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BERLIN, Dec 5 (Reuters) - German Chancellor Olaf Scholz warned against creating a new Cold War by dividing the world into blocs and called for every effort to be made to build new partnerships, writing in an opinion piece for Foreign Affairs magazine published online on Monday. The West must stand up for democratic values and protect open societies, "but we must also avoid the temptation to once again divide the world into blocs," wrote Scholz in the piece. "This means making every effort to build new partnerships, pragmatically and without ideological blinders," he added. Scholz singled out China and Russia in particular as two countries that pose a threat to a multipolar world, which requires stronger European and transatlantic unity to overcome. "Germans are intent on becoming the guarantor of European security that our allies expect us to be, a bridge builder within the European Union and an advocate for multilateral solutions to global problems," wrote Scholz.
Many investors say that stocks of drugmakers and medical equipment companies, however, will likely get a more lasting lift from China's bumpy journey towards an eventual economic opening. Investors have snapped up Chinese tourism (.CSI930633), leisure (.CSI930654), retailing (.CSI930674) and food and beverage stocks (.CSI930653) over the past week. "After curbs are relaxed, China could experience the impact from surging virus cases, along with rising deaths, potentially hitting the economy," the brokerage said. "I think it's reasonable to think that as infections rise, they're going to have shortages in some areas of workers," he said. Grow Investment Group chief economist Hong Hao, warning of confusion and chaotic expectations ahead, recommended internet platform companies and food delivery firms in the short term.
Goldman Sachs has identified an emerging opportunity in electric vehicles that's on an "upward trend," and revealed a key stock to play it. Goldman estimates that the EV outsourcing market will grow to $36 billion in 2025 and $144 billion in 2030. The company trades as Hon Hai in mainland China and Taiwan, and Foxconn elsewhere. Why Goldman is bullish on Hon Hai Goldman says that Hon Hai could excel in "tech contents" – a growing area in EVs. It offers a "unique advantage" for Hon Hai to capture growth in EV production, especially from smaller players.
The U.S. has been putting pressure on the Netherlands to block exports to China of high-tech semiconductor equipment. The Netherlands is home to ASML, one of the most important companies in the global semiconductor supply chain. Instead, it makes and sells $200 million extreme ultraviolet (EUV) lithography machines to semiconductor manufacturers like Taiwan's TSMC. ASML has not been able to ship an EUV machine to China since 2019 due to various Dutch export restrictions, according to a company spokesperson. According to a Reuters report from 2020, the Dutch government withdrew ASML's license to export its EUV machines to China after extensive lobbying from the U.S. government.
[1/2] Australian Prime Minister Anthony Albanese attends the APEC Leader's Dialogue with APEC Business Advisory Council during the Asia-Pacific Economic Cooperation (APEC) summit, Friday, Nov. 18, 2022, in Bangkok, Thailand. The group, which includes Australia's governing Labor Party and opposition Liberal-National coalition MPs, will fly to Taiwan on Sunday and is the first delegation of its type to visit there since 2019, The Australian newspaper reported on Saturday. Albanese on Saturday described the trip as a "backbench" visit to Taiwan, not a government-led one. "There remains a bipartisan position when it comes to China and when it comes to support for the status quo on Taiwan," Albanese told reporters in the town of Renmark, in South Australia state. The group will reportedly meet with Taiwan President Tsai Ing-wen and Foreign Minister Joseph Wu, with the visit having support from Taiwan's foreign ministry.
Analysts at Goldman Sachs named a slew of stocks this week that the firm said are well positioned if market conditions deteriorate. They include Yeti, Yum China , Keysight Technologies , Capri Holdings and Taiwan Semiconductor Manufacturing . Yum China Yum China is a stock made for these times, according to analyst Michelle Cheng. Keysight Technologies "Strong results despite weakening macro. Yum China "YUMC delivered a strong margin beat in its 3Q22 results reinforcing its leading execution & business resiliency amid market volatility.
