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The price valued the company at $223.5 billion, about 26% lower than a valuation a year earlier, the Reuters report said. Last year, ByteDance was valued at $300 billion in a buyback program offered to its non-U.S. employees. The latest $160 price is higher than the $155 price set in an earlier April buyback, the person added. A ByteDance spokesperson confirmed the share buyback plan for employees outside the U.S., saying it aimed to provide liquidity options for staff through such programs. Buybacks allow employees to cash in shares without waiting for the company to list on the stock market.

Persons: Aly, ByteDance, Brenda Goh, Josh YE, Mark Potter Organizations: REUTERS, Rights, Reuters, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, U.S, Hong Kong

☆ Exclusive: Baidu placed AI chip order from Huawei in shift away from Nvidia -sources
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Baidu ordered 1,600 of Huawei Technologies' 910B Ascend AI chips - which the Chinese firm developed as an alternative to Nvidia's A100 chip - for 200 servers, the source said, adding that by October, Huawei had delivered more 60% of the order, or about 1,000 chips, to Baidu. Baidu, alongside Chinese peers such as Tencent (0700.HK) and Alibaba (9988.HK), is known to be a long-time client of Nvidia. Baidu was not previously known to be a AI chip customer of Huawei. Huawei's website says it has since 2020 collaborated with Baidu to make its AI platform compatible with Huawei hardware. Baidu has developed its own line of Kunlun AI chips, which the company says supports large-scale AI computing, but the company has mainly relied on Nvidia's A100 chip to train its LLM.

Persons: Aly, Baidu, Ernie, Yelin Mo, Zhang Yan, Brenda Goh, Josh Ye, Gerry Doyle Organizations: Baidu, Artificial Intelligence, REUTERS, Rights, HK, Huawei, U.S ., Nvidia, Huawei Technologies, U.S, HUAWEI, Reuters, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, U.S, Beijing, Hong Kong

☆ IMF upgrades China's 2023, 2024 GDP growth forecasts
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. GDP growth could slow to 4.6% in 2024 because of continued weakness in China's property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2% in the IMF's World Economic Outlook (WEO). The combination of the downturn in the property sector and local government debt crunch could wipe out much of China's long-term growth potential, economists say. Local debt has reached 92 trillion yuan ($12.6 trillion), or 76% of China's economic output in 2022, up from 62.2% in 2019. China should also develop a comprehensive restructuring strategy to reduce the debt level of local government financing vehicles (LGFVs), she said.

Persons: Aly, IMF's, Gita Gopinath, Gopinath, LGFVs, Joe Cash, Ryan Woo, Edmund Klamann, Christopher Cushing Organizations: REUTERS, Rights, Monetary Fund, China's, Communist Party, Thomson Locations: Shanghai Hongqiao, Shanghai, China, Rights BEIJING, Gopinath

☆ China's ByteDance to overhaul VR arm Pico as global demand declines -sources
▼ + stars: | 2023-11-07 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The ByteDance logo is seen at the company's office in Shanghai, China July 4, 2023. The meeting did not specify how many jobs would be cut as a result, but the three people said "hundreds" of Pico staff were expected to be affected globally. In China, it has become the leading VR producer by total shipments and globally it trails only Meta. But two of the people said ByteDance had pared back efforts to develop Pico as a brand in recent months as the outlook dimmed. ByteDance said last month it remained committed to the VR industry in the long term following media reports that it planned to gradually wind down Pico.

Persons: Aly, Pico, ByteDance, Josh Ye, Jamie Freed Organizations: REUTERS, Pico, Reuters, VR, Meta, IDC, Thomson Locations: Shanghai, China, Pico, HONG KONG

Dozens of international and private schools in China are closing or merging, industry executives said, weighed down by tighter regulation, a slowing economy and dwindling foreign student numbers. A rapid expansion prior to the COVID-19 pandemic drove a surge of privately run bilingual schools in China offering a western exam curriculum. Dulwich College operates nine schools in China including bilingual schools catering to Chinese nationals that have been hit hardest by regulatory changes. It mandated that Chinese compulsory education be taught in private schools, aligning the curriculum more closely to public schools and making parents question the need to pay private school fees when their children can attend free government schools. Authorities have also moved to control the number of private schools.

