China Financial News

stock gauges, led by banking and financial shares, slumped more than 1% each Monday on mounting concerns of an escalation in the West Asia conflict, while likely central bank intervention in the currency markets cushioned the rupee's fall, but couldn't prevent a record closing low for the unit. Benign inflation prospects on a lower-than-expected rise in oil prices kept bond yields steady. The Nifty fell 246.9 points, or 1.1%, to 22,272.50. The Sensex declined 845.12 points, or 1.14%, to 73,399.78 in a volatile trading session that saw mixed responses across the Asia-Pacific to this weekend's Iranian drone attacks on Israel. China advanced 1.26%, Hong Kong fell 0.73%, South Korea declined 0.42%, and Taiwan dropped 1.38%.

Murugappa Group and Tata group’s Titan Company to assemble — and, possibly, manufacture — sub-components for iPhone camera modules, people aware of the matter told ET. If talks fructify, the Indian supplier ecosystem will deepen for the Cupertino company as it shifts more of its operations away from China.

China's procurement of medical devices as it seeks to address concerns that Beijing's policies are unfairly favouring domestic suppliers. The probe may be announced as early as mid-April and could result in the bloc curtailing Chinese access to its tenders, according to people familiar with the matter. It would constitute a first outing for the EU's so-called International Procurement Instrument, or IPI, a 2022 law that's meant to promote reciprocity in access to public procurement markets.

Xiaomi is expected to unveil a diverse range of personal technology items and home appliances at the event. Enthusiasts eagerly await the unveiling of the rumored products, which could include a tablet, TWS earphones, a robot vacuum mop, and a hairdryer. However, specific information remains scarce, heightening anticipation among fans.

ALSO READ: Wall Street week ahead: Investors to focus on US economic data, key earnings Iran had launched the attack after a suspected Israeli strike on its embassy compound in Syria on April 1 that killed top Revolutionary Guards commanders. Investors’ sentiments were also boosted by positive economic data. A report showed that US retail sales rose 0.7 per cent in March.

Hong Kong gave conditional approvals for asset managers to start spot-Bitcoin and Ether exchange-traded funds, the firms said, a development that boosted both tokens and the wider crypto market.

Lok Sabha elections 2024: Delhi's North East Lok Sabha constituency is gearing up for a high-profile contest as the Congress announced young leader Kanhaiya Kumar as its candidate to fight against BJP's sitting MP Manoj Tiwari. The singer-turned-politician is the only BJP candidate to be repeated from the national capital as the saffron party has changed its face on all other 6 constituencies in Delhi.

Dr Ravi Singh, SVP - Retail Research, Religare Broking, sees Sensex breaching the 1 lakh mark in the next 5 years. In an interview, the expert believes that now is the time to book some profits considering the volatility we will be seeing in the coming time due to corporate results and Lok Sabha elections. He advised investors to allocate 40 percent of their portfolio to large-cap stocks for stability and 30 percent each to small and midcaps for alpha generation over a longer time horizon.

Blackstone, an investment firm, bought for $605m in 2014—only to default on its mortgage in 2022. Soaring above Grand Central station is the iconic Helmsley building. Its mortgage was recently sent to “special servicing" (it may be restructured or its owner may simply default).

Hong Kong Securities and Futures Commission (SFC) has just approved first spot Bitcoin and Ethereum exchange-traded funds (ETFs).

HSBC, one of the world’s largest banking services, intends to broaden its array of tokenized assets. CEO Noel Quinn said the bank will ensure these offerings are firmly anchored in reality, the South China Morning Post reported Monday.

Supreme Court on Monday adjourned the medical bail plea of Prabir Purkayastha, Newsclick founder and Editor-in-Chief, lodged in Tihar jail under anti-terror law, for April 22. A bench of Justices BR Gavai and Sandeep Mehta adjourned to next Monday the plea of Purkayashta, seeking bail on medical ground, as senior advocate Kapil Sibal representing him was unavailable. Earlier, the apex court had directed the All India Institute of Medical Sciences (AIIMS) to set up a medical board to examine the health condition of Purkayastha.

Amundi, Europe's largest asset manager, said on Monday that equities in India and emerging markets outside China will offer the most appealing returns in the coming 10 years, with U.S. stocks overall likely to lag. In a note on 10-year expected returns, Amundi said it has downgraded its predictions on U.S. market returns given that investors have now fully priced in growth expectations, especially in mega cap stocks.

