. 

Deutsche Asset & Wealth Management: Russian equities will stay under pressure until political tensions ease

Russian equities will stay under pressure until political tensions ease. Most impacted will be the sectors with mostly domestic exposure like banks, retailers. Exporters, especially energy, will be relatively better due to weaker ruble and still high oil price. State controlled companies might come under more scrutiny or even sanctions from the West.

 Source:  Deutsche Asset & Wealth Management

Bloomberg: Asian Stocks sink,Gold gains as China concerns Mount

    Bloomberg reports,"the MSCI Asia Pacific Index sank 1.6 percent by 12:06 a.m. in Tokyo, set for its lowest close since Feb. 10. A gauge of Chinese firms in Hong Kong fell as much as 20 percent from a Dec. 2 high. The Nikkei 225 Stock Average slid 2.7 percent as the yen headed for its biggest weekly advance since Jan. 24. Standard & Poor’s 500 Index futures rose 0.1 percent. The cost of insuring Asia-Pacific bonds from default jumped 4 basis points. Gold advanced to a six-month high while copper headed for its biggest weekly slump since April".

About $1.2 trillion was wiped from global stocks this week through yesterday as Chinese economic data missed estimates, overshadowing signs of improvement in the U.S. economy. The Black Sea region of Crimea votes March 16 on becoming independent or rejoiningRussia, with the U.S. and Germany threatening Moscow with sanctions over its support for the secession. The U.K. reports trade data and India releases a key inflation indicator.

Bank of America Corp., UBS AG, JPMorgan Chase & Co. and Nomura Holdings Inc. lowered their forecasts for Chinese economic growth in 2014. Data yesterday showed factory output rose in January and February from a year earlier by the least since the global financial crisis, while retail sales grew at the slowest rate for the period since 2004. Reports at the weekend showed an unexpected plunge in overseas shipments.

The Hang Seng China Enterprises Index fell as much as 1 percent to 9,230.38, more than 20 percent below its high from December last year, before paring the decline to 0.8 percent. The Hang Seng Index (HSI) dropped 1.2 percent and is on track to cap its biggest weekly drop since May 2012. The Shanghai Composite Index retreated 0.7 percent.

WSJ: Russians Fret About Economic Impact of Sanctions Over Ukraine

      The Wall Street Journal reports,"since Russian forces took control of Crimea on Feb. 28, markets in Moscow have plunged to levels not seen since the global economic crisis, with the top 50 companies shedding $110 billion in capitalization".

The ruble has hit record lows and many economists have slashed their 2014 growth forecasts by more than half. And that is before any sanctions have even been introduced.

The increased nervousness within Russia's business community comes as Western leaders have turned up the volume in recent days on the threat of sanctions.

But so far, Mr. Putin has shown no signs of backing down from increasingly tough talk coming from the West, and appears ready once again to dismiss complaints from Russia's moguls.

His personal approval rating rose almost 10 points to a three-year high of 71.6% over the past month, state pollster VTsIOM said Thursday. Almost two-thirds of those polled last weekend cited the Ukraine crisis as the biggest factor in their opinion, while 32% cited the Winter Olympics in Sochi.

The government official said those in Mr. Putin's inner circle are convinced they have a historic opportunity to regain Crimea, a territory ceded to Ukraine only in 1954, and see the possible economic cost as less important.

A spokesman for the Russian president acknowledged that the country's leading businessmen had been in "constant contact with the government" about sanctions, but said Mr. Putin hadn't met with any of them.

A person who attended a recent meeting between some of Russia's richest industrialists and high-ranking government officials to discuss the overall economy said the mood turned tense when the issue of sanctions was brought up.

"Questions were asked about how the situation with Ukraine might further affect the market and how the government might respond," the person said. "People wanted to know exactly how things might go."

Still, veteran bankers in Russia say the threat alone has taken its toll on Russia's already sluggish economy.

"Even if they all start kissing and making up now, the momentum of the events of the last month means that any hope of the cavalry storming in and saving the day in terms of economic growth for this year has gone out the window," said a senior banking adviser in Moscow. "The damage has already been done."

Russia was already dealing with slowing growth, rising inflation, a weakening ruble and persistent capital flight. Economic growth last year clocked in at just 1.3%, and Russia's central bank has forecast just 1.5% growth this year.

Russia's primary stock index plummeted 11% on March 3, the first day of trading after Russian troops entered Crimea, and has lost ground since. The ruble has declined 11% against the dollar since the beginning of the year and the central bank was forced to spend $11.3 billion on the day of the market plunge to stabilize the currency.

