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Miniso Group Holding Ltd. reported a 19.3% increase in revenue for the third quarter, reaching 4.52 billion yuan ($644.5 million), driven by consumer demand for affordable products amid economic uncertainty. This growth slightly missed the 20% analyst estimate, while the company achieved a record gross margin of 44.9%, up from 41.8% a year earlier.
Didi Global Inc. reported a net income of 929 million yuan ($128 million) for the September quarter, marking its second consecutive quarterly profit. Revenue increased by 5% to 53.9 billion yuan, driven by a 20% rise in gross transactions from its international operations in Brazil and Mexico, as the company prepares for a potential IPO in Hong Kong.
Trump's impending tariffs could benefit India's exports, but may provoke China to devalue its currency, leading to competitive devaluation among emerging markets, warns Jyoti Jaipuria of Valentis Advisors. Analysts predict the yuan could fall below a 17-year low against the US dollar, potentially dropping by 10%. This scenario echoes China's 2015 devaluation, which aimed to support its slowing economy but resulted in capital outflows and reduced foreign exchange reserves.
China has reinstated multiple-entry visas for Shenzhen residents traveling to Hong Kong, effective December 1. Each visa allows stays of up to seven days and is valid for one year, reversing a 2015 policy that limited visits to once a week to address concerns over cross-border trading.
The Dow Jones reached a record high above 45,000, while the Nasdaq 100 declined amid caution over tech stocks following Nvidia's mixed earnings. In the US, PCE inflation rose to 2.3% YoY in October, and consumer confidence improved, but durable goods orders fell short of expectations. Key economic indicators are set for release next week, including Australia's GDP and US non-farm payrolls.
Dalian Wanda Commercial Management Group Co., China's largest mall operator, plans to establish a fund between 50 billion to 90 billion yuan ($6.9 billion-$12.4 billion) to address taxes and debt. The fundraising effort is expected to be completed by 2025, as the company seeks to navigate the ongoing property crisis without public defaults.
The ruble has plummeted over 9% against the dollar and 6% against the yuan since the US imposed sanctions on approximately 50 Russian banks on November 21. This decline is intensifying pressure on the Bank of Russia to implement a significant interest rate hike to combat rising inflation.
Shares of major semiconductor equipment firms surged following reports that the U.S. is considering less stringent sanctions on China's chip industry. ASML and Tokyo Electron saw significant gains as the U.S. may limit the export blacklist for Chinese firms, potentially softening the impact on ASML's revenue from China. Analysts noted that excluding ChangXin Memory Technologies from the blacklist could lead to a smaller decline in ASML's sales than previously expected.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year. Despite a dip in U.S. stock markets, investors remain optimistic, with many stocks above their 200-day moving average, indicating a solid market trend. Meanwhile, South Korea unexpectedly cut interest rates amid disappointing economic growth, and forecasts suggest the offshore yuan may hit a record low against the dollar by 2025.
Asian markets showed mixed results amid global economic uncertainty, with Japan's Nikkei rising 0.8% and the Topix up 1.0%, driven by a weak yen. In contrast, China's Shanghai index fell 0.3% as investor sentiment remained fragile due to fears of a potential tariff war linked to US policies. Notably, Tokyo Electron surged 6.45%.
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