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TOKYO (AP) — Asian shares surged higher on Wednesday, cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation. “Accordingly, we expect GDP growth to slow from 1.7% this year to 0.5% in 2024,” he said in a commentary. Tuesday on Wall Street, the S&P 500 jumped 1.9% for its best day since April and hit a two-month high, closing at 4,495.70. On Wall Street, real-estate stocks and others beaten down particularly hard by higher rates soared to some of the market's biggest gains. Elsewhere on Wall Street, Home Depot rallied 5.4% after reporting stronger profit for the latest quarter than analysts expected.

Persons: Marcel Thieliant, ”, Hong, Seng, Australia's, Korea's Kospi, Russell, Brent Organizations: TOKYO, Nikkei, Capital Economics, Shanghai, Dow Jones Industrial, Nasdaq, Federal, Technology, Amazon, Nvidia, Treasury, U.S ., Alexandria Real, Bank, Zions Bancorp, Comerica, Valley Bank, Home Depot, New York Mercantile Exchange, U.S Locations: Alexandria, REITs, Wall

☆ US-China cooperation creates a 'win-win' for the auto industry: Hesai Technology
▼ + stars: | 2023-11-15 | 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 EmailUS-China cooperation creates a 'win-win' for the auto industry: Hesai TechnologyLouis Hsieh, CFO of Hesai Technology, a Shanghai-based maker of laser sensors, says he hopes for greater US-China cooperation. He discusses the benefits of AI for the automotive industry.

Persons: Hesai Technology Louis Hsieh Organizations: Hesai Technology Locations: China, Shanghai

Signs of Chinese yuan and U.S. dollar are seen at a currency exchange store in Shanghai, China August 8, 2019. "I hope over time, we will be more than just a Middle East investor in China. I want us to be perceived also as a local Chinese investor," Ben-Gacem told Reuters, adding that the final fundraising size will depend on investor appetite and market conditions. Some private equity and venture funds are stepping up efforts to raise yuan funds. ($1 = 7.2884 Chinese yuan renminbi)Reporting by Roxanne Liu and Kane Wu; Editing by Sumeet Chatterjee and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Investcorp, Investcorp's, Hazem Ben, Gacem, Ben, Mubadala, LSEG, China Everbright, Fung, Roxanne Liu, Kane Wu, Sumeet Chatterjee, Gerry Doyle Organizations: REUTERS, Rights, Reuters, Electronics, Middle, Rongsheng Petrochemical, CYVN Holdings, NIO Inc, Gulf Cooperation Council, Thomson Locations: Shanghai, China, Rights BEIJING, Bahrain, East, Abu Dhabi, Investcorp, Shandong, Tengzhou, Middle East, Gulf, U.S, Hong Kong, Chinese, Guangdong, Macau

China detained the executive, named in several media reports as Hiroshi Nishiyama, on suspicion of espionage in March, and he was formally arrested last month. Japan's then foreign minister protested the executive's detention with his Chinese counterpart on a visit to Beijing in April. China's foreign ministry did not immediately respond to a request for comment. Half the respondents in a recent survey of Japanese companies doing business in China said they would cut investments this year. It's a very difficult point in time to be navigating that as a decision maker, in business or politics," he said.

Persons: Fumio Kishida, Xi Jinping, Rahm Emanuel, Hiroshi Nishiyama, Japan's, Xi, Masashi Mizobuchi, Nishiyama, Takeshi Niinami, Niinami, Stefan Angrick, Yukiko Toyoda, Kiyoshi Takenaka, John Geddie, Sakura Murakami, Francis Tang, Laurie Chen, Antoni Slodkowski, Andrew Silver, Lincoln Organizations: Economic Cooperation, Kyodo, drugmaker Astellas Pharma, APEC, Reuters, Japanese Chamber of Commerce, Japan Association of Corporate, Suntory, Moody's Analytics, Thomson Locations: Asia, Bangkok, Thailand, TOKYO, BEIJING, China, San Francisco, Tokyo, U.S, Japan, Beijing, officialdom, Shanghai

It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ China's securities watchdog asks Alibaba's Cainiao to submit more info for HK listing
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI, Nov 14 (Reuters) - China's securities watchdog has asked Cainiao, the logistics arm of Alibaba Group (9988.HK), to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong. It is a common practice for the regulator to seek supplementary information from listing hopefuls under this current system. The CSRC also asked Cainiao if beneficiaries of the firm's stock incentive scheme abided by Chinese foreign exchange management rules and other regulations. Cainiao was also asked to explain Alibaba's logic, principle and arrangements in spinning off assets for listing, and offer details of listing plans by other units.

