Latest information on China
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The value of Chinese stocks on Wall Street has skyrocketed from just billions of dollars to two billion dollars over the last two decades as investors closed their eyes. Unstable legal structure Supports many of the country’s largest US lists.
However, Beijing’s crackdown on China’s $ 100 billion tutoring industry last week included a ban on companies using this structure, known as the Variable Interest Entities (VIE), among the world’s largest investors. There is growing concern about a wider range of disasters for some.
The move has wiped tens of billions of dollars from the market value of New York-listed Chinese companies, fearing that the VIE tutoring ban could extend to other sectors.
At least for now, the plunge in Chinese stocks has slowed.Technology-intensive Nasdaq Composite Index 0.7% increase Wednesday following the rout of Chinese stocks this week. Hong Kong’s Hang Seng Index fell more than 4% on Tuesday and then rose more than 1%. China’s CSI300 Index, which is listed on Shanghai and Shenzhen, has risen 0.2% after falling 3.5% in the previous session.
Meanwhile, CEO of DWS, one of Europe’s largest investors, has rejected intensifying regulatory crackdowns in China: “noise”..
5 more stories in the news
1. Fed signal taper determination is approaching The Federal Reserve signaled that it was Get closer Withdraw support for the US recovery by tapering central bank asset purchases. For now, the Federal Open Market Committee has said it will keep its key interest rates close to zero and will continue to buy $ 120 billion in debt per month at the end of the two-day meeting.
2. US infrastructure trading approaches finish line A group of US Senators and President Joe Biden $ 1 Trillion Bipartisan Infrastructure BillThere is a new vote in one of the US President Joe BidenThe highest priority economic priority possible later in the US evening. (FT, AP)
3. Taliban officials visit China The Taliban’s top executive, Mullah Baradar Akhund, led nine members Delegation to Beijing According to a Muslim group, he met Chinese Foreign Minister Wang Yi on Wednesday during a two-day visit. The group discussed security issues as regional powers struggled to protect their interests in the final stages of the US withdrawal of troops from Afghanistan.
4. Biden warns that cyber attacks could lead to a “real shooting war” Joe Biden’s cyberattack escalated Full-scale war Tensions between Russia and China have increased over a series of hacking incidents targeting US government agencies, businesses and infrastructure.
5. Morgan Stanley raises junior wages Morgan Stanley Salary increase For junior investment bankers, Wall Street’s latest bank has raised salaries in response to complaints about the industry’s harsh working conditions. According to someone familiar with the matter, first-year investment banking analysts earn $ 100,000 a year, and second-year analysts take $ 105,000 home.
Summary of the Tokyo Olympics
Japanese Yui Ohashi Beat her Second gold medal After defeating American Alex Walsh in a 200-meter personal medley. She is the first Japanese female swimmer to win two Olympic gold medals.
Fiji After defeating Argentina 26-14 in the semi-finals on Wednesday, he is maintaining a course to maintain the Olympic title at the Rugby Sevens Games.
Athletes Express concern About the conditions when the temperature exceeds 30 degrees Celsius and the humidity reaches 63%. “I can finish the match, but I can die,” said the Russian Olympic Commission. Daniil Medvedev Said Tennis referee.
A very metallic moment in Olympic tennis now, casually asking what would happen if Medvedev died on the court pic.twitter.com/kotZxePtEw
— Timothy Burke (@bubbaprog) July 28, 2021
The day before
Robinhood IPO The retail brokerage app will begin trading today under the Nasdaq ticker “HOOD.”We are seeking a valuation of up to $ 35 billion Price between $ 38 and $ 42 per share.. The decision to book an unusually large stake for its clients has inspired money managers towards a volatile trading debut.
Revenue Credit Suisse gets a lot of attention New chair Antonio Orta Osorio When a 165-year-old bank reported earnings today following the turmoil of the Greensill and Arquegos scandals. Big Tech’s Banner Week is expected to continue when Amazon reports in the United States on Thursday. There are also results from Airbus, Mastercard, Samsung and Total.View the complete list here..
US GDP The second quarter figures for gross domestic product to be announced today are: 9.2 percent accelerationHowever, growth in the pandemic era can peak. (CNBC)
Fully vaccinated visitors England Allowed to come from parts of the United States and Europe Skip quarantine, The Secretary of Transportation of the United Kingdom announced.
Google Became a worker for the first time as a major tech company in the United States Vaccination Before they get back to work on one of those campuses.
Developing country” Restricted access to vaccines can hinder the recovery of the global economy from a pandemic. IMF warned..
What else are you reading
It’s never too late to save Tunisia’s volatile democracy As the then Army staff Abdel Fattah Alsisi took action in Egypt in 2013, as the United States and the EU showed prejudice, watching in which direction the wind was blowing in Tunisia. You can see it, This is myopic, Written by David Gardner, International Affairs Editor. The US and EU should use the leverage they still have.
Hong Kong’s warning about the threat of terrorism faced skepticism After authorities branded two cases in the territory this month as follows: terrorismExperts are asking whether suppression of complaints encourages violent underground resistance. Others are wondering if authorities are abusing isolated events to build Xinjiang-style security crackdown cases.
Investors Shift to Custom Equity Portfolio The biggest name for asset management is preparing for a major shift to the era demanded by investors Customized equity portfolio It has traditionally been the protection of wealthy customers. Fund managers expect this to be the next step in financial democratization.
Have we entered a new phase of climate change? Canadian villages recorded a heat of 49.6C, tsunami-like floods struck German towns, and Chinese subway passengers were standing in chest-high water.Scientists have long predicted that temperatures will rise smoothly, but the view is Is starting to change..This is End of summer As we know. (FT, NYT)
2021 Summer HTSI Culture Guide Selected by top fashion designers, actors, stylists and journalists Their favorite Summer books, playlists and podcasts full of reading, listening and viewing.
FirstFT: Wall Street angst over China stocks Source link FirstFT: Wall Street angst over China stocks