Tag Archives: China

(Bloomberg) — Fears about the economic toll of China’s strict Covid Zero policy intensified Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. Most Read from Bloomberg The benchmark CSI 300 Index closed nearly 5% down to the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. The onshore yuan slumped to its weakest level in 17 months on concerns about rising capital outflows… Source link

(Bloomberg) — As China’s markets gyrate following Covid outbreaks and Russia’s invasion of Ukraine, one of the nation’s best-performing macro hedge funds is bracing for more pain. Most Read from Bloomberg Shanghai Banxia Investment Management Center, which topped local rankings in 2020, has cut its stock exposure to zero in anticipation of a worsening economy and further declines in equities, founder Li Bei said. The fund, which manages more than 5 billion yuan ($785 million), has also… Source link

(Bloomberg) — A growing list of risks is turning China into a potential quagmire for global investors. Most Read from Bloomberg The central question is what could happen in a country willing to go to great lengths to achieve its leader’s goals. President Xi Jinping’s friendship with Russian leader Vladimir Putin has made investors more distrustful of China, while a strongman narrative is gaining momentum as the Communist Party doggedly pursues a Covid-Zero strategy and unpredictable… Source link

(Bloomberg) — Oil was stable amid signs that continued coronavirus lockdowns in China are weighing on the economy, countering bullish news that protests are shutting in supplies from Libya. Most Read from Bloomberg West Texas Intermediate traded just below $107 a barrel after rallying last week by the most since early March. China reported its biggest decline in consumer spending and worst unemployment rate since the first months of the pandemic, while Shanghai reported its first deaths from… Source link

With the Ukraine crisis putting further strain on China’s ties with the United States and the West as a whole, Beijing has set its eyes on mending fences with its neighbours. China’s diplomatic frenzy in the past two weeks shows the importance of its neighbours in Beijing’s hierarchy of relations, according to observers. On the heels of a whirlwind tour of India, Pakistan, Afghanistan and Nepal, Chinese Foreign Minister Wang Yi last week hosted Russian Foreign Minister Sergei Lavrov, who… Source link

Alibaba (BABA)’s ADRs could rip higher after a massive relief rally spurred by an ease of regulatory risks, which one equity manager called “a sea change.” “I think you’re going to see China stocks rip for the next 8 or 12 months into the China National Congress [elections],” Thomas Hayes, chairman of Great Hill Capital, told Yahoo Finance. “When you look at some of them in particular, we’re focused on Alibaba, I think the returns are going to be spectacular.’ On Wednesday, e-commerce giant… Source link

(Bloomberg) — China placed 17.5 million residents of the southern city of Shenzhen into lockdown for at least a week, spurring a key Apple Inc. supplier to halt production in the vital technology hub, and forbid people from leaving Jilin, the first time an entire province has been sealed off since the dramatic lockdown of Wuhan and broader Hubei in 2020. Most Read from Bloomberg The Shenzhen lockdown, which came after virus cases doubled nationwide to nearly 3,400, will be accompanied by… Source link

(Bloomberg) — The relentless selloff in Chinese technology stocks continued on Monday, as Beijing’s close relationship with Russia raised risks for mainland companies already battered by renewed regulatory headwinds. Most Read from Bloomberg The Hang Seng Tech Index slumped more than 9%, poised for the largest drop since the guage was introduced in July 2020 and driving losses in broader Hong Kong and China stocks. The Golden Dragon Index, which tracks American depository receipts of… Source link

Yahoo has completely ceased its operations in China now that web services company has ended support for its email service in the country. In a recent email sent out to customers, the company explained that it would soon close Yahoo Mail in China while advising them to switch to an alternative email service as soon as possible. Yahoo also recommended that users download their contacts, schedules and other important data before its email service closed for good in the country. In an FAQ page… Source link

(Bloomberg) — Chinese power plants and steelmakers are looking for alternatives to Russian coal after some domestic banks suggested they avoid purchases due to the mounting sanctions being imposed on Moscow. Most Read from Bloomberg Some state-own firms were sent private client notes by the lenders advising them to halt buying Russian coal as tightening global restrictions could cause “unexpected damage” to China’s importers, according to people with knowledge of the matter who asked… Source link