Business Brief (Oct. 9): China’s Holiday Travel Hits Record
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Holiday travel hits record
During the combined National Day and Mid-Autumn Festival holiday, an estimated 2.4 billion cross-regional trips were made nationwide, a new record. The daily average of 304 million trips represented a 6.2% year-on-year increase, with significant traffic concentrated in major urban clusters like the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Greater Bay Area.
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- Holiday travel in China reached a record 2.4 billion trips; spot gold hit a record $4,038/oz, up over 52% year-to-date.
- Sanae Takaichi is poised to become Japan's first female prime minister; U.S. government shutdown continues, delaying key economic data.
- China’s financial assets topped $11 trillion; OPEC+ to raise oil production; global trade growth forecast cut by WTO.
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Who’s Who
- Tesla
- Tesla launched new, lower-priced versions of its vehicles. This move was made to mitigate the effect of discontinued U.S. government subsidies.
- AMD
- AMD (超微半导体) secured a significant order for artificial intelligence chips from OpenAI. This news led to a substantial increase in AMD's share price, with a reported jump of up to 37% at one point.
- OpenAI
- OpenAI has secured a significant order for artificial intelligence chips from AMD, which led to a substantial rise in AMD's shares. Furthermore, OpenAI completed a share sale at an unprecedented valuation of $500 billion.
- S&P Global
- S&P Global's local subsidiary in China received a warning from the Chinese securities regulator. This warning was issued because the subsidiary failed to comply with rules regarding consistency and information disclosure.
- BYD
- BYD, a Shenzhen-listed company, experienced a decrease in its new-energy vehicle sales. In September, the company sold 396,270 units, which is a decline from the 419,426 units sold in the same period last year.
- Tianan Property Insurance Co. Ltd.
- Tianan Property Insurance Co. Ltd. defaulted on a 5.3 billion yuan capital supplement bond. This incident marks the first default of its kind within China's insurance industry.
- Goldman Sachs
- Goldman Sachs has updated its gold price forecast, now expecting gold to reach $4,900 an ounce by December 2026. This indicates a significant upward revision in their outlook for the precious metal.
- BHP Group Ltd.
- BHP Group Ltd. is an Australian company. China has suspended iron ore purchases from BHP Group Ltd. Australia's prime minister has expressed concern about this suspension.
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