Shanghai stocks plummet more than 4 percent: ‘China’s trade recession has started to emerge’

Shares in mainland China crumbled on Friday after Chinese trade data missed expectations by a wide margin. China on Friday reported worse than expected trade data for the month of February. China’s February trade balance was also significantly weaker than expected at $4.12 billion. The country’s trade balance in January had been $39.16 billion. In a note on Friday, ANZ said the release of the trade numbers reinforced its view that “China’s trade recession has started to emerge.”


Shares in mainland China crumbled on Friday after Chinese trade data missed expectations by a wide margin. China on Friday reported worse than expected trade data for the month of February. China’s February trade balance was also significantly weaker than expected at $4.12 billion. The country’s trade balance in January had been $39.16 billion. In a note on Friday, ANZ said the release of the trade numbers reinforced its view that “China’s trade recession has started to emerge.”
Shanghai stocks plummet more than 4 percent: ‘China’s trade recession has started to emerge’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eustance huang, weizhen tan, str, afp, getty images
Keywords: news, cnbc, companies, chinese, note, sentiment, shares, balance, chinas, release, expected, emerge, data, trade, shenzhen, shanghai, plummet, started, stocks, recession


Shanghai stocks plummet more than 4 percent: 'China's trade recession has started to emerge'

Shares in mainland China crumbled on Friday after Chinese trade data missed expectations by a wide margin.

All major Chinese indexes closed the day deep in negative territory. The Shanghai composite plunged 4.4 percent, the Shenzhen component tumbled 3.248 percent and the Shenzhen composite dropped 3.791 percent. The CSI 300, which tracks the largest shares on the mainland, plummeted nearly 4 percent.

The significant losses in Chinese stocks came as overall sentiment in Asia was downbeat for the day. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.5 percent, as of 3:14 p.m. HK/SIN.

China on Friday reported worse than expected trade data for the month of February. Dollar-denominated exports plunged 20.7 percent for the month from a year ago, missing economists’ expectations of a 4.8 percent decline, according to a Reuters poll. February’s dollar-denominated imports, meanwhile, fell 5.2 percent from the prior year, missing an expected 1.4 percent fall.

China’s February trade balance was also significantly weaker than expected at $4.12 billion. Economists polled by Reuters had expected the overall trade balance to come in at $26.38 billion. The country’s trade balance in January had been $39.16 billion.

In a note on Friday, ANZ said the release of the trade numbers reinforced its view that “China’s trade recession has started to emerge.”

China will require a stronger dose of stimulus to support growth, said Raymond Yeung, ANZ Research’s chief economist for Greater China.

“Looking ahead, we find little reason to expect a rebound in the near term on the back of a sluggish global electronics cycle,” he explained in the note, adding that Asia’s export figures are pointing to a “sobering” outlook.

That sentiment was echoed by Louis Kuijs, head of Asia economics at Oxford Economics.

“We expect subdued global trade and the impact of US tariffs to continue to weigh on exports in the coming months, although the tariff suspension by the US and China and increased likelihood of a more lasting agreement should help eventually,” Kuijs said in a note following Friday’s data release.

— CNBC’s Huileng Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eustance huang, weizhen tan, str, afp, getty images
Keywords: news, cnbc, companies, chinese, note, sentiment, shares, balance, chinas, release, expected, emerge, data, trade, shenzhen, shanghai, plummet, started, stocks, recession


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Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory

Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai. The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May. Tesla has said that the Gigafactory will cost around $2 billion. Producing cars locally is likely to help the company minimize the impact of the U.S.-


Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai. The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May. Tesla has said that the Gigafactory will cost around $2 billion. Producing cars locally is likely to help the company minimize the impact of the U.S.-
Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: getty images
Keywords: news, cnbc, companies, help, chinese, prices, tesla, agreement, facility, electric, gigafactory, yuan, shanghai, enters, lenders, cars, xpeng, company


Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory

Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai.

The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May.

Tesla has said that the Gigafactory will cost around $2 billion.

Producing cars locally is likely to help the company minimize the impact of the U.S.-China trade war, which has forced Tesla to adjust prices of its U.S.-made cars in China.

Keeping prices in check will also help Tesla fend off competition from a swathe of domestic electric vehicle startups such as Nio Inc, Byton and XPeng Motors.


