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Hsu, founder and chairman of Rayliant Global Advisors, told CNBC's Pro Talks that Alibaba , JD.com , and Pinduoduo are among his top picks. If signs of consumption growth return to China, he suggested the stock could climb to $200 per share or double from current levels. BABA 1Y line Hsu said he views JD.com similarly to Alibaba, with his preference between the two mainly driven by valuation metrics. PDD Pinduoduo underperformed the broader Chinese stock market this year and has fallen by 14% so far this year. Baidu Not all Chinese technology stocks are equally attractive.
Persons: Jason Hsu, Hsu, CNBC's, BABA, CNBC's Tanvir Gill, JD.com, They've, , Evelyn Cheng Organizations: Rayliant Global Advisors, Baidu, Alibaba's, Wall Street, China Equity ETF, Google Locations: China, Beijing, Alibaba's New York
China is considering a fresh $1.4 trillion stimulus, Reuters reported. The package could be approved next week and would increase in size if Trump wins the election. The large fiscal stimulus would be increased if Republican nominee and former President Donald Trump wins the US election, the report says. The remaining 4 trillion yuan would be raised by local government bonds and put toward idle land and property purchases, the sources told Reuters. AdvertisementIf Trump is elected, the stimulus package could be higher due to the economic challenges Trump's policies would pose for China, the sources told Reuters.
Persons: Trump's, , Donald Trump, Trump, he's, Goldman Sachs Organizations: Reuters, Trump, Service, Republican, National People's Congress, China, Wall Locations: China, Beijing
Electric vehicles, trade, tariffs, China, emissions regulations and labor are among the top issues automakers are monitoring, according to industry executives and policy experts. Harris vs. TrumpOfficials expect a Harris victory to be a continuation, but not a copy, of the past four years under Biden. Republican presidential nominee and former U.S. President Donald Trump speaks as he visits a campaign office in Hamtramck, Michigan, U.S. October 18, 2024. Republicans, led by Trump, have largely condemned EVs, saying that they are being forced upon consumers and that they will ruin the U.S. automotive industry. LaborOf the many issues regarding the automotive industry, officials who spoke to CNBC were nearly unanimous regarding labor: They're concerned a Harris win would continue to mean increased power for organized labor.
Persons: Bill Pugliano, Kamala Harris, Donald Trump, Joe Biden, Harris, Jefferies, Philippe Houchois, Biden, Shawn Fain, Drew Angerer, Brian Snyder, , Elon Musk's, Trump, Pablo Di Si, EVs, Harris hasn't, Peter Rawlinson, Rawlinson, That's, Trump's, USMCA, Mary Barra, hasn't, Fain Organizations: Ford, Ford Dearborn Plant, Getty, DETROIT, Motor, Great, Trump, CNBC, Trump Officials, United Auto Workers, Democratic, International Union of Painters, AFP, Republican, Reuters, Motors, Ford Motor, Chrysler, EV, Lucid, Tesla, California Air Resources, D.C, District of Columbia, Alliance for Automotive Innovation, U.S . Officials, IRA Electric, Volkswagen Group of America, Automotive, Republicans, Environmental Protection Agency, . North, North American Free Trade, Jefferies, Labor, Democratic National Convention, UAW Locations: Dearborn , Michigan, Michigan, Motor City, Great Lakes State, China, Macomb , Michigan, California, Hamtramck , Michigan, U.S, Detroit, Washington , Oregon, New York, Washington, . North American, United States, Mexico, Canada, American
JSW Steel: China's stimulus can boost global steel market
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJSW Steel: China's stimulus can boost global steel marketJayant Acharya from JSW Steel discusses their earnings for the second quarter, attributing recent poor performance to weak demand. He awaits the impact of the Chinese stimulus on the global steel market, expecting to see some normalisation ahead.
Persons: JSW Steel Organizations: JSW
China launches new lending tool before year-end loan expiry
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: +2 min
A man looks at his smartphone as he walks past the People's Bank of China building on May 20, 2022 in Beijing. Despite taking effect on Monday, the PBOC did not mention the new tool in its open market operations statement. China's central bank launched a new lending tool on Monday to inject more liquidity into the market and support credit flow in the banking system ahead of the expiration of trillions of yuan in loans at the end of the year. Beijing is counting on massive financial stimulus announced in September to kick-start lending and investment, as a sharp property market downturn and frail consumer confidence weigh on investor confidence. "The central bank's choice to launch this new tool at this time is also expected to be a better hedge against the concentrated expiry of medium-term lending facility before the end of the year," the article added.
