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HONG KONG — Three people were killed and 15 others were injured in a knife attack at a supermarket in Shanghai on Monday evening, local police said, in the latest of a series of such stabbings in China. A 37-year-old suspect, surnamed Lin, was apprehended at the scene in Shanghai’s Songjiang district shortly after the attack. Lin went to Shanghai and carried out the attack “to vent his anger due to personal economic disputes,” police said. In June, a knife attack at a public park in the northeastern Chinese city of Jilin injured four U.S. university instructors, none of them critically. In 2022, a man stabbed 15 people in a hospital in Shanghai, severely wounding four minors.
Persons: Lin Organizations: Shanghai Public Security Bureau Locations: HONG KONG, Shanghai, China, Shanghai’s Songjiang, People’s Republic of China, Shenzhen, Suzhou, Jilin
TOKYO, JAPAN - SEPTEMBER 06: Japanese former Defense Minister Shigeru Ishiba speaks during a press conference at the Foreign Correspondents' Club of Japan on September 06, 2024 in Tokyo, Japan. Ishiba and former Environment Minister Shinjiro Koizumi are the front runners in the race of the upcoming presidential election for the ruling Liberal Democratic party of Japan (LDP) according to recent polling. (Photo by Tomohiro Ohsumi/Getty Images)Japan's new Prime Minister Shigeru Ishiba on Tuesday unveiled his cabinet as he seeks to heal party divisions and secure a national mandate with an Oct. 27 snap election. The 67-year-old former defence minister, who last week won a close-fought contest to lead the ruling Liberal Democratic Party (LDP), was confirmed earlier in the day as prime minister by parliament. Yoji Muto, a former junior minister, will take charge at the economy, trade and industry ministry.
Persons: Shigeru Ishiba, Ishiba, Shinjiro Koizumi, Tomohiro Ohsumi, Katsunobu Kato, Yoshimasa Hayashi, Kato, Sanae, Takeshi Iwaya, Gen Nakatani, Yoji Organizations: Defense, Foreign, Club of Japan, Liberal Democratic, Liberal Democratic Party, Washington, NATO, Nikkei Locations: TOKYO, JAPAN, Tokyo, Japan, United States, China, Beijing, U.S, East Asia, North Korea, Russian
A major Wall Street strategist is jumping aboard the story that materials stocks could be at the start of a big rally. That theory played out during last week's rally for Chinese stocks. The Materials Select Sector SPDR Fund (XLB) rose 3% last week, though it was down a bit on Monday and Tuesday. XLB 1M mountain This materials fund is up since the Chinese stock rally began. Bank of America isn't the only Wall Street shop that's bullish on materials given the change in China.
Persons: Savita Subramanian, Sherwin, Subramanian, Roth MKM's JC O'Hara Organizations: Bank of America, Linde Locations: China, Freeport, McMoRan
China is at risk of falling into a prolonged period of deflation, Yale economist Stephen Roach says. The country's monetary stimulus blitz was a move in the right direction, Roach said in an FT op-ed. The two missing pieces are fiscal support and structural reform, Roach wrote in a new op-ed for the Financial Times. AdvertisementAccording to Roach, China's projected GDP rate of 4% over the next five years virtually mirrors Tokyo's situation 30 years ago. China now needs to do the same with fiscal stimulus.
Persons: Stephen Roach, Roach, , China's, Beijing's hesitancy, Paul Krugman, Krugman Organizations: Yale, Service, Financial Times, Communist Party's Locations: China, Beijing, Japan
Walz had previously said he visited Hong Kong in “May of ’89,” weeks before the Tiananmen Square massacre in Beijing. During a 2014 hearing of the Congressional-Executive Commission on China honoring the 25th anniversary of the Tiananmen Square protests, Walz, then a Minnesota congressman, appeared to recall specific details of his trip to China at that time. Walz’s 2014 claim that he visited China during the Tiananmen Square protests has been repeated in media reports. When asked by CNN if Walz was in China during the Tiananmen Square protests, the Harris campaign was unable to provide evidence to substantiate Walz’s claim. ?,” Miller said in a social media post in response to clarification offered by the Harris campaign about Walz’s trips to China.
