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Market Chatter: Tesla's China Sales Rise 39% in May

Sales of Tesla's China-made electric vehicles rose 39% year over year in May, Reuters reported Tuesday, citing the China Passenger Car Association.Deliveries grew 8.2% month on month to 85,982 units, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0700HKG:3750HKG:9618HKG:9999SHE:300750

Market Chatter: DeepSeek to Raise 50 Billion Yuan in Pilot Funding Round

DeepSeek seeks to raise about 50 billion yuan in its first funding round, potentially valuing the Chinese artificial intelligence startup between 350 billion yuan and 400 billion yuan, Reuters reported Wednesday, citing sources.Tencent (HKG:0700) and Contemporary Amperex Technology (SHE:300750, HKG:3750) are expected to become the biggest investors in the fundraising as they are considering injecting 10 billion yuan and 5 billion yuan, respectively, the report said.The AI firm is in discussions with China's national artificial intelligence fund, as well as NetEase (HKG:9999) and JD.com (HKG:9618), to participate in the fundraising, according to Reuters.DeepSeek's founder, Liang Wenfeng, pledged to inject 20 billion yuan into the startup, sources reportedly told the media outlet.DeepSeek, Tencent and CATL are yet to respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US Seeks Comments on China Trade Board

The U.S. Trade Representative (USTR) launched a public comment period to gather input on establishing a new bilateral governance framework, referred to as the U.S.-China Board of Trade.The framework is designed to manage trade relations between the two countries on an ongoing basis, according to a Tuesday press release.The USTR is seeking public feedback on specific categories of non-sensitive products that could benefit from tariff adjustments on both sides, with the goal of achieving a more balanced and reciprocal trade relationship.The deadline for comment submission is July 10. Responses to those comments are due July 27.

Shanghai Composite^SZSEHKG:0883SHA:600938

Market Chatter: China Sees Rebound in LNG Imports in May

China's liquefied natural gas imports rose to 4.9 million tons in May, marking a marginal year-on-year increase. The rebound offers a stark contrast to April's imports, which hit an eight-year low, with the country raising purchases to satisfy summer demand, Bloomberg News reported Tuesday.The Iran war has choked Gulf shipments, which typically supply one-third of China's needs. Qatar's drop was offset by increases from Canada, Malaysia, Oman and Russia, according to the report.State-owned CNOOC (SHA:600938, HKG:0883) and Zhejiang Energy have purchased cargoes for June and July delivery amid falling inventories and expected hot summer weather, Bloomberg wrote.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US Markets12d ago

Asian Banking Sector Surges Past Automobiles to Lead May Activity Growth, S&P Global Survey Finds

Most Asian business sectors expanded in May, with banking overtaking the automobile industry, according to the S&P Global Asia Sector PMI released on Wednesday.Leading the upturn for the first time in seven months, the banking sector expanded at its second-steepest rate in over five and a half years. The growth follows a previous S&P Global forecast warning that credit losses in the Asia-Pacific banking sector could surge by approximately $180 billion due to the ongoing conflict in the Middle East.The automobile sector, last month's top performer, slipped to second place, though its pace of growth remained historically high.Of the 18 sectors monitored, only forestry and paper products, alongside construction materials, recorded a contraction in new orders; however, these declines were softer than in the previous month. In contrast, the transportation sector posted the strongest surge in new orders, despite looming concerns over U.S.-Iran negotiations.Volatility persists in the energy and oil industries due to the precarious state of U.S.-Iran talks aimed at ending the Middle East conflict."Oil prices received a boost yesterday as talks between the US and Iran appeared to break down -- again. This has become a common pattern in recent months, and there are still plenty of mixed messages," ING'S Warren Patterson and Ewa Manthey said in a Tuesday note. "As a result, oil prices continue to be whipsawed by quickly changing headlines."Operating expenses increased across all 18 sectors. S&P Global highlighted that real estate recorded a renewed rise in input prices, while the chemicals sector posted the sharpest cost inflation rate.All sectors increased their selling prices except for the consumer services sector.

