Shares of Didi Chuxing closed up a modest 1% Wednesday afternoon after spiking as much as 28.6% in the Chinese ride-hailing giant’s market debut. The company’s stock began trading at $16.65 per share, up about 19% from the company’s offering price of $14 per share, bringing its market cap to nearly $80 billion. It closed at $14.14 […] Read more
China’s exports surged more than expected in April as global demand for Chinese goods remained elevated amid countries’ varying stages of dealing with the coronavirus pandemic. U.S. dollar-denominated exports rose 32.3% in April from a year ago, China’s customs agency said Friday. That beat an estimate of 24.1% growth from analysts polled by Reuters. Imports […] Read more
Bitcoin’s breakout might be short-lived, according to one strategist. The cryptocurrency gained nearly 2% on Tuesday, helped in part by PayPal rolling out crypto-friendly online checkout services at millions of its global partners. “I think most of these things are very gimmicky right now,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said Tuesday on“Trading Nation.” […] Read more
The European Union will take a new approach to international trade, recognizing that it’s time to stand up for itself after challenging times with countries like the U.S. The European Commission, which negotiates trade deals on behalf of the 27 member states, proposed on Thursday new tools to become a more “assertive” player in global […] Read more
Economic shocks like the coronavirus pandemic of 2020 only arrive once every few generations, and they bring about permanent and far-reaching change. Measured by output, the world economy is well on the way to recovery from a slump the likes of which barely any of its 7.7 billion people have seen in their lifetimes. Vaccines […] Read more
Hope is fading for a significant change in U.S.-China relations under President-elect Joe Biden, Alicia Garcia-Herrero, Natixis’ chief economist for Asia-Pacific, said on Thursday. Relations between the U.S. and China have spiraled downward under President Donald Trump’s administration in the last four years. Ahead of the election, Natixis economists had hoped the two countries could return to better […] Read more
Chinese state-backed tabloid Global Times claimed on Sunday that the signing of the world’s largest trade deal over the weekend proves that China is not the “expansionist empire” that the U.S. and Western countries have made it out to be. Instead, the mega pact — the Regional Comprehensive Economic Partnership or RCEP — showed that China can […] Read more
A government minister has criticised businesses for taking a “head in the sand approach” when preparing for post-Brexit trade. Treasury and Cabinet Office Minister Lord Agnew said traders “really must engage in a more energetic way” to be ready for the end of the transition period on 31 December. But one industry leader called the […] Read more
Morgan Stanley is bullish on Singapore stocks and expects as much as 14% returns for the MSCI Singapore index over the next 12 months. In fact, investors could increasingly be looking to Singapore as a safe place to invest in as uncertainty roils the region, the investment bank said. “We could see inflows supported by […] Read more
With the coronavirus pandemiccausing financial markets to tank and a prolonged period of uncertainty ahead, investors have been flocking to keep their cash in Singapore, with bank deposits in foreign currenciesreaching an all-time high of S$26.9 billion (US$19.2 billion) in April. In fact, such deposits have been steadily increasing since July, last year, data from […] Read more