Persons: Xu Tianchen Organizations: People's Bank of, Economist Intelligence Unit, European Union, State, Shanghai Securities News Locations: People's Bank of China, Beijing, OMO, United States
EU slaps tariffs on Chinese EVs, risking Beijing payback
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: +4 min
A senior EU official said the extra tariffs had been formally approved on Tuesday. It says China's spare production capacity of three million EVs per year is twice the size of the EU market. Beijing has called the EU tariffs protectionist and damaging to EU-China relations and automotive supply chains, and has launched its own probes this year into imports of EU brandy, dairy and pork products in apparent retaliation. The Commission estimates Chinese brands' share of the EU market has risen to 8% from below 1% in 2019 and could reach 15% in 2025. German carmakers have heavily criticized the EU measures, aware that possible higher Chinese import duties on large-engine gasoline vehicles would hit them hardest.
Persons: Viktor Orban Organizations: European Union, European Commission, China's SAIC, EU, World Trade Organization, Volkswagen, France's PFA, China's, China Passenger Car Association Locations: Huaian, Jiangsu Province, China, Europe, Beijing, United States, Canada, EU, Germany, Hungarian
Chinese tech company Baidu garnered interest among investors following a 28% year-to-date drop in its share price — but one market watcher is unimpressed. For comparison, the Nasdaq Composite is up around 25.4% year-to-date, while the benchmark S & P 500 index is around 22.5% higher. According to FactSet data, of the 46 analysts covering the stock, 35 give it a "buy" or "overweight" rating, at an average price target is $125.41. BIDU YTD mountain Year-to-date shares in Baidu Among the reasons for Hsu's skepticism, is that Baidu as an internet search engine "is a one trick pony." "Baidu was riding high for a short while but ... the AI story may have sunset on Baidu and it will go back to being a one trick pony."
Persons: that's, Jason Hsu, CNBC's, Ernie Bot, Hong, Hsu —, , Hsu, Baidu Organizations: Baidu, Rayliant Global Advisors, Nasdaq, China Equity ETF Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Worst is likely behind us': Analyst discusses regulatory crackdown on China's internet sectorKenneth Fong, head of China internet research at UBS Investment Bank, says the regulatory environment is now more "supportive" and "pro-growth."
Persons: Kenneth Fong Organizations: UBS Investment Bank Locations: China
Fenty Beauty is releasing a collaboration with Netflix's hit animated series "Arcane." "Fenty Beauty x Arcane: The Legends Vault" is schedule for release on November 2 and is priced at $250. AdvertisementRihanna's Fenty Beauty is making a big bet on nerdworld, collaborating with Netflix's "Arcane" for its new "Fenty Beauty x Arcane: The Legends Vault" collection. According to Fenty Beauty's website, the collaboration vault is meant to showcase how "glam + animation collide." Representatives for Netflix, Riot Games, and Fenty Beauty didn't respond to requests for comment from Business Insider, sent outside business hours.
Persons: Netflix's, , Fenty, Mel, Riche, I've, Arcane, Priscilla Ono, Ono, Kiahna Manker, Roblox, Rihanna, Lush, It's, Vox, greenlighting Organizations: Service, Riot, League of, Products, Games, Netflix, of, Korean, Adidas, London's O2 Arena, BiliBili, Video, Riot Games, Business Locations: Paris, Wembley
China's industrial profits in September dropped at its fastest pace since the pandemic, data from the National Bureau of Statistics showed, as the country tussles with an economy plagued by slow growth, lack of demand and a property crisis. After a 17.8% fall in August, industrial profits declined 27.1% in September from a year ago, marking the steepest plunge since March 2020, when it dropped by 34.9%, according to data kept by Wind Information. In the first nine months, industrial profits fell by 3.5% from a year ago. NBS statistician Yu Weining said "insufficient demand and a sharp decline in producer prices" weighed down the profitability of industrial firms. Gary Ng, senior economist at Natixis, said in an email to CNBC that "the weakness of industrial profits indicates China's greater need for demand-side policies."
