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☆ Alibaba bets on AI to fuel cloud growth as it expands globally to catch up with U.S. tech giants
▼ + stars: | 2024-05-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Alibaba on Thursday said it expanded its global cloud computing availability, while the head of the unit's international arm touted the company's AI products as a way to fuel growth. "We want to have ... more efforts and investments for our international data centers," Selina Yuan, President of Alibaba Cloud's international division, told CNBC in an interview on Wednesday. The push for growth follows a turbulent time for Alibaba Cloud, after the division scrapped a planned initial public offering and underwent a management reshuffle. Alibaba's cloud division began to expand internationally in 2015 with so-far mixed results. Amazon , Microsoft and Alphabet -owned Google account for around 67% of global cloud market share, according to Synergy Research Group.

Persons: Selina Yuan, Alibaba, — Organizations: CNBC, Microsoft, Synergy Research Locations: Mexico, Malaysia, Thailand, South Korea, China, Asia

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ China’s 618 shopping festival begins with biggest-ever Apple price cuts and a boycott
▼ + stars: | 2024-05-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.

Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing

Taipei CNN —Thousands of mostly young protesters surrounded Taiwan’s legislature late into the night on Tuesday, protesting a push by opposition parties to subject the island’s new leader and his administration to tighter scrutiny from a parliament controlled by lawmakers who favor closer ties to China. Meanwhile, the president would be required to deliver an annual address to the parliament on key policy issues. Yasuyoshi Chiba/AFP/Getty ImagesOn Tuesday, as the parliament resumed its meeting to discuss the bill, protesters gathered outside the Legislative Yuan – Taiwan’s unicameral parliament – from morning until midnight, braving downpours in the afternoon. Lai, 64, a former doctor and vice president, was inaugurated Monday alongside new Vice President Hsiao Bi-khim, who recently served as Taiwan’s top envoy to the United States. Both leaders and their party are openly loathed by Beijing for championing Taiwan’s sovereignty.

Persons: Lai Ching, TPP, Yasuyoshi Chiba, Yuan –, braving, Ricky Li, “ I’m, ”, Lai, Hsiao Bi, China’s Organizations: Taipei CNN, Democratic Progressive Party, Taiwan’s, Kuomintang, KMT, Taiwan People’s Party, DPP, –, Communist Party Locations: Taipei, Taiwan’s, China, Beijing, Taiwan, AFP, United States

☆ Stocks making the biggest moves premarket: Macy's, Lowe's, Peloton, Zoom Video and more
▼ + stars: | 2024-05-21 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Macy's — The department store operator added about 3% after beating earnings estimates for the first quarter and raising its full-year outlook. AutoZone reported revenue of $4.24 billion while analysts polled by FactSet forecast $4.29 billion. XPeng — Shares gained 5% after the Chinese electric vehicle firm beat first-quarter estimates on the top and bottom line. The company reported revenue of 25.6 billion yuan, a 38.6% decrease from the fourth quarter of 2023. Zoom Video — Shares slipped nearly 3% even after the video conferencing company reported better-than-expected earnings and revenue for the first quarter.

Persons: Macy's, Lowe's, XPeng, Baird, David Koning, billings, Li Auto, Paul Lejuez, Wall, LSEG, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: FactSet, Palo Alto Networks, —, Technologies, Lam Research, Citi Locations: Keysight

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ China's sweeping measures to prop up the property sector will need time to show results
▼ + stars: | 2024-05-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A real estate construction site in Wanxiang City, Huai 'an City, East China's Jiangsu province, May 17, 2024. Future Publishing | Future Publishing | Getty ImagesBEIJING — China's sweeping moves on Friday to increase support for real estate will take time to show results, analysts said. Despite the news, S&P is still sticking to its base case from earlier in the month that China's property market is likely still "searching for a bottom," Edward Chan, director, corporate ratings, said during the firm's webinar on Monday. But he pointed out that for real estate to see significant stabilization, homebuyers' demand and confidence will need to improve after a market downturn of nearly three years. "We believe Beijing is headed in the right direction with regard to ending the epic housing crisis," Nomura's Chief China Economist Ting Lu said in a report Monday.

