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K.P. Sharma Oli, Nepal's veteran communist politician, has returned as prime minister for the fourth time and is set to visit China. His goal is to encourage Beijing to revitalize planned infrastructure projects during this days-long trip.
The ASX 200 reached a new milestone, surpassing 8500 points for the first time, driven by positive US economic data and dovish comments from Federal Reserve Chair Waller. Key sectors saw gains, with healthcare stocks like Ramsay Health Care rising 3.15% and technology stocks boosted by a record high in the Nasdaq 100. The market's upward momentum is supported by strong retail sales and improved manufacturing data from China.
Most Asian stocks rose, led by tech firms, as new US restrictions on Chinese tech exports were less severe than anticipated. Japan's Topix gained 1.3%, while Hong Kong's Hang Seng fell 0.6%. The dollar strengthened, and traders are preparing for significant economic data this week, including the US jobs report. Oil prices dipped slightly ahead of an OPEC+ meeting, and gold remained stable within a narrow range.
XPENG achieved a remarkable 54% increase in electric vehicle sales in November 2024, delivering 30,895 units, marking a new monthly record. The company's growth is driven by the success of its affordable M03 and the new P7+, contributing to a total of 153,373 sales in the first 11 months of the year, a 26% rise from 2023. With expanding demand and market presence, XPENG is poised for further growth, potentially rivaling established competitors like BYD.
BYD has achieved a remarkable milestone by selling over 1 million plugin vehicles in just two months, with 504,003 units delivered in November alone, marking a 67.2% increase from the previous year. The company also reported 198,065 fully electric vehicle sales in November, a 16.4% rise year-over-year, positioning it to potentially surpass Tesla in quarterly BEV sales. Additionally, BYD's plugin hybrid vehicle sales reached 305,938, a staggering 133.1% increase compared to November 2023.
Asia-Pacific markets are trading higher following record highs on Wall Street, with the offshore yuan weakening past 7.3 against the dollar for the first time since July. South Korea's inflation rose to 1.5% in November, prompting an unexpected rate cut by the central bank. Meanwhile, Goldman Sachs updated its global stock picks, highlighting several stocks with over 40% upside potential.
China is racing to develop artificial general intelligence (AGI) while balancing its ambitions with the need to maintain control over its political landscape. Experts warn that the rapid advancement of AI poses significant risks, leading to calls for international regulations to ensure safety and prevent uncontrollable developments. As the U.S. restricts China's access to key technologies, Beijing is focused on building its own capabilities, viewing AI as a means to enhance both geopolitical power and domestic growth.
S&P 500 futures remained stable after the index reached a record high. The offshore yuan weakened past 7.3 against the dollar, with predictions it could fall to 8 by 2025. South Korea's inflation rose to 1.5% in November, prompting an unexpected rate cut by the Bank of Korea. Investors are favoring U.S. equities, with Morgan Stanley highlighting a balanced earnings recovery across sectors. New York Fed President John Williams emphasized ongoing efforts to combat inflation, while JPMorgan's Jason Hunter noted bullish signals for stocks from the bond market. In after-hours trading, Tesla and Zscaler saw declines, while Credo Technology Group surged after exceeding earnings expectations.
The recent UN talks in Busan aimed at establishing a treaty to combat plastic pollution ended without agreement, largely due to resistance from fossil fuel-producing nations against capping plastic production. Despite over 100 countries advocating for stringent measures, divisions persisted, with negotiators expressing concerns over economic impacts and the need for higher-level political involvement. The next round of discussions is anticipated to be challenging, with calls for more decisive action to address the plastic crisis.
UBS's recent survey of over 7,500 smartphone users across key markets indicates that iPhone purchase intent remains stable in the U.S. at 24%, while interest in China has decreased to 17%. Additionally, interest in generative AI among respondents is low, with only 30% expressing interest in a smartphone. UBS maintains a Neutral rating and a $236 price target for Apple shares.
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K P Sharma Oli seeks to boost infrastructure ties during China visit
07:10 03.12.2024
ASX 200 reaches new high fueled by US economic data and Fed comments
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06:20 03.12.2024
asian markets rise as us tech curbs on china ease concerns
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04:35 03.12.2024
XPENG Reports 54 Percent Sales Increase Setting New Monthly Record
02:13 03.12.2024
BYD Achieves Record One Million Plugin Vehicle Sales in Two Months
00:56 03.12.2024
asia-pacific markets rise as wall street hits record highs
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00:41 03.12.2024
China's AI ambitions balance innovation with control over political power
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00:04 03.12.2024
global markets steady as yuan weakens and south korea faces inflation rise
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00:02 03.12.2024
Global Plastic Pact Negotiations Stalled Amid Calls for Voting and Production Curbs
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13:16 02.12.2024
Apple iPhone purchase intent remains stable amid muted AI interest
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12:55 02.12.2024
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