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Treasury Secretary Scott Bessent has criticized the accuracy of GDP numbers, asserting that the Biden administration overlooked the real economic struggles faced by Americans. He emphasized the importance of addressing public sentiment over statistical data, as rising gas prices and grocery costs continue to strain household finances. Amidst a turbulent economic landscape and a trade war initiated by Trump, Bessent vowed to prioritize understanding the anxieties of the public in shaping economic policy.
UBS reports a stabilization in China's property market, with inventory levels below the 15-year average and rising land auction premiums. The bank sees potential for A-shares to catch up with Hong Kong stocks, driven by improving macro indicators and a supportive policy environment, while corporate confidence is expected to rise following President Xi's reaffirmation of support for the private sector.
Crypto and traditional markets are expected to face pressure from global trade war concerns until at least early April. Since the announcement of import tariffs on Chinese goods by US President Donald Trump, Bitcoin's price has dropped over 17%. Analysts suggest that a resolution to these trade tensions could serve as a significant market catalyst.
India's GDP has surged by 77% over the past decade, reaching $4.3 trillion and positioning the country to surpass Japan in 2025 and Germany by 2027. This growth is attributed to the leadership of Prime Minister Narendra Modi and his government's economic reforms, making India the fastest-growing major economy.In contrast, China experienced a 74% GDP growth, increasing to $19.5 trillion, but has faced challenges that hindered its earlier projections of overtaking the U.S. as the largest economy.
Elon Musk's recent Pentagon visit, initially reported as a briefing on potential war with China, was later clarified to be unclassified. Despite denials from Defense Secretary Pete Hegseth and President Trump, scrutiny arose over Musk's access to sensitive information, given his significant business ties to China, including Tesla's Gigafactory in Shanghai and SpaceX's government contracts totaling $38 billion. Musk has expressed positive views on China, emphasizing his vested interests in the country.
Xpeng has launched its first self-branded EV supercharging station in Hong Kong, marking its expansion beyond mainland China. Located at Convention Square in Wan Chai, the station offers charging speeds of up to 360 KW, exceeding Tesla’s 250 KW superchargers. The initiative aims to enhance ultra-fast charging technology in Hong Kong, with plans for further expansion into Southeast Asia as EV adoption increases.
Meituan reported a 20% increase in quarterly revenue, reaching 88.5 billion yuan (US$12.2 billion) for Q4 2024, surpassing analysts' expectations. The company achieved a net income of 6.2 billion yuan (US$854.96 million), driven by its core restaurant delivery service amid rising competition.To combat domestic market challenges, Meituan is expanding internationally with its Keeta app, which has gained traction in Hong Kong and Saudi Arabia, reaching one million weekly active users by January 2025. The company is also investing in grocery retail, live-streaming, and drone technology, although analysts anticipate losses from these ventures as it focuses on growth and innovation.
Elon Musk's business ties to China have raised concerns amid his role in the Trump administration, particularly regarding potential conflicts of interest. Despite scrutiny, Musk has praised China's workforce and economic growth, while opposing U.S.-China economic decoupling. His comments on sensitive military matters and the Taiwan dispute have further fueled debate about his influence on U.S. policy.
Huawei has launched the Pura X, its first foldable smartphone running HarmonyOS, aiming to compete with iOS and Android. Priced at approximately $1,037, the device features a 6.3-inch display when unfolded and a compact 3.5-inch screen when closed. This move marks Huawei's significant step away from reliance on Google's Android following US sanctions.
HSBC is negotiating to sell its German fund administration unit to BlackFin Capital Partners for approximately €400 billion ($435.16 billion). This move is part of a broader restructuring led by CEO Georges Elhedery, aimed at reducing costs and streamlining operations, including significant job cuts and business simplifications. The bank has also recently sold its private client trust business and is focusing on growth in Asia.
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