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Chinese EV Sales Fall 6% in April, Jefferies Says

Chinese electric vehicle sales fell 6% year over year in April, contributing to weaker growth worldwide, Jefferies said in a note Wednesday.Plug-in hybrid EV sales plunged 24% year over year, while that of battery-operated EVs jumped 4% year over year.In the battery EV segment, Li Auto's (HKG:2015) market share increased 4.1% while that of Zhejiang Leapmotor (HKG:9863) jumped 2.9%.BYD's (HKG:1211, SHE:002594) market share fell 4.5% while that of Geely (HKG:0175) slid 3.9% year over year.Electric vehicle penetration surged 830 basis points year over year to 61%.EV sales across Europe, the U.S., and China slipped 0.5% year over year. Market share rose 2.5 percentage points to 33.1%, impacted by a 19% slide in Chinese market share.

Shanghai Composite^SZSEHKG:0175HKG:1211HKG:2015HKG:9863SHE:002594

Asia45d ago

Market Chatter: Taiwan Detains Trio Suspected of Smuggling Nvidia Chips to China via Japan

Taiwanese authorities detained three individuals suspected of smuggling Nvidia's advanced artificial intelligence chips to China in its first public crackdown on such illegal exports, Bloomberg News reported Wednesday.According to the report, the trio was allegedly caught falsifying documents related to exports of Super Micro Computer servers containing advanced Nvidia chips that are barred from sale to China without a license from the U.S.However, of the 50 servers seized during the crackdown, at least one had made its way to Japan before being re-routed to Hong Kong for sale onward to China, the report said.The alleged smugglers had again planned to send shipments via Japan, Bloomberg reported.(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.)

Taiwan Weighted

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Market Chatter: US Sends Emergency Oil Reserve Cargo to Philippines Amid Middle East Supply Disruptions

A shipment of crude oil from the US Strategic Petroleum Reserve is heading to the Philippines, marking the first delivery of U.S. emergency reserve oil to Asia since 2022, Reuters reported Tuesday, citing ship-tracking data.The cargo includes about 616,000 barrels of sour crude loaded from the Bryan Mound reserve facility in Texas and is expected to arrive in Bataan in early July. The ship is also loaded with about 700,000 barrels of U.S. sour grade Thunder Horse, 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.)

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Honda India Power Products Names Chief Corporate Officer; Shares Up 4%

Honda India Power Products (NSE:HONDAPOWER, BOM:522064) appointed Sameer Jain as its chief corporate officer, effective July 1, according to an Indian bourse filing on Tuesday.Shares of the company jumped nearly 4% in Wednesday's trade.

BOM:522064NSE:HONDAPOWER

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Virat Industries Cancels Plan to Set Up UAE Subsidiary

Virat Industries (BOM:530521) said its board has withdrawn plan to incorporate a wholly owned subsidiary in the United Arab Emirates, according to an Indian bourse filing on Tuesday.Shares of the company rose nearly 1% in Wednesday's trade.The company said it will no longer proceed with the proposed entity, BRHAM Holding FZ-LLC, citing evolving strategic considerations.

BOM:530521

Asia45d ago

Biwin Storage Unit to Own Stake in Xingyun Integrated Circuit Through 10 Million Yuan Capital Raise; Shares Up 3%

Biwin Storage Technology's (SHA:688525) subsidiary, Hainan Nanbaisuan Technology, plans to own 1.1% in Beijing Xingyun Integrated Circuit for 10 million yuan, according to a Shanghai bourse filing on Wednesday.The acquisition will be made through capital increase.Two other investors also participated in Xingyun Integrated Circuit's fundraising round.The chip manufacturer's shares jumped 3% during the afternoon trade.

SHA:688525

Asia45d ago

Market Chatter: China Drops Medium-Term Loan Rate to Record Low to Aid Economy

The People's Bank of China (PBOC) allowed its one-year Medium-Term Lending Facility (MLF) rate to drop to a record low of 1.45% in May from 1.5% in April, according to details from recent banking auctions, Bloomberg reported Tuesday.A number of commercial banks tapped the central bank at this historically low rate, signaling that Beijing is stepping up efforts to keep a less buoyant economy afloat, the report said.The 5-basis-point drop follows an identical reduction to the MLF rate earlier in January, Bloomberg said.It remains unclear how much of the 600 billion yuan in MLF loans issued in May was priced at the new 1.45% low, the news outlet said.China's central bank halted the publication of uniform MLF data since March 2025 following a revision of its pricing rules. Under the restructured framework, individual lenders are instead required to bid for and pay varying rates based on institutional market demand.(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^SZSE

