EM ASIA CREDIT: TSMC (TAISEM, Aa3/AA-/NR) possible $1bn U.S. fine
"*TSMC COULD FACE $1B FINE FROM US HUAWEI AI CHIP PROBE: REUTERS" - BBG
- According to the report, TSMC may be fined $1bn on the back of US export control probe that found it had supplied chips to Huawei. If confirmed, the amount is relatively small, with 2025 revenues expected to be around $111bn. Neutral for spreads.
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CHINA PRESS: CPI Could Recover In March
China’s consumer price index is expected to reach 0.3% y/y in March, up from February’s 0.7% fall, according to Feng Lin, director of research at Orient Jincheng, citing recent trends in high-frequency data and the current consumer market supply and demand balance. Looking ahead, Mingming, chief economist at CITIC Securities, said PPI y/y declines may narrow from February's 2.2% fall, as demand increases and ferrous industry prices gain momentum, however geopolitics brings uncertainty. (Source: Securities Daily)
CHINA PRESS: China To Balance Tech Innovation And Employment
Authorities will support labour-intensive industries to stabilise employment during periods of transformation and upgrading, said Wang Xiaoping, Minister of Human Resources and Social Security. Wang called for a balance between technological innovation and employment, and noted this year's 12.2 million college graduates and a large number of migrant workers required a stable job market. However, increasing external uncertainties and an unstable economic rebound could bring challenges, said Wang. (Source: Yicai.com)
MNI: CHINA PBOC CONDUCTS CNY96.5 BLN VIA 7-DAY REVERSE REPO MON
- CHINA PBOC CONDUCTS CNY96.5 BLN VIA 7-DAY REVERSE REPO MON
