China’s slumping economy signals the end of a high growth era August 24, 2023 Exports have slumped, growth has stalled and the economy even slipped into deflation. The youth unemployment figures have gotten so bad that the government has stopped publishing them. These figures - or their absence - reveals more than an economy struggling to grow after Covid. What they demonstrate is that China’s growth model over the past few decades has run out of steam.
Why mining stocks have rebounded despite BHP’s profit slump August 22, 2023 China's gloomy economic data has chipped away at the share prices of the world's largest miners for months. But is a recovery underway?
FTSE 100 close: London kicks longest losing streak since 2019 as Arm listing lifts sentiment August 22, 2023 London’s FTSE 100 index rose for the first time in seven days as it successfully ended its longest losing streak since 2019. Miners helped lift the FTSE 100 0.2 per cent to 7,274.71 while the midcap FTSE 250 index climbed 0.7 per cent to 18,029.00. Fresnillo, Endeavour Mining, Anglo American and Glencore were among the [...]
ARM muscles up for bumper IPO with $70bn valuation and 28 rostered banks August 22, 2023 SoftBank Group Corp’s Arm Holdings Ltd reported a 1% fall in annual revenue due to a slowdown in smartphone sales, after the chip designer disclosed the paperwork for an initial public offering (IPO) that is expected to be the largest of the year. Arm’s stock market launch is expected to bring back to life a lackluster IPO [...]
FTSE 100 close: Mixed messages from China and housing rout sends London markets into the red August 21, 2023 London’s FTSE indexes fell amid a housing sell-off and a limited policy intervention from the Chinese central bank to boost its creaking economy. The FTSE 100 index slipped into the red to trade at 7,258.03 while the midcap FTSE 250 index fell 0.87 per cent to 17,938.91. Indexes in Paris and Frankfurt saw gains however. [...]
China’s modest rate cut surprises markets expecting greater stimulus August 21, 2023 The recovery in the world's second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth
Seven week oil rally ends as demand concerns in China sees prices stall August 20, 2023 This year's longest rally in oil prices has finally stalled, with both benchmarks faltering for the first time since swingeing OPEC cuts.
Nvidia: Analysts say “more juice for the orange” as share price spikes August 20, 2023 Ahead of its second-quarter results, American chip designer Nvidia is riding high after a successful first half, with shares skyrocketing over 200 per cent since January, and analysts foreseeing more gains. Nvidia, the S&P 500’s star of the year, is anticipated to report a 65 per cent year on year sales surge to $11.1bn (£8.7bn). Earnings [...]
Chinese property giant Evergrande files for bankruptcy in US amid debt overhaul August 18, 2023 Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world’s biggest debt restructuring exercises, as anxiety grows over China’s worsening property crisis and a weakening economy. Once China’s top-selling developer, Evergrande has become the poster child of the country’s unprecedented debt crisis in the property sector, which accounts for [...]
Lenovo hit by global slump in PC demand following pandemic frenzy August 17, 2023 Chinese computer maker Lenovo has reported a near quarter fall in revenues as global PC sales struggle to recover from a post-pandemic slowdown. Lenovo revenue shrank 24 per cent between April and June to $12.9bn (£10.1bn), below average Refinitiv forecasts of $13.8bn (10.9bn), as computer sales declined. Shares dipped over three per cent on Thursday [...]