China's RTX6000D from Nvidia Not Prohibited, Yet Criticized for Mediocre Performance
In the world of finance, several significant events have transpired over the past few days. Here's a round-up of the latest news:
The Chinese government's internet regulator has not imposed a ban on companies purchasing Nvidia's RTX Pro 6000D chip, according to a statement from the Ministry of Foreign Affairs spokesperson, Lin Jian. This clarification comes as a relief to the tech industry, which has been closely watching developments in this area.
In the stock market today, the US dollar strengthened overnight, with Japan, Taiwan, and South Korea performing exceptionally well. However, Mainland China and Hong Kong underperformed in this context.
Despite weakness in robotics and other growth stocks, Mainland investors showed their faith in the Hong Kong market by purchasing stocks to the tune of $808 million via Southbound Stock Connect. This move indicates a positive sentiment towards the region despite the market's temporary downturn.
In the tech sector, Huawei is gearing up for the production launch of its Ascend AI chips and AI infrastructure node called TaiShan950 SuperPoD in Q4 of this year. The new product will consist of 8,192 computing cards, marking a significant step forward in Huawei's AI capabilities.
The financial sector also saw some positive developments. Securities stamp tax revenue increased by 226% Year-on-Year (YoY) to RMB 25.1 billion in the latest tax revenue announcement. This growth suggests a robust and active market, despite the occasional market fluctuations.
The price of steel and copper decreased by 0.19% and 1.14%, respectively, indicating a slight dip in the commodity market. However, it's important to note that these changes are relatively small and may not significantly impact the overall market trends.
Over the past ten years, the number of charging stations in China has increased from 53.5% YoY to 17.348 million, a testament to China's commitment to sustainable and electric transportation.
In the bond market, the yield on the 10-Year Government Bond is 1.85%, up from 1.83% the previous day. Similarly, the yield on the 10-Year China Development Bank Bond stands at 1.93%, also up from 1.91% the previous day.
Exchange rates remained stable, with the CNY to EUR rate at 8.40, the same as the previous day, and the CNY to USD rate at 7.10, also unchanged.
In other news, the company behind Pop Mart, a Chinese toy manufacturer known for its collectible designer toys like Labubu, is leading a new trend in the USA and influencing Chinese culture. Wang Ning, the founder and CEO of Pop Mart, is at the helm of this success.
Tomorrow promises to be a big trading day, with the S&P, Russell & FTSE indices set to rebalance, making it a significant day for passive funds. Additionally, China's asset management industry has launched another round of fourteen tech bond funds, raising RMB 407 billion.
Lastly, Mainland and Hong Kong-listed chip makers, along with Mainland tech hardware and Hong Kong pharmaceuticals, have been one of the few areas of strength in the stock market, offering a glimmer of hope amidst the occasional market volatility.
