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☆ Singles Day: China’s e-commerce giants try to lure reluctant consumers with ‘truly low’ prices
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +6 min

The Singles Day festival, also known as “Double 11,” was created by Alibaba in 2009 and has turned into a weeks-long shopping bonanza in China. To lure them, e-commerce platforms are offering rock bottom prices this Singles Day. “While the government is looking for solid consumption growth, consumer spending is hampered by both lower household income growth and weak consumer confidence,” said Louis Kuijs, chief Asia economist at S&P Global Ratings. This is a real downgrade in consumption,” the user said, adding she hadn’t yet spent any money during the current Singles Day. “Some promotions are fake,” said another user under the name “Nyanko.” “Merchants have raised prices before cutting them for Singles Day.

Persons: ”, Alibaba, Alibaba’s, JD.com’s, Pinduoduo’s, ” “, Alicia Yap, Zhejiang province Hu Xiaofei, Louis Kuijs, ” Kuijs, Jacob Cooke, “, ” Cooke, Cooke, John Donahoe, Lululemon Organizations: Hong Kong CNN, Companies, Citi, “, China’s, Technologies, Bain and Company, Pinduoduo, Nike, . Company, Starbucks Locations: China, Hong Kong, Beijing, Jinhua, Zhejiang province, Asia

☆ China's biggest shopping festival is set for a tepid 2023, survey finds
▼ + stars: | 2023-11-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Most consumers in China are planning to keep a lid on spending during this year's Singles Day shopping festival, which ends Nov. 11. That's according to a survey of more than 3,000 consumers in the country by Bain and Company, released Tuesday. Originally launched by Chinese e-commerce giant Alibaba , Singles Day has expanded from a one-day shopping festival into a multi-week period of shopping promotions across different online platforms in China. Bain estimates that including other platforms, Singles Day e-commerce GMV rose by 3% to 934 billion yuan ($128.25 billion) in 2022. When factoring in another 181 billion yuan in livestreaming and content-led e-commerce, the total GMV for last year's festival topped 1 trillion yuan ($140 billion), the report said.

Persons: Bain, —, James Yang, Yang, Livestreaming Organizations: Nurphoto, Getty, Bain and Company, Bain, Adobe Analytics Locations: Lianyungang, East China's Jiangsu Province, BEIJING, China, Chinese

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

A woman looks at a new iPhone 15 Pro and a Huawei Mate 60 Pro as Apple's new iPhone 15 officially goes on sale across China, at an Apple store in Shanghai, China September 22, 2023. Research firm Canalys estimated that overall smartphone sales in China fell 3% in July-September from a year earlier as consumers bought fewer smartphones as an economic recovery was choppy. On the other hand, analysts estimate that Huawei's China smartphone sales grew strongly in the quarter. Apple said on Thursday that its overall sales in China dipped 2.5% but it blamed tough Mac computer and iPad sales for that. Aggressive discounting on the iPhone 15 series in the run up to the annual Singles Day shopping festival by major Chinese online retailers is also encouraging demand.

Persons: Aly, Tim Cook, Apple, Cook, Canalys, Apple's, Huawei's, Yuvraj Malik, Bengaluru ， Stephen Nellis, Yelin, Arsheeya Bajwa, Harshita Varghese, Sayantani Ghosh, Gerry Doyle Organizations: Huawei, Apple, REUTERS, Huawei Technologies, Reuters, Research, HK, Taobao, Pro Max, Qualcomm, Thomson Locations: China, Shanghai, Bengaluru ，, San Francisco, Yelin Mo, Beijing, Bengaluru

☆ Tencent, Alibaba and more: These firms are primed for buybacks and present opportunities, says Jefferies
▼ + stars: | 2023-11-02 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Announcements of big buyback programs in the region have been rising since 2021, "with a long runway ahead" given the trend's nascence, the firm's analysts wrote in an Oct. 25 research note. Here are some names from Jefferies' screen of companies that are set to "initiate or continue significant buybacks." Other Asian stocks that made Jefferies' list included Singapore's transport operator ComfortDelGro and Indonesian mining player United Tractors. Australian stocks featured on Jefferies list included gaming content and tech firm Aristocrat Leisure and steel manufacturer BlueScope Steel . Financial companies Jefferies' screen also included financial companies in Asia Pacific that are potentially buying back their shares.