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US Markets12d ago

China Services Activity Grows at Fastest in Three Months in May, Exceeds Forecasts

Chinese service activity grew at the fastest rate in three months in May, following a rebound in employment and work backlogs, data from S&P Global and RatingDog showed Wednesday.The headline RatingDog China General Services Business Activity Index rose to 54.4 from April's 52.6, topping the Investing.com consensus estimate of 52.3.The reading continued the current expansion trend first seen in January 2023, according to S&P and RatingDog.New business activity increased halfway through the second quarter, with services demand accelerating for the fourth time in five months, S&P said.New work sources for the services sector jumped due to higher client demand, business innovation and expansion, new client acquisitions, better market conditions, and new projects, according to S&P.Incoming new orders also rose for the 41st straight month, which S&P says is the second-longest ongoing growth in the history of the survey.Business activity forecasts improved to the highest since February and were better compared with the rolling 12-month average.The boost in new businesses in May was enough to generate another rise in outstanding orders, with work-in-hand increasing for the seventh consecutive month and the steepest since June 2024.Surveyed firms linked rising expenses to uncertainties in oil and fuel prices, as well as more purchases, higher wages, and other labor costs, S&P said.Input costs jumped for the 15th straight month, with inflation speeding up the fastest since October 2024, RatingDog founder Yao Yu said in a statement.Meanwhile, the RatingDog China Composite Purchasing Managers' Index rose to 54.0 from 53.1 in April, marking the fastest growth in overall output since February.Total new businesses rose the strongest in three months, while outstanding work increased for the fourth straight month, leading to higher employment and recruitment, the report said.Improved market conditions boosted optimism in the services sector, alongside new projects and a more bullish economic outlook, Yao said.

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International12d ago

Banking Sector Growth Fastest Among 18 Broader Asian Sectors in May, S&P Data Shows

Banking sector growth was the fastest among the 18 broader Asian sectors in May, with activity expanding at the strongest pace in seven months, S&P Global said in a Wednesday release.Output growth was recorded across 16 of the 18 monitored Asian sectors last month, which was unchanged from April. Only the forestry and paper products, and construction materials sectors incurred declines from April, along with lower new orders received, S&P said.New orders rose across the remaining 16 sectors last month, led by the transportation sector.Employment increased in 10 of 18 sectors, with software & services and technology equipment experiencing the strongest hiring, while insurance witnessed a cutdown in employed staff.

International12d ago

RatingDog China Composite PMI Rises to Three-Month High in May; Services PMI Jumps

Business activity in China expanded at the fastest pace in three months in May, according to Wednesday's data from S&P Global and RatingDog.The RatingDog China Composite Purchasing Managers' Index came in at 54, compared with 53.1 in the previous month, marking the fastest growth in output since February.Meanwhile, the headline RatingDog China General Services Business Activity Index was 54.4, up from 52.6 previously and above the Investing.com consensus estimate of 52.3.The reading marked the strongest increase in services activity in three months as growth in business activity and new orders continued to accelerate.

Market Chatter: PBOC Drains Liquidity as Bond Yields Hit 8-Month Low

China's central bank has reduced its daily cash injection to a historic low as authorities move to absorb excess liquidity from the financial system, Bloomberg News reported Tuesday.The People's Bank of China offered just 200 million yuan through seven-day reverse repos on Tuesday, the smallest amount ever recorded in a daily open market operation, according to the report. This resulted in a net withdrawal of nearly 249 billion yuan.The move follows a sharp slowdown in loan growth that left banks flush with cash, pushing the benchmark 10-year bond yields to 1.7%, the lowest since August 2025, Bloomberg wrote.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: Chinese Universities, Labs Seek Access to Nvidia's Advanced AI Chips

At least seven Chinese universities with links to the country's military are looking to gain access to Nvidia's H200 chips, Bloomberg reported Monday, citing a review of procurement records.Among the schools that are seeking to rent the sophisticated chips are Beihang University and Northwestern Polytechnical University, the report said.The two schools are part of China's "Seven Sons of National Defense," and both are blacklisted by the U.S. Commerce Department for their role in aiding the People's Liberation Army, Bloomberg said.Bloomberg also identified more than 25 Chinese universities and labs that are working with the PLA to obtain older-generation Nvidia chips, according to the news outlet.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSESHA:600869

Chinese Shares Rise on Tech Optimism, Index Rebalancing; Far East Smarter Energy Jumps 10%

Chinese shares rose on Tuesday, supported by a rally in technology stocks and the upcoming index rebalancing.The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.4% to 4,075.10. The Shenzhen Component Index went up 1.6% to 15,591.13.Markets are balancing renewed geopolitical risks from the U.S.-Iran war against continued enthusiasm for artificial intelligence-driven growth and technology investment," Reuters reported, citing Robert Savage, head of markets macro strategy at BNY.Meanwhile, China is the only major emerging market drawing investment into its equity, bond, and currency markets, Savage added.Also, boosting sentiment is China's upcoming semi-annual index rebalancing.According to Goldman Sachs estimates, adjustments to major CSI and CNI indexes scheduled for June could trigger over $48 billion in gross two-way passive investment flows, Reuters reported. The adjustments will raise the representation of information technology, telecommunications, and industrial companies.In company news, Far East Smarter Energy (SHA:600869) and its subsidiaries won contracts of about 1.80 billion yuan in May. Shares of the wire and cable manufacturer closed 10% higher Tuesday.

