WORLD
China factory activity shrinks in January amid economic weakness
The official manufacturing purchasing managers index was 49.2 this month, the National Bureau of Statistics said in a statement on Wednesday — slightly above December’s reading of 49 but still below the 50 mark that separates expansion from contraction. Economists had expected 49.3.
BUSINESS
The world’s last wave of oil refining bets is all about India
The South Asian nation has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels such as gasoline and diesel, which could lift capacity by more than 20% over the next five years. Rystad Energy puts the cost of additions at around $60 billion.
WORLD
Vontobel cuts China stock holdings to chase growth elsewhere
The Zurich-based money manager with $2.2 billion deployed in emerging markets has moved from overweight to a deeply underweight stance on Chinese equities and is reallocating capital mainly to these three countries, strategist Ramiz Chelat said.
WORLD
US F-16 jet fighter crashes off South Korea and pilot rescued
The pilot “is conscious and was transported to a medical facility for assessment,” Colonel Matthew Gaetke, the 8th Fighter Wing commander, said in the statement.
WORLD
PayPal to cut around 2,500 jobs as rivals snag market share
In a letter to staff on Tuesday, Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter, which was seen by Bloomberg News.
WORLD
Alphabet shares fall after search revenue misses estimates
Sales, excluding partner payouts, jumped 15% to $72.3 billion in the three months ended Dec. 31, the company said Tuesday in a statement.
WORLD
Microsoft sales top estimates; cloud growth disappoints some
Revenue in the second quarter, which ended Dec. 31, rose 18% to $62 billion, while profit was $2.93 a share, the company said in a statement Tuesday. Analysts polled by Bloomberg on average estimated per-share earnings of $2.78 on sales of $61.1 billion.
WORLD
Fed to hold interest rates steady but start considering cuts
The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting ending Wednesday, a 22-year high first reached in July.
WORLD
Japan factory output rebounds while retail sales cast shadow
Industrial production gained 1.8% from November, after falling the previous month, as output of machinery and chemicals expanded, the industry ministry said Wednesday.
WORLD
China ETFs see inflows top 2015, suggesting state rescue
The Huatai-Pinebridge CSI 300, E Fund CSI 300, China AMC CSI 300, Harvest CSI 300 and China AMC SSE 50 ETF together saw 128.5 billion yuan ($17.9 billion) of inflows so far in January, more than five times the aggregate amount seen in July 2015, when the so-called “national team” jumped in to stem a rout.
BUSINESS
UPS to cut 12,000 jobs, bring workers in five days a week
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” CEO Carol Tomé said
WORLD
Warren Buffett reversal risk pushes Japan firms to diversify investors
Japan’s trading firms illustrate this point. Berkshire Hathaway Inc. bought stakes in them in August 2020, which raised their international profile and attracted other investors. Over the next four years, the five companies outperformed the broader market.
WORLD
Saudi Aramco ordered to halt project to boost oil output capacity
The surprise move comes just months after the world’s biggest oil producer had said it was spending billions of dollars to raise capacity to the higher level by 2027 as demand in China and India continues to grow.
WORLD
Bitcoin heads toward winning streak last seen in pandemic before record high
The largest digital asset has risen about 2% in January, a month of pronounced swings sparked by the rollout of the first US spot Bitcoin exchanged-traded funds and shifting views on the outlook for monetary policy.
WORLD
Everything to know about Elon Musk’s Neuralink and its first human brain implant
Here’s all you need to know about Neuralink and the company’s first human trial.
WORLD
China’s 10-year yield falls to two-decade low on easing hopes
The yield on the 10-year sovereign note slipped to 2.48%, a level unseen since 2002.
BUSINESS
Credit Suisse AT1 bond fallout hits India’s most valuable bank
The 48-year-old even took out a loan to buy more of the notes to get a better return on his investment.
BUSINESS
US brokerage sees over 50% return potential on Adani flagship
“Adani Enterprises Ltd. is at the core of everything India wants to accomplish,” analysts Brett Knoblauch and Thomas Shinske wrote in a note dated Jan. 28, initiating coverage as overweight. The risk-reward “is attractive at current levels.”
BUSINESS
Budget 2024: What to watch out for in India’s pre-election Budget
Budget 2024: The economy’s rapid expansion has led to a tax windfall for the government, helping it meet its goals of curbing the deficit.
WORLD
China’s deflation pressures seen persisting through mid-2024
A measure of economy-wide prices called the gross domestic product deflator is expected to decline for at least two more quarters, according to 12 of 19 economists in a new Bloomberg survey.
WORLD
China to ‘merge’ bad-debt managers into CIC
The extent of the transfer of China Cinda Asset Management Co., China Orient Asset Management Co. and China Great Wall Asset Management Co. wasn’t clear in the report.
WORLD
Reddit advised to target at least $5 billion valuation in IPO
The San Francisco-based social media company and its advisers are targeting a valuation in the mid-single-digit billions, the people said, asking not to be identified as the information is private.
WORLD
China tightens securities lending rule to support stock market
Strategic investors won’t be allowed to lend out shares during agreed lock-up periods, the Shanghai Stock Exchange and Shenzhen Stock Exchange said in separate releases following the China Securities Regulatory Commission’s statement.
BUSINESS
Hot stock rally stirs fears over wall street’s big rate-cut bets
Equity rally challenges Powell as S&P 500 hits records, fueled by rate-cut expectations. Financial conditions loosen, posing concerns for Fed.