Persons: Huai, Edward Chan, Ting, Nomura, Goldman Sachs, Chief China Economist Hui Shan, Ting Lu, P's Chan Organizations: Future Publishing, Getty, BEIJING, Chief China Economist, China Locations: Wanxiang City, City, East China's Jiangsu, Hong Kong, Beijing, Ting Lu, China

☆ Apple looks to boost sales in China with hefty discounts as e-commerce festival gets underway
▼ + stars: | 2024-05-21 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Apple is offering hefty discounts on iPhones in China in a bid to boost sales amid intense competition from local brands such as Huawei, as promotions for the country's 618 shopping festival get underway. Chinese e-commerce marketplaces JD.com and Alibaba's Tmall have been selling select iPhone models at discounts as high as 20% since promotions for 618 festival started on Monday. Apple's 256-gigabyte iPhone 15 Pro Max was being sold for 7,949 yuan (US$1,120), down from the original 9,999 yuan, a significantly higher discount than those reported in February. Tmall and JD.com are some of Apple's sales channels in the country that regularly promote discounts during the mid-year 618 shopping festival. Apple is also offering discounts of up to 6,100 yuan on the iPhone 15 when Chinese buyers trade in iPhone 11 or later versions, according to the company's website.

Persons: Alibaba's, Max, Tmall Organizations: Huawei, Apple Locations: Nanjing, Shanghai, China

☆ China ramps up de-dollarization efforts by dumping a record amount of US bonds
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China sold a record $53.3 billion worth of Treasurys and agency bonds in the first-quarter, Bloomberg reported. AdvertisementChina unloaded a record volume of US bonds in the first quarter, escalating the country's pivot from dollar-denominated assets. AdvertisementBy last year, China was already discarding US debt to prop up its yuan, given considerable declines against the dollar. Now, the metal makes up a 4.9% of Chinese reserves, the highest since at least 2015, Bloomberg said. China is also de-dollarizing its reserves as part of a broader movement to diversify global finance, and chip at dollar dominance.

Persons: —, Biden, Donald Trump Organizations: Bloomberg, Service, US Treasury, greenback, Biden Administration, West Locations: China, Beijing, Russia

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ Chinese Firms Face Authoritarianism at Home and Hostility Abroad
▼ + stars: | 2024-05-20 | by ( Li Yuan | ) www.nytimes.com time to read: 1 min

One April afternoon in 2018, Zhang Yiming, the founder of the Beijing-based online media company ByteDance, got a notice from Chinese regulators to shut down an app where people shared jokes and silly videos. He followed orders and expressed his deep remorse in a public apology. “I feel regretful because I have let down the guidance and expectations of the supervisory authorities all along,” he wrote. On top of the list: Build up the Communist Party’s presence at ByteDance and educate its employees to think from the perspectives of the party and the government. Now ByteDance, which owns TikTok, is facing a similar order from the U.S. government: It needs to divest the short video app or it will face a ban.

Persons: Zhang Yiming, “, ”, Zhang Organizations: U.S . Locations: Beijing, U.S

☆ China's hot EV market is no longer focused solely on lower sticker prices. Which stocks to watch
▼ + stars: | 2024-05-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Winning in China's electric car market is no longer just about having the cheapest price. Despite new U.S. tariffs , the Chinese electric car industry is already moving into a new phase of competition no longer centered on sticker prices alone, many in the industry say. Hong Kong-listed Fuyao, a major supplier of glass for cars, is one of JPMorgan's top picks to take advantage of China's growing electric car market. The Shenzhen-listed Chinese battery giant, Contemporary Amperex Technology , is one of JPMorgan's top Chinese electric car supply chain plays. Last week, Chinese electric car company Nio released a new car in a lower-priced range of just over 200,000 yuan.

Persons: Stephen Dyer, AlixPartners, BYD, Xiaomi, Tesla, Nio, William Li, — CNBC's Michael Bloom Organizations: JPMorgan, Greater, Greater China Business, Amperex, Li Auto, Tesla Locations: Hong Kong, China, Greater China, Asia, Beijing, Shenzhen

☆ Rich Chinese millennials are creating new status symbols. Here are 11 ways they are redefining luxury.
▼ + stars: | 2024-05-19 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +12 min

Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.

Persons: —, they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials

☆ China pledges $42 billion in a slew of measures to support the struggling property sector
▼ + stars: | 2024-05-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China announced "historic" steps to stabilize the crisis-hit property sector on May 17, 2024, allowing local governments to buy "some" apartments, relaxing mortgage rules and pledging to deliver unfinished homes. These and other measures announced Friday marked Beijing's latest efforts to address issues in the massive real estate sector. The real estate companies can then use funds earned from those sales to complete construction on other apartments, the central bank said. Pre-sold, unfinished homesFor years, many apartments in China tended to be sold before construction was finished. Nomura estimated last year there were around 20 million such pre-sold, unfinished apartments in China.

