The S&P 500 Index has given back more than half of its post-election rally as Friday’s selloff steepens, with sticky inflation and hawkish comments from the Federal Reserve weighing on sentiment. The broad equities benchmark was down 1.4 percent at midway through the session, putting it on track to lose 2.2 percent for the week,…
AST SpaceMobile Inc., which aims to challenge Elon Musk’s SpaceX in the nascent market for space-based cellular service to mobile phones, has signed contracts with Jeff Bezos-founded Blue Origin and at least one other unnamed provider to launch dozens of its satellites into orbit. The Midland, Texas-based company will use Blue Origin’s forthcoming New Glenn…
China needs to deploy more economic stimulus if copper demand is to revive, according to a major importer of the metal. The government has issued a slew of measures since late September to shore up confidence in the world’s biggest buyer of metals, where a prolonged slowdown in the property market is dragging on growth….
MMC Norilsk Nickel PJSC, Russia’s biggest miner, is in advanced talks to build a large copper smelter on China’s south coast, according to people familiar with the situation. The plant, to be located in the port city of Fangchenggang in Guangxi region, would produce 500,000 tons of refined copper a year using concentrate shipped from…
China’s luxury market may recover in the next 24 months as the country’s economy bounces back, Bulgari Chief Executive Officer Jean-Christophe Babin said. The LVMH-owned jeweler has seen a more visible downturn this year in China at its brick-and-mortar stores versus online channels that can reach more customers including those in smaller cities, Babin added…
The yawning gap between Hong Kong’s homebuying and rental markets is likely to narrow as residential prices begin to recover. Analysts including those at DBS Bank Ltd. expect interest-rate cuts to help revive home purchases. Bloomberg Intelligence sees Bloomberg Terminalprices rebounding from an eight-year low after the government eased mortgage borrowing rules. Source link
Two current and two former senior executives at AstraZeneca Plc are under investigation in China in an ongoing probe into alleged breaches of laws around drug importations and data privacy, the company said. This is in addition to Leon Wang, the British drugmaker’s China president, who remains in detention, a company spokesman at Astra told…
No billionaire did more to help Donald Trump win the US presidential election than Elon Musk. The Tesla Inc. and SpaceX boss will now find out whether it pays off or he ends up getting burned. Musk, whose growing political apparatus has already proved its mettle, will gain more than just an ally in the…
China’s top coal producers are accelerating a move into power generation as fuel prices drop and electrification takes center stage in China’s low-carbon transition. Profits this year at miners such as China Shenhua Energy Co., the country’s biggest producer, and China Coal Energy Co., have come under pressure as the market has weakened. Nationwide mining…
China is urging the Czech government to play an active role in helping resolve the trade dispute with the European Union over electric vehicles, according to a statement posted on the Ministry of Commerce’s website on Sunday. The EU last week decided to impose tariffs of up to 45% on electric vehicles from China, a…