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: getty images
Keywords: news, cnbc, companies, help, chinese, prices, tesla, agreement, facility, electric, gigafactory, yuan, shanghai, enters, lenders, cars, xpeng, company


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Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory

Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai. The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May. Tesla has said that the Gigafactory will cost around $2 billion. Producing cars locally is likely to help the company minimize the impact of the U.S.-


Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai. The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May. Tesla has said that the Gigafactory will cost around $2 billion. Producing cars locally is likely to help the company minimize the impact of the U.S.-
Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: getty images
Keywords: news, cnbc, companies, electric, agreement, shanghai, cars, gigafactory, company, xpeng, chinese, lenders, yuan, tesla, enters, facility, prices, help


Tesla enters into agreement with Chinese lenders for Shanghai Gigafactory

Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker’s Gigafactory in Shanghai.

The company broke ground on the factory in January, and a Shanghai city government official said on Wednesday that the facility is expected to be completed in May.

Tesla has said that the Gigafactory will cost around $2 billion.

Producing cars locally is likely to help the company minimize the impact of the U.S.-China trade war, which has forced Tesla to adjust prices of its U.S.-made cars in China.

Keeping prices in check will also help Tesla fend off competition from a swathe of domestic electric vehicle startups such as Nio Inc, Byton and XPeng Motors.


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: getty images
Keywords: news, cnbc, companies, electric, agreement, shanghai, cars, gigafactory, company, xpeng, chinese, lenders, yuan, tesla, enters, facility, prices, help


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Shanghai stocks are set to jump another 10 percent in wake of Chinese stimulus: Credit Suisse

China’s benchmark stock index could rise another 10 percent on the back of “market positive” Chinese policy announcements, John Woods, chief investment officer for Asia Pacific at Credit Suisse, said Wednesday. Woods’ comments to CNBC came in reaction to Chinese Premier Li Keqiang’s speech Tuesday at the National People’s Congress, China’s legislature. In response, Li unveiled stimulus measures,including infrastructure spending and cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 bil


China’s benchmark stock index could rise another 10 percent on the back of “market positive” Chinese policy announcements, John Woods, chief investment officer for Asia Pacific at Credit Suisse, said Wednesday. Woods’ comments to CNBC came in reaction to Chinese Premier Li Keqiang’s speech Tuesday at the National People’s Congress, China’s legislature. In response, Li unveiled stimulus measures,including infrastructure spending and cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 bil
Shanghai stocks are set to jump another 10 percent in wake of Chinese stimulus: Credit Suisse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kelly olsen, visual china group, getty images
Keywords: news, cnbc, companies, wake, credit, consumer, woods, stocks, market, infrastructure, shanghai, suisse, jump, positive, growth, cuts, set, sectors, chinese, think, stimulus, li


Shanghai stocks are set to jump another 10 percent in wake of Chinese stimulus: Credit Suisse

China’s benchmark stock index could rise another 10 percent on the back of “market positive” Chinese policy announcements, John Woods, chief investment officer for Asia Pacific at Credit Suisse, said Wednesday.

Woods’ comments to CNBC came in reaction to Chinese Premier Li Keqiang’s speech Tuesday at the National People’s Congress, China’s legislature.

Li highlighted risks threatening the world’s second-largest economy as the government lowered its economic growth target range to between 6 percent and 6.5 percent.

In response, Li unveiled stimulus measures,including infrastructure spending and cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 billion). Those included cuts in the value-added tax rate for manufacturing, transportation and construction.

“We took the decisions as being market positive,” said Woods. “We think that the focus on infrastructure clearly lends itself to those commodities and equities which are in that space and we think will perform well.”

He added that the VAT reductions will have a positive impact on a host of sectors, including consumer staples, consumer discretionary, materials and industrials and energy.

“Those are the sectors which our analysis suggests will benefit with an uptick in earnings growth of between 2 and 3 percent, which is meaningful, which is substantial,” Woods said.

“So more broadly, the Shanghai composite I think’s got another 10 percent upside before I start to take profit,” he said. “But, of course, if the retail investor starts to engage, it could move substantially higher.”

Woods added that he was impressed that the legislature was focused on the private sector: “To me, that’s the main takeaway,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kelly olsen, visual china group, getty images
Keywords: news, cnbc, companies, wake, credit, consumer, woods, stocks, market, infrastructure, shanghai, suisse, jump, positive, growth, cuts, set, sectors, chinese, think, stimulus, li


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Tesla is lining up about $2 billion in loans for Shanghai Gigafactory: analyst report

Tesla is lining up about $2 billion (more than 13 billion RMB) from Chinese lenders to build out its massive battery and car plant in Shanghai, according to research from JL Warren Capital. We’ve got import duties, we’ve got transport costs, we’ve got higher costs of labor here.” Musk said in the fourth-quarter earnings call that Tesla would need “something in the order of $0.5 billion in CapEx to get to the 3,000 vehicle rate in Shanghai.” JL Warren said the first stage of financing will likely