Each new B-21 is pegged at roughly $729.25 million, and the U.S. Air Force expects to procure at least 100 of them. Factoring in inflation, it’s half the price of the exorbitantly expensive B-2 stealth bomber it’s meant to replace. Factoring in inflation, it’s half the price of the exorbitantly expensive B-2 stealth bomber it’s meant to replace. (China’s military grasps the benefit of long-range stealth bombers in the Pacific context and is developing its own Raider-like stealth bomber intended to expand its strike range.) That isn’t to say the Raider program should be written a blank check.
Police fanned out across Shanghai, Beijing and other cities to try to prevent additional protests. A representative of Vision China Entertainment, which says on its website it represents Lin, didn’t respond to a request for comment. Jinzhou in the northeast lifted curbs on movement and allowed businesses to reopen. On Thursday, the metropolis of Guangzhou in the south, the biggest hotspot in the latest infection spike, allowed supermarkets and restaurants to reopen. Other major cities including Shijiazhuang in the north and Chengdu in the southwest restarted bus and subway service and allowed businesses to reopen.
WASHINGTON, Dec 2 (Reuters) - Protests in China against the world's toughest COVID-19 restrictions are dying down because they have had an effect, a top U.S. diplomat said on Friday, as Beijing further eased testing and quarantine rules. Anger over the curbs had fueled dozens of protests in more than 20 cities in recent days in a show of civil disobedience unprecedented in mainland China since President Xi Jinping took power in 2012. "Protests do matter," she said, adding that she recognized China had used security forces to quash the demonstrations and put protesters in jail. Asked by students at the university event about the threat of conflict between China and Taiwan, Sherman said war was possible. "I think war is potentially possible because Xi Jinping now has absolute control in China," Sherman said.
[1/7] Taiwan President Tsai Ing-wen poses for a photo with Alicia Kearns a British lawmaker at the Presidential Office Building in Taipei, Taiwan, December 2, 2022. Taiwan Presidential Office/Handout via REUTERS. "And we talked about how we as an international community work together to prevent, and therefore the importance of deterrence diplomacy. And, yes, defence cooperation was discussed as part of that because it should be part of a whole conversation that takes place." Tsai, meeting Kearns and her delegation at the presidential office, expressed thanks for Britain's support of Taiwan, especially calls to uphold peace and stability in the Taiwan Strait.
Overall, 57% of survey respondents said the U.S. must continue supporting Ukraine with weapons and financial support. WASHINGTON—Americans fear Russia’s invasion of Ukraine could lead to instability in Europe and even spur China to make a similar assault on Taiwan, but they still support the U.S. providing Kyiv weapons and financial support, according to a national defense survey. In addition, the survey found that Americans have less trust in their military leadership, in part because they feel it is becoming too politicized.
Goldman Sachs says South Korean stocks are the bank's top "rebound candidate" for 2023 due to low valuations, made cheaper by a nosediving Korean won, and as companies benefit from an expected recovery in Chinese demand. "We think (Korean stocks) sold off too much in September and August." Morgan Stanley downgraded its view on Indian exposure in October, when it upgraded its recommendation for South Korea. Like South Korea, Taiwan (.TWII) is another heavily-sold and chip-maker dominated market - though tensions with China make some investors a bit less enthusiastic. Meanwhile, Taiwan and South Korea are both geopolitical flashpoints - but analysts argue at least some of that is already in the price.
