City Shanghai Financial News

Asian stocks are lower, tracking a weak start to 2024 on Wall Street as Japan's markets reopened

Updated at 23:27 ET (04:27 GMT) with more details on China.

SHANGHAI/SYDNEY (Reuters) — China's leading bubble tea makers including Mixue Bingcheng and Guming are rushing to apply for first-time share sales in Hong Kong as companies in the fast-growing sector expand aggressively amid fierce competition.

SHANGHAI (Reuters) — Chinese money managers are rushing to create funds tracking the newly-launched CSI A50 Index, which analysts say is a better reflection of China's economic landscape and government priorities than the country's stock benchmarks.

By Florence Tan

₹2,300 per tonne, effective Tuesday.For the past two weeks, the levy -- Special Additional Excise Duty (SAED) -- on domestic crude oil was at ₹1,300 per tonne.The ministry, through a notification, has brought down the additional excise duty on the export of diesel and aviation turbine fuel to zero.The increase in the windfall tax on the sale of locally produced crude oil comes at a time when the price of crude oil has largely been steady. On Friday, 29 December, the March contract of Brent on the Intercontinental Exchange closed at $77.49 per barrel, against $76.55 on 15 December.

China's first domestically built cruise ship set sail on its maiden voyage from Shanghai on Monday, a sign of the nation's growing prowess in sophisticated construction as it seeks self-sufficiency in key technologies. The Adora Magic City left port on its first commercial cruise late afternoon, en route to South Korea and Japan.

Asian shares are mixed in muted trading on the last trading day of the year

U.S. stock futures are little changed Friday as the market puts the wraps on a year of surprisingly robust gains

MG Motor India, the SAIC-owned British brand, plans to launch seven new models in the Indian market over the next couple of years, the company told a group of dealers invited to its headquarters in Shanghai within days of stitching a joint venture with the Sajjan Jindal-owned JSW Group. A spokesperson at MG Motor India declined to comment. During their visit, the dealers were showcased a line-up of models—some of which would be launched in India over the next 24 months, said several dealers who attended the meet earlier this month. On November 30, JSW Group and SAIC Motor announced an India joint venture to expand the operations of MG Motor owned by the Chinese.

Elon Musk vehemently criticized recent media coverage surrounding an incident involving a factory robot at a Tesla facility in Austin. Musk's response was prompted by reports resurfacing about a 2021 incident where an engineer was allegedly injured by a Kuka robot arm during software updates. Musk lambasted the media for linking this incident to Tesla's humanoid Optimus robots, stressing that the coverage misrepresented the nature of the accident. The incident, previously covered by outlets like the Daily Mail and The Information, detailed how an engineer working on software updates became ensnared by a factory robot, resulting in injuries. Witnesses reported the engineer being pinned and bleeding until another worker intervened by activating the emergency stop button.

The Hong Kong-based digital asset exchange, HKbitEX, partners with Shanghai Technology Exchange to develop asset tokenization (RWA) solutions for tech companies, supported by China’s Ministry of Science and Technology and Shanghai municipal government.

₹83 to ₹83.70," he said.Global stocks mostly rose on Wednesday with a positive year-end mood continued. The Dow Jones Industrial Average led gains on Wall Street, advancing 0.3% to finish at another all-time high of 37,665.52. In European markets, London leading the way as it closed 0.4% higher.

Chinese automaker, BYD (SZ:002594) announced Wednesday that they have secured a conditional testing license for level 3 autonomous driving on high-speed roads.

Tesla Inc. (NASDAQ:TSLA) is gearing up to introduce an updated version of its highly successful Model Y from its Shanghai plant according to unnamed sources familiar with the matter. This move comes in response to heightened competition from domestic rivals, prompting an accelerated pace in product launches within the industry.

Investing.com — U.S. futures traded largely unchanged Wednesday, stabilizing after recent gains during the last trading week of what has been a positive year.

Asian markets are steady in holiday-thinned trading, with some markets in the region closed for holidays

China's authority in charge of press and publications has approved 105 online games, saying it fully supports the industry after newly proposed curbs caused massive losses for major game companies

Asian shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

World shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

BEIJING (Reuters) — Chinese electric vehicle giant BYD (SZ:002594) said on Wednesday it has obtained a conditional testing license for level 3 (L3) autonomous driving on high-speed roads.