As the world's second-largest economy reopens, analysts are trying to determine how its economy will affect the trend of global inflation. Paul Hannon reports for The Wall Street Journal: China’s abandonment of its zero-Covid policy is good news for global economic growth but it could give a fresh boost to inflation in Europe, European Central Bank President Christine Lagarde said on Friday. “The change of this Covid policy will revive the economy,“ said Ms. Lagarde. “That is positive for the rest of the world, but there will be more inflationary pressure.” The comments add to … [Read more...]
Housing Market Dragging on China’s Economy
China's housing market has gone from growth driver to drag, pulling the economy down despite the country's post-COVID-19 lockdown reopening. Rebecca Feng and Cao Li report for The Wall Street Journal: China’s housing market flipped from being a growth driver to an economic drag in 2022, with sales slumping, prices falling and widespread job losses. The prognosis for this year isn’t much better, compounding Beijing’s efforts to get its economy back on firmer footing. Sales of new residential properties in the country tumbled 28% last year to the equivalent of $1.7 trillion in value terms, a … [Read more...]
Will Increasing Chinese Demand Send Oil Prices Soaring?
Will an increase in oil demand from China following the end of its COVID-19 restrictions drive the price of oil higher? Tom Wilson reports on IEA projections that demand will reach new highs. He writes in the Financial Times: Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to the International Energy Agency. Demand for crude oil could rise 1.9mn barrels a day to reach a record 101.7mn b/d, while the evolving impact of western sanctions on Russia … [Read more...]
Tim Cook Tied Apple Tightly to China
In his previous role as Chief Operating Officer, current Apple CEO Tim Cook tied the company's fate to China by developing a complex supply chain within the country. Patrick McGee reports in the Financial Times: Over the past decade and a half, Apple has been sending its top product designers and manufacturing design engineers to China, embedding them into suppliers’ facilities for months at a time. These Apple employees have played integral roles co-designing new production processes, overseeing the minutiae of manufacturing until things were up and running, and keeping close tabs on … [Read more...]
Tesla Slashing Prices on Its Cars
Tesla is slashing the prices of its cars sold in the United States. Rebecca Elliott reports for The Wall Street Journal: Tesla Inc. TSLA -2.31%decrease; red down pointing triangle cut prices for some of its vehicles sold in the U.S. by nearly 20%, aiming to lure new buyers at a time Wall Street is concerned appetite for the car maker’s vehicles is weakening. The cuts, which span Tesla’s lineup, are likely to allow some buyers to qualify for a $7,500 U.S. government tax credit. Elon Musk’s car company slashed the price of its baseline Model Y crossover by almost 20% to $52,990, not … [Read more...]
Government Could Crimp Big Pharma Drug Pipeline
Pharmaceutical companies are sounding the alarm over new price controls on medicines. Bloomberg's Ike Swetlitz and Angelica Peebles report: Drugmakers say a new US law aimed at cutting prices on top-selling medicines after they’ve been on the market for several years has them stuck in limbo. One after another, company executives at the JPMorgan Healthcare Conference in San Francisco cited the same problem: How do you figure out which drugs to invest in without knowing how much money they’ll make years down the road? Some say the uncertainty has had a chilling effect on deals, normally a … [Read more...]
China Reopening Drives Gold Prices Higher
The reopening of the Chinese economy after draconian COVID lockdowns is pushing gold prices higher, report Myra Saefong and Joseph Adinolfi in MarketWatch: Gold futures touched a fresh eight-month high Wednesday as traders bet that China’s decision to drop COVID-19 restrictions on its economy would continue to boost prices of precious and industrial metals. The reopening of China’s economy after the lifting of COVID-related restrictions has helped push demand for industrial metals and precious metals higher. Copper futures traded at their highest levels since June and gold on Wednesday … [Read more...]
Luxury Car Supply Chain Issues Ease
Supply chain issues that have plagued the automotive supply chain are easing, and luxury brand automakers BMW and Mercedes are feeling the relief. Patricia Nilsson reports for the Financial Times: Sales at BMW and Mercedes-Benz jumped in the final months of 2022 as the premium German car brands signalled supply chain problems that have plagued the industry were easing. Carmakers around the world have been struggling with a lack of parts since the pandemic, particularly semiconductors, leaving many with large fleets of unfinished vehicles that cannot be delivered to customers. Both BMW … [Read more...]
WATCH OUT LANDLORDS: Are Rentals Due for a Hard Landing?
According to Conor Sen in Bloomberg, the rental market could be headed for a hard landing. Sen writes: For most of the past year, investment risk in the housing market has been focused on the for-sale segment. That was largely because the huge run-up in home prices during the pandemic led to a mentality of “what goes up must come down,” coupled with long memories of the housing bust in the late 2000s. But the data we’ve gotten over the past several months suggest that it’s the rental part of the housing market that’s setting up for a hard landing. Declining rents in 2023 should be the base … [Read more...]
Can Amazon Mature Successfully?
Amazon, a tech and retail giant, has, according to Dan Gallagher in The Wall Street Journal, come near to the end of its ability to remain a "growth" company. He writes: Andy Jassy’s first full year running Amazon AMZN 0.28%increase; green up pointing triangle has been one for the books—and not in a good way. A macroeconomic slowdown coming just as Amazon has been trying to absorb a major expansion of its fulfillment capacity has proved especially unfortunate for the e-commerce company. When it reports full results for 2022 later this month, Amazon is expected to show its first-ever year … [Read more...]
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