Persons: Florence, Cainiao, Shen Guojun, Alibaba, Shen Yiming, Brenda Goh, Miral Organizations: Fair for Trade, Services, REUTERS, Rights, Alibaba, HK, China Securities Regulatory Commission, Hong, Thomson Locations: Beijing, China, Hong Kong, Alibaba

☆ ATP Finals: Carlos Alcaraz beaten by Alexander Zverev on tournament debut
▼ + stars: | 2023-11-14 | by ( Matias Grez | ) edition.cnn.com time to read: +3 min

CNN —Carlos Alcaraz suffered defeat on his ATP Finals debut on Monday, as Alexander Zverev battled back from a set down to win 6-7 (3-7) 6-3 6-4. “It’s the only tournament where a loss does not knock you out,” Alcaraz said, per the ATP. At the end of the second set and the start of the third, I hit three or four shots out straight away. “I watch Novak, for example, and he doesn’t give anything away straight away. My consistency was really lacking against Zverev.”Alcaraz hadn’t played since that shock defeat Safiullin on October 31 after being forced to withdraw from an ATP tournament in Basel with foot and back injuries.

Persons: CNN — Carlos Alcaraz, Alexander Zverev, Grigor Dimitrov, Roman Safiullin, Alcaraz, Andrey Rublev, “, ” Alcaraz, Novak, Alcaraz hadn’t, Safiullin, Clive Brunskill, he’s, “ It’s, ”, ” Zverev, Zverev, Daniil Medvedev Organizations: CNN, ATP, Shanghai, Paris, Zverev Locations: Turin, Italy, Basel, China, Germany, Paris

☆ China is eyeing $137 bln of new funding to boost housing market - Bloomberg News
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

Buildings of a residential compound are seen in Shanghai, China, March 17, 2016. REUTERS/Aly Song Acquire Licensing RightsNov 14 (Reuters) - China plans to provide at least 1 trillion yuan ($137.22 billion) of low-cost financing to the nation's urban village renovation and affordable housing programs, Bloomberg News reported on Tuesday, citing people familiar with the matter. The People's Bank of China (PBOC) will inject funds in phases through policy banks, with the money ultimately trickling down to households for home purchases, Bloomberg News reported. ($1 = 7.2875 Chinese yuan renminbi)Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Nilutpal, Kim Coghill Organizations: REUTERS, Bloomberg, People's Bank of China, Bloomberg News, Thomson Locations: Shanghai, China, Bengaluru

☆ Brawn relives highs and lows of his team's 2009 fairytale
▼ + stars: | 2023-11-14 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

Formula One - F1 - Chinese Grand Prix - Shanghai, China - 6/4/17 - Formula One Managing Director of Motorsports Ross Brawn walks at the Shanghai International Circuit ahead of the Chinese F1 Grand Prix. The story has now been re-told in a four-part series 'Brawn: The Impossible Formula 1 Story' on Disney+, with Hollywood A-lister Keanu Reeves the host and narrator. They had no engine to power the car until Mercedes, with the help of then-McLaren team boss Martin Whitmarsh, came to the rescue. "We had that wonderful period at the beginning (of 2009) when everyone assumed it was a slam dunk, you know? Brawn, a Formula One employee, avoided comment on that situation with the steady hand of a man who has steered his own ship through far choppier waters.

Persons: Motorsports Ross Brawn, Aly, Ross Brawn, Jenson Button, lister Keanu Reeves, Brawn, Mercedes, Martin Whitmarsh, Lewis Hamilton, Michael Andretti, Alan Baldwin, Christian Radnedge Organizations: Prix, Motorsports, Shanghai, Circuit, Brawn, Disney, Hollywood, Ferrari, Honda, Reuters, Mercedes, McLaren, General Motors, FIA, Formula, Thomson Locations: Shanghai, China, Britain, Paris

BEIJING, Nov 14 (Reuters) - Strong sales growth at Huawei (HWT.UL) helped power an 11% rise in China's total smartphone shipments in October, data from research firm Counterpoint showed on Tuesday, indicating signs of recovery in its lagging mobile market. Huawei was a major contributor to the average year-on-year growth in the first four weeks of October, with its sales surging 83%, a note from the firm showed. According to the Counterpoint data, Xiaomi (1810.HK) also saw a 33% increase in smartphone sales in October. China's smartphone market has seen sales fall over several quarters, with a 3% drop in the quarter ending June, according to Counterpoint. Analysts expect the market may be poised for a rebound, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter after ten consecutive quarters of falling shipments.

