Dec 5, 2023

BYD Growth Status In Doubt With $12 Billion Selloff: Tech Watch A $4 Trillion Valuation Is Now in Sight for India’s Booming Stock Market Oil Steadies After Three-Day Loss as Riyadh Defends OPEC+ Cuts Gold Edges Higher After Swinging Dramatically on Fed Rate Bets New World Development Buys Back $610.3 Million of Dollar Bonds Hydrogen Industry Raises Alarm Over Leaked US Tax Credit Rules Higher Carbon Prices Needed in Net Zero Push, Singapore’s Menon Says PE Firm RRJ Seeks to Raise $2 Billion for New Asia Private Credit Fund Gold Retreats From Record High as Fed Pivot Bets May Be Overdone Eastspring, Barings Shrink Hedge Fund Teams in China Pullback Tokyo Inflation Slows in Line With BOJ Cooling View South Korea’s Inflation Slows, Offering Relief for Central Bank What the History of Zombie Malls Tells Us About the Future of Offices Britain’s Top 100 Companies See Tax Bill Rise 7.25% in Past Year Hong Kong Activist Seeks Asylum in Canada in Self-Imposed Exile New Zealanders Are Spending Less on Building New Houses New Texas Power Rules Raised Costs by $12 Billion, Watchdog Says Chevron, Exxon Opt Out of Funding COP28 Methane-Reduction Fund Platinum’s Electro Rent Talks to Direct Lenders for Refinancing What are the tax implications for Giving Tuesday? Canadians lose financial confidence amid economic concerns: index Inflation, longer sales season weigh on shopping habits this Black Friday Canada's high court to rule if bankruptcy wipes out court-ordered fines in B.C. case Influx of seniors who stay in family home face ballooning borrowing costs: Dale Jackson Thrifting, regifting and bargain hunting: The etiquette of gift-giving on a budget Do your research for Black Friday, because not every deal is a good one, experts warn Young professionals more likely to discuss salary with colleagues: survey Top 1% of tax filers saw incomes rise by almost 10% in 2021: Statistics Canada Kids should learn financial literacy in school over 'parallelograms and rhombuses': author Ottawa extends deadline for Underused Housing Tax Financial advice from AI may be educational but not holistic, experts say Women less likely than men to request a raise, negotiate salary: surveys Timing, patience key to nabbing affordable concert, sports resale tickets: fans Many Canadians 'uncomfortably close to broke': MNP It’s never too early to think about tax-loss selling: Dale Jackson Many Canadians stuck in 'chaotic whirlwind of personal finance stress': Edward Jones Money manager of $205M in assets explains how meditation informs his decisions Canadian tech workers make 46% less than U.S. counterparts: TMU study What the History of Zombie Malls Tells Us About the Future of Offices New Zealanders Are Spending Less on Building New Houses Short-term rentals have 'significantly impacted' housing affordability: Desjardins Vancouver home sales rise in November as newly listed properties add to supply Mach Buys Canada Apartments in $415 Million Bankruptcy Deal Slowest Housing Market in Years Is Weighing on Consumer Spending Hungary Plans to Build €6 Billion Dubai-Style Budapest District Danish Central Banker Urges Buffer on Lenders’ Property Exposure France to Introduce Measures to Support Mortgage-Lending Market Developer Tishman Gets Loan to Build Jersey City Apartments on Goldman Sachs Lot Appetite for Riskier Bonds in Chile Is Back After False Dawn Earlier This Year Evergrande Winding-up Hearing in Hong Kong Adjourned to Jan. 29 Analyst Who Called Chinese Bank Turmoil Says Trusts Are Next Evergrande Faces Final Chance to Avoid Liquidation by HK Court Bond Market Euphoria Shifts to Debate Over How Low Fed Will Need to Go Surprise Call Shocks Staid Corner of Bond Market: Credit Weekly Signa’s Lofty Property Valuations Point to Brutal Pain to Come Swedish Home Prices Fall Again After Months of Stabilization Real Estate Euphoria Highlights Trader Angst for End to Hikes BYD Growth Status In Doubt With $12 Billion Selloff: Tech Watch Everything We Know About ‘Grand Theft Auto VI’ So Far A $4 Trillion Valuation Is Now in Sight for India’s Booming Stock Market Gold Edges Higher After Swinging Dramatically on Fed Rate Bets Indonesia is Asia’s Biggest Climber in The World’s Talent Ranks New World