China Financial News

Supreme Court on Monday deferred post Diwali vacation hearing on pleas of NewsClick founder Prabir Purkayastha and its HR head Amit Chakravarty against their arrest under anti-terror law UAPA. A bench of Justices BR Gavai Prashant Kumar Mishra told senior advocate Kapil Sibal, appearing for both the accused, that it will take up the pleas after the vacation. Sibal said the matter is covered by the recent judgement of the apex court under which it was held that grounds of arrest has to be immediately shared with the accused but in this case, nothing was shared.

BJP's defeat in Lok Sabha elections might lead to 25% drop in stock market, says Jefferies Wood is positive about the real estate sector as he pointed out that the property upturn has not waned despite monetary tightening and they have the steam left for the next four to five years. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Also Read: Chris Wood's Greed and Fear explains why PSU banks are outperforming private lenders He said investors should buy both - property and property stocks.

electoral bonds started on Monday amidst assembly elections in five states — Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. This round of electoral bonds comes in a short interval of about a month after the 28th phase, which opened for sale on October 4. The government approved issuance of the latest round of electoral bonds, days after the Supreme Court reserved its verdict on a batch of petitions challenging the validity of the electoral bonds scheme for funding political parties. On October 31, a five-judge constitution bench comprising Chief Justice D Y Chandrachud and Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra commenced hearing arguments on the four petitions, including those filed by Congress leader Jaya Thakur, the Communist Party of India (Marxist) and NGO Association for Democratic Reforms (ADR). After the detailed hearing on the matter, the apex court reserved the judgement on November 2. Two days after this, the government issued notification for issuance of latest round electoral bonds. It is to be noted that Mizoram and the first phase of Chhattisgarh assembly polls are to be held on November 7.

Over two days of talks between world leaders, business executives and researchers, tech CEOs such as Elon Musk and OpenAI's Sam Altman rubbed shoulders with the likes of US Vice President Kamala Harris and European Commission chief Ursula von der Leyen to discuss the future regulation of AI.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The financial affiliate of e-commerce giant Alibaba Group in September unveiled a finance-specific AI model and started testing consumer and professional apps for the products.

Southeast Asia's largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment.

By Florence Tan and Colleen Howe

ZHAOQING, China—During the Cultural Revolution, a teenage Xi Jinping was sent down to the countryside, where he spent years in the late 1960s and early ’70s toiling on farms and reading books in a cave. Half a century later, China’s leader wants more young people to follow his lead. With youth unemployment recently hitting record levels—and deepening concern in Beijing about the hollowing out of rural China—Xi is calling on students and college graduates to embrace hardship and consider giving up city life for the countryside.

TOKYO (Reuters) — Japan's services activity expanded at the slowest pace this year in October, a business survey showed on Monday, reinforcing concerns that the key sector propelling economic growth is continuing to soften.

The world should study China’s crushing of Hong Kong’s freedoms (Aug 24th) China’s slowing economy, seen from ground level (Aug 17th) Why Chinese women are denied legal land rights (Aug 10th) Also: How the Chaguan column got its name

Investing.com-- Oil prices rose in Asian trade on Monday amid easing fears of more Federal Reserve rate hikes, although anticipation of several economic readings this week, particularly from China, kept traders on edge. 

Investing.com-- Most Asian currencies strengthened on Monday, while the dollar hovered near six-week lows as softer-than-expected U.S. payrolls data and less hawkish signals from the Federal Reserve drove up bets that the bank was done raising interest rates.

Investing.com-- Most Asian stocks rose sharply on Monday as weaker-than-expected U.S. payrolls data furthered expectations that the Federal Reserve was done with its rate hike cycle, while focus also turned to upcoming economic readings from China. 

Anurag Singh, Managing Partner, Ansid Capital, “we are very cautious on emerging markets. India is an exception, we will talk about it but outside India, for the rest of the emerging markets, look at the MSCI 10 year returns. They have been sub 3%. China, Brazil, Argentina, South Korea have produced some phenomenal companies, but market wise they have not produced great returns.” Singh also says: “China in a big way benefited out of an export-led economy. Now exports and trade as a percentage of global GDP is dropping. It peaked out about 8 to 10 years back and now it is the time where India empowers the domestic economy and looks at the domestic facing sectors.” Friday's rally is triggered by what is happening in the world. Are you comfortable with yields coming down all of that or are you still cautious? It is good to be back in India right now. I will continue to be cautious right now. We will discuss those four or five macro trends that I am going to pull out. We would observe that there is going to be a constant pressure on the 10-year yield of the US.

Ant Group has received Chinese government approval to release products powered by its «Bailing» artificial intelligence (AI) large language model to the public, a spokesperson for the Chinese firm said on Monday. Unlike other countries, China requires companies to submit security assessments and receive clearance before releasing AI products to the public.

global currencies were steady early on Monday but seemed poised to extend last week's uptrend as the dollar nursed its losses after the Federal Reserve dialled down its hawkish rhetoric. The dollar index was flat at 105.11, with the euro at $1.0726. The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks too had their strongest week in a year as expectations the Fed was done raising rates gathered steam.

Tata Group will one day become a case study for Indian industrial policy. The conglomerate has a high chance of success through buying its way into iPhone manufacturing, offering rival empires like mining group Vedanta Ltd. a lesson on the better path toward industrial expansion. Wistron Corp., a Taipei-based maker of computers, servers and smartphones, is slowly exiting its business of assembling Apple Inc.’s marquee product. Two years ago, it sold a Chinese unit that makes iPhones to Luxshare Precision Industry Co. for 3.35 billion yuan ($457 million). On Oct. 27, it announced the sale of Wistron InfoComm Manufacturing (India) Private Ltd., known as WMMI, to Tata Electronics Private Ltd.

Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Brent crude futures rose 41 cents, or 0.5%, to $85.30 a barrel by 0000 GMT while U.S.

Indian market has outperformed the rest of Asia Pacific including China for some of the biggest global consumer goods companies in the past quarter, according to their post-earnings management commentaries. Several of these companies, including Mondelez International, PepsiCo, Coca-Cola, Pernod Ricard, Colgate-Palmolive, Unilever, Levis Strauss & Co, Yum! Brands, Honeywell International and AO Smith, reported strong growth going up to double digits in their India businesses in the July-September quarter.

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Tesla wins autopilot court battle; BP Pulse makes $100M deal; and China EVs report October delivery numbers.

By Jamie McGeever