Persons: Archie Zhang, we’re, ”, Ivan Lam, Yelin Mo, Brenda Goh, Jan Harvey Organizations: Huawei, HK, IDC, Thomson Locations: BEIJING, China

☆ MSCI announces results of quarterly index review
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - Index provider MSCI (MSCI.N) said on Tuesday that 46 securities will be added to and 69 deleted from its widely-followed MSCI ACWI stock index, while 14 will be added and two deleted from its frontier markets stock index. Changes will be implemented as of the market close on Nov. 30, MSCI announced in its quarterly index review. The three largest additions to the MSCI ACWI from developed markets will be Vertiv Holdings (VRT.N) and Celsius Holdings (CELH.O) from the United States, and Italy’s Leonardo (LDOF.MI). It will also add 16 and delete 25 securities from the MSCI China All Shares Index. The largest additions will be these same companies.

Persons: Thomas White, MSCI, Italy’s Leonardo, Rodrigo Campos, Chris Reese Organizations: Vertiv Holdings, Holdings, Tata Motors, Indonesia’s Amman Mineral, Frontier, Stock Commercial Bank, Oman International Development & Investment Company, Banque Marocaine pour, CGN, Co, Shanghai United Imaging Healthcare, Empyrean Technology, Thomson Locations: United States, Indonesia’s Amman, China, Vietnam, Oman, Banque Marocaine pour le, Shanghai

☆ How Disney can save the Marvel Cinematic Universe
▼ + stars: | 2023-11-14 | by ( Sarah Whitten | ) www.cnbc.com time to read: +13 min

CEO Bob Iger suggested as early as March that the company should decrease the number of sequel films Marvel releases in favor of bringing newer characters and stories into the mix. Box office analysts aren't ready to wave the white flag on the MCU, which has left rival DC, owned by Warner Bros. The promise was that the events of the shows would come full circle and influence the content of Marvel's films. Brie Larson stars as Carol Danvers aka Captain Marvel in Disney and Marvel's "The Marvels." It is expected that this Deadpool film will follow carry an R rating, which would be a first for a Marvel Cinematic Universe feature.

Persons: Marvel Studios Kevin Feige, Jesse Grant, Captain America, It's, Marvel, Disney, Bob Iger, aren't, Kevin Feige, Paul Dergarabedian, Elizabeth Olsen, Paul Bettany, Wanda Maximoff, Sam Wilson, Loki, Knight, they've, Robert Thompson, Tony Stark, Steve Rogers, Robbins, Paul Rudd, Scott Lang, Johnathan Majors, Kang the, Kang, Jonathan Majors, Shawn Robbins, Josh Brolin, Chris Evans, Robert Downey Jr, Scarlett Johansson, Strange, Hugh Jackman, Brie Larson, Carol Danvers, Captain Marvel, James Bond, Marvel hasn't, hasn't, it's, America Chavez, Kate Bishop, Kamala Kahn, Cassie Lang, Riri Williams, Ryan Reynolds, Maya Lopez, Wilson Fisk, Lopez, Agatha Organizations: Marvel Studios, Walt Disney Studios, Disney, Getty, Marvel, DC, Warner Bros, Captain, Syracuse University, Guardians, Rotten, CNBC, Disney Marvel, Sony, Hollywood, Star Wars, Star, Young Avengers, Fox, Hulu Locations: ANAHEIM , CALIFORNIA, Anaheim , Calif, California, Shanghai, Quantumania

TOKYO (AP) — Asian shares were mostly higher Tuesday ahead of potentially market-moving developments, including a U.S.-China summit and data releases from the U.S., Japan and China. “Asian stocks gained ground as investors awaited U.S. inflation figures, hoping to confirm that interest rates have peaked. But worries remain about whether it can stay solid as the full effects of rate hikes make their way through the system. Economists expect the report to show that consumers paid prices that were 3.3% higher in October than a year earlier, down from September’s inflation rate of 3.7%. General worries about big deficits and the inability of the two parties to work together have helped push Treasury yields higher.