Persons: Zhu Ning, Tao Ling, Xiao Yuanqi, Larry Hu, Dong Jianguo, Lifeng, Zhu, Nomura Organizations: China, Nurphoto, Getty, Tsinghua University, People's Bank of China, National Financial Regulatory, Macquarie, CNBC, of Housing, Housing, Future Publishing Locations: BEIJING, Wanxiang City, Huai'an City, East China's Jiangsu, China

☆ Housing market: China unveils sweeping measures to rescue its crisis-hit property sector
▼ + stars: | 2024-05-17 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has unveiled wide-ranging measures to rescue its property sector, including asking local governments across the country to buy unsold homes from beleagured developers and easing rules on purchases. In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of unsold homes. The 300 billion yuan provided by the central bank could eventually underpin 500 billion yuan ($69 billion) worth of credit to support such purchases, she estimated. Expectations that Beijing was preparing a plan to have local governments across the country buy millions of unsold homes have successfully buoyed China stocks. On Friday, He also urged local governments to buy back or directly purchase land that has been sold to developers but not yet used.

Persons: Lifeng, Tao Ling, Larry Hu, ”, Société Générale Organizations: Hong Kong CNN, Communist, China Real Estate Business, Macquarie Group, Reuters, provident Locations: China, Hong Kong, Beijing

☆ These tiny EVs are making a big impact
▼ + stars: | 2024-05-17 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Here are some of the tiny EVs making a splash in Asia and Europe. AdvertisementChief among those is the Seagull, a tiny EV that can go 305 km on a single charge and costs $11,000. SOPA Images/Getty ImagesJapan has long had a soft spot for tiny EVs, known as Kei cars — and the Nissan Sakura is one of the most popular. BITechnically speaking, the Citroen Ami isn't an electric car at all, but an "electric quadricycle." The tiny microcar has been on sale in Europe since 2021, with a UK launch mooted for later this year.

Persons: —, Nissan Sakura, Tesla, Aly Song, Reuters BYD, Elon, HECTOR RETAMAL, Citroen Ami, Citroen Ami isn't, Ami, Merlin Ouboter Organizations: Service, Nissan, Tesla, Ford, Business, Reuters, SAIC, General Motors, Japan, Citroen, BI, Getty Locations: China, Japan, Europe, Asia, Guang, Shanghai, France, London, Swiss

☆ Australia’s ‘world’s oldest’ loong: Vandals target the Chinese parade dragon in an Australian museum
▼ + stars: | 2024-05-16 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

CNN —Australian police are seeking two people for allegedly vandalizing a century-old Chinese parade dragon and other valuable artefacts at a museum in a small town known for its historic links to China. The vandalism took place last week at the Golden Dragon Museum in Bendigo, about 100 miles northwest of Melbourne, according to the police and head of the museum. Golden Dragon MuseumBendigo, currently a city of some 100,000 people, has had Chinese residents for more than a century. To this day, a large dragon parade is held every Easter to raise money for a local hospital. The Golden Dragon Museum was opened in 1991 “to document, interpret and preserve the Chinese heritage in Australia” according to the museum’s website.

Persons: Toyota Prado, ”, Loong, “ Loong, Dai, “, Hugo Leschen, Sun Loong, Leschen, Yi Organizations: CNN, Australian, Dragon Museum, . Victoria Police, Toyota, “ Investigators, Golden Dragon Museum Bendigo, Miners, Bendigo Tourism, Dragon, Yi Yuan, Nine, Chinese Community Council of Australia Locations: China, Bendigo, Melbourne, Australia, Victoria, Yi Yuan Chinese

☆ Xi welcomes Putin to China as both leaders seek to bolster strategic ties
▼ + stars: | 2024-05-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Chinese leader Xi Jinping welcomed Russian President Vladimir Putin in Beijing on May 16, 2024 as both countries seek to bolster their strategic relationship. Seen here is a file photo of the two men when they met in Beijing on Oct. 18, 2023. Chinese leader Xi Jinping welcomed Russian President Vladimir Putin in Beijing on Thursday as both countries seek to bolster their strategic relationship. In an interview with state-media Xinhua published ahead of the visit, Putin said trade volume between the two countries reached $227.8 billion last year from $111 billion in 2019. "The current bilateral trade volume is about 20 trillion rubles, or nearly 1.6 trillion yuan," he noted.