Dec 1 (Reuters) - Taiwan Semiconductor Manufacturing Co (2330.TW) will offer advanced 4-nanometer chips when its new $12-billion plant in Arizona opens in 2024, spurred by U.S. customers such as Apple Inc (AAPL.O) to do so, Bloomberg News saidon Thursday. Citing people familiar with the matter, it said TSMC was expected to announce the new plan when President Joe Biden and Commerce Secretary Gina Raimondo visit Phoenix for a ceremony next Tuesday. Reporting by Urvi Dugar in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
HONG KONG, Dec 1 (Reuters Breakingviews) - Covid-19 lockdowns and protests across China have highlighted the risks of the mutual dependence between Taiwan's Foxconn and its top customer Apple (AAPL.O). It makes 70% of the world’s iPhones, according to Fubon Research. Meanwhile Apple’s huge investments into Foxconn have paid off: the U.S. company is the most profitable smartphone maker by far. Foxconn has been scrambling to contain the fallout, offering bonuses to temporary workers and shifting production to other facilities. At the time, Foxconn said it was bringing the situation under control and was coordinating with other plants to increase production.
Cassie De Pecol has traveled to all 193 sovereign nations in addition to Taiwan, Kosovo, and Palestine. These are some of her top travel tips — from her favorite airlines to how to stay safe as a solo traveler. So I decided to go after the Guinness World Record for traveling to every country in the fastest amount of time. How I traveled to 193 countries in just over 18 monthsCassie De Pecol in North Korea. If you can, pack lightFor my trip around the world, I traveled with just a backpack.
The bubble in predicting the end of the world
  + stars: | 2022-12-01 | by ( Edward Chancellor | )   time to read: +7 min
Former U.S. Treasury Secretary Larry Summers says the world faces the “most complex, disparate and cross-cutting set of challenges” he’s ever encountered. In his wittily titled “The End of the World is Just the Beginning”, the geopolitical strategist suggests that a number of countries from Germany to China face insuperable demographic challenges. The threat to America’s global hegemony from China is the subject of Ray Dalio’s “The Changing World Order”. The U.S. stock market bubble has only partially deflated, bond yields around the world trail below inflation, and global property markets are exposed to rising interest rates. The Assyrian who forecast the world would end in 2800 BC was wrong.
LONDON, Dec 1 (Reuters) - China on Thursday accused a committee of British lawmakers visiting Taiwan of "gross interference" in China's internal affairs and threatened a forceful response to anything that undermines Chinese interests. The Chinese embassy in Britain issued a statement responding to the ongoing visit to Taiwan by British parliament's Foreign Affairs committee, calling it a "flagrant violation" of the one-China principle. China claims the self-ruled, democratic island of Taiwan as its own territory, part of its "one China" policy. "Moves of the UK side that undermine China's interests will be met with forceful responses from the Chinese side." The spokesperson said the visit sent the wrong signal to those who want Taiwan to be independent.
Chinese papers go black in mourning for late leader Jiang Zemin
  + stars: | 2022-12-01 | by ( )   time to read: +3 min
[1/6] A Chinese flag is lowered to half-staff, following the death of former Chinese President Jiang Zemin, in Shanghai, China, December 1, 2022. REUTERS/Aly SongBEIJING, Dec 1 (Reuters) - Chinese newspapers turned their front pages black on Thursday and flags were put at half mast in mourning for the death of former president Jiang Zemin, whose death has prompted a wave of nostalgia for the more liberal times he oversaw. Jiang died in his home city of Shanghai just after noon on Wednesday of leukaemia and multiple organ failure. "Beloved comrade Jiang Zemin will never be forgotten," it said in its headline, above a story republishing the official announcement of his death. "Having someone educated as leader really is a good thing, RIP," wrote one user on WeChat adding a candle emoji.
TOKYO, Dec 2 (Reuters) - Japan will use its turn next year in leadership roles at the Group of Seven and the United Nations to pressure Russia to halt its war in Ukraine, Japanese Minister of Foreign Affairs Yoshimasa Hayashi said at the Reuters NEXT conference. In October, the G7 committed to providing financial, humanitarian, military, diplomatic and legal support to Ukraine for as long as necessary. Japan wants to coordinate with other "G7 nations and like-minded countries to keep on good teamwork vis-a-vis such issues as Russia's aggression on Ukraine and other measures." "We would like to further strengthen the movement for reform for the United Nations," Hayashi told Reuters. "Since the start of the United Nations, the membership has not changed.