Persons: Australia's, Seng, ” Stephen Innes, Xi Jinping, Joe Biden, Jerome Powell, Powell, It's, it's, Moody’s, Brent Organizations: TOKYO, Nikkei, U.S, Management, Dow Jones Industrial, Nasdaq, Walmart, Federal Reserve, Big Tech, Apple, Microsoft, AAA, New York Mercantile Exchange Locations: U.S, China, Japan, Hong, Shanghai, California

☆ China weighs ending freeze on Boeing purchases with 737 Max deal in US -Bloomberg News
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 12 (Reuters) - China is considering resuming purchases of Boeing's (BA.N) 737 Max aircraft when the U.S. and Chinese presidents meet this week at the APEC summit, Bloomberg News reported on Sunday, citing people familiar with the matter. Boeing is still waiting to resume deliveries of its bestselling 737 MAX to Chinese airlines more than four years after they were halted following two deadly crashes. The company had said that as of the end of June, about 90% of its 737 Max jets in China had resumed commercial operations. Boeing in September slightly increased its annual 20-year forecast for new plane deliveries to China, citing economic growth and increasing demand for domestic travel.

Persons: Gina Raimondo, Aly, Xi Jinping, planemaker, Gokul, Tom Hogue, Gerry Doyle Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Max, APEC, Bloomberg, Boeing, Reuters, U.S, Thomson Locations: Shanghai Pudong, Shanghai, China, U.S, Beijing, Washington, Bengaluru

☆ Chinese chipmaker YMTC sues Micron alleging patent infringement
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 12 (Reuters) - Chinese chipmaker Yangtze Memory Technologies Co (YMTC) has filed a lawsuit against U.S. rival Micron Technology (MU.O) alleging infringement of eight of its patents. YMTC filed the lawsuit against Micron and unit Micron Consumer Products Group on Nov. 9 at the U.S. District Court for the Northern District of California. According to the lawsuit, Micron turned to YMTC's patented technology to fend off competition from YMTC and to gain and protect market share. In May, China said Micron products failed a network security review and barred purchase of them by operators of key infrastructure. ($1 = 7.2934 Chinese yuan renminbi)Reporting by Anirudh Saligrama and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, YMTC, YMTC's, Anirudh Saligrama, Brenda Goh, Christopher Cushing Organizations: Micron, REUTERS, Memory Technologies, U.S, Micron Technology, Micron Consumer Products Group, Northern, Northern District of, South, Samsung Electronics, SK Hynix, Toshiba, Thomson Locations: Shanghai, China, Northern District, Northern District of California, U.S, Fujian, Xian

☆ China's Qichacha gets nod to export data; to launch overseas version of company database, Xinhua reports
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 13 (Reuters) - Chinese company information provider Qichacha has passed a data export security assessment newly required by the government and is set to launch an overseas version of its database in several countries, state news agency Xinhua reported. Qichacha, which is widely used to research companies in China, is the first case to have passed the test in the field of enterprise credit information, Xinhua said on Friday. Reuters reported in May, citing sources, that Qichacha and other data providers such as TianYanCha had stopped services for offshore users. Regulators introduced rules requiring data exports to undergo security reviews last year. Lawmakers also passed a wide-ranging update to anti-espionage legislation earlier this year, banning the transfer of any information related to national security and broadening the definition of spying.

Persons: Qichacha, TianYanCha, Brenda Goh, Christopher Cushing Organizations: Qichacha, Xinhua, Reuters, Lawmakers, Thomson Locations: SHANGHAI, China

☆ Fitch plans to withdraw ratings of Country Garden Services
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 13 (Reuters) - Global ratings agency Fitch said on Monday it plans to withdraw all the ratings on China's Country Garden Services Holding (6098.HK) on or about Dec. 12 for commercial reasons. "Fitch believes that Country Garden Services investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal," the ratings agency said in a statement on Monday. Fitch had downgraded Country Garden Services to BB+ and placed its rating on negative watch last week. Country Garden Holdings missed its coupon payment in October, triggering default terms.

