Trillions of dollars have been wiped from China’s stock markets in recent months amid increasing anxiety about the future of artificial intelligence, as Beijing races against the United States for dominance in the sector. The STAR 50 Index, which tracks technology and innovation companies on the Shanghai stock exchange, has plunged 40% since June. Other indexes of major companies dropped by about 20% over the same time period. The precipitous drop has wiped out $2.4tn from the Chinese stock market since May, according to Bloomberg. AI stocks account for over…
Tag: Stock markets
China prepares £40bn stimulus for financial sector amid fears over sluggish growth
Beijing wants banks and insurers to bolster investment in stock market as it helps to replenish cash reserves China will inject $54bn (£40bn) into its financial sector as Beijing attempts to shore up banks and insurers in the face of faltering economic growth. A host of financial institutions said they were due to receive billions of yuan in capital from state institutions including the ministry of finance and even the company that runs the country’s tobacco monopoly. Continue reading… The Guardian
Shares in humanoid robot firm Unitree surge 600% on Chinese stock market debut
Unitree, the world’s biggest humanoid robot maker, has made a spectacular entry on to China’s stock market, with its shares surging by more than 600%. The Chinese company’s robots have gained global fame via viral videos of them performing martial arts, running at Olympic speeds and serving as backup dancers for pop stars. Two Unitree robots in a fighting demonstration at the World Robot Conference in Beijing on Wednesday. Photograph: Adek Berry/AFP/Getty Images Shares in the business, officially known as Yushu Technology Co, rose to as high as 1,100 yuan…
Stock market turmoil sheds stark light on the opaque AI economy
Even for the rollercoaster world of AI, last week was particularly volatile as investors scrambled to keep up with developments that threatened the dominance of the largest western chipmakers. It began with a double whammy. On Monday, the Chinese memory chipmaker CXMT floated on the Shanghai stock market, soaring by 466% in value to 3.3tn yuan (£365bn). That same day, it was reported that China had developed its own tools to carry out deep-ultraviolet lithography, a technique essential to the computer chip supply chain over which the Dutch company ASML…
Copper price on track for biggest rise in 15 years amid global shortage fears
Copper, the metal that underpins the fast-growing renewable energy industry, is on course for its biggest annual price rise in more than 15 years as traders react to fears of global shortages. As one of the main beneficiaries of the “electrification of everything”, copper has soared by more than 35% in value this year, spurred by US tariff uncertainty and concerns about mining disasters that could restrict supply. Analysts said copper had also joined silver and gold as a safe haven asset for investors wanting to hedge against the falling…
China’s trade surplus hits $1tn for first time despite Trump’s tariffs – business live
From 2h ago Introduction: China’s trade surplus hits $1tn Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China’s annual trade surplus has exceeded $1tn for the first time, as the manufacturing powerhouse shrugged off the impact of Donald Trump’s trade war. New trade data today shows that Chinese factories swelled their sales to non-US markets this year, making up from a sharp drop in shipments to the US. In November, China’s exports grew 5.9% year-on-year, customs data shows. That reverses a…
Global markets fall after tech sell-off and fears over Chinese economy
Global markets have fallen after a tech sell-off that fuelled Wall Street’s worst day in a month and weak economic data in China showing an unprecedented slump in investment. Japan’s tech-heavy Nikkei fell 1.8% on Friday, South Korea’s Kospi plunged 2.6% and there was a 1.5% fall in Australia, after a torrid day on Wall Street as Nvidia and other tech companies tumbled over valuation concerns. Nvidia, the $4.5tn (£3.4tn) tech company, led a wider sector decline, falling 3.6% as investors reassessed the value of companies involved in the AI…
China’s economic growth hits one-year low as house prices fall again – business live
From 34m ago Introduction: China’s economy expands at slowest pace in a year Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy. Growth across China’s economy has slowed to its lowest level in a year, as the trade war with the US has dampened activity. China’s GDP expanded by 4.8% year-on-year in the July-September quarter, new data from the National Bureau of Statistics (NBS) shows shows, broadly matching expectations. That’s a slowdown from the second quarter of the year, when GDP rose…
Markets rebound amid latest US-China tariff spat as traders look to possible ‘Taco trade’
Global stock markets have edged higher and cryptocurrencies rebounded amid signs that a new front in the US-China trade war may not be as severe as first feared. Tensions between Washington and Beijing escalated again on Friday and over the weekend, as Donald Trump threatened to impose additional US tariffs of 100% on China starting next month. The US president accused the country of “very hostile” moves to restrict exports of rare-earth minerals needed for American industry. Beijing said it would retaliate if Trump did not back down. However, Trump…
Asian stocks tumble on fresh US-China trade spat; Chinese exports top forecasts – business live
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