|Day's Range||0.154 - 0.154|
|52 Week Range||0.1461 - 0.1604|
Keith Bliss of DriveWealth LLC joins Yahoo Finance's Seana Smith from the New York Stock Exchange to discuss the latest market moves after Commerce Secretary Ross responds to a statement by Federal Reserve Chairman Jerome Powell.
U.S. Commerce Secretary Wilbur Ross tried to calm nerves by explaining President Trump’s reasoning behind the tariffs. He said the White House is attempting to reach a deal on greater American access to Chinese markets and narrow its trade surplus with the United States.
Last month, Warren Buffett said investors shouldn’t overreact to the back-and-forth trade retaliation announcements between the U.S. and China. Additionally, on Tuesday, several of the most successful investors in the world predicted the two economic superpowers will eventually reach a deal after some short-term sabre rattling.
The selloff in the yuan intensified on Tuesday, spilling into other assets, but isn’t yet reason for panic, analysts say.
Chinese smartphone maker Xiaomi booked a quarterly net loss of $1.1 billion, but also record overseas revenue and surging smartphone shipments ahead of its blockbuster initial public offering next month. Expectations of a highly sought after IPO have grown after Xiaomi, founded only eight years ago, blew past its 100 billion yuan ($15.6 billion) sales target for 2017 with a couple of months to spare. The Hong Kong IPO is expected to raise $10 billion and value Xiaomi at between $70 billion and $100 billion, sources have said.
Chinese smartphone maker Xiaomi booked a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering. When one-off items are excluded, Xiaomi said it made a net profit of 1.04 billion yuan in the first quarter, compared with 3.9 billion yuan for the whole of 2017. Its smartphone shipments jumped 88 percent thanks to strong growth overseas, helping Xiaomi's revenue rise to 34 billion yuan ($5.3 billion) for the period.
June 8 (Reuters) - Anxian Yuan China Holdings Ltd: * EXPECTED TO RECORD A SIGNIFICANT INCREASE BY APPROXIMATELY 197% IN NET PROFIT FOR YEAR * EXPECTED RESULT DUE TO INCREASE IN REVENUE BY APPROXIMATELY ...
May 24 (Reuters) - Yuan Heng Gas Holdings Ltd: * EXPECTS TO RECORD A CONSOLIDATED PROFIT ATTRIBUTABLE TO OWNERS OF COMPANY FOR YEAR ENDED 31 MARCH 2018 * EXPECTED RESULT DUE TO IMPROVEMENT OF GROSS PROFIT ...
China's central bank announced a series of measures on Friday to support cross-border fund flows, in an apparent effort to avoid a potential liquidity crunch in the offshore yuan market around June 1, when Chinese shares will be included in MSCI's benchmark indexes. China's MSCI entry is expected to trigger a surge in foreign money flows into yuan-denominated A shares, largely via cross-border stock connect schemes with Hong Kong, potentially boosting demand for the offshore yuan. The People's Bank of China (PBOC) said in a statement that banks involved in offshore yuan clearing and settlement can tap liquidity from the onshore market, while urging clearing banks to come up with contingency plans to deal with liquidity risks.
China's northern port city of Tianjin announced plans on Thursday to set up funds worth 100 billion yuan ($16 billion) to support the artificial intelligence industry, official news agency Xinhua said. China aims to become a world leader in artificial intelligence by 2025, taking on U.S. dominance in the sector amid heightened international tension over military applications of the technology. Tianjin will pour the funds into developing sectors such as intelligent robots and hardware and software.
A subsidy war in China's mobile payment market between its two biggest tech firms Tencent Holdings and Alibaba Group is set to continue, Tencent's president said after the firm reported a better-than-expected 61 percent jump in quarterly net profit. Asia's second-most valuable listed company said on Wednesday net profit for the first quarter was 23.29 billion yuan (2.7 billion pounds), beating the average analysts' estimate of 17.5 billion yuan.
The AUD is going down again after taking a short break. The RBA meeting minutes did not affect the currency very much, as everything was quite clear beforehand. The Chinese stats were, on the contrary, very influential.
China was one of the top stories overnight, as Moody’s released their analysis on the China/US trade war.