Persons: Aly, Fitch, Shubhendu Deshmukh, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, Garden Services, HK, Fitch, Country Garden Service, Garden Holdings, Reuters, Thomson Locations: Shanghai, China, Beijing, Bengaluru

☆ China’s Singles Day shows buyers’ commitment issue
▼ + stars: | 2023-11-13 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers. Alibaba (9988.HK), , the e-commerce giant behind Singles Day, used to hold a lavish gala in Shanghai to celebrate the consumption extravaganza. And China’s State Post Bureau said on Sunday that express delivery volume hit a record high during the Singles Day period, rising more than 23% between November 1 and November 11, compared to the previous year. Beijing may hope Chinese shoppers are more fatigued by the Singles Day’s barrage of promotions than consumption itself.

Persons: Aly, Xi, Taylor Swift, Alibaba, It’s, JD.com, Goldman Sachs, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Reuters, HK, Post Bureau, Reuters Graphics Reuters, Thomson Locations: Hangzhou, Zhejiang province, China, HONG KONG, Shanghai, Beijing

WASHINGTON (AP) — The United States is hosting the annual APEC summit of world leaders this week for the first time since 2011. But the main summit event will actually be on the sidelines: A face-to-face meeting between President Joe Biden and Chinese President Xi Jinping. The annual leaders' conference brings together heads of nations and other top economic and diplomatic leaders. That decision was regarded as a snub by some APEC leaders. Since then, the APEC leaders have posed together in batik shirts (Malaysia, 1998), Chinese jackets (Shanghai, 2001), flowing ponchos (Chile, 2004) and "ao dai” tunics (Vietnam, 2006.)

Persons: Joe Biden, Xi Jinping, Vladimir Putin, Gina Raimondo, isn't, Biden, Donald Trump, Kamala Harris, that's, Morris Chang, Paul Chan, John Lee, It's, Bill Clinton, Barack Obama, Obama Organizations: WASHINGTON, APEC, Economic Cooperation, Biden, Pacific, Thai, Taiwan Semiconductor Manufacturing Co, Financial, Moody’s Investors Service Locations: United States, Asia, San Francisco, China, U.S, Israel, Ukraine, Russia, Japan, Australia, Taiwan, Hong Kong, Pacific, Bangkok, Chile, Thailand, China . Hong Kong, Seattle, American, Malaysia, Shanghai, ponchos, Vietnam, Philippines, Hawaii

If both are calculated in dollar terms, however, Chinese stocks have, by some measures, carried an advantage over the very long term. Many observers say demographics, deleveraging, and de-risking - U.S. firms on-shoring, new supply chains, and trade tensions – will be a considerable long-term drag on Chinese growth. Little wonder, perhaps, that Chinese stocks are so cheap. Reuters Image Acquire Licensing RightsBased on 12-month forward price/earnings multiples, U.S. stocks are twice as expensive as Chinese stocks. For the past 10 years Chinese stocks have been substantially cheaper than U.S. stocks, and most of the decade before that they were usually cheaper too.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, Torsten Slok, Janet Yellen, Lifeng, Colin Graham, Graham, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Shanghai, CSI, Reuters, Apollo Global Management, U.S, Treasury, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, China, Mexico

☆ Top Wall Street analysts are confident in the long-term potential of these stocks
▼ + stars: | 2023-11-12 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Wall Street analysts can help investors identify stocks that have what it takes to thrive amid short-term headwinds — and that can offer attractive returns going forward. Here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Apple's overall revenue declined for the fourth consecutive quarter due to notable declines in iPad and Mac sales. Zelnick raised his price target from $380 to $395 and reiterated a buy rating on MSFT stock. Following the Q3 2023 print, Zelnick maintained a buy rating on NOW stock and increased the price target to $650 from $625.

Persons: Aly Song, Wall, Baird, William Power, Power, TipRanks, Goldman Sachs, Eric Sheridan, Sheridan, Brad Zelnick, Zelnick Organizations: Apple, Reuters Companies, Wall Street, Apple Tech, Apple's Services, Services, North America, Web Services, AWS, TipRanks, Microsoft, Deutsche Bank, Fortune, Software, U.S Locations: Shanghai, China, ServiceNow

WASHINGTON (AP) — The United States and China are the two global economic heavyweights. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40% of the world’s people and nearly half of global trade. Indeed, imports of Chinese goods to the United States were down 24% through September compared with the same period of 2022. Xi, too, has reason to try to restore economic cooperation with the United States. “This will not be an easy sell.’’Complicating matters is that the tensions between Washington and Beijing go well beyond economics.