Persons: Jefferies, Baidu, PE Reilly, Thailand's, — CNBC's Michael Bloom Organizations: Jefferies, MSCI, Companies, PE, China United Network Communications, Yunnan Baiyao Group, Energy, Vipshop Holdings, Foxconn Technology, South Korea, Kia, Samsung, LG Corp, United Tractors, BlueScope Steel, Financial, Thai Bank, Chartered Locations: Asia, MSCI Asia, Japan, China, Pacific, Yunnan, South Korea, Australia, South, Asia Pacific, Thai, Philippines

☆ Here are Wednesday's biggest analyst calls: Apple, Meta, Boeing, AMD, Carvana, Ford, Robinhood & more
▼ + stars: | 2023-11-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Advanced Micro Devices as buy UBS said it's standing by its buy rating on the chipmaker after its earnings report on Tuesday. Goldman Sachs downgrades ZoomInfo Technologies as buy Goldman downgraded the stock after its "mixed" earnings report citing lower visibility. UBS upgrades JD.com to buy from neutral UBS said shares of the Chinese retailer are attractive. " UBS reiterates Apple as neutral UBS said its checks show Apple's iPhone wait times are lower. TD Cowen reiterates Carvana as market perform TD said it's cautious heading into the used car company's earnings report on Thursday.

Persons: it's, TD Cowen, Piper Sandler, Piper, Polestar, Goldman Sachs, Goldman, Morgan Stanley, Bernstein, Price, Cantor Fitzgerald, VinFast, Cantor, it's bullish, JD, Mizuho, Robinhood, HOOD, Carvana Organizations: UBS, Devices, EV, Technologies, Bank of America, of America, UAW, Barclays, Ford, General Motors, Meta, JPMorgan, Boeing, Goldman, NRG Energy, Guggenheim, Management, Clear Messaging, Deutsche Bank, Deutsche, Apple, BP, UW Locations: Asia, Europe, North America

☆ Forget the megacaps. Bernstein likes these global stocks from an 'unloved' corner of tech
▼ + stars: | 2023-10-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

"Going forward, we still find valuation/earnings support for value tech stocks over growth or expensive tech names," the analysts wrote. "We would recommend avoiding expensive tech names as well as tech stocks that are unprofitable and expected to remain unprofitable." These are some names in its screen of value Asia tech stocks: MediaTek , JD.com , Lenovo Group , Foxconn Technology and Samsung SDS. And these are some of those that showed up on its screen of high-growth Asia tech stocks: Naver , SK Hynix , AAC Technologies , Luxshare and Kakao Games. On the whole, Bernstein is relatively positive on the Asia tech sector.

Persons: they're, Bernstein, we've, — CNBC's Michael Bloom Organizations: Stock, Lenovo Group, Foxconn Technology, Samsung SDS, SK Hynix, AAC Technologies, Kakao Locations: Asia, China, U.S

Six of the 11 major S&P 500 sectors were trading lower, with information technology (.SPLRCT) leading losses. Pfizer's shares (PFE.N) fell 1.5% after the drugmaker reported its first quarterly loss since 2019. U.S. equities are tracking their third straight month in the red, with the S&P 500 (.SPX) and the Nasdaq (.IXIC) on course for their worst October since 2018. The Fed kicks off a two-day monetary policy meeting on Tuesday. The Fed's commentary on Wednesday would be crucial in assessing how long monetary policy could stay restrictive amid recent signs of economic strength.

Persons: Brendan McDermid, Andrew Hunter, Amruta Khandekar, Shashwat Chauhan, Saumyadeb Chakrabarty, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal, Nvidia, Microsoft, Caterpillar, Chicago PMI, Capital Economics, Dow Jones, PDD Holdings, VF Corp, Vans, Arista Networks, Sarepta Therapeutics, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

☆ There's a 'game of thrones' in AI, but these China tech giants offer real value, tech veteran says
▼ + stars: | 2023-10-30 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

China's tech giants may be reeling from the regulatory clampdowns imposed by the government, but they still have "a lot of value," according to veteran analyst Dan Ives. "I think [for] China tech, there's a lot of value there when you look at Baidu , JD , Tencent and others. Because of China's regulatory restrictions, more institutional investors in Asia are focusing on U.S. tech instead, Ives added. It has a target price of $168 for Baidu — giving it around 56% potential upside from its Oct. 25 close — and $38 for JD.com, or around 50% upside. HSBC has a 425 Hong Kong dollar ($54.34) price target on Tencent, giving it an upside of around 48%.