Persons: Goldman Sachs, Hui Shan, Yu Weining, Gary Ng Organizations: National Bureau, Statistics, Information, People's, CNBC, Reuters, PMI Locations: Jiangxi Province, Shanghai, China, Beijing
The yen touched a three-month low on Monday as Japan's ruling coalition lost its parliamentary majority and investors figured that would likely slow future interest rate hikes, while the dollar headed for a monthly gain on rising U.S. yields. On the dollar, the yen hit its weakest since late July at 153.3 in early-morning trade and it touched the same milestone at 165.36 to the euro . That was down from the 279 seats they held previously and marked the coalition's worst result since it briefly lost power in 2009. The U.S. dollar index has climbed 3.6% during October, its sharpest monthly rise since April 2022. The New Zealand dollar traded near a three-month low of $0.5974, down nearly 6% for the month.
Persons: Shigeru Ishiba's, Komeito, Donald Trump, Sterling Organizations: Shigeru Ishiba's Liberal Democratic Party, NHK, Bank of Japan, Nomura, U.S, gilts, Australian, New Zealand Locations: Japan, U.S, Europe, Australia, China
AdvertisementWith North Korean forces believed to be moving toward Russia's front lines, fears are growing that the Ukraine war is about to enter a new phase. Around 3,000 North Korean soldiers arrived in Russia last week, according to US, South Korean, and Ukrainian intelligence. The reports signaled a deepening military alliance between Russia and North Korea — an alliance that has been met with a muted response from China. AdvertisementThe bland statement may have been aimed at balancing its influence over North Korea and Russia with its relationship with Ukraine's Western allies. For North Korea, China has long been its most important ally, providing trade, diplomatic support, and military aid to Kim Jong Un.
Persons: , Ukraine's, Bruce Klingner, Kim Jong Un, Ali Wyne, Sari Arho Havrén, Trump, Ann Marie Dailey Organizations: Service, Council, Foreign Relations, European Union, EU, Bank, China, Heritage Foundation, North, Royal United Services Institute, RAND Locations: China, Russia, Ukraine, South, North Korea, EU, Beijing, North, Eurasia, Korea
After a sweeping look at global trade shifts, JPMorgan strategists have concluded that some of Apple's Chinese suppliers could benefit from the trend of supply chain diversification. The Oct. 18 report looked at 10 aspects of "the great supply chain relocation and the rise of trading blocs." The analysis ranged from China's dominance in the global supply chain and overcapacity concerns, to U.S. policy. Calls for supply chain diversification picked up during the Covid-19 pandemic. "Further, they highlight names that could benefit from Apple's supply chain relocation," the report said.
Persons: Donald Trump's, Trump, Kamala Harris, Oppo, Bernstein, — CNBC's Michael Bloom Organizations: JPMorgan, Republican, Democratic, Biden, Apple, Wingtech, Luxshare Precision Industry Locations: U.S, China, India, ASEAN, Mexico, iPhones, GoerTek, Luxshare, Vietnam, Malaysia, Philippines, Shenzhen, Indonesia
The Wall Street Journal reported that Elon Musk and Vladimir Putin have shared secret calls since 2022. A former DoD analyst said that a relationship like this could pose national security concerns. Because of his work with the federal government via SpaceX, Musk holds a security clearance that gives him access to some classified information. "The security clearance adjudication process looks at several factors, and undue foreign influence is just one of those factors," Stransky, now a partner at Thompson Hine law firm, said. The existence of an ongoing Musk-Putin relationship would be further complicated by the billionaire tech leader's recent foray into US politics.
Persons: Elon Musk, Vladimir Putin, , Bill Nelson, Musk, Putin, Nelson, Semafor, Adam Smith, aren't, Sen, Jeanne Shaheen, Smith, Shaheen, Dmitry Peskov, Steven Stransky, Thompson, Stansky, Robert English, Xi, Trump, he's, Tesla Organizations: Street Journal, Washington, Service, Democratic, SpaceX, Business, NASA, Department of Defense, House Armed Services Committee, Politico, Defense Department, New, New Hampshire Democrat, Senate Foreign Relations, Senate Armed Services Committee, DoD, National Reconnaissance Office, astronautics, Pentagon, Department of Homeland Security, National Security Council, Central, University of Southern, Trump Locations: New Hampshire, University of Southern California, Taiwan
The US has approved a $2 billion arms sale to Taiwan that includes missile and radar systems. The potential sale would include three NASAMS air-defense systems. AdvertisementThe US on Friday approved a potential arms sale package for Taiwan worth nearly $2 billion. The NASAMS is a medium-range air-defense system that can be used to defend against aircraft, drones, and cruise missiles. US Defense Secretary Lloyd Austin said in November 2022 that the NASAMS system had up to that point had a 100% success rate in intercepting Russian missiles.
