Business Brief (Oct. 29): China Overtakes U.S. as Germany’s Top Trader
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China reclaims top German trade partner spot
China has reclaimed its position as Germany’s top trading partner, surpassing the U.S. and highlighting the European economic giant’s deepening reliance on Chinese supply chains for critical components like semiconductors and rare earths.
China and ASEAN sign upgraded free trade protocol
China and ASEAN signed the 3.0 version of their free trade area upgrade protocol in Kuala Lumpur, Malaysia. According to China’s Ministry of Commerce, both sides have agreed to temporarily waive customs duties on electronic transmissions and to promote the mutual recognition of electronic authentication and signatures.
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- China regained its status as Germany’s top trade partner and signed an upgraded free trade protocol with ASEAN, waiving customs duties on electronic transmissions.
- Nvidia invested $1 billion in Nokia for AI-RAN and 6G; its market cap hit $5 trillion, while Apple’s rose above $4 trillion.
- BYD surpassed Tesla as Hong Kong’s top EV seller; Qualcomm stock rose 11% after launching its first new server AI chip in six years.
- Natixis
- Natixis is a French investment bank. They noted that Chinese banks are facing increasing pressure due to the country's slowing economic growth and a slumping property sector. Additionally, Chinese banks are shouldering more of the costs associated with government stimulus policies.
- Postal Savings Bank of China Co. Ltd.
- Postal Savings Bank of China Co. Ltd. (中国邮政储蓄银行股份有限公司) has received regulatory approval to establish its own investment firm. This makes it the ninth bank-backed investment firm in China and completes the rollout of such arms across the country's "Big Six" state-owned lenders.
- Nvidia
- Nvidia plans to invest $1 billion in Nokia to advance AI-RAN and 6G technology, as announced by CEO Jensen Huang. The company's stock rose, pushing its market capitalization to $5 trillion, making it the second U.S.-listed company to hit this milestone.
- Nokia
- Nvidia plans to invest $1 billion in Nokia. This investment aims to accelerate the development of AI-RAN and 6G technology jointly. The announcement was made by Nvidia CEO Jensen Huang, who also highlighted a broader vision for AI encompassing 6G, quantum computing, robotics, and autonomous driving.
- Apple
- Apple's market capitalization recently surpassed $4 trillion, a 0.2% increase in its shares contributed to this milestone. This makes Apple the third U.S.-listed company to achieve this, following Nvidia and Microsoft.
- Microsoft
- Microsoft is one of three U.S.-listed companies to have reached a market capitalization of $4 trillion, a milestone also achieved by Nvidia and Apple.
- First Abu Dhabi Bank
- Postal Savings Bank of China Co. Ltd. has received regulatory approval to establish its own investment unit, making it the ninth bank-backed investment firm in China. This completes the rollout of such arms across China's "Big Six" state-owned lenders. The article also mentions that the People's Bank of China has authorized First Abu Dhabi Bank to be the renminbi clearing bank in the UAE.
- BYD
- BYD has surpassed Tesla to become the leading seller of electric vehicles in Hong Kong. This highlights a significant achievement for the Chinese automaker in a competitive market.
- Tesla
- BYD has surpassed Tesla to become the leading seller of electric vehicles in Hong Kong.
- Qualcomm
- Qualcomm's stock saw an 11% surge following the launch of its first new server AI chip in six years. This development was further bolstered by a significant order secured from the Middle East.
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