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Market Chatter: Dampened Aluminum Supply Amid Middle East War to Squeeze Japan's Auto Industry

Japan's auto industry will feel the weight of constrained supplies of aluminum and related alloy products due to the Middle East war through 2027, Nikkei Asia reported Wednesday.Aluminum prices skyrocketed following the closure of the Strait of Hormuz and have remained above prewar levels, with benchmark aluminum futures in London priced at more than $3,600 per metric ton, the report said.Iranian strikes on key smelters and input shortages for production facilities have also impacted output, which could lead to a loss of more than 3 million tons from the market in 2026, the report cited Wood Mackenzie senior research manager Uday Patel as saying.Analysts expect the aluminum market to recover only after 2028, the report said.Japan is the most reliant on the Middle East for aluminum and related alloys among the five largest importers of the metal, the report cited 2024 data from the UN Comtrade database as saying.Premiums paid by Japanese companies in addition to the LME spot price for aluminum increased to $350 to $353 per ton for the April to June quarter, from $195 in the past quarter, according to the report.The beverage sector is the largest aluminum consumer in Japan, while small and medium-sized companies in the auto and construction industries are also dependent on Middle East-sourced ones, the report cited a representative of the Japan Aluminum Association as saying.The auto industry has been carrying out efforts to counter the supply constraints, including changing procurement across multiple routes, the report quoted Koji Sato, chairman of the Japan Automobile Manufacturers Association, as saying.Cost pressure is also a main concern for major auto companies, with Mitsubishi Motors (TYO:7211), Toyota Motor (TYO:7203), and Nissan Motor (TYO:7201) all expecting hits in their earnings due to higher material costs, the report 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.)

Nikkei 225TYO:7201TYO:7203TYO:7211

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Market Chatter: Indonesia Urges Industries to Expand Local Currency Use in Imports

Indonesia has called on industrial players to increase the use of local currency transactions for raw material imports in an effort to reduce dependence on the U.S. dollar and limit exposure to exchange-rate volatility, Xinhua reported Tuesday.The Industry Ministry said about 24% of raw materials used by domestic industries are still imported, leaving manufacturers vulnerable to fluctuations in the rupiah. Ministry spokesperson Febri Arief said wider use of local currency settlements would help ease pressure on businesses caused by the weaker rupiah, 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.)

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Jefferies Adjusts V Technology's Price Target to 6,800 Yen From 5,500 Yen, Keeps at Buy

TYO:7717

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Jefferies Adjusts Entero Healthcare Solutions' Price Target to INR1,500 From INR1,350, Keeps at Buy

BOM:544122NSE:ENTERO

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Jefferies Adjusts Container Corporation of India's Price Target to INR600 From INR640, Keeps at Buy

Container Corporation of India (NSE:CONCOR, BOM:531344) has an average rating of overweight and mean price target of 548.73 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BOM:531344NSE:CONCOR

Asia45d ago

Jefferies Adjusts Miniso Group Holding's Price Target to HK$44 From HK$44.86, Keeps at Buy

Miniso Group Holding (HKG:9896) has an average rating of buy and mean price target of HK$43.05, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

HKG:9896

Asia45d ago

Power Construction of China to Raise Subsidiary's Capital by 245 Million Yuan; Shares Down 3%

Power Construction of China (SHA:601669) plans to raise a subsidiary's capital by 245 million yuan, according to a Wednesday filing on the Shanghai bourse.The capital increase will boost PowerChina Hebei Xiong'an Construction Development's capital.The engineering construction company's shares dropped by less than 3% during the afternoon trade.

SHA:601669

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Fosun Pharmaceutical to Invest 414 Million Yuan in Xingyao Kunze's Series B Funding Round

Shanghai Fosun Pharmaceutical (SHA:600196, HKG:2196), through subsidiary Fosun Pharma Industry, plans to invest 414.4 million yuan to participate in the Series B financing of Xingyao Kunze, according to a Wednesday filing on the Shanghai bourse.Xingyao Kunze develops drugs for liver diseases. Its pipeline products are HT-101 and HT-102, and the combination of these drugs.After the completion of the funding round, Fosun Pharma Industry is expected to own 20.9% of Xingyao Kunze.The pharmaceutical company's Hong Kong shares fell by less than 2% during the afternoon trade.

