China Financial News

Reliance, Infosys and ITC, ahead of key inflation data from India and the US to be released on Wednesday. A rise in auto and consumer stocks, tracking their Asian and European peers higher on hopes of a China stimulus package also helped the 30-share S&P BSE benchmark Sensex climb 274 points or 0.42% to settle at 65,618. The broader NSE Nifty surged 83 points or 0.43% to end at 19,439.

An industry group says China’s auto sales rose 8.8% over a year earlier in the first half of 2023 as electric vehicle purchases surged

The buoyant mood sparked by China’s latest economic support measures didn’t last long on Tuesday as European stocks and US futures wavered after policy makers’ warnings of higher-for-longer interest rates.

Belt and Road Initiative to boost infrastructure in the landlocked Himalayan nation, a media report said on Tuesday. The agreement was reached during a meeting between the vice chairman of Nepal's National Planning Commission (NPC), Dr Min Bahadur Shrestha, and Chong Liang, the vice chairman of the Chinese government's National Development and Reform Commission (NDRC), which oversees the implementation of the Belt and Road Initiative (BRI).

TikTok, to shop. Besides its own stores and website, Apple already operates a shop on Alibaba Group's Tmall online marketplace. Apple also tried marketing its products on a livestream in China for the first time in May with an hour-long show.

Investing.com — Comments from Federal Reserve policymakers spark hopes that the central bank's campaign of interest rate hikes may soon be reaching a conclusion, albeit after a potential increase later this month. Elsewhere, Amazon kicks off its Prime Day sales event and Apple launches a store on megapopular Chinese messaging app WeChat.

Indonesia’s top diplomat is warning of the threat posed by nuclear weapons, saying that Southeast Asia is “one miscalculation away from apocalypse” and pressing for world powers to sign a treaty to keep the region free from such arms

Lethal flooding has simultaneously hit India, Japan, China, Turkey and the U.S. Northeast

China aims to create a system that will force companies to gain a licence before they can release generative artificial intelligence systems, the Financial Times said on Tuesday, citing people close to regulators.

Singapore investment firm Temasek Holdings on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2019 financial year and came amid intensified global market volatility. Temasek's chief financial officer Png Chin Yee said the company, which is an investor in Chinese finance company Ant Group, was hopeful the China tech sector's troubles were over after signs a regulatory crackdown was ending.Temasek said while it Singapore investments remained resilient, its global direct investments had dropped in valuation in the past two years.

central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey published on Monday. Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline of cash. Some are also looking at wholesale versions for transactions between financial institutions. Most of the new Central Bank Digital Currencies (CBDCs) will emerge in the retail space, where eleven central banks could join peers in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria which already run live digital retail currencies, the BIS found in its survey of 86 central banks conducted late 2022. On the wholesale side, which in future could allow financial institutions to access new functionalities thanks to tokenisation, nine central banks could launch CBDCs, the BIS said.

Heading into Q2 and H1 2023 results, the Bank of America has cut the sector’s annual earnings per share (EPS) by 2-3%.

China is escalating its chip war with the United States by imposing export controls on the overseas sales of gallium and germanium, elements essential to making semiconductors, CNN Business reported. China's trump card is seen as the counter-attack to potential US tightening of [its] AI chip ban. «We see this as China's second, and much bigger, countermeasure to the tech war, and likely a response to the potential US tightening of [its] AI chip ban,» said Jefferies analysts as cited by CNN Business.

By Arathy Somasekhar and Sudarshan Varadhan

₹58,600 per 10 gm levels within few minutes of commodity market's opening. However, the yellow metal attracted fresh buying at lower levels and bounced back from its intraday lows and hit intraday high of ₹58,683 levels.

US audit officials have started a fresh round of inspections of New York-listed Chinese companies in recent weeks amid simmering tensions between the world’s two largest economies.

China is one of the biggest consumers of metals. Be it copper, aluminum or steel.

Investing.com — Most Asian stocks rose sharply on Tuesday amid expectations that the Federal Reserve was close to concluding its rate hike cycle for the year, while the prospect of more stimulus measures from China also aided sentiment.

Investing.com — Heavyweight Chinese technology stocks rose on Tuesday, extending a recent run of strong gains as traders bet on a clearer regulatory outlook for the sector, while expectations of more stimulus measures also aided sentiment.

Investing.com-- Most Asian currencies rose on Tuesday, while the dollar sank amid growing bets that the U.S. Federal Reserve was close to concluding its rate hike cycle, with focus also turning to upcoming inflation data for more cues.

" To some extent, though, it should not come as a surprise if you have been looking at last six months' data. So, the PPI number has been negative for at least three or four months now and this is just confirming things that we have discussed in the past," says Manish Singh, Crossbridge Capital.