Persons: Dan Ives, Tencent, that's, CNBC's, Ives, Goldman Sachs, — CNBC's Arjun Kharpal Organizations: Baidu, JD, Wedbush Securities, HSBC, Hong Kong, Hong Locations: China, Asia, British, Hong Kong

☆ Chinese consumer stocks that analysts like for their global potential
▼ + stars: | 2023-10-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"We expect Miniso to report another strong quarter in 1QFY24," Jefferies analysts wrote in an Oct. 24 report. Xiaomi shares are up more than 20% so far this year despite a more than 10% slump in the broader Hong Kong stock market. "We believe good shipment momentum and resilient margins could support a strong 3Q23," the Morgan Stanley report said. The analysts have an overweight rating on Xiaomi shares with a 15 Hong Kong dollar price target — up 11% from Friday's close. Shares of Transsion, not covered in the Morgan Stanley report, are up nearly 70% so far this year.

Persons: Miniso, Jefferies, Xiaomi, Morgan Stanley, Canalys, Morgan, Andre Chang, Chang, —, JD.com —, — CNBC's Michael Bloom Organizations: Hong Kong Locations: 1QFY24, China, New York, Hong Kong, Canalys, Friday's, Shanghai, Shenzhen, Africa, India, Morgan China

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

☆ China's Singles Day sales festival wraps up with e-commerce giants reporting sales growth
▼ + stars: | 2023-10-21 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 12 (Reuters) - Alibaba Group (9988.HK) reported that its Chinese e-commerce platforms Tmall and Taobao recorded "positive" year-on-year growth over this year's Singles Day sales period, which wrapped up at midnight on Saturday. Meanwhile competitor JD.com (9618.HK) said its festival GMV (gross merchandising volume) hit a "record high" over the sales period. A Bain and Company report released last week found that 77% of the 3,000 consumers it surveyed had planned to spend less or the same on Singles Day compared with last year. Though several consultancies were predicting Singles Day GMV growth across platforms would reach anywhere from 14% to 18% - returning to double-digit growth for the first time since the pandemic - the final sales picture will take longer to energe. Colour cosmetics, traditionally a strong performer throughout the Singles Day sales period, were expected to struggle this year as make-up demand remains low almost a year after China lifted strict COVID-19 restrictions.

Persons: Taobao, JD.com, Alibaba, Bain, Casey Hall, Simon Cameron, Moore Organizations: Alibaba, HK, PDD Holdings, Company, Nike, Thomson Locations: SHANGHAI, China

☆ Stocks making the biggest moves midday: Boeing, Dollar General, JPMorgan Chase, Netflix and more
▼ + stars: | 2023-10-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

On Friday, Gordon Haskett upgraded the stock to buy , saying Dollar General's latest leadership change could help stabilize the company. Wells Fargo — The bank stock gained close to 3% after Wells Fargo posted third-quarter results that beat expectations. Citigroup — Shares of the New York-based bank rose 1.4% after posting its third-quarter results . Citigroup reported $1.63 in earnings per share, or $1.52 per share, excluding the effect of divestitures. Post Holdings — Shares of the packaged food company gained 2% after JPMorgan initiated coverage with an overweight rating on shares.

Persons: Todd Vasos, Gordon Haskett, JPMorgan Chase, Wells Fargo, LSEG, JD.com, Morgan Stanley, UnitedHealth, CNBC's Hakyung Kim, Samantha Subin, Pia Singh, Tanaya Macheel, Jesse Pound Organizations: Boeing —, Boeing, JPMorgan, Revenue, LSEG, Citigroup —, Citigroup, PNC Financial, PNC, Oil, EOG, ConocoPhillips, Exxon Mobil, Progressive, Post Holdings, Netflix, Wolfe Research, Dow, United Food, Commercial Workers International Union, Hormel Locations: York, China

☆ Stocks making the biggest moves premarket: JPMorgan, Wells Fargo, Citigroup, Dollar General and more
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: UnitedHealth — The largest health insurer by revenue rose more than 1% after beating analysts' third-quarter expectations. BlackRock — BlackRock fell by 1.8% premarket after missing third-quarter revenue forecasts. Wells Fargo — Wells Fargo added nearly 2% after third-quarter earnings and revenue topped expectations . Citigroup — Citigroup was higher by 2% after beating third-quarter revenue expectations. The Jane Fraser-led bank reported revenue of $20.14 billion, more than the consensus estimate of $19.31 billion from LSEG.

