China Financial News

Morgan Stanley on Thursday upgraded Indian stocks to overweight rating and ranked India as the No. 1 market in its basket of Asian emerging markets ex-Japan. Beating the likes of Korea and UAE, India jumped 5 places in Morgan Stanley's list on the back of a structural uptrend, secular leadership and relative valuations being less extreme than in October.

Evergrande Property Services Group shed 50% of their value on Thursday when trading resumed after 16 months, following the release of its financial results and the end of an investigation into misused funds involving its parent. The property services firm was dragged into financial troubles after its parent, China Evergrande Group, the world's most indebted property developer, became embroiled in a debt crisis in mid-2021 that later spread across the sector.

China’s economy faces the growing risk of a “double dip", says Ting Lu of Nomura, a bank. Growth from one quarter to the next may fall close to zero, even if headline growth, which compares GDP with a year earlier, remains respectable. Elsewhere in the world, weak growth is accompanied by uncomfortable inflation.

Binance users traded $90 billion of cryptocurrency related assets in a single month in China, where cryptocurrency trading has been illegal since 2021, the Wall Street Journal reported on Tuesday citing internal figures and current and former employees of the exchange. The transactions made China Binance's biggest market by far, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders, the WSJ said. The newspaper did not specify the month during which the transactions were made. Binance's origins lie in China, though the world's largest crypto exchange withdrew from mainland China in 2017 during a regulatory crackdown. It did not immediately respond to a Reuters request for a comment on the Journal report. «The Binance.com website is blocked in China and is not accessible to China-based users,» a company spokesman told the WSJ.

Tesla has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD, has been stopped cold by increased scrutiny from New Delhi. The result could be an opening for Tesla to negotiate terms for an entry to the world's third-largest auto market without the competitive threat from BYD that it faces in other emerging markets, like Thailand. «The future of who wins in India will have some bearing on who wins globally in the EV race,» said Jasmeet Khurana of the World Economic Forum.

Artificial intelligence could eventually have a bigger financial impact on the American economy than electricity and personal computers, according to economists at investment banking giant Goldman Sachs.

Asian shares were subdued on Thursday after Fitch downgraded U.S. sovereign debt sparking profit-taking, with investors now shifting focus to Bank of England's rate decision and earnings from Apple and Amazon. Both S&P 500 futures and Nasdaq futures added 0.2%, following a heavy wave of selling on Wall Street overnight.

Typhoon Khanun, categorised by Taiwan's weather bureau as the second-strongest typhoon level, slowly headed towards its northeastern coast with maximum winds of 198 kph (123 mph). As of 9:15 A.M.

Also read: Real estate firms accepting watermelons, wheat as payment in China; Here's why A Tennessee-based farmer set a Guinness World Record in 2013 with a colossal watermelon weighing an astonishing 350.5 pounds. Beyond its delicious taste, watermelon has caught the attention of health researchers for its rich content of the antioxidant lycopene, which may help reduce the risk of certain cancers, including lung, stomach, and prostate cancers.

Ukraine from exporting grain. The attacks destroyed buildings in the port of Izmail and halted ships in their tracks as they prepared to arrive there to load up with Ukrainian grain in defiance of a de-facto blockade Russia reimposed in mid-July. Ukrainian deputy prime minister Oleksandr Kubrakov said the Russian drone attacks damaged almost 40,000 tonnes of grains which had been destined for countries in Africa as well as China and Israel.

global markets, after Fitch Ratings cut the sovereign credit rating of the US, the world's largest economy, by one level from the highest AAA to AA+. The selloff on account of the unexpected downgrade resulted in the Nifty closing below a key support of 19,560, which analysts said has opened up the likelihood of the index dropping another 2-3% unless there is an immediate rebound.NSE's Nifty fell 207 points, or 1.05%, to close at 19,526.55. BSE's Sensex declined 676.53 points, or 1.02%, to end at 65,782.78.

Fitch downgraded the United States to AA+ from AAA, citing expected fiscal deterioration over the next three years as well as growing government debt. Meanwhile, private payrolls data in the US showed that the companies added 324,000 new jobs last month, much higher than the consensus estimates. In Asia, investors will focus on the Caixin private survey for China’s service sector activity in July.

BEIJING — Ask young people about the Chinese job market, and the frequent answer is things are more difficult this year.

Siemens Healthineers fell 5.6% after its quarterly profit dropped. German fashion brand Hugo Boss slid 1.9% despite it raised its full-year outlook. In Asia, stock markets closed down on Wednesday.

A popular U.S. program that offers permanent American residency to foreigners who invest in qualified job-creating projects has sweetened the offer—and attracted fresh interest from wealthy Chinese seeking a way out of their country. Many Chinese are worried about their country’s direction after three years of harsh Covid-19 restrictions, tougher ideological controls under Chinese leader Xi Jinping, rising tensions with the West and dimmer economic prospects.

The Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) has introduced the experimental PArSEC platform. PArSEC — short for "parallelized architecture for scalably executing smart contracts" — is open source and developed with central bank digital currency (CBDC) in mind. 

The focus is on building new alternative and lateral connectivity to the strategic Sub Sector North (SSN) besides considerable realignment works around the Durbuk-Shyok- Daulat Beg Oldie road segment, ET gathers. Most of these proposed single-lane roads will traverse into the Changthang cold desert sanctuary and require green clearances.

Brazilian President Luiz Inácio Lula da Silva says he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China and South Africa

Russian drones have hit a Ukrainian port city along the border with Romania, causing significant damage and a huge fire at facilities that are key to Ukrainian grain exports

The United States has expressed concerns over major land reclamation projects in Manila Bay, where its heavily secured embassy sits on one edge

Tesla is unlikely to receive a special tax treatment to sell its cars in India. The EV company may have to operate through sweeteners offered to foreign investments, and for accelerated adoption of electric mobility in the country. There could also be some leeway in allowing Tesla's Chinese vendors to set up production bases in India after the experience of Apple's contract manufacturers — who were finding it difficult to seed the local ecosystem as they ramped up production and exports from India.