Persons: Xi Jinping, Vladimir Putin, Putin's, Xi, Putin Organizations: Xinhua Locations: Beijing, China, Russian, U.S . China, Ukraine, Washington, Moscow

☆ Dollar sags as slower U.S. inflation boosts rate cut expectations
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. Stocks and other risk-sensitive assets such as the Australian dollar led gains in the wake of the data release. The New Zealand dollar hit a two-month high at $0.6131. Softer-than-expected retail sales figures, which were flat last month instead of the 0.4% gain that economists had forecast, reinforced the newfound confidence in rate cuts.

Persons: Sterling, Bart Wakabayashi, China's, Bitcoin Organizations: Australian, New Zealand, U.S, State, European Central Bank Locations: Asia, Tokyo, Treasuries

☆ China's Baidu beats quarterly revenue estimates on ad recovery, cloud
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its AI-powered cloud products. The company, China's largest search engine provider, reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data. "Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in an earnings release. Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan. Baidu reported adjusted net income of 7 billion yuan for the quarter, beating the analysts' average estimate of 5.57 billion yuan, according to LSEG data.

Persons: ERNIE Bot, Baidu, Robin Li Organizations: Baidu Locations: ZHEJIANG, CHINA

☆ Dollar droops to one-month low vs euro before key CPI test
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, the new £10 note is seen alongside euro notes and U.S. dollar bills on Oct. 13, 2017 in Bath, England. The euro edged up 0.03% to $1.0823 in Asian trading hours, and earlier rose to $1.0828 for the first time since April 10. The dollar edged back 0.12% to 156.245 yen on Wednesday, but had pushed as high as 156.80 overnight. The dollar dropped 0.24% to 7.2232 yuan in offshore trading, after reaching the highest since May 1 at 7.2460 overnight. The New Zealand dollar climbed 0.37% to $0.6062, and earlier touched $0.6064 for the first time since April 10.

Persons: Alan Ruskin, Jerome Powell, Tony Sycamore, Joe Biden's Organizations: Reserve, U.S, Treasury, Deutsche Bank, Bank of Japan, CPI, IG, Australian, New Zealand Locations: Bath, England, U.S, China

☆ China's economy reveals pockets of softness. Here's what to watch ahead of Friday's data
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday. Some of the weakness speaks to genuine sluggish demand in China at present. The firm expects this week's economic data releases to show a "softening in economic momentum," affirming its forecasts for the central bank to cut rates by the end of June. "Some of the weakness speaks to genuine sluggish demand in China at present," said Hui Shan, Goldman Sachs' China chief economist, in a note Sunday. Businesses' loan demand fallsNew bank loans to businesses and government organizations dropped sharply in April from March, as did new loans to households, according to official data accessed through Wind Information.

Persons: Hui Shan Goldman Sachs, Louise Loo, Goldman Sachs, Hui Shan, Goldman, RRR, Pan Gongsheng Organizations: Visual China, Getty, BEIJING, National Bureau, Statistics, Reuters, Finance, Oxford Economics, People's Bank of, Information, Clocktower, CNBC Locations: Lianyungang, Jiangsu Province, China, —, Beijing, People's Bank of China

☆ China’s international students under pressure as economic uncertainty looms
▼ + stars: | 2024-05-15 | by ( Ulrica Lin | ) www.cnbc.com time to read: +2 min

As a growing number of overseas Chinese students run into financial difficulties due to the declining wealth of their families, many go online to express their grief and seek advice on how to cope with the situation. The 24-year-old Chinese student is currently studying design in an undergraduate program at a university in Alabama. Her parents have so far spent 1.5 million Chinese yuan, or about $211,500, to fund her overseas studies and living expenses. But in October last year, her parents told her they were facing cash flow problems and could no longer offer her financial support. "I didn't have time to feel sad because I needed to make money to pay for my tuition fees and rent as soon as possible," Zhang told CNBC in Mandarin.

Persons: Xiao Zhang, Zhang Organizations: New Oriental Education, CNBC Locations: Alabama, U.S

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ CNBC Daily Open: Nasdaq closes at record high; Google launches new AI model
▼ + stars: | 2024-05-15 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq rose to a record close, while the Dow Jones Industrial Average added 126 points. Meme craze coolsShares of GameStop and AMC rose on Tuesday, extending Monday's gains after "Roaring Kitty" made a reappearance. Shares, however, gave up some of their earlier gains, suggesting enthusiasm for the so-called meme stocks was fading. Powell: Inflation falling slowlyFederal Reserve Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer.

Persons: Jerome Powell, Alibaba, Powell, CNBC's Yun Li Organizations: CNBC, Nasdaq, Dow Jones, Treasury, GameStop, AMC, Biden, AMC Entertainment Locations: Hangzhou, New York, China, Amsterdam

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