Development Buys Back $610.3 Million of Dollar Bonds Hydrogen Industry Raises Alarm Over Leaked US Tax Credit Rules Higher Carbon Prices Needed in Net Zero Push, Singapore’s Menon Says PE Firm RRJ Seeks to Raise $2 Billion for New Asia Private Credit Fund Gold Retreats From Record High as Fed Pivot Bets May Be Overdone Nvidia Plans Network of Chip Plants in Japan to Meet AI Demand Eastspring, Barings Shrink Hedge Fund Teams in China Pullback China Rips US for Seeing It as ‘Enemy’ After Raimondo Remarks Tokyo Inflation Slows in Line With BOJ Cooling View South Korea’s Inflation Slows, Offering Relief for Central Bank What the History of Zombie Malls Tells Us About the Future of Offices ‘Grand Theft Auto VI’ Is Coming in 2025, Rockstar Studio Says Britain’s Top 100 Companies See Tax Bill Rise 7.25% in Past Year Hong Kong Activist Seeks Asylum in Canada in Self-Imposed Exile A $4 Trillion Valuation Is Now in Sight for India’s Booming Stock Market Oil Steadies After Three-Day Loss as Riyadh Defends OPEC+ Cuts Gold Edges Higher After Swinging Dramatically on Fed Rate Bets Hydrogen Industry Raises Alarm Over Leaked US Tax Credit Rules Gold Retreats From Record High as Fed Pivot Bets May Be Overdone South Korea’s Inflation Slows, Offering Relief for Central Bank New Texas Power Rules Raised Costs by $12 Billion, Watchdog Says Global Carbon Emissions From Fossil Fuels to Hit Record Peak in 2023 Chevron, Exxon Opt Out of Funding COP28 Methane-Reduction Fund US Tries to Contain Hacking Campaign Targeting Water Systems Copper’s Rally Cools as Markets Weigh Fed Rate Cuts Starbucks Heads for Record Losing Streak as Sales Concerns Build Bitcoin Hits $40,000 Level for the First Time Since May 2022 Maduro Fails to Rally Venezuelan Nationalism in Vote Over Border Australia’s Wheat Output Improves But Rain Threatens Quality Trudeau’s Government Cracks Down on Methane Leaks From Oil and Gas Global Coal Use at Power Plants Will Peak in 2023, Rystad Says Oil's losing streak grinds on as post-OPEC+ gloom settles in Where could gold prices go in 2024? CBC says it is cutting 600 jobs, some programming as it slashes budget Canadian pension funds should invest more in Canada: Former Air Canada CEO Extreme bullish sentiment suggests caution: Larry Berman November new car sales see biggest monthly gain so far this year: DesRosiers The Daily Chase: Bank of Canada rate decision this week What are economists expecting from Wednesday's Bank of Canada rate decision? A timeline of Bank of Canada rate hikes Billionaire Texan heir is helping bring back the woolly mammoth Plant-based meat industry still poised for growth despite recent setbacks: experts Canada's telecom sector awaiting key regulatory decisions after transformative year Economists react to November job numbers Unemployment rate rises to 5.8% in November as job market continues to cave Fed's Powell notes inflation is easing but downplays discussion of interest rate cuts The Daily Chase: Jobs data, bank earnings mixed bag Canada economy surprisingly shrank 1.1% in third quarter What do the latest GDP figures mean for the Bank of Canada? The Daily Chase: GDP contraction and earnings from RBC, CIBC, TD Most Canadians not ready for retirement: Deloitte New Brunswick public sector pension plans to be transferred to shared-risk model Protesters Decry New Zealand Government’s ‘Anti-Māori’ Stance Five Bodies Found From US Osprey Crash in Japan, Kyodo Says Niger Junta Revokes Security Pacts With the EU Yellen Heads to Mexico City for Talks on Fentanyl, Economic Ties Hungary Demands EU Drop Ukraine Membership From Summit Agenda Maduro Fails to Rally Venezuelan Nationalism in Vote Over Border Lawyer for Sanctioned Russian Oligarch Avoids Jail for Money Laundering Exxon Focuses on Oil Output in Guyana Border Dispute, CEO Says Slovakia Hits Banks With 30% Windfall Tax to Shore Up Budget Scholz Sees Fast Progress in Talks to Solve German Budget Crisis ECB Refers Polish Governor to EU Court Over Suspension Spat Scholz, Lula Urge Macron to Ditch Opposition to EU-Mercosur Deal North Dakota Governor Doug Burgum Ends Long-Shot White House Bid Acumen, Climate Fund Have $250 Million Solar Plan for Africa’s Poorest Nations US Strategic Oil Reserve