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☆ Futures rise ahead of inflation data
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike slides after downbeat Q1 sales outlookApple up as Citigroup starts coverage with "buy"May PCE data due at 8:30 a.m. "The backdrop for equities is still no recession, inflation is sticky and financial conditions are still loose. "Key risks ahead for U.S. equities remain potential expanded export controls on AI chips and the upcoming Q2 earnings season." The Fed's preferred inflation gauge, the Personal Consumption Expenditure index (PCE) for May, will be released at 8:30 a.m. Adobe (ADBE.O) slipped 0.8% after UK's competition regulator ordered a second round of review of its deal to buy Figma.

Persons: Jerome Powell, Peter Garnry, Jefferies, Sruthi Shankar, Johann M, Shinjini Organizations: Nike, Apple, Citigroup, Dow, Federal Reserve, Saxo Bank, Nasdaq, Reuters, Traders, Dow e, Nike Inc, Apple Inc, Carnival Corp, Thomson Locations: U.S, North America, Bengaluru

☆ European shares climb on China stimulus hopes; inflation data in focus
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - European shares rose on Friday as lacklustre data on China's factory activity spurred hopes of more policy stimulus, while investors awaited key inflation readings for more clues on the direction of global interest rates. The pan-European STOXX 600 index (.STOXX) was up 0.3% by 0703 GMT. Miners (.SXPP) gained 0.7%, tracking metal prices higher as a decline in China's factory activity boosted expectations of more economic stimulus from the country. Personal Consumption Expenditure (PCE) data for May as well as preliminary figures on euro zone inflation later in the day. Among individual stocks, shares of sportswear makers Adidas (ADSGn.DE) and Puma (PUMG.DE) were down 1.7% and 0.3% respectively, after Nike's (NKE.N) gloomy forecast.

Persons: Amruta Khandekar, Varun Organizations: Miners, Energy, Adidas, Puma, Thomson

☆ US stocks jump to close strong 2nd quarter as Nasdaq has best first half in decades
▼ + stars: | 2023-06-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Mega-cap stocks helped end the second quarter with a bang. The Nasdaq 100 ended just shy of a previous first half record, with a 32% gain. The Nasdaq 100 gained nearly 32% in the first half, nearly breaking its first-half record, set in 1983. The S&P 500 gained 17.6% in the first half while the Dow climbed 3.7%. In the second quarter, the Nasdaq closed at 13% higher, while the S&P and Dow climbed 8.8% and 2.5%.

Persons: —, Dow Organizations: Nasdaq, Service, Here's, Dow Jones

Islamabad was racing against time to unlock $1.1 billion under the IMF's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. The Pakistan government was expecting around $2.5 billion from the IMF, Reuters has reported. PROCESSESPakistan earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November last year. HOLE IN FINANCESThe government has earmarked $2.5 billion in external receipts from the IMF in its federal budget for FY24. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24.

Persons: Shehbaz Sharif, Ariba Shahid, Raju Gopalakrishnan Organizations: Monetary Fund, IMF, IMF’s, Reuters, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, PAKISTAN, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Karachi

Helped by gains in Apple, technology stocks (.SPLRCT) rose 1.6% and led advance among the 11 major S&P 500 sectors. Excluding the volatile food and energy components, the PCE price index gained 0.3%, down from 0.4% in the previous month. Despite a recent streak of losses, the three main U.S. indexes were on course to end June and the second quarter on a high note as investors expect the Fed's aggressive tightening will not derail the U.S. economy. The CBOE Market Volatility Index (.VIX), Wall Street's fear gauge, slipped to a one-week low at 13.48 points. The S&P index recorded 67 new 52-week highs and no new lows, while the Nasdaq recorded 76 new highs and 24 new lows.

Persons: we're, Peter Andersen, Jerome Powell, Jefferies, Sruthi Shankar, Johann M Cherian, Shashwat Chauhan, Shinjini Organizations: Nike, Apple, Dow, Nasdaq, Apple Inc, Commerce Department, Andersen Capital Management, Traders, Dow Jones, Treasury, Nike Inc, Carnival Corp, NYSE, Thomson Locations: Boston, U.S, Bengaluru

☆ $104,400 classes as a 'low' income for a single-person household in San Francisco, California's housing department says
▼ + stars: | 2023-06-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

$104,400 is a "low" income in San Francisco County, according to California's housing department. Such a salary classes as a "low'" income in San Francisco County, according to California's Department of Housing and Community Development. In San Francisco County, the median income for a one-person household is listed as $122,500, per California's housing department. Making $18,400 a year is an "acutely low" income, $39,150 is "extremely low," $65,350 is "very low," and $104,400 is "low." Marin County, which is directly north of San Francisco County, and San Mateo County, to the south, both have the same income limits.

