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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Xiaomi Corp reported a 30.5% increase in Q3 revenue, driven by strong demand for its first electric vehicle, the SU7 sedan, launched in March. The company raised its sales target to 130,000 units for the year and doubled production shifts to meet demand, despite the auto division operating at a loss. Xiaomi also maintained its position as the world's third-largest smartphone maker, with a slight increase in shipments.
China is poised to allow a gradual weakening of the yuan in response to potential tariffs under a Trump administration, moving away from its long-standing commitment to currency stability. The yuan has already declined about 3% this quarter, with economists anticipating further depreciation as part of a broader strategy that may include interest rate cuts and increased budget deficits. While a drop beyond 8 per dollar is deemed unlikely, the People's Bank of China is expected to navigate these challenges carefully.
Xiaomi Corp. reported a quarterly revenue of 92.5 billion yuan ($12.8 billion), surpassing analyst expectations of 90.3 billion yuan, with a 31% increase in sales. The company's entry into the electric vehicle market, initiated in March, contributed approximately 9.5 billion yuan to this growth.
European stocks remained steady on Monday, with the Stoxx Europe 600 Index rising 0.1% amid concerns over Donald Trump’s policies and a lack of sustained gains in China. This follows a four-week losing streak, the longest since May 2022. Real estate and health care sectors saw the most declines, while miners benefited from a rebound in iron ore prices, driven by strong short-term steel output in China.
UBS CEO Sergio Ermotti reportedly intervened to remove a "Finanz und Wirtschaft" article detailing the bank's connections with sanctioned Chinese military companies shortly after its publication. The piece highlighted UBS's significant investments in firms under US sanctions, raising concerns about reputational risks and potential secondary sanctions. While UBS maintains that its investments comply with US regulations, the swift removal of the article suggests internal alarm over its implications.
CLSA's Alexander Redman emphasized the potential for increased foreign investment in India, suggesting that investors may soon have fewer reasons to remain underweight in the country. He expressed disappointment in Chinese equities and announced a tactical shift, raising India's allocation to 20% Overweight while reducing exposure to China.
AUD/USD faced its steepest weekly decline in four months, closing 1.84% lower at 0.6461, driven by a stronger US dollar following hawkish remarks from Fed Chair Jerome Powell. Meanwhile, Australia's mixed employment data and the RBA's commitment to controlling inflation suggest a delayed rate cut until May 2025. The currency pair is nearing critical support at 0.6360 - 0.6350, with a sustained break potentially leading to further declines towards the October 2022 low of 0.6170.
China has canceled a 13% tax rebate on aluminum exports, prompting significant stock declines for domestic companies while international counterparts see gains. This move is part of a broader overhaul affecting exports of copper, batteries, and solar panels, leaving the aluminum industry to reassess supply flows.
Tencent is leveraging its WeChat ecosystem to challenge the cloud dominance of Amazon, Microsoft, and Google, offering clients the ability to create their own super apps. With WeChat's 1.3 billion users, Tencent Cloud is attracting interest, particularly from the financial and government sectors, for its integrated services and tailored on-premise solutions. While super apps enhance user engagement, cloud clients prioritize infrastructure reliability and security, highlighting Tencent's unique position in the market.
China has reduced or eliminated export tax rebates on select aluminium and copper products, as well as refined oil and batteries, leading to a surge in aluminium futures prices in London. This move, which affects rebates on various aluminium products and other commodities, is seen as a strategic response to ongoing trade tensions, particularly following the recent US presidential elections. Shares of major metal producers in India are closely monitoring the situation as international soyoil prices also rise.
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