Persons: Aly, Julian Fisher, Fisher, Dulwich, Xi, It's, Frank Feng, Jimmy Chin, Nicholas Burns, Mathias Boyer, Casey, Roxanne Liu, Dorothy Kam, Muralikumar Organizations: REUTERS, Dulwich College, Venture Education, Strategic, Education, Motion, Dulwich, British, Authorities, Dulwich's, Victoria Kid House, Western International School of, Everpine, Xi'an Jiaotong University, University of Science, Technology of, International School of Beijing, Casey Hall, Thomson Locations: Shanghai, China, HONG KONG, British, Asia, China's, Beijing, Dulwich, Singapore, South Korea, U.S, Britain, Canada, Lucton, Greater Bay Area, Shenzhen, Eton, Guangzhou, Western International School of Shanghai, Xi'an, Technology of China, Anhui, Hong Kong

☆ China's first deficit in foreign investment signals West's 'de-risking' pressure
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. Onshore yuan trading against the dollar also hit record-low volume in October, highlighting authorities' stepped-up efforts to curb yuan selling. Direct investment liabilities - a measure of FDI - were a deficit of $11.8 billion during the July-September period, according to preliminary data of China's balance of payments released late on Friday. That's the first quarterly shortfall since China's foreign exchange regulator began compiling the data in 1998, which could be linked to the impact of "de-risking" by Western countries from China amid growing geopolitical tensions. In September, foreign exchange outflows from China rose sharply to $75 billion, the biggest monthly figure since 2016, Goldman Sachs data showed.

Persons: Aly, That's, Tommy Xie, Xie, Goldman Sachs, Shri Navaratnam Organizations: National People's Congress, REUTERS, Rights, Greater, Greater China Research, OCBC, People's Bank of, Reuters, Shanghai, Thomson Locations: Shanghai, China, Western, Greater China, People's Bank of China

An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.

Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia

[1/2] An Ericsson sign is seen at the third China International Import Expo (CIIE) in Shanghai, China November 5, 2020. REUTERS/Aly Song Acquire Licensing RightsBRUSSELS, Nov 6 (Reuters) - Electronics makers Siemens (SIEGn.DE), Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic. They said disruptions could hit millions of products, ranging from washing machines to toys, cybersecurity products, as well as vital components for heat pumps, cooling machines and high-tech manufacturing. "We risk creating a COVID-style blockage in European supply chains, disrupting the single market and harming our competitiveness," the companies said. They also want more flexibility to self-assess cybersecurity risks.

Persons: Aly, Thierry Breton, Vera Jourova, Robert Bosch, Foo Yun Chee, Rod Nickel Organizations: Ericsson, China, REUTERS, Rights, Electronics, Siemens, Schneider, European, European Union, Nokia, Robert, Robert Bosch GmbH, EU, Thomson Locations: Shanghai, China, Rights BRUSSELS, EU, Slovakian

☆ China basic pension fund posts 0.33% investment gain in 2022
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +1 min

A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Nov 4 (Reuters) - The basic pension fund managed by China's social security fund gained 5.1 billion yuan, or 0.33% in 2022, down from a 4.9% gain in 2021, the National Council for Social Security Fund said on Saturday. China's stock benchmark CSI 300 (.CSI300) lost 21.6% in 2022 and so far this year is down 7.4%. The basic pension fund manages a total 1.62 trillion yuan by the end of 2022, and has posed an annual average gain of 5.4% since the end of 2016, when the national social security fund started to manage the pension's investment. Separately, the national social security fund reported a 5.07%, or 138 billion yuan loss for the year of 2022, it said in a report in September.

Persons: Aly, Michael Perry Organizations: National People's Congress, REUTERS, Rights, National Council for Social Security Fund, CSI, Shanghai, Thomson Locations: Shanghai, China

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

☆ China warms to U.S. chipmaker Micron, as tensions with Washington ease
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. "We welcome Micron Technology to continue to take root in the Chinese market and achieve better development under the premise of complying with Chinese laws and regulations," Wang added. The detente comes just months after China's cyberspace regulator said Micron had failed a network security review and barred Chinese operators of key infrastructure from buying from the largest U.S. memory chipmaker. China's move against Micron was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Reporting by Beijing newsroom; Editing by Sonali Paul and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Wang Wentao, Sanjay Mehrotra, Wang, China's, Joe Biden, Xi Jinping, Sonali Paul, Lincoln Organizations: Micron Technology Inc, REUTERS, Rights, Micron Technology, Commerce, Micron, Economic Cooperation, Beijing, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing, Washington, Asia, San Francisco

☆ What Is a Soft Landing?
▼ + stars: | 2023-11-02 | by ( Aly J. Yale | ) www.wsj.com time to read: +4 min

But whether the central bank can meet its dual-objectives of slowing price growth and avoiding a recession—dubbed a “soft landing” by economists—remains to be seen. Threading that needle has proven to be quite elusive.”What is a soft landing? “The alternative to a soft landing is a hard landing,” Cirksena says. “How ‘soft’ that ‘soft landing’ is among citizens could vary widely,” he says. Will the Fed achieve a soft landing this time?

