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Carlsberg A/S reported a 0.2% decline in organic volumes for the third quarter, impacted by poor summer weather in Europe and a consumer downturn in China. Despite marketing investments aimed at boosting sales, the company faced challenges as consumers reduced spending amid China's economic slowdown.
European markets are set to open lower as traders await euro zone inflation data. Carlsberg reported a 0.9% revenue growth in Q3 2024, while AB InBev's revenue rose 2.1%, both falling short of expectations. Shell posted a stronger-than-expected profit despite a year-on-year drop, while Japan's central bank indicated potential rate hikes amid economic recovery. In China, the manufacturing PMI showed expansion for the first time since April, signaling improved economic conditions.
China's economy showed signs of recovery as factory activity unexpectedly expanded in October, with the manufacturing purchasing managers’ index rising to 50.1, surpassing forecasts. The non-manufacturing PMI also indicated growth in construction and services. However, uncertainties surrounding the upcoming US elections continue to pose risks to China's growth outlook.
Chinese EV maker BYD surpassed Tesla in quarterly revenue for the first time, reporting 201.12 billion yuan ($28.24 billion) for Q3, a 24% increase year-on-year, compared to Tesla's $25.18 billion. Despite this, Tesla led in net profit with $2.18 billion, while BYD's profit rose to 11.6 billion yuan. The competitive landscape intensifies as the EU imposes tariffs on Chinese EVs, prompting both companies to expand production in Europe.
Chinese firms experienced a significant decline in domestic bond sales, reaching the lowest levels in two months since 2021. In September and October, issuers priced 2.51 trillion yuan ($352 billion) of bonds, an 8.4% decrease from the previous year, amid rising borrowing costs and uncertainties surrounding government stimulus plans.
The Bank of Japan has decided to keep interest rates unchanged amid significant uncertainties regarding the country's economic activity and prices, following a historic election defeat for the ruling coalition. In other news, China's manufacturing output has shown signs of recovery, expanding for the first time since April, while North Korea conducted a missile test, and Taiwan prepared for the impact of Super Typhoon Kong-rey.
PHEV sales in China are surging, driven by advanced models from BYD and favorable economic conditions, including lower electricity prices and incentives for electric use. In contrast, European company car benefits and high fossil fuel subsidies limit the appeal of home charging, impacting PHEV adoption. As competition grows globally, the market dynamics may shift, with potential implications for electrified vehicle strategies in other regions.
US stock indexes closed lower as chip stocks fell, with the Dow down 91.51 points, the S&P 500 down 19.25 points, and the Nasdaq down 104.82 points. GIFT Nifty indicates a weak start for Indian markets, with a projected loss of 98 points. The Nifty 50 has been consolidating between 24,100 and 24,500, while recent trading saw the Sensex drop 426.85 points amid selling in banking, metal, and IT sectors.
Asian investment-grade dollar bond spreads have tightened to a record low, with the average yield premium dropping to 74.6 basis points, surpassing the previous low of 75.5 basis points from May. This shift is driven by significant monetary and fiscal stimulus from Chinese policymakers aimed at revitalizing the economy and enhancing the attractiveness of regional debt. Chinese issuers are at the forefront of this trend following measures by the People’s Bank of China to support lending.
China is witnessing a transformation in its education and elder care sectors due to a demographic crisis, with many kindergartens repurposing into senior care homes amid declining birth rates. The government is promoting a "silver economy" to support the aging population, which is expected to reach 30% over 65 by 2040, while also planning to raise the retirement age to utilize older workers and alleviate pension burdens.
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