CHINA PRESSURING OTHER COUNTRIES
EU governments waver over Chinese EV tariffs as trade spat escalates
EU countries debate supporting tariffs on Chinese electric vehicles in Brussels amid concerns over Beijing's possible retaliation affecting EU exports like cognac and pork.
Gold prices may face headwinds from strong dollar, rising yields
Gold ended last week on a lower note, dropping to a two-week low due to a stronger dollar and higher bond yields, said Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One. The dollar surged to a near two-month peak, making gold more expensive for non-dollar holders, while U.S. 10-year yields reached a near two-week high.
Expect 8-10% industry volume growth for FY-25: Mohan Bangur, Shree Cement
So, in the next three quarters, the demand has to meet around 9% to 10% to make up for the lost time. In the first quarter, there were elections, there were water shortage, uncertainty of election results were there, now all those is over.
Charting the global economy: Inflation ebbs in US, France, Spain
With inflation settling down in many European economies, there are signs that central banks in the areas could reduce interest rates.
Tailwinds are winning, beneficiaries of strong OEM & replacement demand from auto sector: 5 tyre stocks with upside potential of up to 38%
It is a well known fact that if demand is growing at a fast pace, higher input cost can be easily passed on to the consumer. That is probably what the tyre industry is going through currently. Recently there was an increase in natural rubber prices and fears were expressed that margins might come under pressure. But two things happened just recently, the natural rubber prices corrected and the whole of the tyre stocks witnessed a sharp rally. While the risk of headwind in terms of higher input cost stays, will the OEM and replacement demand act as tailwinds and continue to power the stocks.
Russia keeps up pressure on the front line as Ukraine gets a boost from Western military aid
Russian attacks on Ukrainian positions in the eastern town of Chasiv Yar are disrupting troop rotations and supply deliveries, soldiers report. As Ukraine awaits new Western military aid, Russia seeks to exploit its numerical and firepower advantage. Civilian targets are also heavily bombed, leading to ICC arrest warrants for former Russian defense leaders for alleged war crimes. Despite intense fighting, Ukrainian forces strive to hold Chasiv Yar, crucial for its strategic location. The U.S. and Czech Republic are bolstering Ukraine's ammunition supplies, while a prisoner swap was mediated by the UAE.
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OpenAI to cut access to tools for developers in China and other regions: report
ChatGPT is not available in mainland China but many Chinese startups have been able to access OpenAI's application programming interface (API) platform and use it to build their own applications, the Securities Times said.
China's crackdown on 'wealth-flaunting' social media puts pressure on influencers to echo the party line
Chinese regulators crack down on social media influencers flaunting wealth, contrasting with US mental health concerns. The campaign targets extravagant displays, reflecting wider fears of subversive views. Public support for authoritarian measures shapes the crackdown, including pressure on Taiwanese influencers. The effort aligns with China's goal of managing its vast online population under President Xi Jinping's watchful eye.
As buyers diss cars, auto companies count on offers
Passenger car sales surged 8% to a record 4.22 mn units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
Asia shares muted on mixed China data, euro pressure
Asian share markets softer on mixed Chinese economic data. European political uncertainty persists. Swiss National Bank may ease. Markets await U.S. retail sales and Fed speeches. French political risks weigh on euro. Gold and oil prices stable.
China is testing more driverless cars than any other country
Across China, 16 or more cities have allowed companies to test driverless vehicles on public roads, and at least 19 Chinese automakers and their suppliers are competing to establish global leadership in the field. No other country is moving as aggressively.
Bonn climate talks: Countries leave much to do at COP29
Countries made little progress in finding common ground on the crucial issue of climate finance at the mid-year UN climate talks in Bonn, Germany, even as floods, extreme rains, and brutal heatwaves upended lives and livelihoods in several nations.
India, the US and 12 other nations sign Indo-Pacific region economic pact
The US and 13 nations in Asia signed agreements on the Indo-Pacific Economic Framework, part of Biden's strategy to counter China's influence. The pact includes major economies like Japan, India, and South Korea, focusing on renewable energy, climate change, taxation, corruption, and supply-chain management.
"Badhaai Ho!": Israel, China, Italy, and other world leaders celebrate PM Modi's 2024 Lok Sabha victory
"China is ready to work with India to promote the healthy and stable development of relations between the two countries, in the fundamental interests of the two countries and peoples, with an eye to the big picture and a view to the future," foreign ministry spokeswoman Mao Ning told a regular press conference.
OPEC+ extends oil cuts to third quarter, discusses 2025, sources say
OPEC+ agrees to extend deep oil output cuts into 2024 and considers further extension into 2025 to stabilize the market amidst weak global demand growth and high U.S. production, with oil prices near $80 per barrel.