Persons: Tim Walz, Ohio Sen, JD Vance, Walz, , Harris, he’s, Gwen Walz, , Jason Miller, Donald Trump’s, Vance, Tim, ” Miller, James Comer, Alejandro Mayorkas, Walz “ misspoke Organizations: CNN, Minnesota Gov, Democratic, Tiananmen, Republican, GOP, Congressional, Commission, Washington Free, Alliance Times, Herald, Nebraska National Guard, , Minnesota Public Radio, APM, China “, Republicans, Congressional Republicans, Trump, Chinese Communist Party Locations: China, New York, Ohio, Hong Kong, , Tiananmen, Beijing, Minnesota, Foshan, Guangdong, Nebraska, ” Nebraska
Chinese Tesla rivals Zeekr, Xpeng, and Li Auto announced record monthly deliveries this week. That puts pressure on Tesla, which is also expected to announce strong numbers on Wednesday. Elon Musk's automaker is facing fierce competition in China, with rivals rolling out their own cheap EVs. Advertisement3 of Tesla's Chinese EV rivals have had a very good month — and they've thrown down a gauntlet for Elon Musk. Chinese EV makers Li Auto, Zeekr, and Xpeng all announced record September deliveries this week, putting pressure on Tesla as it prepares to release its own numbers on Wednesday.
Persons: Zeekr, Elon, , Elon Musk, Li Auto, Xpeng, Tesla, Li, catchup Organizations: Li Auto, Elon Musk's, Service, EV, Li, Wall Street, London Stock Exchange, Reuters Locations: China
Meanwhile, Pivotal Research initiated coverage of Google-parent Alphabet with a buy rating and a price target that implied upside of nearly 30%. The investment firm upgraded the cleaning products maker to a buy rating from hold. Analyst Kaumil Gajrawala accompanied the move by raising his price target to $187 from $174. Simultaneously, the analyst set a new target price of $200, which is approximately 26% above Monday's close. Analyst Asiya Merchant maintained her price target of $37, which implies that shares of HP could rise 3%.
Persons: Goldman Sachs, Kaumil Gajrawala, Gajrawala, Clorox, Lisa Kailai Han, Jeffrey Wlodarczak, Wlodarczak, Zuckerberg, Raymond James, Adam Tindle, Tindle, Atlassian, Asiya Merchant, Merchant, Mark Delaney, Ford, Delaney, they've, GOOG, Kamala Harris, — Fred Imbert Organizations: CNBC, Ford Motor, Google, Jefferies, Meta, Citi, HP, HP Inc, Ford, EV, Ford Pro Locations: Monday's, China, Japan, EBIT
Costfoto | Nurphoto | Getty ImagesBEIJING — The rocket higher in Chinese stocks so far looks different from the market bubble in 2015, analysts said. Major mainland China stock indexes surged by more than 8% Monday, extending a winning streak on the back of stimulus hopes. Stock market leverage by percentage and value were far higher in 2015 than data for Monday showed, according to Wind Information. He added that there are market risks from how unprepared the stock trading system was for the surge of buying. Reports indicate brokerages have been overwhelmed with new requests, echoing how individuals piled into the stock market nearly a decade earlier.
Persons: Aaron Costello, We're, Xi Jinping, Zhu Ning, Stephen Roach, Yale Law School's Paul Tsai, Costello, Peter Alexander, it's, , Alexander Organizations: Nurphoto, Getty, Cambridge Associates, U.S ., greenback, U.S, CSI, People's Bank of China, Nikkei, Yale Law, Yale Law School's Paul Tsai China Center, Ministry of Finance, Ben Advisors, Shanghai Stock Exchange Locations: Hangzhou, China, BEIJING, Shanghai, Shenzhen, Asia, MSCI, People's Republic of China, Beijing
The final three-month stretch of 2024 is here, and Wall Street is riding high. RBC head of derivatives strategy Amy Wu Silverman noted her clients are bracing for "3 standard-deviation drawdowns" in coming weeks. The VVIX gauges the volatility of the Cboe Volatility Index (VIX) itself — seen by many as Wall Street's preferred measurement of how much investor fear is in the market. That … is a very different narrative from the first six months of this year," Wu Silverman added. Elsewhere on Wall Street this morning, Pivotal Research Group initiated analyst coverage of Alphabet , the parent of Google and YouTube, with a buy rating.
