China National Tobacco Corporation, the world's largest cigarette producer, is experiencing significant growth, with domestic sales reaching 2.44 trillion sticks in 2023. Despite global declines in tobacco use, the company has expanded internationally, driven by Beijing's initiatives and a lack of stringent regulations. Its monopoly status and influence over government policy have allowed it to thrive, contributing to 12% of China's tax revenue while facing minimal competition from Western brands.
Asia-Pacific markets are mixed as investors await the Fed's decisions, while China's services sector shows robust growth with a PMI rise to 52.0 in October. South Korea's inflation eases to 1.3%, prompting a recent interest rate cut by the Bank of Korea. Meanwhile, crude oil prices increase over 2% as OPEC+ delays production hikes.
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.
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