Tesla is lining up about $2 billion (more than 13 billion RMB) from Chinese lenders to build out its massive battery and car plant in Shanghai, according to research from JL Warren Capital. We’ve got import duties, we’ve got transport costs, we’ve got higher costs of labor here.” Musk said in the fourth-quarter earnings call that Tesla would need “something in the order of $0.5 billion in CapEx to get to the 3,000 vehicle rate in Shanghai.” JL Warren said the first stage of financing will likely
Tesla is lining up about $2 billion in loans for Shanghai Gigafactory: analyst report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: lora kolodny, source, shanghai municipal peoples government, eunice yoon
Keywords: news, cnbc, companies, billion, stage, weve, rate, lining, tesla, china, bank, shanghai, gigafactory, analyst, chinese, warren, loans, report


Tesla is lining up about $2 billion in loans for Shanghai Gigafactory: analyst report

Tesla is lining up about $2 billion (more than 13 billion RMB) from Chinese lenders to build out its massive battery and car plant in Shanghai, according to research from JL Warren Capital.

JL Warren, a New York-based investment research firm that focuses on Chinese companies, as well as U.S. firms with significant exposure in China, wrote in a report last week that it expects backers of the Shanghai Gigafactory to include Shanghai Pudong Development Bank, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China.

China represents a critical growth market for Tesla, and CEO Elon Musk talked up the company’s plans there on its latest earnings call in January.

“We need to bring the Shanghai factory online,” Musk said. “I think that’s the biggest variable for getting to 500,000-plus a year. Our car is just very expensive going into China. We’ve got import duties, we’ve got transport costs, we’ve got higher costs of labor here.”

According to JL Warren, which also tracks Chinese companies listed in the U.S., about $500 million (3.3 billion RMB) of Tesla’s new financing should apply to the first stage of the Shanghai Gigafactory build, with the total project loan amounting to about $2 billion.

Musk said in the fourth-quarter earnings call that Tesla would need “something in the order of $0.5 billion in CapEx to get to the 3,000 vehicle rate in Shanghai.”

JL Warren said the first stage of financing will likely have a 3.9 percent interest rate, below the People’s Bank of China benchmark rate of 4.35 percent. That should help Tesla get its assembly line running to produce its initial 250,000 lower-end Model 3 electric sedans.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: lora kolodny, source, shanghai municipal peoples government, eunice yoon
Keywords: news, cnbc, companies, billion, stage, weve, rate, lining, tesla, china, bank, shanghai, gigafactory, analyst, chinese, warren, loans, report


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Tesla is betting big on China, and here’s what Elon Musk had to say about it

And as Deepak was saying, hooking up a very competitive debt financing in China really extremely compelling interest rates and so we do not expect that to be a capital drain on the company.” Tesla has the first wholly owned manufacturing facility in China of any automotive company. And in China, which is the biggest market for EV’s, we’ve never had any subsidies or tax incentives for vehicles. So it’s very important to get those cars especially to China as soon as possible. — Elon MuskWATCH: El


And as Deepak was saying, hooking up a very competitive debt financing in China really extremely compelling interest rates and so we do not expect that to be a capital drain on the company.” Tesla has the first wholly owned manufacturing facility in China of any automotive company. And in China, which is the biggest market for EV’s, we’ve never had any subsidies or tax incentives for vehicles. So it’s very important to get those cars especially to China as soon as possible. — Elon MuskWATCH: El
Tesla is betting big on China, and here’s what Elon Musk had to say about it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: lora kolodny, aly song
Keywords: news, cnbc, companies, order, cars, tesla, say, betting, heres, shanghai, demand, really, elon, china, thats, model, weve, musk, big


Tesla is betting big on China, and here's what Elon Musk had to say about it

The industry ministry of China expects annual “new energy vehicle” output to rise to 2 million in 2020, and sales of 7 million new energy vehicles in China by 2025, representing about 20 percent of the overall autos market there.

Tesla faces serious competition from domestic Chinese companies like: the Warren Buffet-backed BYD; SAIC, which makes Roewe electric cars; and Geely, the parent company of Volvo. It also faces competition from foreign automakers that produce electric cars or hybrid, and already know their way around manufacturing in China, like Ford, Hyundai and Toyota.