Refill Is Limited Despite Low Prices Biden’s Border Asylum App Has Migrants Waiting Months in Danger South Africa Lawmakers Agree to Postpone Pension-System Overhaul Scholz Wants Swift EU-Mercosur Agreement Despite Latest Setbacks Toyota Sees Europe Reaching EV Tipping Point Within a Few Years Everything We Know About ‘Grand Theft Auto VI’ So Far Nvidia Plans Network of Chip Plants in Japan to Meet AI Demand China Rips US for Seeing It as ‘Enemy’ After Raimondo Remarks ‘Grand Theft Auto VI’ Is Coming in 2025, Rockstar Studio Says Hong Kong Activist Seeks Asylum in Canada in Self-Imposed Exile The Pentagon Wants to Root Out Shoddy Drugs. The FDA Is In Its Way. Israel Pushes South Despite US Warnings to Limit Civilian Deaths Singapore Aims to Triple AI Workforce to 15,000, Wong Says US Tries to Contain Hacking Campaign Targeting Water Systems Platinum’s Electro Rent Talks to Direct Lenders for Refinancing AT&T Taps Ericsson to Revamp Wireless Network, Ousts Nokia Spotify Cancels Two Acclaimed Podcasts — ‘Heavyweight,’ ‘Stolen’ 23andMe Says Health Data Was Included in Hack That Compromised 6.9 Million Users Bitcoin Hits $40,000 Level for the First Time Since May 2022 Five9 Weighs Sale Two Years After Failed Zoom Deal OpenAI Rival Mistral Nears $2 Billion Valuation With Andreessen Horowitz Backing Birkenstock Finally Tops IPO Price While Other Entrants Struggle IRS Criminal Investigation Unit Is Taking on More Crypto Tax Cases XPO Founder Brad Jacobs Readies $1 Billion Acquisition Vehicle The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Gold Retreats From Record High as Fed Pivot Bets May Be Overdone Bitcoin Hits $40,000 Level for the First Time Since May 2022 India Boosts Emerging Market ETFs as US Yields Dip, Dollar Falls Bitcoin Hype Machine Kicks Into Overdrive While Cryptocurrency Surges Past $42,000 Gold Retreats From Record High as Fed Pivot Bets May Be Overdone Wall Street Wisdom on Who Sells in a Market Crisis Gets Debunked Spot Gold Rises to Record on Dovish Fed Remarks Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs Activity in China State Fund’s Favorite ETF Signals More Buying The Yield Hunt Is Finally Back On for Buyers in Emerging Markets Should You Buy Bitcoin? All You Need to Know After Token Hits $40,000 Grayscale Trust Becomes ‘Live Betting Line’ for Spot Bitcoin ETF Investors Yank Money Out of ETFs Tracking Inflation-Protected Bonds Bitcoin Brings $40,000 Into View After More Than Doubling in a Chaotic Year China Stocks Trim Losses on Report State-Owned Firm Bought ETFs Coinbase Stock Triples in 2023 After Firm Survives Crypto Chaos Cathie Wood Clocks in Best Month Ever Despite Waning Fanbase Vanguard’s Biggest Bond ETF Becomes First to Break $100 Billion MicroStrategy’s Saylor Makes Biggest Bitcoin Purchase In More Than 2 Years World Series breakthrough for teams’ business Shane Pinto suspension the result of a regulated gambling market that works, say industry insiders Canadian Football League fanatics fuel financials What’s next for private equity investment in professional sports? Canada’s Davis Cup team finding love Impact of Jersey Ads on the NHL Promising Puck Drop for PWHL Betting on Women's Sports is on the Rise NHL expands market to Oz ‘Tis the Season for Selling Sports Books Television deals, ratings generate record-setting NFL revenue Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Charlotte Yang, Bloomberg News , (Bloomberg) -- Doubts over BYD Co.’s sales targets and smart-car capabilities drove a $12 billion selloff in the Chinese electric-vehicle maker last month, even as it draws closer to Tesla Inc. as the industry’s top seller. Hong Kong-listed BYD plunged 12% in November while Tesla and local rival XPeng Inc. gained more than 15% each. BYD’s loss was fueled by concerns over its ability to meet sales targets amid a difficult macro outlook, and the impact of price cuts to stave off tough competition. There are also questions over whether BYD’s cars can compete with the intelligent, connected offerings from rivals. These are coming not only from established EV players but also new entrants including smartphone titan Huawei Technologies Co. “The growth profile of BYD is being questioned,” and the company could wind