Persons: — Organizations: Service, California's Department of Housing, Community, Fox Business, US Department of Housing, Urban, Survey, Stanford University, San, US Bureau of Labor Statistics, Census Locations: San Francisco County, Mississippi, San Francisco, Marin County, San Mateo County, Santa Clara, Jose, Google's, Palo Alto, New York City, Jersey City, San Francisco's

☆ Treasury yields rise as investors look to key inflation report
▼ + stars: | 2023-06-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was up by over 2 basis points at 3.876%. The 2-year Treasury yield was also trading more than 3 basis points higher at 4.914%. U.S. Treasury yields climbed on Friday as investors awaited key inflation data that could inform the Federal Reserve's next interest rate policy moves. Investors braced themselves for the release of the latest personal consumption expenditure price index, which is the Fed's preferred inflation gauge. Personal spending and income figures will be released alongside the PCE report, which could impact Fed policy going forward.

Persons: Dow Jones, Jerome Powell, Powell Organizations: U.S, Treasury, Federal

Stronger than expected economic data pushed Treasury yields higher and steered investors toward economically sensitive sectors as recession fears eased. But buyers shied away from some rate-sensitive growth sectors due to concerns the Fed would keep interest rates higher for longer. After a health check showed that the biggest U.S. banks have enough capital to weather a severe economic slump the S&P 500 banks index (.SPXBK) closed up 2.6%. The Dow Jones Industrial Average (.DJI) rose 269.76 points, or 0.8%, to 34,122.42, the S&P 500 (.SPX) gained 19.58 points, or 0.45%, to 4,396.44 and the Nasdaq Composite (.IXIC) dropped 0.42 points to 13,591.33. The S&P 500 posted 44 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 90 new highs and 90 new lows.

Persons: Mona Mahajan, Louis, Edward Jones, Russell, Jerome Powell, Brendan McDermid, Air Jordan, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, David Gregorio Our Organizations: Dow, Nasdaq, St, Dow Jones, New York Stock Exchange, REUTERS, Brendan McDermid Traders, Reuters, Nvidia, Microsoft, SOX, Micron Technology, Occidental Petroleum, Berkshire Hathaway Inc, Nike, Air, LeBron, NYSE, Thomson Locations: New York City, U.S, megacaps, Philadelphia, New York, Bengaluru

[1/5] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - The Dow and the S&P 500 rose on Thursday as bank shares rallied after major lenders cleared the Federal Reserve's annual stress test, while strong economic data stoked expectations of further interest rate hikes from the central bank. Stronger than expected economic data pushed Treasury yields higher and steered investors toward economically sensitive sectors as recession fears eased. Buyers shied away from rate-sensitive growth sectors due to concerns that the Fed would keep interest rates higher for longer. After a health check showed that the biggest U.S. banks have enough capital to weather a severe economic slump the S&P 500 banks index (.SPXBK) gained.

Persons: Brendan McDermid, Buyers, Mona Mahajan, Louis, Edward Jones, Jerome Powell, underpeformed, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, St, Nasdaq, Dow Jones, Traders, Reuters, Microsoft, Micron Technology, Occidental Petroleum, Berkshire Hathaway Inc, Nike, Thomson Locations: New York City, U.S, megacaps, Philadelphia, New York, Bengaluru

Bank of New York Mellon (BK.N) and Charles Schwab (SCHW.N) rose 1.1% and 2.0%, respectively. The S&P 500 banks index (.SPXBK) gained 2.5%, while the KBW Regional Banking index (.KRX) climbed 1.8%. Six of the 11 major S&P 500 sectors rose, as gains in financials (.SPSY) and energy (.SPNY) helped offset losses in utilities (.SPLRCU) and consumer staples (.SPLRCS). The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 29 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Goldman Sachs, Wells, Charles Schwab, Thomas Hayes, Jerome Powell, Powell's, Sruthi Shankar, Johann M, Shinjini Organizations: Dow, Nasdaq, Bank of America, JPMorgan, Bank of New York Mellon, Great, Reuters, Dow Jones, Micron Technology, Occidental Petroleum, Berkshire Hathaway Inc, NYSE, Thomson Locations: KBW, Great Hill, financials, Bengaluru

