Japan's Nikkei 225 jumps nearly 2%; Afterpay shares in Australia surge after Square deal announcement

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CNBC 01 August, 2021 - 10:12pm 43 views

Is California banning bacon?

DES MOINES, Iowa (AP) — A California law taking effect Jan. 1 could make pork harder to find and more expensive. Voters in 2018 overwhelmingly approved the law, which requires more space for breeding pigs, egg-laying chickens and veal calves. KWTXBacon may disappear in California as pig rules take effect

New Pig Law In California May Lead to Bacon Shortage

HillReporter.com 01 August, 2021 - 11:00pm

The Other White Meat might just be off the menu permanently in California.

At the beginning of next year, the Golden State will begin enforcing an animal welfare proposition approved overwhelmingly by voters in 2018 that requires more space for breeding pigs, egg-laying chickens, and veal calves. National veal and egg producers are optimistic they can meet the new standards, but only 4% of hog operations now comply with the new rules. Unless the courts intervene or the state temporarily allows non-compliant meat to be sold in the state, California will lose almost all of its pork supply, much of which comes from Iowa, and pork producers will face higher costs to regain a key market.

California’s restaurants and groceries use about 255 million pounds of pork a month, but its farms produce only 45 million pounds, according to Rabobank, a global food and agriculture financial services company.

Animal welfare organizations for years have been pushing for more humane treatment of farm animals but the California rules could be a rare case of consumers clearly paying a price for their beliefs. With little time left to build new facilities, inseminate sows and process the offspring by January, it’s hard to see how the pork industry can adequately supply California, which consumes roughly 15% of all pork produced in the country.

If half the pork supply was suddenly lost in California, bacon prices would jump 60%, meaning a $6 package would rise to about $9.60, according to a study by the Hatamiya Group, a consulting firm hired by opponents of the state proposition. Analysts predict that even as California pork prices soar, customers elsewhere in the country will see little difference. Eventually, California’s new rules could become a national standard because processors can’t afford to ignore the market in such a large state.

so California voters voted Pigs and Chickens need more space before they are used for eating

Rule goes in effect beginning of 2022

Currently only 4% of the farms meet the standard…

— Grandpa Rufus ™ (@Grandpa_Rufus) July 31, 2021

The California rules also now create a challenge for slaughterhouses, which now may send different cuts of a single hog to locations around the nation and to other countries. Processors will need to design new systems to track California-compliant hogs and separate those premium cuts from standard pork that can serve the rest of the country. Climate action advocates have been calling for a reduction in livestock slaughter, as the runoff from slaughterhouses gets into local water supplies, often running into rivers and oceans.

Japan's Nikkei 225 jumps nearly 2%; Afterpay shares in Australia surge after Square deal announcement

USA TODAY 01 August, 2021 - 06:40pm

SINGAPORE — Shares in major Asia-Pacific markets rose in Monday trade, as data showed Chinese manufacturing activity growth slowed in July. Oil prices, meanwhile, fell over 1%.

Shares of Afterpay in Australia soared more than 19% after U.S. fintech firm Square announced it had agreed to buy the buy now, pay later giant. The broader S&P/ASX 200 in Australia also saw robust gains as it climbed 1.52%.

Elsewhere in Japan, the Nikkei 225 jumped 1.68% while the Topix index gained 1.71%. South Korea's Kospi advanced around 0.2%.

Meanwhile, mainland Chinese stocks recovered from an earlier slip, with the Shanghai composite up 0.77% and the Shenzhen component advancing 0.695%.

Hong Kong's Hang Seng index was 0.88% higher. Chinese electric vehicle maker Xpeng saw its Hong Kong-listed shares jump more than 10% after the firm announced Monday a record monthly high for vehicles delivered in July.

The Caixin/Markit manufacturing Purchasing Managers' Index for July released Monday came in at 50.3, much lower than expectations by analysts in a Reuters poll for a reading of 51.1. The Caixin manufacturing PMI figure had come in at 51.3 in June.

China's official manufacturing PMI released over the weekend also showed factory activity growth slowing in July, with the figure for the month coming in at 50.4 versus June's reading of 50.9.

PMI readings above 50 represent expansion, while those below that level signal contraction. PMI readings are sequential and represent month-on-month expansion or contractions.

MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.47% higher.

Investors also monitored the Covid situation regionally. More areas in Japan entered a Covid-19 state of emergency on Monday due to a spike in virus cases, according to local news agency Kyodo News.