Amid heightened tensions between China and Taiwan, Chinese President Xi Jinping told a former Taiwanese president who supports unification that the countries “belong” together.

Lok Sabha Elections 2024: Bishnu Pada Ray, a Bharatiya Janata Party (BJP) leader from Andaman and Nicobar Islands has claimed that India's first Prime Minister Jawaharlal Nehru, "gifted" the Coco Islands, a part of northern Andaman Islands to Myanmar. Ray, who is the BJP's Lok Sabha candidate from the region also criticised the Congress for its allegedly "historical anti-India stance", in an interview with ANI on April 14. Ray claimed that Nehru had reportedly given the Coco Islands to Myanmar as a gift, the publication reported.

BJP candidate from Andaman and Nicobar Islands, Bishnu Pada Ray, hit out at the Congress on Sunday, claiming that the grand old party has always harboured 'anti-India' sentiments. Speaking to on Sunday, he claimed that the country's first prime minister, Jawaharlal Nehru, gifted the Coco Islands, which were part of the Northern Andaman Islands, to Myanmar. «The Congress has always harboured anti-India sentiments. Nehru gifted the Coco Islands, which were part of the Northern Andaman Islands, to Myanmar, which is currently under China's direct control. They did not worry about the islands in the 70 years they were in power. Today, the central government is constructing a shipyard, and two defence airports to counter China in Campbell Bay, which is also known as Indira Point,» the BJP candidate claimed.

Congress on Sunday announced a list of 10 candidates for the Lok Sabha elections. The party has fielded former Jawaharlal Nehru University Students' Union (JNUSU) president Kanhaiya Kumar from North East Delhi seat. Kanhaiya will fight the poll battle against BJP candidate Manoj Tiwari who is the sitting MP from the seat. The Congress announced the candidature of JP Agarwal from Chandni Chowk and Udit Raj from North West Delhi.

Apple's smartphone shipments dropped about 10% in the first quarter of 2024, hurt by intensifying competition by Android smartphone makers aiming for the top spot, data from research firm IDC showed on Sunday. Global smartphone shipments increased 7.8% to 289.4 million units during January-March, with Samsung, at 20.8% market share, clinching the top phone maker spot from Apple.

Interest rates are an important factor that determine the trajectory of gold prices. When interest rates are high, gold becomes less attractive. When the US Fed hiked interest rates in 2022 and 2023, gold prices dipped (see chart). But in recent months, the US Fed has become less hawkish and more inclined to cut rates. Global gold prices have rallied on these expectations. “Gold prices could remain choppy in the months ahead as the market reacts to geopolitical developments. The medium term outlook for the precious metal is promising, given the imminent turn in the US interest rate cycle,” says Chirag Mehta, CIO, Quantum Mutual Fund. Gold has also rallied due to strong buying by central banks in the past few months. News reports say some countries are trying to reduce their US dollar reserves following the freezing of Russia’s reserves by the US and Europe, and are shifting to gold. “Increased buying of gold by central banks, especially China, in the quest to reduce dollar exposure (also called de-dollarisation), is the key reason for the spike in gold prices,” says Vidya Bala, Co-founder, PrimeInvestor.in.

Sonam Wangchuk on Sunday informed that Pashmina March towards the grazing lands and Line of Actual Control between India and China will start on April 17, on the day of Ram Navami. Wangchuk, who along with scores of other people is on a protest in Leh for over six weeks now–demanding constitutional safeguards under sixth schedule and statehood for Ladakh– celebrated the birth anniversary of Bhim Rao Ambedkar at the protest site. He stated that this was the apt opportunity to demand what is promised and enshrined in the constitution of the country. “We want to remind this government of the promises it made in the last two elections. We hope that they will honour the teachings of Ramji as his true Bhakts and fulfil the promise made to the people of Ladakh,” said Wangchuk.

Earlier this month India — that already has punitive duty barriers of close to 50% for importing solar modules and cells from overseas — came up with its own set of non-tariff barriers to predominantly block Beijing. This coincided with US treasury secretary Janet Yellen’s heightened political pitch around overcapacity in Chinese steel, solar, EV, lithium-ion batteries and other clean tech products, as a precursor to a crackdown on imports. The updated docket or roster of vendors who can supply solar panels to our large scale power developers is an 82 page document, with 83 vendors and predictably has no Chinese candidates. As per this Approved List of Models and Manufacturers (ALMM) order for solar photovoltaic modules, domestic module manufacturers will also have to register their sub-contractors and vendors with the renewable energy ministry.