China’s Exports Fall Unexpectedly In August

China’s exports decreased unexpectedly in August amid escalating trade dispute with the US administration, official data showed over the weekend.

In dollar terms, exports decreased 1 percent on a yearly basis in August, confounding expectations for an increase of 2.1 percent and July’s 3.3 percent expansion, figures from the General Administration of Customs revealed.

At the same time, imports declined 5.6 percent but slower than the expected fall of 6.3 percent.

As a result, the trade balance showed a surplus of $34.8 billion in August versus a $42.8 billion surplus forecast by economists.

Exports to the US plunged 16 percent and imports from the US declined 22.4 percent.

The US administration had unveiled 15 percent tariffs on a range of goods from China, which took effect on September 1. Beijing imposed retaliatory levies. China and the US are set to hold talks early next month in Washington.

Last week, China’s central bank had reduced further the amount of cash that banks should set aside as reserves to spur liquidity in the economy hit hard by trade wars.

Economists expect more accommodative monetary policy stance from the central bank as the economy faces headwinds from the external demand and cooling property market.

The economy had expanded at the slowest pace in 27 years in the second quarter. GDP grew only 6.2 percent.

Exclusive: Mnuchin on Trump administration's Fannie Mae, Freddie Mac reform plan

Steven Mnuchin on Fannie, Freddie: They’ve been in conservatorship for too long

Treasury Secretary Steven Mnuchin on the Trump administration’s efforts to privatize Fannie Mae and Freddie Mac.

U.S. Treasury Secretary Steven Mnuchin joins FOX Business’ Maria Bartiromo in an exclusive interview on “Mornings with Maria” on Monday at 8 a.m. ET to discuss plans to end government control of mortgage finance giants Fannie Mae and Freddie Mac – which have been under conservatorship for more than a decade.

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Taking the two government-sponsored enterprises out from under government control could be a win for some investors, as companies could begin to turn a profit.

Fannie and Freddie were bailed out for nearly $200 billion during the 2008 financial crisis. The goal of the two government-sponsored enterprises was to make mortgages more affordable to homebuyers.

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Changyou Confirms Receipt Of Acquisition Proposal From Sohu – Quick Facts

Changyou.com (CYOU) said its board has received a preliminary proposal from Sohu.com (SOHU), the controlling shareholder of Changyou, to acquire Changyou for a purchase price of $5.00 per Class A ordinary share, or $10.00 per ADS, in cash. Changyou noted that it has not made any decisions with respect to the proposed deal. The company said its Board, composed solely of independent directors, will consider the proposal.

Also, Changyou.com received formal confirmation from Charles Zhang that he is no longer pursuing his 2017 non-binding proposal to acquire Changyou.

Fred’s files for voluntary chapter 11

Fred’s Inc. FRED, -1.08% shares tanked more than 44% in Monday premarket trading after the struggling retailer said it voluntarily filed for bankruptcy. Fred’s, which has stores throughout the southeastern U.S. and launched in 1947, has also filed a motion with U.S. Bankruptcy Court to enter into a $35 million debtor-in-possession financing agreement with some of its existing lenders. Fred’s has started liquidation sales at all of its locations, which are expected to close in the next 60 days. Prescriptions will continue to be filled at pharmacy locations as the company seeks to sell that part of the business through court-supervised proceedings. Fred’s has been shuttering stores throughout 2019 in an effort to restructure the company. "Despite our team’s best efforts, we were not able to avoid this outcome," said Fred’s Chief Executive Joe Anto in a statement. Fred’s stock, which closed Friday at 24 cents, has lost 85.5% of its value over the past year. The S&P 500 index SPX, +0.09% is up 3.7% for the last 12 months.

Sensex rises 164 pts; Nifty reclaims 11,000-level

Top gainers in the Sensex pack included Yes Bank, Maruti, L&T, Kotak Bank, Bharti Airtel, Bajaj Finance, SBI, ONGC, HDFC and Hero MotoCorp, rising up to 4.47 per cent.

The BSE benchmark Sensex ended 164 points higher, driven by gains in financial and auto stocks amid positive cues from other Asian markets.

After opening on a negative note, the 30-share index rebounded 460 points from the day’s low of 36,784.47 to settle 163.68 points, or 0.44 per cent, higher at 37,145.45.

It hit an intra-day high of 37,244.08.

Similarly, the broader NSE Nifty rose 56.85 points, or 0.52 per cent, to close at 11,003.05.

During the day, the index touched a peak of 11,028.85 and low of 10,889.80.

Top gainers in the Sensex pack included Yes Bank, Maruti, L&T, Kotak Bank, Bharti Airtel, Bajaj Finance, SBI, ONGC, HDFC and Hero MotoCorp, rising up to 4.47 per cent.

On the other hand, HCL Tech, Infosys, TechM, Bajaj Auto and TCS fell up to 1.50 per cent.

Elsewhere in Asia, Shanghai Composite Index, Nikkei and Kospi settled in the green, while Hang Seng ended in the red.

Photograph: Shailesh Andrade/Reuters

Treasury's Mnuchin sees positive U.S. growth as China talks loom

WASHINGTON, Sept 9 (Reuters) – U.S. Treasury Secretary Steven Mnuchin on Monday said he did not see the threat of a recession as the Trump administration seeks to revive trade negotiations with China, adding that he expected a positive year ahead for the U.S. economy.

Speaking on Fox Business Network, Mnuchin said U.S. officials still aimed to “get a good deal” with Beijing as talks prepare to get under way in coming weeks. (Reporting by Susan Heavey and David Lawder; Editing by Kevin Liffey)