Persons: Joe Biden, Xi, Eswar Prasad, “, Prasad, Donald Trump, Trump, Biden, Chad Bown, Janet Yellen, Lifeng, —, ” Yellen, ’ ’, Wendy Cutler, Raja Krishnamoorthi, ’ ’ Krishnamoorthi, ’ Organizations: WASHINGTON, International Monetary Fund, “, Cornell University, Economic Cooperation, Biden, World Trade Organization, U.S, Peterson Institute for International Economics, Prosperity, Trump, Group, Bain & Co, Micron, IMF, United, Asia Society Institute, Chinese Communist Party, Republicans, Pew Research Center, Center for Strategic, International Studies, Rep, Illinois Democrat Locations: United States, China, Washington, Beijing, U.S, Ukraine, Gaza, Asia, San Francisco, Shanghai, Hong Kong, Xinjiang, India, Philippines, South China, Taiwan, Chinese, Kenya, Nigeria, Illinois

Lending data from China's central bank offers a glimpse of government priorities: as of the end of September, outstanding loans to the troubled property sector fell 0.2% year-on-year but lending to the manufacturing sector jumped 38.2%. This time, the government's focus is narrower, targeting high-tech and "advanced manufacturing", a goal laid out in 2021 in the 14th five-year plan. It grew 11.3% in the first nine months of 2023 year-on-year, compared with 6.3% for overall manufacturing investment, according to data from China's National Bureau of Statistics. For example, Guangdong province has increased lending to both high-tech and advanced manufacturing by about 45%, state media reported. During the first half of 2023, outstanding loans to the high-tech manufacturing sector in the eastern province of Shandong jumped 67%.

Persons: Jens Eskelund, Eskelund, Xi Jinping, Joe Biden, Frederic Neumann, Neumann, Tao Wang, Wang, Fu, Lu Zhengwei, Siyi Liu, Kripa Jayaram, Robert Birsel Organizations: Rights, European Chamber of Commerce, Asia Pacific Economic Cooperation, U.S, Reuters Graphics, overcapacity, HSBC, UBS, China's National Bureau of Statistics, Rystad Energy, EV, China Passenger Car Association, Bank, Industrial Bank, Thomson Locations: Suqian, Jiangsu province, China, CHINA, Rights BEIJING, Europe, Beijing, San Francisco, Xi, Asia, Guangdong province, Shandong, Dongguan, Shanghai

HONG KONG (AP) — Shares edged lower Monday in quiet trading in Asia ahead of a meeting this week between U.S. President Joe Biden and Chinese leader Xi Jinping. On Wall Street on Friday, the S&P 500 jumped 1.6% to 4,415.24. Big Tech stocks were the strongest forces pushing upward on the S&P 500, including a 2.3% gain for Apple and 2.5% rise for Microsoft. The release of the University of Michigan report initially caused Treasury yields to pare their drops, which caused stock indexes to wobble. On Thursday, a jump in Treasury yields knocked stocks lower to break an eight-day winning streak for the S&P 500, one of its longest in the last two decades.

Persons: Joe Biden, Xi Jinping, Biden, Xi, Australia's, Doximity, Powell, ”, Brent Organizations: Asia Pacific Economic Cooperation, U.S . Federal Reserve, Nikkei, Dow, Nasdaq, Big Tech, Apple, Microsoft, Federal, University of Michigan, Fed, CME Group, Federal Reserve, Treasury, U.S . Locations: HONG KONG, Asia, Tokyo, Hong Kong, Seoul, U.S, pare

☆ U.S. in game of "catch me if you can" with Nvidia on rules - China media
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +3 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. The chip industry newsletter SemiAnalysisas reported earlier that Nvidia plans to release new artificial intelligence chips aimed at the Chinese market less than a month after the U.S. tightened rules on selling high-end AI chips to China. The new rules put a cap on how much computing power a chip can pack into a small size. SemiAnalysis said the new Nvidia chips are called the HGX H20, L20 PCIe and L2 PCIe and the company could announce them on Nov. 16. "It is not difficult to imagine that as long as Washington remains committed to 'choking' China, the game of 'catch me if you can' will continue indefinitely," the newspaper said.

Persons: Dado Ruvic, SemiAnalysis, Robert Birsel Organizations: NVIDIA, REUTERS, Rights, Nvidia, Global Times, U.S, Shanghai, Thomson, Reuters Locations: China, U.S, Washington

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