Persons: LSEG, BlackRock —, Gordon Haskett, Wells, Jane Fraser, Morgan Stanley, Tanaya Macheel Organizations: Dow Jones, BlackRock, BlackRock — BlackRock, Blackrock, PNC Financial Services Group, Pittsburgh, PNC, Revenue, LSEG, JPMorgan Chase &, Citigroup — Citigroup, Post Holdings, JPMorgan Locations: LSEG, Wells, Louis

☆ JD.com shares hit record low, banks cut Q3 growth target on retail slowdown
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

The logo of JD.com is seen at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. JD.com is China's leading online platform for sales of digital and electronics products, such as mobile phones and domestic electrical appliances.

Persons: Florence, JD.com, Nomura, Sophie Yu, Donny Kwok, Brenda Goh Organizations: Fair for Trade, Services, REUTERS, Rights, Citi, Daiwa, Jefferies, Citi Research, Alibaba, HK, PDD, Thomson Locations: Beijing, China, Rights BEIJING, HK, Hong Kong, United States, JD.com, BEIJING, HONG KONG

☆ Morgan Stanley downgrades this Chinese e-commerce stock on weak consumer demand
▼ + stars: | 2023-10-13 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Uncertainty around growth and profitability for JD.com has kept Morgan Stanley "waiting for the silver lining." Shares tumbled more than 8% during Thursday's trading session, hitting a 52-week low, and fell another 4.5% in the premarket Friday. "We have low conviction in a strong recovery in growth in 2024 and beyond," said analyst Eddy Wang. The analyst cut his earnings estimates by 3% for 2023, 4% for 2024 and 7% for 2025 amid China's slower-than-expected consumption recovery, as well as a slower ramp-up of the company's initiatives. JD YTD mountain JD.com shares —CNBC's Michael Bloom contributed to this report.

Persons: JD.com, Morgan Stanley, Eddy Wang, Wang, JD, CNBC's Michael Bloom Organizations: JD Locations: Thursday's, 3Q23, China, China's, PDD

☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Dollar General, Amazon, Meta, SolarEdge & more
▼ + stars: | 2023-10-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

HSBC initiates American Express as buy HSBC said it sees healthy earnings growth for American Express . Mizuho reiterates Meta as buy Mizuho said it's standing by its buy rating heading into earnings later this month. Bernstein reiterates Tesla as underperform Bernstein concluded in an analysis of Tesla that the company is more of an automaker than a tech company. Barclays upgrades Varonis Systems to overweight from equal weight Barclays said it sees numerous positive catalysts ahead for the software company. Northland upgrades SolarEdge to outperform from market perform Northland said investors should buy the dip in shares of SolarEdge .

Persons: Cowen, NVDA, Mizuho, Stephens, Bernstein, Tesla, underperform Bernstein, Warren Buffett, Hershey, Morgan Stanley downgrades JD.com, Morgan Stanley, Gordon Haskett, Todd Vasos, Jeff Owen, Read, Wolfe, today's, Baird, Needham, Oppenheimer, Wells, LULU, Meghan Frank, Howard Tubin Organizations: HSBC, American, American Express, Bank of America, Nvidia, Meta, Barclays, Varonis, Hershey, JPMorgan, Post Holdings, Netflix, Citi, Oshkosh, Lam Research, Materials, Supply, VP Locations: 4Q22, Northland, SolarEdge, Israel, California

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Top ranking Fed officials indicated rising yields on long-term U.S. Treasury bonds could steer the central bank from further increases in its short-term policy rate. Megacap stocks Microsoft (MSFT.O), Alphabet (GOOGL.O), Nvidia (NVDA.O) and Amazon.com (AMZN.O) added between 0.2% and 0.4% in premarket trading. All three major U.S. stock indexes closed higher on Monday, with energy (.SPNY) leading gains as supply worries ignited by Middle East tensions sparked a rally in crude oil prices. Rivian Automotive (RIVN.O) added 4.1% on a report that UBS upgraded the EV maker's stock to "buy" from "neutral".