On Wednesday, Mr. Putin said in a meeting with the heads of Russia's central bank, finance ministry and economy ministry that the current growth rate wasn't good enough, and "we need to achieve stronger dynamics."

Alexei Kudrin, a former finance minister who attended the meeting, warned in a speech in St. Petersburg on Thursday that the authorities were underestimating the potential impact of sanctions, the Interfax news agency reported.

"The negative impact isn't coming from sanctions at all. The negative impact here is more from the perception of Russia from the main sources of global capital as a tough place to justify investment," he said. "This takes 5% at the very least off the value of Russian assets for a long time to come."

In a recent research note, Deutsche's Bank John-Paul Smith advised clients to steer clear of Russia entirely and suggested no longer considering it an emerging market but rather a riskier frontier market.

WSJ: Asian Markets Tumble

     The Wall Street Journal reports, "Japanese stocks tumbled almost 3% on Friday, with the Nikkei on track for its worst week since August, as evidence that China's economy is slowing sharply and  rising tensions in Ukraine fuel a broad selloff in Asia in recent days.

The Nikkei lost 2.7% in early trade, with the market weighed by a yen that had strengthened substantially overnight, and continued to pull down markets. The dollar fell 0.9% overnight against the yen, its largest daily fall since early February, and stabilized in Asia at ¥101.81".

Slower-than-expected growth in Chinese industrial production and retail sales came out just before some markets closed in the previous session, giving Japan and South Korea little time to react. But by Friday morning, markets in Wall Street had suffered their worst day since February, in part due to the bad news from China, as well as continued tensions over Ukraine and Russia, which left Asia vulnerable to a selloff.

It was a similar story in Australia, where stocks stopped trading on Thursday before the Chinese data was released. On Friday, the S&P/ASX 200 fell 1.4%.

South Korea's Kospi was down 0.7%.

Trading in Asia all week has been centered on developments in China. Data out over the weekend showed a sharp decline in exports in February, raising concerns over the health of the world's second-largest economy. There were also jitters in the corporate sector, with fears that another solar company could default, just a week after China experienced its first default in its corporate debt market.

Markets dislike uncertanty.

This has translated into poor performance for the week, especially for markets linked to China. Hong Kong's Hang Seng Index is 4% lower since last Friday and the S&P/ASX 200—a market heavy with resource companies that sell to China—fell 2.3%. It was Japan, a market that has been particularly volatile in recent weeks, that was affected the most from the downbeat sentiment, and the Nikkei was down 5.6% over the same period.

WSJ: U.S. Balks at Ukraine Military-Aid Request

 The Wall Street Journal reports,"Ukraine's interim government has appealed for U.S. military aid, including arms, ammunition and intelligence support, according to senior U.S. officials. But the Obama administration has agreed to send only military rations for now, wary of inflaming tensions with Russia.

The U.S. decision reflects the Pentagon's reluctance to be seen as directly supporting Ukraine's beleaguered armed forces during the standoff with Russia, which has seized the Ukrainian region of Crimea.

The risk of escalation was underscored by Russia's move on Thursday to conduct another military exercise near Ukraine. The Kremlin also confirmed it has sent six Sukhoi fighter jets and three transport planes to another former Soviet republic, Belarus, for joint patrols.

Belarusian officials said the move came in response to increased air patrols in the region by the North Atlantic Treaty Organization amid the Ukraine crisis".

Jim Rogers Present Investment Ideas

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

The latest from Jim Rogers, author of A Gift to My Children: A Father's Lessons for Life and Investing andHot Commodities: How Anyone Can Invest Profitably in the World's Best Market.

“I started buying Russia in recent months. Yesterday (March 5) and the day before, I bought more. I haven’t bought too much, but have been looking for things to buy in Russia. I bought shares in the Moscow Stock Exchange. I bought Aeroflot. I own airlines around the world. And I’m looking to buy more in Japan, if given the chance.

I like to buy things that are depressed. Agriculture is very depressed. The American stock market is hitting all-time highs. I don’t find that particularly attractive.” 

Source: IB Times

Warren Buffet thoughts. Need to remind in time of Crisis

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

 “Someone's sitting in the shade today because someone planted a tree a long time ago.” 

  “I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.” 

“Risk comes from not knowing what you're doing” 

 “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you'll do things differently.” 

  “There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?”

 “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction". 