Persons: , Lloyd Austin, China's, Tom Shugart, Wellington Koo Organizations: US, Ukrainian, Service, Air Missile Systems, Air Missile, Defense Security Cooperation Agency, Raytheon, Norway's Kongsberg Defense, Aerospace, Eastern, Command, US Navy, Center, New, New American Security, Reuters, Business, Department of Defense Locations: Taiwan, Russian, Russia, Ukraine, China, Taiwan Independence, New American
U.S. election posts growth uncertainty to China
  + stars: | 2024-10-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeijing's stimulus so far are 'at the margin', U.S. election posts growth uncertainty to ChinaJae Lee from TCW Group talks about China's economic outlook as it rolls out stimulus while awaits U.S. election results.
Persons: China Jae Lee Organizations: TCW Group Locations: China
North Korea is solidifying ties with Russia, a change from its usual focus on China. AdvertisementRussian President Vladimir Putin on Thursday appeared to confirm reports that North Korea had sent thousands of troops to eastern Russia. "But the Chinese are waiting for an opportunity where North Korea, Russia, and China can come stronger together, and I think North Korea sending the troops to Russia is a testimony to that." AdvertisementFor North Korea, China has long been its most important ally, providing trade, diplomatic support, and military aid to Kim Jong Un. Jim Hoare, a former UK diplomat who was posted to North Korea, told BI that even if China was frustrated by North Korea's increasing closeness to Russia, it should bide its time.
Persons: , Vladimir Putin, Victor Cha, Jagannath Panda, Sari Arho Havrén, Kim Jong, Havrén, Ali Wyne, Jim Hoare, Hoare Organizations: Analysts, Service, Center for Strategic, International Studies, New York Times, Experts, Stockholm Center, South, Pacific Affairs, Royal United Services Institute, NATO Locations: Korea, Russia, China, North Korea, Ukraine, Washington, Beijing, South Korea, Japan, Eurasia, Pyongyang
China's Ministry of Commerce on Thursday emphasized the country's efforts to restrict illegal exports of military goods to Russia as it seeks to cast Beijing as a neutral player amid the ongoing war in Ukraine. The term refers to goods or technologies that can be used for civilian as well as military purposes. China on Saturday unveiled an export control law for dual-use items, set to take effect Dec. 1. Despite the timing of its release, the text of China's new export control law does not mention specific countries. And Xi did not mention the export controls in during his trip to Russia, according to official statements.
Persons: Xi Jinping, Vladimir Putin, Gabriel Wildau, Xi Organizations: SZ, Technology, China's Ministry of Commerce, Atlantic Treaty Organization, Saturday, U.S Locations: Shenzhen, China, Russia, Beijing, Ukraine, Kazan, Russian, Moscow
China's Xi Jinping negotiated a truce with India's leader, Narendra Modi. AdvertisementAt the BRICS summit in Russia this week, China's leader Xi Jinping and India's Prime Minister Narendra Modi shook hands for the first time in five years. AdvertisementAfter their meeting at the summit hosted by Russia's President Vladimir Putin, Xi and Modi said they would continue discussions on resolving the issue. AdvertisementIn any case, its a setback in US attempts to include India in a deeper security alliance, he said. "For a long time, the US has tried to develop security and defense ties with India," said Panda.
Persons: China's Xi Jinping, Narendra Modi, that's, , Xi Jinping, Vladimir Putin, Xi, Modi, Jagannath Panda, Putin, Zhiqun Zhu, Zhu, Yawar Nazir, Praveen Donthi, there's, Rahul Bhatia, Donthi, it's Organizations: Service, India's, Russia's, US, Stockholm Center, South, Pacific Affairs, Bucknell University, America, Reuters, Quad Alliance, Getty, Eurasia Group Locations: China, Russia, Washington ,, India, Japan, Australia, United States, Beijing, Asia, Pacific, Indian, Leh, South Asia, Europe, Ukraine, Taiwan
Ford CEO Jim Farley praised the Xiaomi SU7, a new Chinese EV he's driving. Costfoto/NurPhoto via Getty ImagesThe SU7 is Xiaomi's first vehicle since the Chinese smartphone and consumer electronics giant announced plans to build an EV in March 2021. Costfoto/NurPhoto via Getty ImagesThe SU7 comes in three versions — the SU7, SU7 Pro, and the SU7 Max — that start at 215,900 yuan or about $30,300. Costfoto/NurPhoto via Getty ImagesThe SU7 turns up the wow factor in the cabin. Costfoto/NurPhoto via Getty ImagesThe car also features some impressive performance.
