Sunday, March 3, 2024

Asian markets generally rise, Australian stocks open lower

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3 hours ago

China’s Xiaomi unveils first EV aiming to compete with Porsche and Tesla

Chinese consumer electronics company Xiaomi announced its long-awaited electric car on Thursday, December 28, 2023, but did not reveal the price or specific release date.

CNBC | Evelyn Chen

Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter the country’s oversaturated electric vehicle market and compete with auto giants Tesla and Porsche with a vehicle it said it spent more than 10 billion yuan ($1.4 billion) to develop. .

The model, known as Xiaomi SU7, “is in prototype production and will be launched in the domestic market within a few months,” CEO Lei Jun said. Tuesday’s post on the X social media platform formerly known as Twitter. “The price has not been determined yet.”

The Xiaomi SU7, pronounced “su-chie” in Mandarin, will outperform Porsche’s Taycan and Tesla’s Model S in acceleration and other metrics, Lei said during a three-hour presentation on Thursday.

Read the full text here.

— Evelyn Chen

3 hours ago

CNBC Pro: Fund managers are wary of European stocks, BofA survey finds – here’s why

Fund managers are cautious about the outlook for the European economy and stock markets into 2024, but see some opportunities for investors.

A recent Bank of America survey found that 68% of professional investors surveyed think European stocks will be on the upswing in 2024, while 65% think they will be on the downside in the short term. BofA surveyed 254 participants with $691 billion in assets under management.

It comes after an eventful year for European stocks, with the Stoxx 600 index up 12.65% as of December 28th.

CNBC Pro subscribers can read about fund manager expectations here.

— Amara Balakrishna

3 hours ago

CNBC Pro: Piper Sandler reveals top 3 biotech stocks for 2024 – one with 90% upside potential

Piper Sandler has named three small- and medium-sized pharmaceutical stocks as its 2024 Top Picks due to their attractive valuations, product approval/launch pipelines, innovation plans, and clinical data readouts over the next year.

The investment bank’s optimism for biotech stocks comes as the sector is finally showing signs of recovery.

Analysts at Piper Sandler said: “After another difficult year, there are signs that biotech will recover heading into 2024. A pause or even reversal of interest rate hikes could be constructive for biotech financing. “M&A (mergers and acquisitions) continues to be active,” he said, revealing the top performers. KK.


— Amara Balakrishna

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