Persons: Aly J, —, ”, David Johnston, Bank of Japan —, Aaron Cirksena, you’ll, ” Cirksena, Peter C, Earle, Jerome Powell, “ Organizations: Yale, Federal Reserve, Wealth Management, European Central Bank, Bank of, MDRN, American Institute for Economic Research, Fed, Bank of America, Wall Street, National Bureau of Economic Research Locations: Flemington, N.J, U.S, Bank of Japan, Annapolis, Md

Apple shares, which have risen 37% so far this year, dropped 3.4% after-hours, following the forecast. Maestri said Apple expects to have higher iPhone sales for the fiscal first quarter, even though this year's holiday quarter has one fewer week of sales than the year-ago. Cook said the company's new high-end handset models - the iPhone 15 Pro and Pro Max devices - are facing supply constraints. Apple's sales in China fell to $15.08 billion from $15.47 billion in the fourth quarter a year ago. Cook said that after accounting for foreign-exchange rates, Apple's business in China grew year-over-year, driven by iPhone sales and services revenue.

Persons: Tim Cook, Apple, Cook, Luca Maestri, Bob O'Donnell, Davidson, Tom Forte, Aly, Max, Nabila Popal, Lionel Messi, Stephen Nellis, Yuvraj Malik, Sayantani Ghosh, Peter Henderson, Matthew Lewis, Leslie Adler Organizations: Huawei, Apple, TECHnalysis Research, Mac, REUTERS, Huawei Technologies, U.S, Reuters, Pro, Apple Watch, Thomson Locations: China, Cupertino , California, Shanghai, San Francisco, Bengaluru

☆ Here Are the 401(k) and IRA Contribution Limits for 2024
▼ + stars: | 2023-11-01 | by ( Aly J. Yale | ) www.wsj.com time to read: +2 min

401(k) contribution limits 2024For employer sponsored plans including 401(k), 403(b) and 457 retirement plans—as well as Thrift Savings Plans, a type of account for federal employees and military members only—the 2024 contribution limits will jump to $23,000. 401(k) contribution limits 2023 & 2024 2023 limit 2024 limit Maximum employee contribution $22,500 $23,000 Catch-up contribution (for those 50 and older) $7,500 $7,500 IRSIRA contribution limits 2024For individual retirement accounts, or IRAs—both Roth and traditional types—2024 contributions will max out at $7,000, up from $6,500 in 2023. IRA contribution limits 2023 & 2024 2023 limit 2024 limit Maximum contribution $6,500 $7,000 Catch-up contribution (for those 50 and older) $1,000 $1,000 IRSThe income levels used to determine eligibility for IRA contribution deductions and for making contributions to Roth IRAs are also changing. For IRA contributions limits depend on whether you or a spouse have access to a workplace retirement savings account. Finally, for individuals with SIMPLE retirement accounts—a type of IRA sometimes used by small businesses—the 2024 contribution limits will jump from $15,000 to $16,000.

Persons: Aly J, —, Roth Organizations: Yale, Internal, IRS

☆ Apple's holiday-quarter forecast faces threat from Huawei, weak China market
▼ + stars: | 2023-11-01 | by ( Yuvraj Malik | ) www.reuters.com time to read: +4 min

People stand outside an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. Apple's (AAPL.O) own iPhone 15 line-up has gotten off to a slow start in the crucial international market. Counterpoint estimates China sales of the latest series were nearly 5% lower compared with the iPhone 14 in the first 17 days after launch. Reuters GraphicsWall Street analysts expect iPhone sales to rise about 6% in the October-December period, according to LSEG data. The segment has often outpaced growth in Apple's hardware business in recent years and now accounts for nearly a quarter of its total revenue.