Persons: Jim Farley, Xiaomi, , he's, They're, Farley, it's, Max —, Max, Ford EVs Organizations: he's, Service, Getty, Beijing Automotive, Hyundai, Mercedes, Benz, Xiaomi, Tesla, McLaren, Future Publishing Locations: China, Chicago, Shanghai
BEIJING — China's parliament will hold a highly anticipated meeting Nov. 4 to 8, state media said Friday, according to a CNBC translation. Investors have been awaiting news of the gathering of the standing committee of the National People's Congress, which is expected to announce details on any fiscal stimulus. Last year, the committee's meeting in late October oversaw a rare increase in China's fiscal deficit to 3.8%, from 3%, which was subsequently reported by state media. He pointed out that the last month of Chinese stimulus measures have all underscored the need for more fiscal support. Analysts have tempered expectations that large-scale fiscal stimulus would directly pillar consumption, instead noting how struggling local governments would likely get support first.
Persons: Bruce Pang, Finance Lan Fo'an, Xi Jinping, Pang Organizations: BEIJING —, CNBC, National People's Congress, China's, Finance, People's Bank of Locations: Beijing, BEIJING, China, JLL, People's Bank of China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElizabeth Economy discusses challenges to China's economic transitionElizabeth Economy, senior fellow at the Hoover Institution at Stanford University and former senior foreign advisor for China in the U.S. Department of Commerce, discusses challenges to Chinese President Xi Jinping's economic priorities.
Persons: Xi Organizations: Hoover Institution, Stanford University, U.S . Department of Commerce Locations: China
Oil prices rose on Friday and are on track for a weekly gain of more than 1%, as tensions in the world's top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge. Both benchmarks settled down 58 cents a barrel in the previous session after prices fluctuated against expectations of heightened or reduced tensions in the Middle East. Oil traders are waiting for Israel's response to a missile attack by Iran on Oct. 1 that may involve hitting Tehran's oil infrastructure and disrupt supplies, although reports said Israel would strike Iranian military, not nuclear or oil, targets. U.S. and Israeli officials are set to restart talks for a ceasefire and the release of hostages in Gaza in the coming days. Ceasefire talks have a small net negative impact on oil prices, Sycamore said, adding the focus is more on the conflict in Lebanon and Israel's potential response to Iran.
Persons: Tony Sycamore, Israel, Antony Blinken, Sycamore Organizations: Brent, West Texas, NPC, East ., U.S Locations: Gaza, East, Iran, United States, Lebanon, France, China
Vladimir Putin asked Elon Musk to withhold Starlink from Taiwan as a favor to China, per The Wall Street Journal. Musk has been in regular contact with Putin since 2022, the Journal reported, citing officials. AdvertisementRussian leader Vladimir Putin once asked Elon Musk to withhold Starlink access from Taiwan as a favor to China's Xi Jinping, The Wall Street Journal reported. AdvertisementThe Journal reported that in late 2023, Musk received his first request from the Kremlin to refrain from activating Starlink over Taiwan. Musk, SpaceX, the Pentagon, and NASA also did not respond to similar comment requests.
Persons: Vladimir Putin, Elon Musk, Musk, Putin, , Xi, Defense Department —, Ian Bremmer, Per Bremmer, Dmitry Peskov, Peskov, Musk's, Donald Trump, Karoline Leavitt, there's, it's President Trump, Leavitt, Trump Organizations: Street, Service, Street Journal, SpaceX, Pentagon, NASA, The New York Times, Defense Department, Business, New York Times, Eurasia Group, Kremlin, Putin, Trump, it's, Republican Locations: Starlink, Taiwan, China, Moscow, Beijing, Europe, Russia, Russian, Washington, Ukraine, Crimea
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Amazon and Apple report earnings on Thursday, Oct. 31. Tariffs of China's steel exports China's steel exports will hit 109 million tons this year , the highest level since 2016, estimate strategists at Macquarie Capital. However, countries around the world are implementing tariffs on Chinese steel, which analysts predict will lower the country's steel exports starting 2025.
Persons: John Maynard Keynes, Tesla, Dow, Andy Sieg, , , Sarah Min, Pia Singh, Lisa Kailai Han Organizations: New York Stock Exchange, CNBC, Apple, Itau, Macquarie Capital, Wall, Nasdaq, Dow, Boeing, IBM, U.S Locations: New York City, U.S, Latin America, China
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