Persons: Ryan Detrick, Dow, Amy Wu Silverman, Wu Silverman, CNBC's, Wall, GOOG, Jeffrey Wlodarczak Organizations: Investment, Carson Group, Dow Jones Industrial, Nasdaq, Federal Reserve, Fed, CNBC, RBC, Research Group, Google, YouTube Locations: China
A Russian company will reportedly barter chickpeas and lentils for Pakistani tangerines and rice. One Russian company is planning to barter chickpeas and lentils for Pakistani tangerines, rice and potatoes, according to a Tuesday report from Russian state-run news service Tass. AdvertisementThe company will also trade 15,000 tons of chickpeas and 10,000 tons of lentils for 10,000 tons of potatoes and 15,000 tons of tangerines from the Pakistani company. AdvertisementRussia also passed a bill in July that will allow trade payments in crypto. Even Chinese banks, the smaller of which were a key processor for Russian payments, have stopped offering support in recent months.
Persons: , Russia's, Bloomberg Organizations: Service, Tass, Femtee Trading Company, Financial Times, Bank of Locations: Russian, Russia, China, Ukraine, India, Afghanistan, Iran, Bank of Russia
Hong Kong CNN —Chinese leader Xi Jinping reiterated his pledge to achieve “reunification” with Taiwan on the eve of Communist China’s 75th birthday, as Beijing flexed its military might in the run-up to the national holiday. But many people on the island view themselves as distinctly Taiwanese and have no desire to be part of Communist China. He also called for deeper economic and cultural exchanges across the Taiwan Strait and promotion of “spiritual harmony of compatriots on both sides.”“(We must) resolutely oppose ‘Taiwan independence’ separatist activities,” Xi said. On Sunday, Taiwan’s Defense Ministry said it was on alert after detecting “multiple waves” of missile firing deep in inland China. The funding will cover defense articles as well as “military education and training,” the White House said in a statement.
Persons: Xi Jinping, Xi, , , ” Xi, Lai Ching, Joe Biden Organizations: Hong Kong CNN, of, People, Xinhua, Communist Party, Taiwan, Taiwan’s Defense Ministry, Army’s, Force Locations: Hong Kong, Taiwan, Beijing, People’s Republic, Communist China, People’s Republic of China, Republic of China, Taipei, Taiwan Strait, China, Inner Mongolia, Gansu, Qinghai, Xinjiang, United States
A Li L6 by Li Auto is displayed at its booth during the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. BEIJING — Chinese new energy vehicle brands Li Auto and Zeekr each delivered a record number of cars in September, according to company data released Tuesday. New energy vehicles include hybrids and those powered only by battery. Li Auto reported 53,709 deliveries in September, setting a record more than 5% above a prior high reached in July. Geely-owned electric car company Zeekr also delivered a record of 21,333 vehicles in September.
Persons: Li, Li Auto, Zeekr, Nio, Hong Kong's Organizations: Li, Beijing International Automotive, Auto, Li Auto, Huawei Locations: Beijing, China, BEIJING, Hong Kong
Paul Podolsky's Kate Capital is set to start trading on November 1 with roughly $200 million. The manager will be a discretionary global macro fund with 50 to 60 positions at a time. The person close to Kate Capital told BI that it will be a discretionary global macro fund, as opposed to Bridgewater, which invests more systematically. And, like Dalio, Podolsky plans to share his thoughts on the world as he invests. He plans to continue writing when the firm launches, the person close to the firm said.
Persons: Paul, Kate Capital, Tom Bachner, , Paul Podolsky, Podolsky, Ray Dalio, Kate, He's, FBI James Comey, Dalio Organizations: Mudrick, Service, Business, Mudrick Capital, Kate Capital, Industry, New, New Holland Capital, FBI Locations: Bridgewater, Russia, Soviet Union, China, New Holland
US-listed gaming and copper stocks have outperformed since China's stimulus blitz, Trivariate Research says. "We have concluded the intervention is incrementally bullish for US equities," CEO Adam Parker wrote. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementGaming and copper stocks listed in the US have outperformed since China unleashed a blitz of stimulus, and one research firm is recommending investors consider buying. Parker says historically, not all China stimulus measures have impacted US equities, especially when they coincide with other market moving events in the US.