Ukraine Crisis Latest Developments

"Moscow has deployed 10,000 troops along its border with Ukraine, deepening the crisis in Crimea ahead of a last desperate effort by the US secretary of state, John Kerry, to broker a deal with his Russian counterpart, Sergei Lavrov, in London on Friday".

      "Ukraine's prime minister, Yatsenyuk told the UN security council on Thursday he is convinced Russians do not want war. He urged Russia's leaders to heed the people's wishes and return to dialogue with Ukraine. "If we start real talks with Russia, I believe we can be real partners," Yatsenyuk said".

Russian troops now control the Crimean peninsula, where voters will decide on Sunday whether to become part of Russia.

Western diplomats have expressed little optimism ahead of the London talks, scheduled to begin on Friday . Nothing resembling a peace plan has been sketched out between the two sides, one said.

The Russian deployment coincided with a vote in the Ukrainian parliament to create a 60,000-strong national guard. Ukraine's national security chief, Andriy Parubiy, said the force would "ensure state security, defend the borders and eliminate terrorist groups".

US state department spokeswoman Jen Psaki said Kerry would reaffirm US support for Ukrainian sovereignty and territorial integrity without interference or provocation by Russia. The secretary of state had previously declined a Russian invitation to Moscow and his decision to go to London prompted speculation the Kremlin may have offered concessions to ensure he would not leave empty-handed.

Before leaving Washington for London, Kerry warned Russia that the EU was planning to join the US in imposing more sanctions on Moscow if the referendum went ahead. The sanctions would include a travel ban and a freeze on bank accounts.

Reuters reported that the German vice-chancellor, Sigmar Gabriel, warned that Germany would not hesitate to go beyond a second round of European sanctions planned for Monday if the referendum goes ahead.

David Cameron and foreign secretary William Hague will meet Kerry before his meeting with Lavrov. A Foreign Office spokesman said Hague had phoned both Kerry and Lavrov to encourage them "to hold talks in London with a view to de-escalating the situation in Crimea and setting up dialogue between Russia and Ukraine".

Source: theguardian

Nathan Rothschild-style buying opportunity? Two Russian Oil and Gas Plays

http://web.tmxmoney.com/financials.php?qm_symbol=LUKOY:US

http://web.tmxmoney.com/quote.php?qm_symbol=OGZPY:US

YANDEX Russian search engine by the numbers

                          Source:  DMR

UKRAINE Breaking News Bloomberg. Putin urged government to ensure ability to react immediately to Western sanctions

Russian bonds and the ruble fell for a fifth day as tension persisted. The Micex Index of equities dropped 2 percent, while Ukraine’s UX Index tumbled 3 percent in the biggest decline among 94 world stock gauges.

Putin’s approval rating among Russians climbed to a three-year high of 72 percent, the state-run All-Russia Center for the Study of Public Opinion said on its website. That compares with 67 percent last month when Russia hosted the Winter Olympics in Sochi. Another poll by the Levada Center found that 58 percent of Russians back some degree of military intervention in Ukraine.

Russia stepped up military maneuvers on the border with Ukraine, the Russian Defense Ministry said today, according to the Interfax news service. Six Russian fighter jets and three transport planes arrived in Ukraine’s northern neighbor, Belarus, for joint drills, the Defense Ministry there said.

“If negotiations with Russia don’t take place in the next days -- and by that is meant negotiations that bring results and don’t play for time -- then the EU foreign ministers will at their council meeting next Monday, March 17, seal further second-stage measures,” said Merkel, who likened Russia’s efforts to annex Crimea to the imperialism of centuries past. “That includes bars on travel, freezing bank accounts and cancellation of EU-Russia Summit.”

Russian government officials and businessmen are bracing for sanctions resembling those applied toIran, according to people with knowledge of the preparations. Putin met senior officials yesterday in Sochi, his spokesman, Dmitry Peskov, said by phone. Putin urged the government to ensure Russia’s “ability to react immediately to internal and external risks.”

U.S. positive data. Jobless claims in surprise drop; Retail sales climb in February

"The U.S. retail sales rose 0.3% last month, comparing favorably with the estimates of economists, who forecast a 0.2% rise. Over the prior two months, retail sales had dropped a combined 0.9%. The increase in retail sales in February came from a variety of sectors, including auto dealers, Internet retailers, clothing and sporting goods stores.

Data also showed the number of people who applied for unemployment benefits last week dropped to a three-month low. Jobless claims fell by 9,000 to 315,000. That belied expectations of a rise to 330,000 on a seasonally-adjusted basis.