Market Chatter: New Overseas Fund Law May Put Curbs on Chinese Buyers' Hong Kong Property Spending

Chinese buyers who purchase high-end homes in Hong Kong are expected to be affected by Beijing's new rule to curb illegitimate cross-border funds, Bloomberg News reported Tuesday.Chinese buyers have splurged their wealth on Hong Kong luxury homes, spending a record high of HK$43 billion on the island in the first three months of the year. In the first four months, mainlanders purchased Hong Kong property with a median value of HK$6.95 million, higher than the locals' spending of HK$5.43 million, the report said, citing data from Midland Realty.Data from Bloomberg Intelligence showed that demand and sales of such houses may be negatively affected as the new law targets buyers who can make large cash down payments on deposits. In May, Beijing placed restrictions on banks and global stock trading, according to the media outlet.Despite the new regulations, demand from mainlanders will remain, analysts said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Bourse Greenlights Unitree Robotics' IPO

The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Unitree Robotics, which specializes in embodied intelligence and robotics, according to a Monday filing with the bourse.The company filed its IPO application in March, seeking to raise up to 4.2 billion yuan for research and development of intelligent robot models and hardware, the rollout of new intelligent robot products, and the construction of a manufacturing base.

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International14d ago

Asia Week Ahead: Manufacturing Activity; Policy Rate Decision; and Inflation Prints

For the week ahead in Asia, manufacturing activity will be in focus as S&P Global releases a broad mix of purchasing managers' index reports covering multiple economies.The week opens with a flurry of manufacturing PMI readings for May, followed by inflation data from South Korea and Indonesia on Tuesday.Mid-week, Australia's first-quarter GDP report will take center stage, while markets will also watch a heavy batch of readouts from Vietnam.Thursday will be lighter, led by Australia's April trade report, before Friday brings India's policy rate decision and GDP figures and inflation readouts from multiple regions.Here's what to watch in the week ahead.MONDAY, June 1The week kicked off with a flurry of S&P Global's purchasing managers' index (PMI) reports covering May manufacturing activity across the region.China's manufacturing activity eased after the seasonally adjusted RatingDog China General Manufacturing PMI came in at 51.8, compared with 52.2 in the previous month and the consensus estimate of 51.4 from Investing.com.Data from the National Bureau of Statistic similarly showed factory activity easing, with the official purchasing managers' index falling to a neutral 50 from 50.3 in April.A reading above 50 means growth, while a reading below 50 indicates contraction.Manufacturing activity similarly slowed in Australia as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East.In contrast, Japan's manufacturing production expanded, with the latest S&P Global Japan Manufacturing PMI coming in at 54.5, compared with 55.1 in April, matching the flash data.South Korean manufacturing output also expanded during the month, hitting its highest in five years due to a rise in production and new order volumes, S&P Global said.India, Taiwan and Vietnam were also among the regions that experienced improved output during May.Meanwhile, The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports.Moving ahead, the Melbourne Institute said its monthly inflation gauge fell in May after two consecutive monthly increases, driven largely by a decline in transport costs. The monthly cost of living also declined in May, particularly for self-funded retirees.Elsewhere, South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus.TUESDAY, June 2Focus shifts Tuesday to inflation data coming in from South Korea.Economists at ING said consumer prices could reach 3% year on year in May, reflecting higher input costs that are likely to be passed on to consumers.Pipeline cost pressures are also likely to reflect in Indonesia's inflation print due Tuesday, with ANZ expecting prices to tick up to 3% from 2.42% in the prior month, the Wall Street Journal reported.Trade figures due in Indonesia the same day could also show moderating exports as the effects of front-loaded demand fade and commodity prices soften, the WSJ said, citing an RHB economist.On the activity front, S&P Global releases its monthly manufacturing PMIs for Indonesia, Malaysia, and Thailand. The Singapore Institute of Purchasing and Materials Management's PMI report is also expected.Lastly, Hong Kong will release its retail sales stats for April.WEDNESDAY, June 3Australia's first-quarter gross domestic product (GDP) data will dominate headlines Wednesday.Both Westpac and CommBank said they expect growth to have moderated during the first three months of the year, though their estimates differed.CommBank forecast a 0.2% quarterly rise in GDP, while Westpac projected 0.5%; both would be slower than the 0.8% growth recorded in the final quarter of 2025.Neighboring New Zealand will disclose first-quarter export and import price stats.Markets will also be following a speech by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next interest-rate hike.Wednesday also features a heavy slate of macro data from Vietnam, including inflation, balance of trade, industrial production, and retail sales.Trading Economics expects Vietnam's May inflation to accelerate to 6% from 5.46% in April. Meanwhile, the data platform estimated the country's trade deficit could widen to $3.4 billion from $3.28 billion a month prior.Meanwhile, S&P Global will release the next batch of its PMI reports covering composite and services activity in China, India, Japan, Australia, and Hong Kong.THURSDAY, June 4Thursday will be relatively light on readouts, with Australia's April trade figures among the handful of releases of note.Australia is expected to post a trade surplus of A$2.6 billion in April, rebounding from a A$1.8 billion deficit in March - its first shortfall since late 2017, Westpac said in a preview.According to the bank, major commodity exports appeared to have increased notably during the period after recording three consecutive monthly declines.In Singapore, S&P Global's monthly PMI will be due, while Thailand will release a business confidence report.FRIDAY, June 5The tail end of the week brings a policy rate decision in India, which will also release its quarterly GDP growth figures.The Reserve Bank of India is expected to hold rates at 5.25% but could signal hawkish sentiment during its vote, the WSJ reported, citing a UOB economist.Meanwhile, a Trading Economics consensus placed the country's GDP growth rate at 7.3%, down marginally from the 7.8% recorded in the final quarter of 2025.ANZ Research said the economy stayed broadly healthy in the fiscal fourth quarter, although growth eased slightly in March as manufacturing, exports and profit margins came under pressure due to global disruptions, the WSJ reported.Taiwan is set to report monthly inflation data, with ING expecting consumer prices to rise above the 2% target for the first time since April 2025. The bank expects inflation to accelerate to 2.2% year on year in May from 1.7% in April, reflecting Taiwan's reliance on imported energy, which leaves the economy vulnerable to higher global prices."We expect inflation to peak toward the middle of this year, raising the risks for a potential central bank rate hike at the coming meetings," ING said in a preview.Thailand and the Philippines will similarly report their respective inflation rates for May, with the latter also releasing industrial production stats.Lastly, Singapore will report its retail sales figures for April.