Meanwhile, Chinese state media reported that governments at various levels across the country have taken virus containment measures following a resurgence in infections that reportedly started in the city of Nanjing.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 1.37% to $74.38 per barrel. U.S. crude futures declined 1.26% to $73.02 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.094 after a recent decline from levels above 92.4.

The Japanese yen traded at 109.68 per dollar, stronger than levels above 110 against the greenback seen last week. The Australian dollar changed hands at $0.7341, having slipped from levels above $0.738 late last week.

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Japan's Nikkei 225 jumps nearly 2%; Afterpay shares in Australia surge after Square deal announcement

Daily Mail 01 August, 2021 - 06:40pm

SINGAPORE — Shares in major Asia-Pacific markets rose in Monday trade, as data showed Chinese manufacturing activity growth slowed in July. Oil prices, meanwhile, fell over 1%.

Shares of Afterpay in Australia soared more than 19% after U.S. fintech firm Square announced it had agreed to buy the buy now, pay later giant. The broader S&P/ASX 200 in Australia also saw robust gains as it climbed 1.52%.

Elsewhere in Japan, the Nikkei 225 jumped 1.68% while the Topix index gained 1.71%. South Korea's Kospi advanced around 0.2%.

Meanwhile, mainland Chinese stocks recovered from an earlier slip, with the Shanghai composite up 0.77% and the Shenzhen component advancing 0.695%.

Hong Kong's Hang Seng index was 0.88% higher. Chinese electric vehicle maker Xpeng saw its Hong Kong-listed shares jump more than 10% after the firm announced Monday a record monthly high for vehicles delivered in July.

The Caixin/Markit manufacturing Purchasing Managers' Index for July released Monday came in at 50.3, much lower than expectations by analysts in a Reuters poll for a reading of 51.1. The Caixin manufacturing PMI figure had come in at 51.3 in June.

China's official manufacturing PMI released over the weekend also showed factory activity growth slowing in July, with the figure for the month coming in at 50.4 versus June's reading of 50.9.

PMI readings above 50 represent expansion, while those below that level signal contraction. PMI readings are sequential and represent month-on-month expansion or contractions.

MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.47% higher.

Investors also monitored the Covid situation regionally. More areas in Japan entered a Covid-19 state of emergency on Monday due to a spike in virus cases, according to local news agency Kyodo News.

Meanwhile, Chinese state media reported that governments at various levels across the country have taken virus containment measures following a resurgence in infections that reportedly started in the city of Nanjing.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 1.37% to $74.38 per barrel. U.S. crude futures declined 1.26% to $73.02 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.094 after a recent decline from levels above 92.4.

The Japanese yen traded at 109.68 per dollar, stronger than levels above 110 against the greenback seen last week. The Australian dollar changed hands at $0.7341, having slipped from levels above $0.738 late last week.

Got a confidential news tip? We want to hear from you.

Sign up for free newsletters and get more CNBC delivered to your inbox

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Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

New Rules Could Take Bacon Off the Table in California

TheBlaze.com 01 August, 2021 - 02:30pm

(Newser) – Thanks to a reworked menu and long hours, Jeannie Kim managed to keep her San Francisco restaurant alive during the pandemic. That makes it all the more frustrating that she fears her breakfast-focused diner could be ruined within months by new rules that could make one of her top menu items—bacon— hard to get in California. "Our No. 1 seller is bacon, eggs and hash browns," said Kim, who for 15 years has run SAMS American Eatery on Market Street. "It could be devastating for us." At the beginning of next year, California will begin enforcing an animal welfare proposition approved overwhelmingly by voters in 2018 that requires more space for breeding pigs, egg-laying chickens, and veal calves. National veal and egg producers are optimistic they can meet the standards, but only 4% of hog operations now comply with the new rules, the AP reports. Unless courts intervene or the state temporarily allows noncompliant meat to be sold, California will lose almost all of its pork supply, and pork producers will face higher costs to regain the market.

With little time left to build new facilities, inseminate sows, and process the offspring by January, it's hard to see how the industry will be able to adequately supply California, which consumes roughly 15% of all pork produced in the country. "We are very concerned about the potential supply impacts and therefore cost increases," said Matt Sutton of the California Restaurant Association. Hog farmers said they haven't complied because of the cost and because California hasn't yet issued formal regulations on how the new standards will be administered and enforced. The pork industry has filed lawsuits, but so far courts have supported the law. Josh Balk, of the Humane Society of the United States, said the industry should accept the decision of Californians who want animals treated more humanely. "Why are pork producers constantly trying to overturn laws relating to cruelty to animals?" Balk asked.

Copyright 2021 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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