But the odds of the hikes are much less than Powell is projecting so tech stocks are benefiting," said Hayes. Apple (AAPL.O) inched 0.3% higher after closing at a record high on Thursday and edging closer to a $3 trillion market capitalization. ET, to gauge the outlook for interest rates. Micron Technology (MU.O) rose 3.3% after the chipmaker beat estimates for third-quarter results, powered by demand for its memory chips. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Berkshire Hathaway, JPMorgan Chase, Goldman Sachs, Wells, Charles Schwab, Thomas Hayes, Jerome Powell, Powell, Hayes, Raphael Bostic, Sruthi Shankar, Johann M, Shinjini Organizations: Micron, Occidental Petroleum, Dow, Bank of America, JPMorgan, Bank of New York Mellon, Great, Apple, Nvidia, Atlanta Fed, Reuters, Dow e, Nasdaq, Micron Technology, Berkshire Hathaway Inc, Intelligence, Thomson Locations: Berkshire, Great Hill, Bengaluru

☆ Analysis: Canada pressured by allies to up military spending
▼ + stars: | 2023-06-29 | by ( Steve Scherer | ) www.reuters.com time to read: +6 min

The 2022 average spending for all of NATO was 2.58% of GDP. "We say nice things but do not invest," said the former defense official, and allies now say: "Show us the money." And you don’t get elected in Canada by promising to increase defense spending." The move is allies telling Canada: "We don't want to hear the words anymore. David Perry, President of the Canadian Global Affairs Institute, also said it was time for Canada to step up.

Persons: Justin Trudeau, Jens Stoltenberg, Adam Scotti, I'd, Daniel Minden, Anita Anand, Roland Paris, Trudeau, don’t, Christyn, David Perry, Steve Scherer, Denny Thomas, Grant McCool Organizations: Canada's, NATO, Canadian Forces CF, Minister's, REUTERS, Canada, OTTAWA, Canadian, Atlantic Treaty Organization, Forces, University of Ottawa, Trudeau's Liberal, Lockheed Martin Corp, North American Aerospace Defense Command, NORAD, Washington Post, HIGH, Canadian Association of Defence, Security Industries, Canadian Global Affairs Institute, Thomson Locations: CFB Cold Lake, Cold Lake , Alberta, Canada, China, Russia, Ukraine, NATO, Lithuania, Pacific, Australia

☆ Treasury yields climb as investors digest Fed Chair Powell’s interest rate comments
▼ + stars: | 2023-06-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET the yield on the 10-year Treasury was up by over 4 basis points to 3.758%. The 2-year Treasury was last trading 5 basis points higher at 4.772%. U.S. Treasury yields rose on Thursday as investors considered what could be next for interest rates after Federal Reserve Chairman Jerome Powell gave new hints about the monetary policy outlook. Investors weighed the outlook for interest rates after Fed Chair Powell said on Wednesday that policymakers are expecting further restriction. Speaking at a European Central Bank forum in Sintra, Portugal, on Wednesday, Powell also said he would not exclude the possibility of rate hikes being announced at consecutive Fed policy meetings.

Persons: Jerome Powell, Powell Organizations: Treasury, U.S, Federal, European Central Bank, Bank of Spain Locations: Sintra , Portugal, U.S, Madrid, Spain

☆ Fed's Powell: Most US policymakers see two or more rate hikes ahead
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

He noted, as he has, that banking stresses that emerged in March "may well lead" to more tightening in credit conditions than would be expected from rate hikes alone. After 10 straight rate hikes since March 2022, the Fed's policy-setting Federal Open Market Committee earlier this month opted to leave its policy rate unchanged at the 5%-5.25% range. "We made this decision in light of the distance we have come in tightening policy, the uncertain lags in monetary policy, and the potential headwinds from credit tightening," Powell said. Rate hikes to date have slowed business investment and the housing sector, where activity is far below its peak last year even as some indicators have recently turned up, Powell said. "It will take time" for the rest of the economy to feel the full impact of rate hikes to date, he said.

Persons: Dado Ruvic, Jerome Powell, Powell, Ann Saphir, Leslie Adler Organizations: REUTERS, Banco, Espana, Thomson Locations: Madrid

☆ Treasury yields dip as investors weigh interest rate outlook
▼ + stars: | 2023-06-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

U.S. Treasury yields fell Wednesday as investors considered the path ahead for interest rates and awaited fresh comments from Federal Reserve Chairman Jerome Powell. Investors awaited the latest remarks from Powell, who will speak alongside central bank officials from around the world at the European Central Bank Forum on Central Banking in Sintra, Portugal, on Wednesday. Chiefs from the Bank of England, European Central Bank and Bank of Japan will join Powell. Investors are hoping to gain fresh insights into what policymakers expect for interest rates and inflation going forward. The central banks have taken varying approaches to their interest rate policies recently.

Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Federal, Investors, European Central Bank, Central Banking, Wednesday, Chiefs, Bank of England, European Central Bank and Bank of Japan, Powell, Fed, Bank of Japan Locations: Sintra , Portugal, U.S

☆ Gold steadies near three-month lows; focus shifts to Powell
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: +2 min

Gold held near three-month lows on Wednesday after strong U.S. economic readings offset the bullion's traditional safe-haven status, while traders positioned for Federal Reserve Chair Jerome Powell's speech and more data for clues on rate hikes. Spot gold rose 0.1% to $1,915.45 per ounce by 0524 GMT, hovering close to its lowest level since March 16 at $1,910. Data on Tuesday indicating that the economy remained on solid footing could lead to more Fed rate hikes to bring down inflation. Powell will speak at a policy panel on Wednesday before the European Central Bank Forum on Central Banking in Sintra along with other central bank members. Spot silver rose 0.2% to $22.93 per ounce, platinum fell 0.9% to $916.83 while palladium dropped 1.1% to $1,281.48.

Persons: Gold, Jerome Powell's, Matt Simpson, Simpson, Powell, Tim Waterer Organizations: Federal, City, Open, Committee, European Central Bank, Central Banking, KCM Locations: U.S, Sintra

☆ Inflation hits royal finances as King Charles turns down heating to save emissions
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

LONDON, June 29 (Reuters) - Soaring inflation has hit the finances of the British royals, pushing up expenditure, Buckingham Palace said on Thursday, as it revealed King Charles had ordered the heating in royal homes to be turned down to cut emissions. The report said 1.6 million pounds ($2 million) had been spent by the royals on the queen's funeral and related events. The British government said in May it had cost an estimated 162 million pounds overall, which includes the cost of policing and security. He said gas and heating emissions had fallen 19%, partly driven by the king having the thermostats turned down, and a 43% decrease in travel emissions. "The royals have long hidden their true cost, which we have worked out to be at least 345 million pounds.

Persons: Buckingham, King Charles, Sovereign Grant, Michael Stevens, Queen Elizabeth's, Stevens, Charles, Prince William, Graham Smith, Prince Harry, Meghan, Prince Andrew's, Michael Holden, Rosalba O'Brien Organizations: Sovereign, Thomson Locations: England, Wales, Duchy, Cornwall, Windsor, Royal Lodge

☆ Gold rises on weaker dollar; traders await data, cues from Fed
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.3% to $1,928.14 per ounce by 0402 GMT while U.S. gold futures were up 0.2% to $1,937.70. "If the dollar falls but yields edge up (softer Fed tone, neutral/upbeat data), gold may stumble but remain muted as silver, platinum and palladium rise," said Ilya Spivak, head of global macro at Tastylive. "Looking ahead, (gold) will continue to try reconciling signs of a deepening slowdown in global economic activity with this hawkish central bank turn." The dollar index edged down 0.1%, making greenback-priced bullion more attractive for overseas buyers. Economic data including China's Purchasing Managers' Index, and a key U.S. inflation gauge this week could provide a clearer picture on the macroeconomic situation.

Persons: Jerome Powell's, Ilya Spivak, Jerome Powell, Spivak Organizations: Federal, Benchmark, China's, European Central Bank, Investors Locations: China, United States, U.S, Sintra

The 10-year Treasury yield was trading at 3.725% after rising by under a basis point. U.S. Treasury yields rose slightly on Tuesday as investors awaited data reports that could provide fresh hints about the state of the economy. Investors looked to key data for hints about the state of the U.S. economy and considered the implications this could have for Federal Reserve monetary policy. Investors are hoping to gather further clues about upcoming monetary policy moves from his remarks after he said last week that further interest rate hikes are likely. This week's economic reports could therefore inform the central bank's discussions at its upcoming policy meeting in July.

Persons: Jerome Powell, Powell, Yevgeny Prigozhin Organizations: Treasury, U.S, Federal Reserve, Investors, Wagner Group Locations: U.S, Russia

Islamabad is racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed in 2019. -The ninth review is to release a tranche of $1.1 billion, leaving about $1.4 billion on the table in unlocked funds. It is unclear if an IMF agreement would release the entire amount. -National elections are due by November this year and the government has said the decision to enter a new IMF programme will be a decision for the incoming administration. -Hopes of a last-minute bailout rose following meetings between Sharif and IMF Managing Director Kristalina Georgieva in Paris this month, followed by marathon meetings between IMF staff and finance ministry officials.