Here are some of Tesla’s biggest plans for China that execs outlined Wednesday’s fourth-quarter earnings call, as transcribed by FactSet:

Funding the Shanghai Gigafactory:

“The purchase of the land is a 50-year lease with the government of China. So, it’s not capex, but it’s operating lease, and that shows up as the cash flow from operations. However, the capex that we will invest is our equipment, and we fully own it. So that will show up as capex. The plan, as we have indicated in the letter, is still to get funding for majority of that capital spending from local China banks. And we expect very attractive rates based on the dialogue we’ve had and there’s a lot of interest.” — Deepak Ahuja

“Yeah. I mean, as a ballpark figure, probably something in the order of $500 million in capex to get to the 3,000-vehicle rate in Shanghai, ballpark figure. And as Deepak was saying, hooking up a very competitive debt financing in China really extremely compelling interest rates and so we do not expect that to be a capital drain on the company.” — Elon Musk

Tesla’s advantages in China:

“If you’re in the automotive industry you understand how significant this is, but maybe it’s not as obvious to everyone. Tesla has the first wholly owned manufacturing facility in China of any automotive company. So, this is profound. And we’re very appreciative of the Chinese government allowing us to do this. I think it is symbolic of them wanting to open the market and apply and it farewells to everyone. I’d just say like an order of appreciation for the Chinese government in allowing us to do that. It’s a very significant thing.” – Elon Musk

On making batteries in Shanghai:

“We’ll be making the module and the pack. So, it’s really just production of cell supply. And you can essentially use any high-energy density, 2170 chemistry. We expect it to be a combination of cells produced at our Gigafactory in Nevada, cells produced in Japan and cells produced locally in China. And we feel confident of sufficient supply to hit 3,000 units a week.” — Elon Musk

Delivering a lower-priced Model 3:

“We need to bring the Shanghai factory online. I think that’s the biggest variable for getting to 500,000-plus a year. Our car is just very expensive going into China. We’ve got import duties, we’ve got transport costs, we’ve got higher costs of labor here. And we’ve never been eligible for any of the EV tax credits. A lot of people criticize Tesla for being so dependent on incentives. In fact, for a company making EVs, we have the least access to incentives. It’s pretty crazy. Because there’s so many countries that have put price caps on the EV incentive which differentially affect Tesla. And in China, which is the biggest market for EV’s, we’ve never had any subsidies or tax incentives for vehicles.

“So, it’s difficult. Once a car is made there, it is eligible for that. That sounds like that’s going to be reducing in China in the coming years. But really, bottom line is, we need the Shanghai factory to achieve that 10,000 rate and have the cars be affordable. It’s important to appreciate, the demand for Model 3 is insanely high. The inhibitor is affordability. It’s just that people literally don’t have the money to buy the car. It’s got nothing to do with desire. They just don’t have enough money in the bank account. If the car can – if we made it more affordable, the demand is extraordinary.” — Elon Musk

On how demand in China stacks up versus Europe:

“Our relationship actually with Europe and China is how do we get the cars made and on order such that it reaches customers before end of quarter and we don’t have a massive number of cars on the order. That’s our biggest challenge. It’s not demand. It’s how do we get the cars there fast enough…I mean, we’re not even really trying, I should point out. Our factory is like right now only making cars for China and Europe. That’s all it’s doing with respect to Model 3. And our whole focus is okay, how do we get those cars made, get them on a ship as fast as possible.” — Elon Musk

On U.S.-China trade relations:

“We don’t know what’s going to happen with the trade negotiations. So it’s very important to get those cars especially to China as soon as possible. We hope the trade negotiations go well, but it’s not clear. But we need to get them there while there’s sort of de facto sort of a truce on the tariff war. And demand gen is really not one of the things we’re thinking about.” — Elon Musk

WATCH: Elon Musk says demand for Model 3 is “insanely high,” but cost is too high


Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: lora kolodny, aly song
Keywords: news, cnbc, companies, order, cars, tesla, say, betting, heres, shanghai, demand, really, elon, china, thats, model, weve, musk, big


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Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou


Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou
Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


Hong Kong's port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said.

The city’s massive container facility has seen rivals, especially in mainland China, expand and improve at a faster pace, air and rail options for shipping goods increase and, more recently, uncertainty resulting from the ongoing Washington-Beijing trade war.

Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. Industry expectations are for further declines.

According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million.

Peter Levesque, group managing director at Modern Terminals, a container terminal operator, told CNBC’s Emily Tan on Monday that Chinese and other ports in the region have become more competitive and that has put pressure on Hong Kong.

