In the latest economic news, China’s dollar-denominated exports have seen a significant jump in the first two months of 2024. According to official data, these exports increased by 7.1% year-over-year, surpassing expectations and indicating a positive trend for the country’s trade sector. Additionally, imports also saw a rise of 3.5% year-over-year, totaling $402.85 billion.
On the other hand, shares of Chinese biotech companies Wuxi AppTec and Wuxi Biologics took a hit after the U.S. Senate homeland security committee approved a bill that could restrict business with Chinese biotech companies on national security grounds. This news caused a sharp decline in the stock prices of these companies, sparking concern among investors.
Meanwhile, Goldman Sachs has expressed optimism about Indian stocks, bonds, and the rupee, citing last year’s earnings growth as a driving factor for the positive outlook. Indian benchmark indexes reached record highs recently, with expectations of further growth in the market.
In the tech sector, JD.com experienced a surge in its stock price after beating revenue estimates and announcing a share buyback plan. The e-commerce company’s fourth-quarter earnings exceeded expectations, leading to a rise in its shares.
In other market news, Japan’s Nikkei 225 reached a fresh all-time high, driven by gains in energy and financial stocks. The rally in the market was also supported by strong performances from companies like Kawasaki Heavy Industries and Sumitomo Mitsui Trust Holdings.
Lastly, Bitcoin saw a slight dip in its price after a recent rally that pushed it to a record high. The cryptocurrency’s volatility and the prospect of Federal Reserve rate cuts have influenced its price movements, with market experts emphasizing the importance of prudent risk management.
Overall, the global market continues to show resilience and volatility, with various factors influencing the performance of different sectors and assets. Stay tuned for more updates on the latest economic developments.