Persons: Aly, Bernstein, Jefferies, Yuvraj Malik, Aditya Soni, Saumyadeb Organizations: Apple, REUTERS, Huawei, Data, Wall, IDC, Thomson Locations: China, Shanghai, Bengaluru

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ Baidu launches paid version of ChatGPT-like Ernie Bot
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: 1 min

Baidu sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Nov 1 (Reuters) - Chinese search engine giant Baidu launched on Wednesday a paid version of its ChatGPT-like product Ernie bot, charging 59.9 yuan ($8.18) per month. Ernie bot, which like ChatGPT is powered by generative artificial intelligence, was the first of many Chinese AI-powered chatbots to be unveiled this year. ($1 = 7.3191 Chinese yuan)Reporting by Eduardo Baptista; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Ernie bot, Eduardo Baptista, Jacqueline Wong Organizations: Baidu, Artificial Intelligence, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande was also banned from issuing new dollar bonds, a key part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. The biggest challenge ahead for Evergrande will be convincing its creditors and shareholders in the two Hong Kong-listed units that the new proposal is worthwhile, industry experts said. The ad hoc group of bondholders is unhappy about the revised terms offering equity in the Hong Kong-listed subsidiaries, according to sources. ($1 = 7.8239 Hong Kong dollars)Reporting by Xie Yu and Julie Zhu in Hong Kong; Additional reporting by Clare Jim; Editing by Scott Murdoch and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Xie Yu, Julie Zhu, Clare Jim, Scott Murdoch, Jamie Freed Organizations: China Evergrande Group, REUTERS, HK, Evergrande Property Services, New Energy Vehicle Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Guangdong

Evergrande's lawyer said the company was working on a revised plan to "monetise the value" of its two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (NEV) (0708.HK). Sources familiar with the matter told Reuters that plan included allowing Evergrande creditors to swap their debt into equity and bonds tied to these units. Evergrande, Evergrande Property Services and Evergrande NEV declined to comment. "Why would those shareholders want to see new debt issued to replace the existing debt issued by Evergrande, what is the benefit for them?" Evergrande's initial $23 billion offshore debt restructuring plan was thrown off course last month when its billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities.

Persons: Aly, Evergrande NEV, Mat Ng, Grant Thornton, Evergrande, Hui Ka Yan, Clare Jim, Xie Yu, Scott Murdoch, Miral Organizations: China Evergrande Group, REUTERS, Hong, Evergrande, Services, HK, New Energy Vehicle Group, Reuters, Evergrande Property, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, HK, Hong Kong, Grant Thornton Hong Kong, SYDNEY

☆ Xi says China's women must start 'new trend of family'
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Doing a good job in women's work is not only related to women's own development, he said but also related to "family harmony, social harmony, national development and national progress". Factors including high childcare costs, career hindrance, gender discrimination and not wanting to get married have deterred many young Chinese women from having children. The number of births is closely tied to marriage rates because official policies make it hard for single women to have children. China's National Bureau of Statistics in January reported the first population drop in six decades and the country's population is rapidly ageing. The state media has often linked population development to the strength and "rejuvenation" of the country.

Persons: Wang Dan, Aly, Xi Jinping, Farah Master, Barbara Lewis Organizations: REUTERS, Xinhua, China Women's Federation, Communist Party, China's National Bureau of Statistics, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ The escalating Israel-Hamas conflict raises risks of global market contagion, economist says
▼ + stars: | 2023-10-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Mohamed Aly El-Erian, chief economic advisor for Allianz SE, during a Bloomberg Television interview in London, UK, on Monday, Sept. 25, 2023. El-Erian spoke alongside former UK Prime Minister Gordon Brown and economist Michael Spence, his co-authors for their book Permacrisis: A Plan to Fix a Fractured World. Photographer: Chris Ratcliffe/Bloomberg via Getty ImagesAs the Israel-Hamas war draws into into its fourth week, the risks to the global economy are rising, economist Mohamed el-Erian said Monday. The impact on global markets in response to the onset of the war was initially limited, as investors first assessed that the conflict was contained. "It is terrible in terms of economic prospects for the epicenter for the war," she said.