China's April Smartphone Shipments Rise 12% on Local Brands' Growth, Jefferies Says

China's smartphone shipments grew 12% in April, with local brands posting a 14% expansion compared to 2% for iPhone, Jefferies said in a recent release.New models from Huawei and Honor have likely anchored the growth in local brands, the equity research firm said.Local brands' inventory days grew by four on a six-month rolling basis, while those for iPhone declined by 12, Jefferies said.The research firm sees lingering pressure on local brands due to a rapid rise in memory costs and high inventory levels.Brands have also toned down promotions during the 618 shopping festival amid increasing memory prices and margin pressure, with the average discount on local brands' one-year-old flagship models dropping to 22% from 26% last year, according to Jefferies.For Apple's Tmall, the discount on the iPhone 17 models was 8%, compared with 20% for the iPhone 16 at the same time in 2025, the research firm said.

Chinese Shares Fall as Factory Activity Disappoints; Advanced Micro-Fabrication Equipment China Down 8%

Chinese shares were down on Monday as factory activity came lower than consensus estimates.The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.3% to 4,057.74. The Shenzhen Component Index fell 1.5% to 15,340.36.Factory activity in China was flat in May, with the official purchasing managers' index falling to a neutral 50 from 50.3 in April. The latest print marked the lowest in three months and came in lower than the 50.2 consensus estimate from Investing.com.Meanwhile, services activity recovered in May, with the official non-purchasing managers' index rising to 50.1 from 49.4 in April. The latest reading in the index, which measures activity in the services and construction sectors, is higher than the 49.5 consensus estimate on Investing.com.Advanced Micro-Fabrication Equipment China (SHA:688012) completed the acquisition of a 64.69% stake in Hangzhou Zhonggui Electronic Technology, moving forward with its share-and-cash acquisition plan. Shares of the chip gear maker closed 8% lower Monday.

Illegal Mine in China Kills Five After Collapse

An illegal mine in China collapsed and killed five people about a week after the Shanxi mining disaster, state media Xinhua reported Sunday.The latest mining accident in Huize County, Yunnan Province also left one injured, who is already in a stable condition, the report said.An investigation into the incident is underway, according to the report.The incident followed the gas explosion of the Liushenyu coal mine in Shanxi, which killed 82 people. Authorities launched a probe into this incident, which is considered as China's deadliest accident since 2009.

Market Chatter: Five Dead in Yunnan Illegal Mine Collapse

Five illegal miners died and one was injured in a shaft collapse early Sunday in Huize County in Yunnan, China, Reuters reported Sunday.The lone survivor is in stable condition, according to the report.The accident followed the May 22 gas explosion at a Shanxi coal mine.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)