Persons: Brendan McDermid, Raffi Boyadjian, Atlanta's Raphael Bostic, Neel Kashkari, Mary Daly, Christopher Waller, Israel, John Riccitiello, J.P.Morgan, Shashwat Chauhan, Ankika Biswas, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, PepsiCo, Dow, Nasdaq, Treasury, Federal, Columbus, Peoples, Microsoft, Nvidia, XM, Traders, JPMorgan Chase, Citigroup, Dow e, Rivian, UBS, EV, Alibaba Group, PDD Holdings, Baidu, Thomson Locations: New York City, U.S, Gaza, Minneapolis, Wells Fargo, Beijing, Bengaluru

☆ Morning Bid: 'Remarkable' US markets surf crosscurrents
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Stock futures are higher once again ahead of the bell today. As cash Treasury markets returned from Monday's Columbus Day holiday to a week of heavy long-term debt auctions, they were also greeted with rekindled optimism about the Federal Reserve's policy rate trajectory. Ten-year U.S. Treasury yields are set to kick off Tuesday's U.S. trading day at some 4.65% - almost a quarter of a percentage point below the peak set just after Friday's blowout September jobs report. Elsewhere, PepsiCo (PEP.O) edged 0.8% higher ahead of the beverage maker's third-quarter results and Unity (U.N) jumped 6.4% after the video-game software maker said its CEO John Riccitiello would retire.

Persons: Brendan McDermid, Mike Dolan, Lorie Logan, Logan, Philip Jefferson chimed, John Riccitiello, Christopher Waller, Neel Kashkari, Mary Daly, Raphael Bostic, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Columbus, Federal, Dallas Fed, Treasury, Monetary Fund, IMF, World Bank, Fund, HK, Bloomberg, Alibaba, Baidu, PepsiCo, Reserve, San Francisco Fed, Atlanta Fed, PepsiCo NFIB Consumer, Reuters Messaging, Thomson, Reuters Locations: New York City, U.S, Israel, Marrakesh, China, Beijing, Minneapolis, San

☆ H&M blames warm weather for September sales slide
▼ + stars: | 2023-09-27 | by ( Helen Reid | トムソンロイター | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

H&M, whose biggest rival is Zara owner Inditex (ITX.MC), said September sales would be down 10% year-on-year measured in local currencies. That compares with Inditex reporting sales between Aug. 1 and Sept. 11 that were up 14%. Operating profit in the Swedish group's third quarter jumped to 4.74 billion crowns ($431 million) from a year-earlier 902 million. The year-ago figure included a one-off cost of 2.1 billion crowns for the group's exit from Russia, which also accounted for four percentage points of the 10% September sales decline. H&M announced a share buyback programme starting on Wednesday, planning to buy back up to 3 billion crowns of stock by March 31 next year.

Persons: サマリー, Inditex, Vera Diehl, Nicolas Champ, LSEG, Richard Chamberlain, Anna Ringstrom, Helen Reid, Jan Harvey, Mark Potter Organizations: Union Investment, Barclays, RBC, HK, Tmall Locations: STOCKHOLM, Zara, Swedish, Russia, JD.com, China's Xinjiang, Alibaba's

☆ Alibaba to list its logistics unit Cainiao as part of historic shakeup
▼ + stars: | 2023-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba plans to list its logistics unit Cainiao on the Hong Kong Stock Exchange, the Chinese e-commerce giant said in a regulatory filing on Tuesday. Alibaba said the Hong Kong Stock Exchange has confirmed that the Cainiao listing may go ahead. Founded in 2013, Cainiao is a logistics network that helps Alibaba fulfil deliveries placed on its e-commerce platforms both in China and abroad. Delivery speed is a point of competition among Chinese e-commerce firms. As well as Cainiao, Alibaba is also looking to list its cloud computing business, though it has not officially filed for a spinoff.