Persons: Shehbaz Sharif, Kristalina Georgieva, Ariba Shahid, Conor Humphries Organizations: Pakistani, International Monetary Fund, IMF, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Sharif, Paris, Karachi

☆ Madrid joins race for high-spending tourists with bet on five-star hotels
▼ + stars: | 2023-06-27 | by ( Corina Pons | ) www.reuters.com time to read: +5 min

[1/5] A swimming pool is seen at the top of Hyatt's Thompson Madrid Hotel, overlooking central Madrid, Spain, June 13, 2023. RISING ROOM RATESThe arrival of luxury hotels has marked a new peak in room rates. "We're seeking to capture the highest-spending international tourists," said Madrid's tourism director, Luis Martin. Employment in Madrid's tourism sector has grown by 15% since 2019, compared with 5.4% nationally. "The Spanish tourism sector has always tried to compete with other destinations on low prices," he said.

Persons: Hyatt's, Violeta Santos Moura, Santo Mauro, Richard Brekelmans, ”, Carlos Erburu, Thompson, Antonio Catalan, Alejandro Pitashny, Luis Martin, Jose Maria Martinez, Corina Pons, Belen Carreño, Charlie Devereux, Hugh Lawson Organizations: Madrid Hotel, REUTERS, Violeta Santos Moura MADRID, Hotels, Puerta del Sol, Dior, Marriott, Santo, Santo Mauro Palace, Westin, Ritz, Universal Music, Southern, Madrid, Colliers, Hyatt Hotels Corp, Reuters, Robuchon, Michelin, Airlines, Air, Thomson Locations: Madrid, Spain, Europe, Paris, London, Milan, Puerta del, Southern Europe, Barcelona, United States, Rome, Argentine, Iberia, America, Air China, China, Spanish

U.S. Treasury yields declined on Monday as investors looked ahead to a week of fresh economic data that could provide insights into the state of the economy and remarks from Federal Reserve officials. Investors also considered what could be next for the U.S. economy as they looked ahead to several key economic reports this week. This includes May's durable goods orders data on Tuesday, alongside several key housing sector reports throughout the week. Investors will be scanning the comments for fresh details about the central bank's monetary policy plans. No major economic data is expected on Monday.

Persons: Yevgeny Prigozhin, Wagner, Jerome Powell, Powell Organizations: Treasury, U.S, Federal Reserve, Wagner, Investors, Federal Locations: Rostov, Moscow, U.S

ISLAMABAD, June 25 (Reuters) - Pakistan's parliament on Sunday approved the government's 2023-24 budget which was revised to meet International Monetary Fund conditions in a last ditch effort to secure the release of more bailout funds. The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way. The revised budget was approved a day after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. There are five days to go before the $6.5 billion Extended Fund Facility (EFF) agreed in 2019 expires on June 30. The IMF has to review whether to release some of the $2.5 billion still pending to Pakistan before then.

Persons: Ishaq Dar, Raja Pervaiz Ashraf, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, Emelia Sithole Organizations: Sunday, International, Fund, IMF, Thomson Locations: ISLAMABAD, Pakistan, Paris

June 23 (Reuters) - Carnival (CCL.N) is expected to post robust second-quarter revenue growth as new and younger customers, undeterred by high inflation, spend on novel experiences such as cruising. While Americans have cut back on purchasing big-ticket non-essential goods due to soaring costs, protracted confinement to their homes during the pandemic has whet their appetite for outdoor experiences. Millennials (born between 1981 and 1996) and GenX (born between 1965 and 1981) have reached peak earnings years and are feeding multi-generational travel as they spend on cruises and bring their families along, according to J.P. Morgan analysts, who lifted rating on Carnival stock to "overweight" last week. A younger customer base is helping fuel this demand, with 88% of millennial and 86% of GenX travelers that have past cruising experience intending to sail again, according to a report from Cruise Lines International Association. "Given (cruise) is a vastly under-penetrated travel product ... more marketing instead of price cuts drives growth in new-to-cruise, which has a reasonably high conversion rate to repeat-cruisers," Barclays analyst Brandt Montour said.

Persons: Morgan, Millennials, GenX, Brandt Montour, Granth, Vinay Dwivedi Organizations: Reuters Graphics Reuters, Morgan, Bank of America, Cruise Lines International Association, Barclays, Refinitiv, Thomson Locations: J.P, Bengaluru

☆ Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The strategic investment ultimately gives the fund, CYVN Holdings, a 7% stake in Nio. Nio earlier this month said lackluster car deliveries was affecting cash flow, and that it was delaying capital expenditure and some research and development projects. Nio disclosed cash and cash equivalents of 14.76 billion yuan ($2.07 billion) as of March, below what it disclosed for the end of 2021 and 2022.

Persons: Nio's ET5, Nio Organizations: Central China International, CYVN Holdings Locations: Wuhan, China, BEIJING, Abu Dhabi, Nio, U.S

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