Amid the pandemic curbs, China's factory activity shrank in November, a private survey showed on Thursday. The figure followed downbeat data in an official survey on Wednesday that showed manufacturing activity had hit a seven-month low in November. South Korea's factory activity shrank for a fifth straight month in November but the downturn moderated slightly, possibly suggesting the worst was over for businesses. Lockdowns in China have hit production at a factory there that is the biggest producer of Apple Inc (AAPL.O) iPhones. Vietnam's PMI fell to 47.4 in November from 50.6 in October, while that for Indonesia slid to 50.3 from 51.8, the private surveys showed.
E-commerce Meeks is avoiding the e-commerce space altogether, citing concerns about "lackluster" online Christmas spending in the United States and the return of Covid shutdowns in China. Among the world's major e-commerce stocks, Meeks said he prefers to Alibaba and Amazon , though he suggested that "investors wait to buy any of them." Cyber stocks Cyber stocks, like nearly everything else in the broader tech sector, haven't been spared from this year's tech rout. The First Trust Nasdaq Cybersecurity ETF (CIBR) and the iShares Cybersecurity and Tech ETF (IHAK) are both down by about 22% this year, less than the Nasdaq's 30% drop. The semiconductor sector has, however, recovered slightly, with the SOX up 14.9% since the end of the third quarter.
But we are seeing a range of geopolitical risks rise to prominence, and it's appropriate for American businesses to be thinking about what those risks are." U.S. companies are beginning to think about such supply chain risks more seriously, including over Taiwan and Chinese practices that have raised national security concerns, Yellen said. But she said continued strong business ties between the United States and China were important for the global economy. It would not be beneficial "either to the United States or to China or to the global economy to see that erode." Yellen also said China's persistent COVID-19 lockdowns were disrupting production and hampering efforts to end disruptions to global supply chains and rebuild goods inventories.
On Monday, the White House said it backed the right of people to peacefully protest in China but stopped short of criticizing Beijing as protesters in multiple Chinese cities demonstrated against heavy COVID-19 measures. The Republican response was swift. Senator Ted Cruz called White House response "pitiful," adding in a tweet: "At a potentially historic inflection point, Dems shill for the CCP." Beyond this, say analysts, the U.S. wants to avoid language that allows China to pin the protests on U.S. interference. Daniel Russel, who served as the top U.S. diplomat for East Asia in the Obama administration, said the Biden White House would be focused on the next steps by Chinese authorities.
The U.S. share of chip design revenue has been slipping in recent years, dropping to 46% in 2021 from over 50% in 2015. The United States has already lost its lead in chip manufacturing, prompting the Biden administration to pass the CHIPS and Science Act this year. An earlier report by SIA and BCG in 2020 showed the U.S. share of modern global chip manufacturing capacity had fallen to 12% by that year, down from 37% in 1990. The report also said government support is helping companies in countries like China and South Korea to gain market share in chip designing as well. It said federal investment in semiconductor design and R&D of $20 billion-$30 billion through 2030, including a $15 billion-$20 billion investment tax credit for chip design, would be needed to maintain U.S. leadership in the long-run.
JPMorgan likes these internet stocks heading into 2023
  + stars: | 2022-11-30 | by ( Carmen Reinicke | )   time to read: +2 min
It's been a rough year for internet stocks as they've been pulled down by the technology rout. JPMorgan in particular sees five stocks as working well in the last few weeks of 2022 and heading into 2023. "Secular shift, favorable comps and increasing discipline position Amazon well into 2023," analyst Doug Anmuth wrote in a note earlier this week. The firm sees a shift towards eCommerce and cloud computing growth as positive for Amazon, supporting the company's future revenue growth. Booking Holdings , the online travel company, is also on Anmuth's list.
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