China Financial News

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Mumbai: India’s stock market slumped on Tuesday as continued selling by foreign investors, amid concerns over slowing earnings growth, heightened risk-off sentiment. The selloff was broad-based with mid-cap and small-cap stocks bearing the brunt of the souring mood among investors, resulting in flight of money to safe-haven assets such as gold, which extended its record-breaking streak. The NSE Nifty fell 309 points, or 1.25%, to close at 24,472.10. The BSE Sensex declined 930.55 points, or 1.15%, to end at 80,220.72. Out of the 50 shares on the Nifty, 47 ended lower, while three notched up gains.

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Army chief said that trust has to be restored on the China border and status quo of April 2020 needs to be achieved for normal management of the Line of Actual Control (LAC), even as details have emerged that the patrolling agreement with Beijing will include easing up of positions in Arunachal Pradesh that had emerged as tension flashpoints over the past four years. General Upendra Dwivedi indicated that several steps are required before disengagement, de-escalation and normal management of the border can be achieved. «We are trying to restore trust. How will the trust get restored? It will get restored once we are able to see each other and we are able to convince each other that look 'the buffer zones which are there, which have been created… we are not creeping into buffer zones'… and both have to reassure each other,» he said.

Narendra Modi on Tuesday, during his meeting with Russian President Vladimir Putin in Kazan, said that India has been in touch with all sides on ending the Russia-Ukraine conflict through dialogue and that «India is always ready to help bring peace». In his opening remarks at the meeting with Putin on the eve of the BRICS summit, Modi said, «We have been in touch with all sides in the Russia-Ukraine problem. It has always been our position that all conflicts can be solved with dialogue. We believe there should be peaceful solutions to conflicts. India is always ready to help bring peace.» These remarks must be viewed in the context of Modi's earlier conversation with Putin on the Ukraine conflict and his two meetings with the Ukrainian President since August. Following his visit to Kyiv, Modi telephoned Putin to share his thoughts and later NSA also met Putin and apprised him about the PM's trip. While India has not created a peace formula like Brazil and China, New Delhi has been in touch with all stakeholders to end the conflict through negotiations and pitched for Russia's presence in peace summits for durable peace.

electronics manufacturing industry is hopeful the de-escalation of border tensions between India and China may speed up pending technology transfers, planned investments from Chinese companies and movement of capital goods. Some executives though said despite a thaw in the tensions, Chinese companies will remain cautious about investing in and sending executives to India, which would need to address the existing trust deficit. «We hope this will help the Indian industry in working with reliable Chinese companies without compromising our national security interests to develop a supply chain and other capabilities in India in the electronics sector and also grow trust between the two countries for their mutual benefit,» said A Gururaj, managing director, Optiemus Electronics.

electric vehicles will have «far-reaching» impacts on investment, production, international trade and employment, the International Monetary Fund said on Tuesday as part of its update to global economic growth forecasts. The analysis was included in the IMF's latest World Economic Outlook, which was released as policymakers meet at the IMF and World Bank annual meetings this week to discuss efforts to boost global growth, deal with debt distress and finance the green energy transition. «The rising adoption of electric vehicles represents a fundamental transformation of the global automotive industry. It will have far-reaching consequences,» the IMF said.

BRICS Summit 2024 at Kazan in Russia will be watched keenly by the United States. The BRIC grouping, including Brazil, Russia, India, and China, was formally started in 2006. In 2009, the first BRIC Summit was held in Russia.

Subscribe to enjoy similar stories. The U.S. is increasingly pulling ahead of the world’s advanced economies, with a surge of investment paying off in higher productivity and wages.

Subscribe to enjoy similar stories. NEW DELHI—India and China have reached a breakthrough in discussions over their disputed Himalayan border, signaling room for improved ties after a high-altitude skirmish froze relations between the Asian giants. The two countries have arrived at an arrangement to resume patrolling along their de facto border, said India’s Foreign Secretary Vikram Misri on Monday.

UBS Wealth Management senior vice president Brenda OConnor Juanas and Strategic Wealth Partners Mark Tepper look ahead to the elections impact on markets and notable earnings out this week.

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polymer production capacity could double by 2030, according to government estimates, exceeding 15 million tonnes. The largest new project in the country will be SIBUR’s Amur Gas Chemical Complex, with a production capacity of 2.7 million tonnes of polyethylene and polypropylene per year. Setto launch in 2027, the complex is well positioned to tap into thegrowing potential offered by Asian markets.

Navy Vice Chief Vice Admiral Krishna Swaminathan on Tuesday said the naval force was happy to learn about India and China reaching an agreement on patrolling along the LAC in eastern Ladakh as he underlined that in national security issues, it is «not easy» to come to any kind of a settlement. He said this during a media interaction held at Kota House ahead of the third edition of Navy's flagship seminar Swavlamban. His remarks came a day after India announced that it has reached an agreement with China on patrolling along the LAC in eastern Ladakh.

U.S. sales are down and a once-profitable joint venture in China is losing money, but General Motors still managed to post $3 billion in net profits last quarter

Taiwan has rejected South Africa’s demand that it move its representative office in the country from the capital, Pretoria, to the commercial center of Johannesburg

China’s Xi Jinping, India’s Narendra Modi and other global leaders have arrived in the Russian city of Kazan for a summit of the BRICS bloc of developing economies that the Kremlin hopes to turn into a rallying point for defying the Western liberal order

Subscribe to enjoy similar stories. Modern China is a superpower with its roots in a guerrilla army. This helps explain its self-interested responses to crises, including the turmoil now raging in the Middle East.

US-China trade war have fallen short, according to a new study, with other Asian rivals benefiting to a much greater extent from escalating tensions between the world’s biggest economies. Between 2017 and 2023, India’s total share in US imports rose by 0.6 percentage points to 2.7% while mainland China’s portion dropped by around 8 percentage points to under 14%, according to Oxford Economics. The biggest beneficiary from the trade diversion in the region has been Vietnam, whose total share in US imports grew by 1.7 percentage points to 3.7% in the period. Taiwan and South Korea have also made greater strides than India, increasing their share of US imports by 1 percentage point and 0.7 percentage points, respectively, according to Oxford.

The conflict at the border had significantly strained relations between the two countries, especially following a fierce clash in the Galwan Valley in June 2020, which was the most serious military conflict between China and India in decades. China spokesperson Lin Jian said during a media briefing that both nations have been in close communication through diplomatic and military channels regarding issues at the China-India border.

HSBC on Tuesday named veteran insider Pam Kaur as its first female finance chief and announced a major overhaul comprising a new geographic setup and four consolidated business units.