up losing market share, said Xiadong Bao, a fund manager at Edmond de Rothschild Asset Management. “The arrival of Huawei in the EV segment, will definitely shorten the time-to-market” for new Chinese products, and BYD is “more vulnerable” given its lagging tech. Cloudy Outlook BYD shares had actually outperformed in October as record sales pushed it closer to overtaking Tesla in deliveries of pure EVs. The market quickly turned bearish again, however, as the company increased discounts in an effort to continue driving sales. With other headwinds including a selldown by longtime backer Warren Buffett’s Berkshire Hathaway Inc. and a European Union anti-subsidies probe into Chinese EVs, BYD shares have severely lagged most peers. Some are betting on further losses, with short interest rising to over 4% of the free float over the last three weeks, according to IHS Markit data. The stock’s weakness has helped drive the forward earnings multiple down to its lowest in about 12 years, which could be attractive to bargain hunters. That valuation is “undemanding,” but it “depends heavily” on strong results estimates, which are now in question, said Edmond de Rothschild’s Bao. Growth has declined over the past three quarters and consensus expects a further slowdown over the next two periods. While BYD’s sales reached another record last month, they were basically flat with the level in October. That might not help placate investors who have been questioning BYD’s sales goals for three million units this year and four million in 2024. Peaking retail sales is a major reason reason for investor caution, along with price cuts, rising inventories and increasing competition, according to UOB Kay Hian Holdings Ltd., the only broker with a sell rating on the company. Smarter Cars Founded in 1995 with a focus on batteries, BYD is strong in power technologies, and has always stressed the safety of its products. Smaller, younger peers like XPeng and Li Auto Inc., in contrast, have put resources into software development and sexy smart features, meaning BYD is now finding it necessary to increase investment to catch up. BYD remains the dominant auto brand in China, having overtaken Volkswagen AG for the top sales spot this year. Its lineup of affordable electric and hybrid vehicles at dozens more price points than its emerging peers give it broad appeal. Still, investors see mounting challenges. Huawei has already made a big splash in EVs, with strong orders for models that feature its advanced driver assistance system and other tech. The company is also building a large network of smart-car partners in the auto manufacturing and tech fields. “The emerging alliance led by Huawei, the unrivaled leader in intelligent connected vehicle and autonomous driving technologies in China, will constitute a formidable threat to the established incumbent BYD,” UOB Kay Hian analysts including Ken Lee and Bella Lu wrote in a note. Meanwhile the Chinese government has been increasing support for autonomous driving, toward levels where cars can essentially drive themselves. Morgan Stanley recommends shares of Li Auto, XPeng and Nio Inc., saying they will benefit from the market’s growing adoption of so-called navigation-on-autopilot technology. “BYD will need to refresh its model lineup or have more competitive model launches given the challenging sector competition into 2024,” analysts including Tim Hsiao and Shelley Wang wrote in a note. The company also faces the risk that an ongoing price war with Tesla “may keep consumers from purchasing as they continue to expect ever cheaper cars.” Top Tech Stories AT&T Inc. will tap Ericsson AB to modernize its US wireless network, a project that could amount to almost $14 billion over five years. Rockstar Games released the first trailer for the newest version of Grand Theft Auto, giving fans a glimpse of what’s likely to rank as one of the industry’s top-selling titles. Five9 Inc. has been exploring a potential sale, people with knowledge of the matter said, a little more than two years after the call center software provider scrapped a multibillion-dollar takeover by Zoom Video Communications Inc. --With assistance from Danny Lee. ©2023 Bloomberg L.P.