Wall Street Dips Ahead of Fed Meeting
Vienna Times » Business
by Maximilian Müller
9M ago
Wall Street faced a downturn on Tuesday as cautious sentiment prevailed ahead of the Federal Reserve’s critical two-day monetary policy meeting. The three major indexes experienced a broad decline, a trend expected to persist until the Fed’s interest rate decision on Wednesday, which is anticipated to maintain current rates. Bill Northey, Senior Investment Director at U.S. Bank Wealth Management, emphasized the market’s keen interest in the Federal Reserve’s stance on inflation. He noted that while inflation had shown progress over the past year, the final stretch towards the Fed’s 2% target ..read more
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Apple Stock Plummets Amidst China Tensions
Vienna Times » Business
by Ali Tariq Shah
10M ago
On Thursday, Apple witnessed a significant dip of nearly 4% in its stock value, which subsequently triggered a broader decline in the technology sector. This sharp decline was attributed to reports indicating that China had extended restrictions on the usage of iPhones by government officials—a move that directly impacts one of Apple’s crucial markets. As a result of this development, the world’s most valuable company faced the potential loss of approximately $100 billion in market capitalization, constituting its most substantial single-day drop in over a month. This decline in Apple’s stock ..read more
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US Lawmaker Urges Halt on Tech Exports to Huawei and SMIC
Vienna Times » Business
by Maximilian Müller
10M ago
Representative Mike Gallagher, chair of the House committee on China, has called for a halt in all technology exports to Huawei and SMIC, China’s top semiconductor firm. This request comes in response to the discovery of certain chips in Huawei phones that may breach trade restrictions. Specifically, the Mate 60 Pro model features a chip believed to be the result of significant technological advancements by Semiconductor International Manufacturing Corp (SMIC), a major Chinese semiconductor manufacturer. Gallagher contends that this chip likely relies on U.S. technology for its production, po ..read more
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Austrian Real Estate Market: Raiffeisen Predicts Price Decline
Vienna Times » Business
by Maximilian Müller
10M ago
Raiffeisen Bank anticipates a mild decline in real estate prices in Austria for the year 2023 and continuing into 2024. Despite initial concerns, the real estate market has displayed surprising resilience, with a slowdown in price declines during the first half of 2023. This moderation in price declines is attributed to rising prices for new apartments, while demand remains subdued, and financing has contracted. The current headwind in the form of low-interest rates is influencing the real estate market. Raiffeisen economist Matthias Reith expects this adjustment to be measured, stating that ..read more
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Chinese EV Makers Target Europe as Competition Heats Up
Vienna Times » Business
by Maximilian Müller
10M ago
Chinese electric vehicle (EV) makers are aggressively targeting Europe’s EV market, which saw a 55% sales increase in the first seven months of 2023, reaching approximately 820,000 vehicles and comprising 13% of total car sales. Companies like BYD, Nio, and Xpeng are expanding their presence in Europe, with Xpeng planning further market expansion in 2024 and Zhejiang Leapmotor Technology announcing five new models for overseas markets, including Europe. Data from auto consultancy Inovev reveals that Chinese brands accounted for 8% of new EVs sold in Europe this year, up from 6% in 2022 and 4 ..read more
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China’s State Banks Selling Dollar to Slow Depreciation
Vienna Times » Business
by Nicole Marco
11M ago
China’s major state-owned banks have reportedly been actively selling U.S. dollar to purchase yuan in both onshore and offshore spot foreign exchange markets this week. This action is aimed at slowing down the depreciation of the yuan. State banks often act under the guidance of the central bank during times of pressure on the yuan, such as the current situation. The move to sell dollars by state banks has become a common strategy to curb the speed of yuan depreciation. Offshore branches of these banks have also engaged in dollar selling during London and New York trading hours. This strategy ..read more
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VinFast Nasdaq Debut Sparks EV Market Surge
Vienna Times » Business
by Nicole Marco
11M ago
Vietnamese electric vehicle (EV) maker VinFast saw a remarkable surge in its shares (VFS.O) during its Nasdaq debut after a $23 billion backdoor listing. The stock opened at $22, double the agreed $10 per share with VinFast’s SPAC partner, Black Spade Acquisition (BSAQ.A), valuing the company at $23 billion. The shares eventually closed at $37.06, boosting VinFast’s valuation to $85 billion, surpassing both Ford and General Motors in market capitalization. VinFast’s listing was achieved through a merger with a special purpose acquisition company (SPAC), enabling it to enter a market where it ..read more
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Oil Prices Dip Amid Dollar Strength & China Concerns
Vienna Times » Business
by Nicole Marco
11M ago
Oil prices faced a modest downturn, driven by concerns over China’s economic rebound and a stronger U.S. dollar, despite earlier gains attributed to OPEC+ supply cuts. Brent crude futures experienced a slight decline of 0.84%, reaching $86.08 per barrel, while U.S. West Texas Intermediate crude dropped to $82.48 per barrel. This decrease is linked to the impact of a strengthened U.S. dollar, making oil pricier for buyers utilizing alternative currencies. The surge in the U.S. dollar stemmed from higher producer prices recorded in July, leading to elevated Treasury yields. This development occ ..read more
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Tesla Faces Hurdles Expansion as China Delays Approvals
Vienna Times » Business
by Ali Tariq Shah
1y ago
Tesla’s ambitious plan to expand its auto production in Shanghai is encountering obstacles as it awaits approval from Chinese authorities to develop a 70-hectare plot of former farmland. The National Development and Reform Commission (NDRC) of China has adopted a cautious approach in granting approval for new electric vehicle (EV) production plans, expressing concerns about overcapacity and a price war triggered by Tesla, according to industry experts and rival executives. Industry estimates suggest that China’s auto production capacity exceeds demand by approximately 10 million vehicles per ..read more
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Toyota Suspends Yaris Sales Over Safety Test
Vienna Times » Business
by Nicole Marco
1y ago
Japanese automaker Toyota Motor Corp has halted sales and deliveries of its Yaris Ativ model in Thailand following revelations that part of the door was rigged in side-collision safety tests. Toyota’s CEO for the Asia region, Masahiko Maeda, stated that the problem might have arisen due to pressure during the development of the Ativ model, although vehicles being used by customers are safe. The company is working with the Thai government to resume sales of the model. Daihatsu, Toyota’s affiliate, and the Japanese company disclosed last month that they were investigating how part of the door i ..read more
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