Global Market developments include The global economy is experiencing significant changes, including China’s slower expansion in non-manufacturing activities and the Yen’s decline to 1990-levels.
World Street is experiencing various developments, including slower growth in China’s non-manufacturing activity, sluggish Q1 net profit and revenue growth for BYD, Tesla’s self-driving technology debut in China, and a revised downward steel demand outlook for 2024.
Tesla speed up in China
Tesla is accelerating its rollout of advanced self-driving technology in China, requiring approval from Chinese regulators to meet data safety requirements, with investors anticipating its Full Self-Driving software release.
Steel demand will rise
Eurofer revised its 2024 steel demand forecast for the second time, predicting a 3.2% growth rate due to geopolitical tensions, economic uncertainties, and high interest rates, causing a loss of momentum in the European steel market.
China’s non-manufacturing activity
China’s non-manufacturing activity expanded at a slower rate in April due to adverse weather disruptions in the southern region, impacting construction and services businesses. The official non-manufacturing Purchasing Managers’ Index declined from 53.0 in March to 51.2 in April.
BYD results
Chinese electric vehicle manufacturer BYD experienced its slowest quarterly profit growth since 2022, with revenue growth at its lowest level in nearly four years. Despite this, BYD outpaced rival Tesla, which reported its first quarterly revenue decline since 2020 due to the COVID-19 pandemic. However, BYD lost its position as the world’s top EV seller to Tesla in Q1, a decline in the official non-manufacturing Purchasing Managers’ Index.
Yen At 1990’s levels
The Japanese Yen fell to its lowest level since 1990, reaching 160.03 against the dollar. Analysts suggest the volatility may be due to the closure of the stock market and low interest rates.
Philips’s $1.1 billion settlement
Philips Respironics has reached a $1.1 billion settlement to settle claims of personal injury on recalled sleep apnea devices, which could cause carcinogenic fumes, after the FDA received reports since 2015.
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