HKG:2196SHA:600196

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Market Chatter: Indonesia Probes Major Palm Oil Firms Over Alleged Export Under-Invoicing

Indonesia has launched investigations into major palm oil producers over alleged under-invoicing and transfer pricing practices tied to commodity exports, Nikkei Asia reported Tuesday, citing Finance Minister Purbaya Sadewa.The companies under scrutiny include Wilmar Group (SGX:F34), Musim Mas and Salim Ivomas (IDX:SIMP), according to Purbaya, who said authorities had identified discrepancies in export volumes and transaction values, the news outlet reported.Purbaya alleged some exporters used Singapore-based trading firms to report export prices at roughly half their actual value, describing the practice as a form of smuggling and under-invoicing as much as 50%, according to the report.He said authorities have so far investigated 20 companies, with larger firms prioritized for enforcement action. The government is also using artificial intelligence tools to identify additional cases, Nikkei Asia reported.Wilmar, Musim Mas and Salim Ivomas did not immediately respond to' request for comments.(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.)

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Worley Rosenberg Wins Subsea Structures Fabrication Contract for Equinor's Fram Sør Development

Worley (ASX:WOR) said its unit Worley Rosenberg has been awarded a contract by Subsea7 for the fabrication of subsea structures for Equinor's Fram Sør development in the northern North Sea in Norway, according to a Wednesday Australian bourse filing.The company said Worley Rosenberg will fabricate a total of 34 subsea structures, mainly comprising pipeline end manifolds, pipeline end terminations, and pig launchers and receivers, with the project starting immediately and steel cutting planned for June.At peak, the Fram Sør project is set to engage over 80 employees at Worley Rosenberg across project management and fabrication disciplines, it added.

ASX:WOR

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Market Chatter: US to Seek Comments, Start Process for Board of Trade with China

The U.S. government will issue a notice in the Federal Register to begin the process of setting up a Board of Trade with China that will help manage bilateral economic relations, Bloomberg News reported Tuesday, citing Trade Ambassador Jamieson Greer."We'll be putting out a Federal Register notice shortly," Bloomberg quoted Greer as saying.The notice will seek public comments regarding the mechanism, the report said.Both countries pledged to set up a Board of Trade and a separate Board of Investment during President Donald Trump's visit early in May, according to Bloomberg.The details regarding the boards, including their coverage, remain unclear, 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^SZSE

Asia45d ago

Tongrentang's Subsidiary Drops Honghui Pharma Acquisition

Beijing Tongrentang's (SHA:600085) subsidiary, Beijing Tongrentang Commercial Investment Group, agreed to terminate plans to acquire Honghui Pharmaceutical (Beijing), according to a Shanghai bourse filing on Wednesday.As part of the agreement, Tongrentang Commercial will withdraw from Honghui Pharma through the latter's capital reduction, with the capital reduction consideration amounting to 104.6 million yuan.Tongrentang will no longer need to pay the equity acquisition price because it is offset by the capital reduction consideration.

SHA:600085

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Australian Shares Up; Endeavour Group Targets AU$300 Million of Cost Savings by Fiscal Year 2029, to Exit Non-Core Winery, Agricultural Assets

Australian shares rose on Wednesday as the US stock indices reached new records overnight.The S&P/ASX 200 Index increased by 0.69%, or 59.90 points, to close at 8,717.70.Brent crude oil futures hovered around $98 per barrel as investors expected progress for a peace agreement between the US and Iran.The S&P 500 and the Nasdaq Composite rose 0.6% and 1.2%, respectively, hitting record highs.On the domestic front, Australia's consumer price index rose 4.2% in the 12 months to April, down from a 4.6% increase in the year to March, the Australian Bureau of Statistics reported. Trimmed mean inflation came in at 3.4% in the 12 months to April, up from 3.3% in the year to March.The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index slipped deeper into negative territory, declining to about -0.2% in April from -0.1% in March, according to a Westpac report.In company news, Endeavour Group (ASX:EDV) is targeting AU$300 million of cost savings to be delivered by fiscal year 2029. It also plans to exit or sell non-core winery, as well as agricultural assets, reduce its own grape production by over 80%, and concentrate investment on high-performing brands with proven retail demand within its Pinnacle Drinks business.The Australian Federal Court ordered Westpac Banking (ASX:WBC, NZE:WBC) to pay AU$26 million in civil penalties after failing to respond to over 200 online hardship requests within the time required by law from 2017 to 2023.Lastly, KMD Brands (ASX:KMD, NZE:KMD) reported a 5.2% jump in fiscal third-quarter sales, helped by strength in its flagship Kathmandu segment, even as its footwear business Oboz saw a decline amid geopolitical and market tensions. Its board is also conducting a business review to improve shareholder returns.

ASX 200ASX:EDVASX:KMDASX:WBCNZE:KMDNZE:WBC

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Asia45d ago

Market Chatter: Dampened Aluminum Supply Amid Middle East War to Squeeze Japan's Auto Industry

Nikkei 225TYO:7201TYO:7203TYO:7211