“So we need to do something to stop that trend, to stop the downward trend, and to maintain Hong Kong’s competitiveness in the region,” Levesque said.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


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Chinese markets’ 2018 performance was their worst in a decade

‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade. All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plun


‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade. All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plun
Chinese markets’ 2018 performance was their worst in a decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: eustance huang, afp, getty images
Keywords: news, cnbc, companies, 2018, markets, financial, performance, wind, chinese, index, information, worst, shenzhen, stocks, shanghai, decade


Chinese markets' 2018 performance was their worst in a decade

‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46

This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade.

The Shanghai composite, the mainland’s major share average, ended the trading year at 2,493.90 — that was approximately 24.6 percent lower than its final close of 2017.

All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. Even the best performing sector, utilities, dropped 11 percent.

That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plunged more than 65 percent.

Those dramatic losses were also seen elsewhere in China, with the Shenzhen composite plummeting about 33.25 percent and the Shenzhen component plunging around 34.44 percent in 2018 as compared to their last close of 2017. The Shenzhen component’s performance was also its worst since 2008, when it dove 63 percent, according to Wind Information.

As shares on the mainland were pummeled, Hong Kong stocks performed a bit better. The Hang Seng index notched a decline of only 13.61 percent for 2018.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: eustance huang, afp, getty images
Keywords: news, cnbc, companies, 2018, markets, financial, performance, wind, chinese, index, information, worst, shenzhen, stocks, shanghai, decade


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Tesla sets up Shanghai financial leasing unit as China plans accelerate

Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China. The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System. Its scope includes leasing and consu


Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China. The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System. Its scope includes leasing and consu
Tesla sets up Shanghai financial leasing unit as China plans accelerate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: mark brake, getty images
Keywords: news, cnbc, companies, teslas, sets, financial, unit, tesla, accelerate, maker, electric, company, shanghai, plans, china, opened, ev, registered, leasing


Tesla sets up Shanghai financial leasing unit as China plans accelerate

Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China.

The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.

Its scope includes leasing and consultancy, the document said, which listed the firm’s legal representative as Zhu Xiaotong, Tesla’s boss in China.

Tesla declined to comment.

The company has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials, Reuters reported earlier this month.

The $2 billion factory, Tesla’s first in China, marks a major bet by the U.S. electric vehicle (EV) maker as it looks to bolster its presence in the world’s biggest auto market where it faces rising competition from a swathe of domestic EV makers and its earnings have been hit by increased tariffs on U.S. imports.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: mark brake, getty images
Keywords: news, cnbc, companies, teslas, sets, financial, unit, tesla, accelerate, maker, electric, company, shanghai, plans, china, opened, ev, registered, leasing


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Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent

Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018. China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms. Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four


Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018. China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms. Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four
Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: eustance huang
Keywords: news, cnbc, companies, close, banks, japan, shed, fell, 25, day, bank, australia, lower, shares, drag, declined, china, shanghai, slips, slipped, chinese


Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent

Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018.

The mainland Chinese markets were mixed on the day, with the Shanghai composite slipping 0.52 percent to close at about 2,536.27 and the Shenzhen composite recovering from earlier losses to end the trading day up by 0.202 percent at around 1,297.10.

China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms.

Following the People’s Bank of China’s move to spur lending to small businesses, Shanghai-listed shares of major banks declined as Industrial and Commercial Bank of China fell 1.88 percent, Agricultural Bank of China shed 0.57 percent and China Construction Bank dropped 2.14 percent. Financial stocks make up nearly 40 percent of the Shanghai composite.

Hong Kong’s Hang Seng index fell 1.05 percent, as of its final hour of trade, with Hong Kong-listed shares of HSBC declining by around 1 percent.

Meanwhile, Japan’s Nikkei 225 slipped 2.84 percent to close at 20,392.58 while the Topix index declined by 2.51 percent to finish the trading day at 1,517.16. Shares of conglomerate Softbank Group continued to remain under pressure on Thursday as they slipped 4.72 percent, a day after the lackluster public debut of its mobile unit on Wednesday.

Shares of the newly listed Softbank Corp fell as much as 8 percent earlier on Thursday, according to Reuters, before recovering to see gains of 1.09 percent on the day.

Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. John Ko, an analyst at NH Investment and Securities, estimated a 15 percent year-on-year decline in fourth quarter operating profit for LG Electronics, citing weakness in sectors such as its television and smartphone divisions.

And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four banks seeing declines. Australia and New Zealand Banking Group fell 1.63 percent, National Australia Bank slipped 0.99 percent, Commonwealth Bank of Australia shed 0.69 percent and Westpac lost 1.07 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: eustance huang
Keywords: news, cnbc, companies, close, banks, japan, shed, fell, 25, day, bank, australia, lower, shares, drag, declined, china, shanghai, slips, slipped, chinese


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