Persons: Mohamed Aly El, Erian, Gordon Brown, Michael Spence, Chris Ratcliffe, Mohamed el, CNBC's Dan Murphy, Israel, Kristalina Georgieva Organizations: Allianz, Bloomberg Television, Bloomberg, Getty, AIM, Federal, International Monetary Fund Locations: London, Israel, Gaza, Dubai, Iran, Lebanon

☆ Elon Musk appears to have given up on trying to camouflage his private-jet travels with an FAA program used by Jeff Bezos and Taylor Swift
▼ + stars: | 2023-10-28 | by ( Grace Kay | Taylor Rains | ) www.businessinsider.com time to read: +6 min

Last year, Elon Musk stopped using an FAA program allowing jet owners to fly incognito, JetSpy said. REUTERS/Aly SongThe FAA launched the PIA program in 2019 and has issued 390 alternate ID codes since the program began, an FAA spokesperson told Insider. Musk used his first alternate ID through the PIA program about a month later. The incognito registration number also doesn't prevent Sweeney from tracking the private jet via ADS-B Exchange, a public flight-tracking database. AdvertisementAdvertisement"The PIA program limits the ability to identify an aircraft in real-time using inexpensive, commercially available receivers," an FAA spokesperson told Insider.

Persons: Elon Musk, JetSpy, Musk, —, hasn't, Jack Sweeney, Sweeney, he's, LADD, it's, Elon, Aly Song, Forbes, Jeff Bezos, Taylor Swift, Christian Renneissen, Collins Organizations: FAA, Service, Twitter, Federal Aviation Administration, PIA, University of Central Florida, Gulfstream, Elon Locations: California, Texas, SpaceX's, Brownsville, Hawthorne, Shanghai, Rome

☆ Asian shares track US futures higher, bonds hold gains
▼ + stars: | 2023-10-27 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Overnight, the European Central Bank left interest rates unchanged as expected, sending the euro briefly to a two-week low. S&P 500 futures rose 0.4% while Nasdaq futures rallied 0.7%, driven by a 5% jump in Amazon shares in after-hours trading. In a statement after the U.S. close, the tech giant predicted higher holiday season sales and a stabilisation in its cloud business. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) bounced 0.6% on Friday after hitting a fresh 11-month low a day ago. Brent crude futures climbed 0.5% to $88.38 a barrel while U.S. West Texas Intermediate was at $83.58 a barrel, up 0.4%.

Persons: Aly, Hong, HSI, Nathaniel Casey, Evelyn, Goldman Sachs, Stella Qiu, Sam Holmes Organizations: REUTERS, Nasdaq, European Central Bank, Bank of Japan, Tokyo's Nikkei, Evelyn Partners, 1bp, CME, Brent, West Texas, Thomson Locations: Shanghai, China, SYDNEY, U.S, Asia, Pacific, Japan, East, Israel, Gaza

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ ATP roundup: Daniil Medvedev headlines day of sweeps at Vienna
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Overall, Medvedev won 28 of 31 first-service points while collecting 16 winners against just three unforced errors. Sinner topped American Ben Shelton 7-6 (2), 7-5; Gojo ousted Russia's Aslan Karatsev 6-3, 6-3; and Monfils downed Daniel Altmaier of Germany 6-4, 6-4. In second-round action, fifth-seeded German Alexander Zverev downed Great Britain's Cameron Norrie 6-2, 6-4, while No. Swiss Indoors BaselArgentina's Tomas Martin Etcheverry rallied to beat Andy Murray of Great Britain 6-7 (5), 6-3, 6-2 in a second-round match at Basel, Switzerland. 4 seed Hurbert Hurkacz of Poland also won his second-round match, sweeping German Jan-Lennard Struff 6-1, 6-4.

Persons: Russia's Daniil Medvedev, Sebastian Korda, Aly, Daniil Medvedev, Frenchman Arthur Fils, Fils, Medvedev, Italy, Borna Gojo, Gael Monfils, Sinner, Ben Shelton, Gojo, Russia's Aslan Karatsev, Monfils, Daniel Altmaier, Alexander Zverev, Britain's Cameron Norrie, Karen Khachanov, Jiri Lehecka, Basel Argentina's Tomas Martin Etcheverry, Andy Murray of, Etcheverry, Murray, Lennard, Casper Ruud, Taylor Fritz, Felix Auger, France's Ugo Humbert Organizations: Shanghai, Sports City Arena, U.S, REUTERS, Erste Bank, Swiss, Basel Argentina's, Thomson Locations: Shanghai, China, Vienna, Croatian, Germany, Russia, Czech, Andy Murray of Great Britain, Basel, Switzerland, Poland

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