Persons: Adam Parker, , Trivariate Research's, Parker, Trivariate, that's Organizations: Trivariate, Sands, Service, CNBC, US, Wynn Resorts, Melco Resorts & Entertainment, CSI Locations: Freeport, McMoran, Las, China, Monday's, McMoRan, Macau
Mark Rutte, incoming secretary general of the North Atlantic Treaty Organization (NATO), during a transition ceremony at the NATO headquarters in Brussels, Belgium, on Tuesday, Oct. 1, 2024. Mark Rutte, the affable and meticulous former Dutch premier, has a daunting task ahead to keep the defense alliance a global force. "As Secretary General, I will work on three main priorities," Rutte said as he took over the reins from Jens Stoltenberg during a handover ceremony in Brussels. "The first is to keep NATO strong and to ensure our defenses remain effective and credible against all threats. U.S. President Donald Trump (L) speaks with Jens Stoltenberg, Secretary General of NATO as they attend the NATO summit at the Grove Hotel on December 4, 2019 in Watford, England.
Persons: Mark Rutte, Rutte, he's, , Donald Trump, Jens Stoltenberg, Vladimir Putin, Armida van Rij, Kamala Harris, I'm, She's, Dan Kitwood Organizations: Atlantic Treaty Organization, NATO, Bloomberg, Getty, U.S, Ukraine, European Union, Kremlin, Chatham House, Royal United Services Institute, Republican, Trump Locations: Brussels, Belgium, Netherlands, Russia, Ukraine, China, North Korea, Iran, NATO, Moscow, Grove, Watford, England
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reacceleration could be a headwind for U.S. economy, says Morgan Stanley's Chris ToomeyChris Toomey, Morgan Stanley Private Wealth, joins 'Closing Bell' to discuss the markets, the Fed and the economy.
Persons: Morgan, Chris Toomey Chris Toomey, Morgan Stanley Organizations: Wealth, Fed
CNBC Daily Open: Markets defied expectations last month
  + stars: | 2024-10-01 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City. 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. Winning month and quarterU.S. markets rose on Monday to finish a winning month and quarter. While that may remind investors of the 2015 bubble, when the Chinese stock market doubled in value over six months, analysts think things are different this time.
Persons: Tesla, Jerome Powell, Powell, Cerebras, Stocks Organizations: New York Stock Exchange, CNBC, Nikkei, . Federal, National Association for Business Economics, Nvidia, Systems, Nasdaq, CSI, CNBC Pro Locations: New York City, Asia, Pacific, China, Hong Kong, South
China's economic woes dampen 'Golden Week' holiday travel
  + stars: | 2024-10-01 | by ( Anniek Bao | In | ) www.cnbc.com   time to read: +3 min
Passengers arrive at the Beijing railway station on the first day of peak travel ahead of the National Day holidays in China's capital city on Sept. 29, 2023. China is expecting to see more travelers during Golden Week, but the country's persistent economic woes will likely continue to weigh on overall spending this holiday season. Prices for both domestic and outbound flights during the National Day period declined compared to last year, according to report by Trip.com released last month. During the Golden Week holiday last year, China saw domestic tourism revenue reach 753 billion yuan ($107.37 billion). By comparison, a single-day record of 20.7 million trips were made on May 1, the start of China's Labor Day holiday.
Persons: Shaun Rein, Rein, Trip.com, Alicia Garcia Herrero Organizations: Golden, Authorities, Ministry of Transport, China Market Research Group, Ministry of Culture, National Railway Administration, China's Labor, Tourism Locations: Beijing, China's, China, Tourism
A major stimulus deal coming out of China could offer a windfall for some U.S. stocks with significant ties to the world's second-largest economy, according to Barclays. Against this backdrop, the firm screened for companies with high sales exposure to China and low volatility. Here are some of the potential winners: Barclays named casino and resort operator Wynn Resorts among the beneficiaries of a China stimulus deal, with 48% sales exposure to China. Qualcomm is another winner, with 62% sales exposure to China and the second-highest among the stocks that made the cut. Some underperforming stocks could also benefit from China's stimulus plan, including Albemarle .