Import prices also jumped 0.9% in February, mostly because of higher fuel costs. Economists polled by MarketWatch had expected a rise of 0.4%".

Source: Marketwatch

Losing Crimea Could Sink Ukraine's Offshore Oil and Gas Hopes

"Without Crimea, Ukraine looks set to lose an important piece of its economic and energy future: valuable undersea oil and gas fields that lie just offshore the Crimean peninsula. Exploiting those Black Sea fields could help reduce Ukraine’s dependence on Russian gas imports".

And Big Oil had been interested: Before the overthrow of former President Viktor Yanukovych, Ukraine was on the verge of signing a deal with a group, including Exxon Mobil  and Royal Dutch Shell , that was prepared to spend $735 million to drill two wells off Crimea’s southwest coast. “Exxon and Shell are now in a legal limbo,” Chris Weafer of Moscow investment group Macro Advisory told Bloomberg News. If Crimea votes in a March 16 referendum to secede from Ukraine, the government in Kiev “may soon no longer have jurisdiction over the region.”

The so-called Skifska area that Exxon and Shell want to develop is part of an undersea field that extends westward along the Black Sea coastline to Romania. Within the area now under Ukrainian jurisdiction, however, “the most interesting exploration areas are all effectively [under] Crimean waters,” says Julian Lee, an analyst at the Center for Global Energy Studies in London. Losing control of those areas “would be a significant loss for Ukraine.”

Source: BloombergBusinessweek

WSJ: Ukraine crisis outcome

   Inspite of tough talk from Chancellor Angella Merkel and her warnings to Russia.
"The Crimean crisis continues, but the markets hardly care. The growing sentiment is that Russia’s annexation of Crimea and possibly parts of eastern Ukraine is a fait accompli and that the West will hold off putting any real pressure on Russia. The strong words are just a political smokescreen–Germany and big swathes of eastern and central Europe are just too dependent on Russian gas to make a more forceful stand on a regional matter. Especially as Crimeans by and large seem happy to join Russia". 

Source: WSJ

WSJ: China Data Hold Back Markets But Reaction Muted

             The Wall Street Journal reports,"markets were a bit lower in Asia and Europe following another spate of poor Chinese data, but the news hasn’t come as the knockout blow it might have been.

The weakening Chinese growth picture is a worry for the rest of the world as so many countries’ own economic performance depends on Chinese demand.  But in addition to the fact that there are mitigating factors — such as the distorting effect of the Lunar New Year holidays last month – the news need not be taken so badly. Investors are perhaps accepting that for all the structural changes that China’s economy needs to go through – for the benefit of its own citizens and those of the rest of the world –  this degree of necessary slowdown is quite bearable". 

"CHINA: A bunch of fresh data points out of China Thursday disappointed: Industrial output rose 8.6% on-year in January-February (the data is combined to minimize distortion from the Lunar New Year holiday), down from 9.7% in December and vs. 9.5% expected. Fixed-asset investment grew by 17.9% on-year – the weakest pace since 2002 – down from 19.6%  in 2013. Retail sales rose 11.8% on-year in January-February, down from 13.6% in December. Construction starts fell by 27%.

The data add to the pile of evidence that China’s growth is slowing, but don’t materially change the picture. Indeed, markets – which have been hit quite a bit lately by the China outlook, especially for commodities — largely shrugged off Thursday’s news. Earlier in the day, Premier Li Keqiang said China could still meet its 7.5% growth target for the year, but also emphasized that the leadership was no longer pursuing growth at all costs. Li’s administration has been repeating that message quite a bit lately. It may involve some short-term pain now but in the long run it’s a good thing that China is putting its economy on a more sustainable path and getting its banking system under control".

WSJ : Gold Futures Rise to Six-Month High

"Gold for April delivery, the most active contract, rose $23.80, or 1.8%, to settle at $1,370.50 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the highest close since $1,386.70 reached on Sep. 9.

Gold prices have gained 14% this year as instability in emerging markets and worries about U.S. economic growth reinvigorated investor demand for the haven asset. Some traders view gold as safer than stocks or government bonds because it isn't linked to a particular country or government.

Leaders of the Group of Seven advanced economies called on Russia to defuse the situation in Ukraine's Crimea region by reducing troop levels and halting annexation efforts. Russian troops have occupied Crimea since late February. Crimea will vote Sunday whether to secede from Ukraine and join Russia. The G-7 said it won't recognize the results of Crimea's referendum".

Source: WSJ