Persons: Alibaba, Cainiao, JD.com, Daniel Zhang, Eddie Wu, Zhang, Wu Organizations: Artificial Intelligence, Hong Kong Stock Exchange Locations: Shanghai, Cainiao, China

☆ China's e-commerce discount race to the bottom puts incumbents under pressure
▼ + stars: | 2023-09-26 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +6 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Sept 26 (Reuters) - Discount e-commerce is set to dominate globally during the critical upcoming holiday shopping season in the West and Singles’ Day in China, analysts said. Platforms in China, the world’s largest e-commerce market, have recently described a “value-for-money battle” stoked by economic insecurity and a slower-than-expected retail recovery following the lifting of COVID-19 curbs late last year. “There was a clear vacuum for the discount retailer online experience ... Across the world, executives are now focusing on price pressures as discount online retailers gain increasing market share. In the West, the inflation driven consumer wants something cheaper because they're going through a moment of financial insecurity,” Ho said.

Persons: Florence Lo, ”, thrall, Sharon Gai, ” Humphrey Ho, Rui Ma, Trudy Dai, Alibaba, ” Ho, Casey Hall, Vanessa O'Connell, Aurora Ellis Organizations: PDD Holdings, REUTERS, Rights, West, Deal, Hylink, Amazon ., Tmall, Thomson Locations: China, Southeast Asia, North America, Europe, United States, Douyin, Canada, Australia, America, U.S, Amazon, Amazon . Indonesia

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Megacap growth stocks including Apple (AAPL.O), Microsoft (MSFT.O), Meta Platforms (META.O) and Tesla (TSLA.O) lost between 0.5% and 1.3% in premarket trading. Pressuring equities, the benchmark two- and 10-year Treasury yields have scaled multi-year highs after the Fed's hawkish longer-term rate outlook, a stance also projected by other major central banks. Meanwhile, a 25-basis-point rate cut is being priced in as early as March, growing to over 33% in June and July. DraftKings (DKNG.O) rose 3% after J.P. Morgan upgraded the online sports and gaming company's stock to "overweight" from "neutral".

Persons: Brendan McDermid, Moody's, Stuart Cole, Jerome Powell, Neel Kashkari, Austan Goolsbee, Goldman Sachs, Morgan, Ankika Biswas, Shashwat Chauhan, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Sunday, Apple, Microsoft, Dow e, Treasury, Equiti, Traders, Investors, Minneapolis, Chicago Fed, CNBC, PDD Holdings, Thomson Locations: New York City, U.S, China, Bengaluru

Earlier in the day, the S&P 500 (.SPX) and the Nasdaq (.IXIC) had dropped to their lowest level since June, while the Dow (.DJI) stooped to an over two-month low. While energy (.SPNY) jumped over 1% to lead gains among major S&P 500 sectors, utilities (.SPLRCU) and real estate (.SPLRCR) were the worst hit. "Because of worries over rising oil prices, rising dollar, rising interest rates, we could see some additional weakness in this traditionally soft seasonal period." Declining issues outnumbered advancers for a 1.20-to-1 ratio on the NYSE and a 1.07-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 41 new lows, while the Nasdaq recorded 24 new highs and 297 new lows.

Persons: Brendan McDermid, stooped, Jerome Powell, Sam Stovall, Austan Goolsbee, Jefferies, JD.com, advancers, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Nike, Nasdaq, Federal Reserve, Apple, Nvidia, Dow, CFRA, Dow Jones, Chicago Fed, CNBC, PDD Holdings, Baidu, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Uncertainty around the trajectory for interest rates, including a potential hike by year-end and expectations for fewer cuts next year, have pushed the 10-year Treasury yield to a 16-year high, hurting growth stocks. ET, Dow e-minis were down 13 points, or 0.04%, S&P 500 e-minis were down 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 11 points, or 0.07%. HP Inc (HPQ.N) dipped 2.7% after Warren Buffett's Berkshire Hathaway (BRKa.N) sold nearly 4.8 million shares of the PC maker. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Arun Koyyur and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Berkshire Hathaway, Jerome Powell, dampening, Raffi Boyadjian, Walt Disney, Warren Buffett's Berkshire Hathaway, Jefferies, JD.com, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies Media, Nike, Dow, Nasdaq, Federal Reserve, Nvidia, Investors, Traders, XM, Dow e, Media, Warner Bros Discovery, Paramount Global, Netflix, HP Inc, PDD Holdings, Baidu, Thomson Locations: New York City, U.S, Berkshire, Bengaluru

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