Persons: Stefano Pascale, Pascale Organizations: Barclays, Wynn Resorts, Qualcomm, Merck, Western Locations: China, Albemarle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors playing China trade both directly and indirectly, M31 Capital saysPatrick Zhong, founding managing partner at M31 Capital, says investors are placing money both directly and indirectly into the China trade, though the effects will take time to play out.
Persons: Patrick Zhong Organizations: Investors, M31 Locations: China
Morgan Stanley says that Chinese stocks could enjoy a more "sustained rally" in the next phase — beyond a near-term jump — as they ride on the wave of stimulus measures and signals announced last week. They predict at least a 10% rally in the near term , and even more ahead. Against that backdrop, the bank indicated its preference for certain stocks that are set to benefit from easing measures. Stock screens Morgan Stanley did a few stock screens to sieve out those set to benefit. Morgan Stanley says it expected a supplementary budget to be announced in late October, supporting consumption and local government financing.
Persons: Morgan Stanley, Evelyn Cheng Locations: Hong Kong, China
Carter, who has been in hospice care since February 2023, is the oldest president in American history. Carter’s grandson, Jason Carter, said at tge Democratic National Convention in August that his PawPaw was “holding on” for the November election. Biden was one of the first senators to endorse Carter’s 1976 presidential campaign. Biden and first lady Dr. Jill Biden traveled to Plains, Georgia, to visit the Carters on the 100th day of Biden’s presidency in 2021. “We sat and talked about the old days,” Biden told reporters after the visit, calling the Carters “old friends.”
Persons: Joe Biden, Jimmy Carter, , ” Biden, Carter, , Jason Carter, Kamala Harris, Camp David, Martin Luther King Jr, Biden, Carter’s, Sen, Birch Bayh, Jill Biden Organizations: Washington CNN, , CBS News, tge Democratic National Convention, Democrat, Camp, Camp David Accords, Department of Energy, Department of Education, Federal Emergency Management Agency, Carter Center, Habitat, Humanity Locations: Egypt, Israel, China, Alaska, Iran, Plains , Georgia
A September surprise has given bitcoin a head start on a potential run to record highs in the fourth quarter. The cryptocurrency posted a 7.7% gain for September — historically its weakest month of the year — and its best month since May. The month has become known to native crypto investors as "Uptober." … As crypto becomes increasingly correlated with traditional markets, it's expected to be another strong month." Investors expect bitcoin's price will be driven by rate cuts, more inflows into bitcoin ETFs by institutions and clarity following the election.
Persons: Ether, Bitcoin, Jerome Powell, James Davies, " Davies, David Duong, Duong, we've, bitcoin, it's, — CNBC's Michael Bloom, Nick Wells Organizations: U.S, International Longshoremen's Association, Gulf Coasts, bitcoin Locations: U.S, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrategist: Strong short-term momentum for China stocks, but we prefer markets with visible growthYap Fook Hien of Standard Chartered Bank stays cautious on China for the longer term as deflationary concerns loom large for the world's 2nd largest economy.
Organizations: Standard Chartered Bank Locations: China, Hien
Investors shouldn't be putting their money in Chinese stocks for the long term, according to Kyle Bass. The "Big Short" investor pointed to the long-running stagnation in Chinese stocks. AdvertisementInvesting in China over the long term is nothing short of a bad idea, according to "Big Short" investor Kyle Bass. The Hayman Capital founder said he's still bearish on China, despite the historic run-up in Chinese stocks after Beijing unveiled a fresh stimulus package. Bass has been bearish on China for years, previously shorting the Chinese yuan before closing his position in 2019.
Persons: Kyle Bass, , he's, China hasn't, Bass, you'll Organizations: Investors, Service, Hayman Capital, CNBC, Communist Locations: China, Beijing, Hong, Kong, Taiwan, Russia
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