After India-Pak conflict, Indonesia mulls getting China's J-10 fighter jets
The J-10, developed by Avic Chengdu Aircraft Co Ltd., is a single-engine, multirole fighter that saw action in the recent conflict between Pakistan, China's closest defense partner, and India.
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Weak UK Jobs Data Sends Down Pound and Boosts BOE Rate Cut Bets
The pound fell and UK bonds rallied as traders added to bets on interest-rate cuts from the Bank of England after data showed a sharp deterioration in the labor market. Sterling fell as much as 0.7% to $1.3456 on Tuesday, heading for its worst day in a month and leading losses among Group-of-10 currencies. Gilts outperformed euro-area peers, with yields down five to six basis points across the curve. UK employment plunged by the most in five years and wage growth slowed more than forecast, data released on Tuesday showed. That increased traders' conviction that the BOE will deliver two more quarter-point rate cuts this year. 'The UK labour market does seem to be weakening at the margin,' said Mike Riddell, a portfolio manager at Fidelity International, who has a small long position in gilts up to the 10-year maturity and a moderate short position in the pound. If the weakening continues at this pace, the BOE will 'resort to quarterly cuts,' he added. The BOE has already lowered borrowing costs twice this year, bringing the benchmark to 4.25%. Money markets are now fully pricing another reduction in September and see a 90% chance of anoter move by December, up from about 60% on Monday. Gilt yields fell six to seven basis points across the curve. The two-year rate — the most sensitive to monetary policy chances — dropped seven basis points to 3.94%, the lowest in a month. Expectations of lower interest rates and falling bond yields reduced the appeal of the pound, which hit its lowest level against the euro in nearly three weeks. That marks its strongest reaction to a UK payrolls report since September. Still, sterling is one of the highest yielding G-10 currencies and has been bolstered by an uptick in risk sentiment and demand for carry trades. The currency last week touched its strongest level since February 2022. 'The dovish repricing of BOE rate-cut expectations takes some of the shine of the pound,' said Lee Hardman, a senior currency analyst at MUFG. But it's 'unlikely on its own to reverse the recent upward trend unless the BOE signals it is more willing to speed up rate cuts.' What Bloomberg Strategists Say... 'While both headline and private-wage growth slowed, investors need to keep in mind that numbers above 5% are patently incompatible with the idea of 2% inflation, so it's premature to conclude that the path is clear for continued rate cuts.' — Ven Ram, Macro Strategist, Dubai Options markets indicate traders are increasingly divided on the pound's near-term direction. One-week risk reversals — which reflect the difference in demand for bullish versus bearish bets — are trading near parity, signaling uncertainty after six straight days of waning upside momentum. While the softer employment data may help ease concerns among BOE policymakers that pay rises are fueling inflation, consumer price growth remains sticky at 3.5%, above the target. The data 'puts the BOE in an exceptionally challenging situation,' said Zara Nokes, global market analyst at JP Morgan Asset Management. The labor market is 'clearly deteriorating' but inflation is still-elevated and that could keep the BOE 'firmly on hold' until there's more evidence of cooling inflation. The pound's slide helped boost UK stocks, with the export-heavy FTSE 100 index set to close at a record high. About 75% of revenue for the gauge's companies comes from abroad. With assistance from Sujata Rao. This article was generated from an automated news agency feed without modifications to text.
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First Post
a day ago
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Can Pakistan afford China's J-35 fighter jets even at discounted rates, ask netizens
Chinese social media users have slammed their government's move to fast track delivery of 30 J-35A stealth fighter jets to Pakistan at half the price, labelling it as 'financially and strategically reckless' read more Pakistan Air Force J-10C fighter jets perform at a rehearsal ahead of Pakistan's national day parade in Islamabad. Used for representational purposes | File image/AFP Chinese social media users have slammed their government's move to fast track delivery of 30 J-35A stealth fighter jets to Pakistan at half the price, labelling it as 'financially and strategically reckless' According to a Times of India report, as per the deal, which marks China's first export of a fifth-generation combat aircraft, the deliveries will begin as early as August 2025. The decision, however, has left many Chinese citizens baffled and angry, especially as the J-35A, also known as the FC-31, is still undergoing testing and has not even yet been inducted into China's own air force, added the report. STORY CONTINUES BELOW THIS AD 'Pakistan has also made a lot of fake news. How can it afford to buy it? It hasn't even paid for the J-10,' ToI quoted a user, posting under the handle @Zhejiang from the Yingyang Medical School, as saying. The comment refers to Pakistan's pending payments for earlier J-10C fighter jets purchased from China. Another user under the name @CQL0530 criticised Beijing's production priorities, asked 'China's own production of the J-35 has not yet been built up. How can it be given to them?' Some users showed no restraint. 