China has threatened trade with some countries after feuds. They're calling 'the firm' for help
An eight-person team at the State Department, informally dubbed "the firm," leads U.S. efforts to help countries targeted by China's economic pressure. Originating from a 2021 conflict with China over Taiwan involving Lithuania, the group, led by senior adviser Melanie Hart, now aids over a dozen nations. They assess vulnerabilities and create responses for countries fearing loss of trade with China. The team's initiatives are part of a broader U.S. strategy to counteract China's global influence.
Other countries may follow suit after Biden's latest tariff on Chinese imports: CareEdge Ratings
US President Joe Biden, in a move that is seen as a protectionist measure to reduce trade imbalance, earlier this month, imposed heavy tariffs on Chinese products, including batteries, EVs, steel, solar cells, and aluminium. These tariffs encompass a 100 per cent tariff on electric vehicles, a 50 per cent tariff on semiconductors, and a 25 per cent tariff on electric vehicle batteries imported from China.
Infrastructural projects helping improve India's relationship with Africa: Indian corporate executive
Indian infrastructure projects in Africa have significantly enhanced ties between the two regions, according to S Kuppuswamy, a senior executive from the Shapoorji Pallonji group. He emphasized the importance of collaboration between Indian and US development finance institutions to ensure the swift execution of such projects and to counter China's influence in the region. Kuppuswamy highlighted the pride African nations take in Indian-built infrastructure, citing examples like Ghana's presidential palace.
How GoI’s post-poll domestic authority will shape New Delhi’s geopolitics
With India's key strategic partner Russia more firmly entrenched and aligned with China in 2024, the domestic political authority the next government in New Delhi brings to the table - and the way it deploys this capital - will hold the key to how it can position itself at the start of a turbulent phase between a relatively stronger, expanding Russia-China arc of power and a politically strife-ridden democratic coalition of powers.
Apple slashes iPhone prices in China amid fierce Huawei competition
Apple has launched a significant discounting campaign on its official Tmall site in China, offering up to 2,300 yuan ($318) off select iPhone models from May 20 to May 28. This move aims to bolster its position in the high-end smartphone market amid rising competition from local brands like Huawei. The current discounts are much larger than those in February, where the highest discount was 1,150 yuan.
Weather alert: IMD warns of depression over the Bay of Bengal. Will it turn into a cyclone?
IMD forecasts low-pressure area over Bay of Bengal, bringing rain to Odisha. Skymet predicts depression with thunderstorm activities. Monsoon advances into Nicobar Islands and South Andaman Sea, expected in Kerala by May 31st
China allocates billions of dollars to bailout its crisis-hit property sector
China has taken decisive measures to tackle the crisis in its property sector, which has been a crucial driver of its economic growth. The People's Bank of China has announced a 300-billion-yuan relending facility to support government-subsidized housing projects. Local state-owned enterprises are encouraged to purchase completed commercial homes to provide affordable housing. Commercial banks have issued significant loans for real estate development and individual housing.
China unveils steps to stabilise crisis-hit property sector
China announced significant measures to stabilize the struggling property sector. The measures included allowing local governments to purchase apartments, easing mortgage rules, and committing to finishing incomplete homes. These efforts aim to address declining demand, falling prices, and a surplus of unsold properties, with the hope of reviving a sector that once contributed significantly to the economy.
Despite Western pressure, China in no hurry to reduce Russia support
China supports Moscow in the Ukraine war despite Western pressure. Beijing backs President Vladimir Putin, exporting essential dual-use products monthly. Western sanctions target Russia's struggle to sustain the assault without Beijing's support.
Xi Jinping and Putin hint at political settlement to Ukraine conflict
"China hopes that peace and stability will return to the European continent at an early date, and stands ready to play a constructive role to this end," Xi said at a joint press conference with Putin after their talks. A joint statement issued after Putin-Xi talks said that both sides believe that for "a sustainable settlement of the Ukrainian crisis, it is necessary to eliminate its root causes."
IEA lowers global oil-demand growth forecast for 2024
IEA forecasts slower global oil demand growth in 2024 due to mild winter and declining diesel car fleet in developed economies. China to lead demand gains in 2024 and 2025. Structural headwinds like rising vehicle efficiencies also impact demand.
Xi Jinping among pigeons
Fissures have appeared in the ‘coalition of democracies’ to counter China. Beijing has used this opportunity to try and play itself back in Europe. Xi Jinping is currently on his first trip to Europe in five years, visiting France, Serbia and Hungary. He hopes to navigate the most difficult obstruction - the EU itself - in these conversations
In message to China, G7 urges others to help climate finance
G7 ministers said Tuesday that efforts to raise money to help poorer countries adapt to climate change should include countries "capable of contributing", in a message aimed at China. "We emphasise the G7 countries intend to be leading contributors to a fit-for-purpose goal, underlining the importance of including in any ... (fund) those countries that are capable of contributing," the ministers said in a statement after two days of talks in Turin.
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