China Financial News

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A group of Republican lawmakers is demanding a federal investigation into the U.S. consulting firm McKinsey over its work with the Chinese government and state-owned enterprises

China at the World Trade Organisation (WTO), turning the heat on non-transparent subsidies that lead to an influx of low-priced, poor-quality goods into the country, harming its local industries. New Delhi flagged concerns over several trade issues during a review of Beijing's trade policies. It highlighted China's cross-border data regulations and laws, export control measures on critical raw materials, and non-tariff barriers that adversely impact pharma exports, besides export bans on critical minerals.

These mark the first US sanctions on Chinese entities «directly developing and producing complete weapons systems in partnership with Russian firms,» the US Treasury Department said. State Department spokesman Matthew Miller added: «this was the first time we actually saw a Chinese company manufacturing a weapon itself that then was used on the battlefield by Russia.»

On Tuesday, the International Monetary Fund issues its semi-annual World Economic Outlook and General Motors reports its third-quarter financial results

The United States says it is disappointed with a decision by the Swiss government not to adopt all measures in the latest round of European Union sanctions against Russia over its war in Ukraine

Subscribe to enjoy similar stories. Mumbai: The Nifty snapped a three-day losing streak on Friday, but posted the longest weekly losing streak of this year on relentless selling by foreign institutional investors (FIIs), who have flocked to China beginning late last month chasing a stimulus-led recovery in the world's second -biggest economy. Analysts expect the intense battle between bulls and bears to continue amid tepid earnings and muted sentiment among direct retail investors.

BRICS Summit in his country, Russian President Vladimir Putin on Friday asserted that the grouping is not «anti-West», but is just «non-West», also recalling that this is member state India's stand. Prime Minister Narendra Modi will visit Russia on October 22-23 to attend the 16th BRICS Summit in Kazan. At an interaction with a group of foreign journalists here, Putin said the doors of BRICS were not closed to new members. He said as the grouping develops even the non-member countries will benefit economically. He accused the United States of trying to stem development in China. «It's like telling the sun not to rise,» he said.

One example is 27-year-old PhD student Jane Xue, who decided to send her two-year-old Samoyed, OK, to work at a dog cafe in Fuzhou. For Xue, it’s a win-win situation. “It’s just like sending a child to school,” she told CNN. «OK gets to play with other dogs and won’t feel lonely, and we save on the cost of running the air conditioning all day.» Xue and her partner, who are often out on weekends, found the cafe job a perfect way for OK to socialize.

World shares are higher after China's central bank released plans for supporting stock markets through share repurchases

Global finance leaders are facing a major uncertainty as they meet in Washington next week: Who will win the U.S. presidential election and shape the policies of the world’s biggest economy

Workers in Italy’s troubled automotive sector are holding a national strike for the first time in 20 years, with a massive demonstration being held in the center of Rome

VVDN is in advanced stages of designing mobile phones with 5G support for an American brand, a top official told ET, adding that the company plans to invest $100 million in the next 3-5 years to expand capacity. VVDN is aiming to take advantage of the shift of global companies away from China and be the first Indian manufacturer to have design capabilities in-house, without support from a technology partner. “We are investing in designing phones. We have already taken that initiative, and we are building a 5G phone as we speak for the North American market. We already have a customer, and the designs are in advanced stages,” Vivek Bansal, president, VVDN, told ET.

Subscribe to enjoy similar stories. Warren Buffett's warning about 'a pin waiting for every bubble' seems prophetic as the Indian stock market faces a much-needed correction. Despite the slew of reasons offered by mainstream media, such as Iran-Israel conflict, China stimulus, regulatory changes, the underlying reality is that Indian markets have been overvalued for some time now.

"Geopolitical events do not seem to be causing any impact on the world economy. In fact, there is potential for some deceleration in geopolitical problems over the next 12 months," says Mark Matthews, Julius Baer. The disconcerting factor we were discussing is when it comes to the quarterly earnings back home, is there some sort of a sense of a slowdown that could be prolonged due to macro concerns in India? Mark Matthews: I do not know if it is macro concerns, but you are absolutely right. I think the major issue facing India now is the deceleration in earnings growth. And the Nifty will still clock around 10% earnings growth this year, but the most recent quarter, it is looking very flattish.

Subscribe to enjoy similar stories. China’s major commercial banks have cut their deposit rates for a second time this year, a move that could help ease pressure on lenders’ profits after officials lowered mortgage and lending rates as part of efforts to boost the economy. Industrial & Commercial Bank of China and China Construction Bank Corp.

Subscribe to enjoy similar stories. “TO GET RICH is glorious" is the maxim that inspired one of the most successful development strategies of the past 50 years. It’s an aspiration widely shared across developing countries—and for good reason.

Pony AI, backed by automaker Toyota, filed for an initial public offering in the U.S. on Thursday, in another sign of growing investor interest in new listings and easing regulatory pressures. Activity in the IPO market has picked up pace in recent weeks, buoyed by the U.S. Federal Reserve kicking off its highly anticipated policy-easing cycle and benchmark indexes trading near record high levels. Pony AI, in which Japan's Toyota owns a 13.4% stake, revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. Net loss attributable to the company was $51.3 million in the same period, compared with $69.4 million last year.

China has reported that its economy expanded at a slower-than-expected rate of 4.6% in the July-September quarter

Authorities have since last month unveiled a raft of measures to kickstart sluggish consumption and address a prolonged and debilitating debt crisis in the country's colossal property sector. After a blistering market rally fuelled by hopes for a long-awaited «bazooka stimulus», optimism has tapered as authorities refrained from providing a specific figure for the bailout or detailing any of the pledges.

Andrew Holland, CEO, Avendus Capital, says it will be a margin story this earning season and the talk is on the pressure on margins and how that can be relieved. Holland does not think there is anywhere to hide at the moment. One can only hide in a bit of cash. So, increasing cash levels for the next few months would not be a bad idea given that earnings are not going to help. We have got the US elections and geopolitical problems plus, China is expected to do another stimulus. All of that plays badly for India in the short term. Did you anticipate this kind of carnage on Bajaj Auto post its numbers? Andrew Holland: It was not the numbers per se, it was more the commentary, wasn’t it? Whilst the festive season has picked up a little bit, it is nowhere near anyone's expectations. So, it has really thrown a damper on the whole market because we are all hoping or the market was hoping that the festive season would start to see a pickup in consumption and that is clearly not likely to happen now. On top of that, we anyway expected a weak earning season across the board. The market valuations does not support downgrades whether it is a company or the sector or the market overall. If the earnings continue like this, we could see another 5% correction from here.