'Bullshit!' wrote one, as quoted by ET. The phrase '2 more powerful printers are coming,' shared by user Cracked Rose, was interpreted by some as a reference to the government printing more money, or jets, to fund the project. Timing of China-Pak deal draws criticism The announcement of China's deal to supply 30 J-35A stealth fighter jets to Pakistan has faced scrutiny not only over the jet's readiness but also its timing. Coming just days after a terror attack in Jammu & Kashmir's Pahalgam, Indian analysts interpret the deal as China arming Pakistan amid escalating cross-border tensions. STORY CONTINUES BELOW THIS AD Within China, social media users are questioning whether the government is effectively subsidising a military client with limited financial capacity. 'It is more in your interest to spend money on building and purchasing industrial equipment and infra,' ToI quoted one commenter as writing. Concerns also focus on whether China is selling a 'concept jet'— a fighter still in development — presented as a finished product. Although the J-35 is designed to compete with US-made fighters like the F-35, it lacks combat experience or proven operational capabilities. High-risk gamble China previously promoted the J-10CE fighter jet, also supplied to Pakistan, as 'combat-tested,' citing Islamabad's claims that it shot down Indian Rafales during 'Operation Sindoor'. However, these claims remain unverified outside Pakistani media and have been met with skepticism. Attempts to export the J-10CE to countries like Egypt, Brazil, and Uzbekistan have so far been unsuccessful, reported Times of India. Experts attribute this to the jet's reliance on Russian engines — such as the RD-93 and AL-31— which are considered outdated and pose increasing risks amid geopolitical tensions and supply chain uncertainties. STORY CONTINUES BELOW THIS AD According to Times of India, citing reports, Pakistani pilots are already training in China to operate the J-35. However, the Chinese government has yet to release an official statement addressing the backlash or confirming details of the sale, added the report. While India is expected to closely monitor the situation, many in China are questioning who truly benefits from the deal. If finalised, Beijing may present it as a strategic effort to strengthen regional influence. Yet for many ordinary citizens, it increasingly appears to be a high-risk gamble — funded by Chinese taxpayers — on an unfinished aircraft sold to a buyer with a questionable credit history. With inputs from agencies
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First Post
a day ago
- First Post
Pakistan's unverified claims & move to buy J-35 5th-gen jets see Chinese maker's shares soar high
Pakistan's government said Friday on social media that it intends to acquire 40 J-35 fighters, KJ-500 airborne early warning and control aircraft, and HQ-19 ballistic missile defence systems. read more Shares of the company that makes China's J-35 fighter aircraft have soared, courtesy Pakistan. Reuters Shares of Chinese defence firms surged Monday (June 9) after Pakistan announced plans to purchase a fleet of advanced Chinese-made fighter jets, a move that could mark China's first export of its fifth-generation stealth aircraft. AVIC Shenyang Aircraft Company, the manufacturer of the J-35 stealth fighter jet, hit its 10 per cent daily trading limit in Shanghai, building on a three-day rally. Other defence stocks also jumped, with Aerospace Nanhu Electronic Information Technology Co. climbing as much as 15 per cent, Bloomberg reported. STORY CONTINUES BELOW THIS AD Interestingly, this is not the first time defence stocks in China have soared following India-Pakistan tensions. Pakistan government's signalling Pakistan's government said Friday (June 6) on social media that it intends to acquire 40 J-35 fighters, KJ-500 airborne early warning and control aircraft, and HQ-19 ballistic missile defence systems. The J-35, which is claimed to feature advanced stealth capabilities, was developed by Shenyang Aircraft Corporation and was first unveiled publicly at the 2024 Zhuhai Airshow. If finalised, the deal would mark the first known foreign sale of the aircraft. Tensions between Pakistan and India remain high following clashes in early May that involved air, drone and missile strikes, along with artillery and small arms fire. In a May 31 interview, India's Chief of Defence Staff Anil Chauhan confirmed India had lost fighter jets during the conflict, though he did not provide details. Last month, Pakistan claimed that Chinese-made J-10C fighters helped shoot down six Indian jets, including French-built Rafales. India has denied the effectiveness of the weapons systems used by Pakistan, saying its forces successfully carried out retaliatory strikes deep inside Pakistani territory. The reported deal also comes amid growing interest in Chinese military hardware in Southeast Asia. Indonesia is considering a Chinese offer of J-10 jets after traditionally relying on aircraft from the United States, Russia and other suppliers. China's defence industry has continued to advance despite domestic corruption scandals. In December, Beijing launched its first next-generation amphibious assault ships, which analysts say are the largest of their kind. Last year, a video purportedly showing a test flight of a sixth-generation Chinese fighter jet went viral online, prompting another wave of gains in defence stocks. STORY CONTINUES BELOW THIS AD
