Investment Experts on Asia's Sustainable Finance Future
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BYD Just Blinked -- China's EV Throne Now Up for Grabs
BYD Co. (BYDDF), the world's largest EV seller, just hit a speed bump. July deliveries came in at 344,296 unitsbasically flat from a year ago and down 10% month-on-monthmarking the company's first monthly decline of 2025. While summer slowdowns aren't new in China's auto market, the timing couldn't be worse. With only 2.49 million vehicles sold year-to-date, BYD now needs to average 602,000 units per month to hit its 5.5 million goal. That's a steep climb, especially considering its all-time monthly high is still under 515,000. To make matters tougher, Beijing is cracking down on discount-driven price wars, tightening the screws on the entire sector. Warning! GuruFocus has detected 1 Warning Sign with NVO. Meanwhile, the competition is heating up fast. Geely just posted its strongest month since last November with 237,717 units. Xpeng and Leapmotor both notched record-breaking deliveries36,717 and 50,129 vehicles, respectivelywhile Xiaomi broke through the 30,000-unit mark for the first time. Even Nio, despite logging its weakest month since March, saw its stock jump 8.6% after the launch of its aggressively priced Onvo L90, which some analysts view as a strong product-market fit. Li Auto, on the other hand, took a hitdown 40% year-on-year to just over 30,000 units. Zooming out, retail passenger vehicle sales in China were estimated to grow 7.6% year-over-year in July but fell 11% versus June, reflecting broader seasonal softness. Still, the narrative around BYD could be shifting. It's not just about volume anymoreit's about defending market share in a field that's suddenly full of fast-moving challengers. With delivery targets slipping out of reach and new rivals scaling up at speed, the race for EV dominance in China is looking a lot more competitive. This article first appeared on GuruFocus.
Yahoo
39 minutes ago
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Flow Traders Ltd (FLTLF) (Q2 2025) Earnings Call Highlights: Record Trading Income and ...
Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Flow Traders Ltd (FLTLF) achieved a net trading income of 143.4 million in the second quarter, marking the fourth consecutive quarter of triple-digit NTI. The company's total value traded increased by 14% year over year, reaching close to 1.7 trillion, the third highest quarter in company history. Flow Traders Ltd (FLTLF) recorded an EBITDA of 68 million in the quarter, more than triple the results from a year ago, with a 47% margin. The company's trading capital reached record levels, increasing by 33% year over year to 831 million. Flow Traders Ltd (FLTLF) maintained its position as a leading liquidity provider in ETPs in Europe amidst increased market activity and volatility. Negative Points Market activity declined gradually from the second half of April into May and June, with volatility in July running below historical averages. There was a meaningful decrease in contributions from digital assets compared to the same quarter a year ago. Fixed operating expenses increased by 15% year over year to 49.8 million, driven by select hiring and technology investments. The company's market ETP value traded declined in Europe and Asia in the second quarter compared to the first quarter. Flow Traders Ltd (FLTLF) faced a decrease in trading volumes in cryptocurrencies compared to the first quarter. Q & A Highlights Warning! GuruFocus has detected 2 Warning Signs with FLTLF. Q: Can you provide insights into the strong performance in the US, especially given the weak crypto trading activity in Q2? A: The strong performance in the US was driven by increased volatility and market activity, which presented significant opportunities. Historically, during volatile times, the size and depth of the US market improve profitability. While crypto trading was muted, capital was reallocated towards equities and fixed income, enhancing returns. (Unidentified_4) Q: Could you elaborate on the All Unity stablecoin project and its expected economic impact? A: All Unity is a tokenization platform launching a MiCA-compliant EUR stablecoin, EuroAU, backed by Flow Traders, DWS, and Galaxy Digital. The stablecoin is regulated and aims to connect traditional financial markets with digital assets, enhancing market efficiency. The economics are similar to other stablecoins, but with regulatory backing. (Unidentified_5) Q: How does Flow Traders plan to capitalize on regional differences in Europe, America, and Asia Pacific? A: In Europe, Flow Traders maintains a leading position in ETP trading. In the Americas, the large market size and volatility present growth opportunities, though it's competitive. Asia Pacific offers significant growth potential, especially with the expanding Chinese ETF market. The firm aims to provide liquidity and enhance market presence globally. (Unidentified_4) Q: What drove the operational cost increase of 40% and the 8 million impairment of intangibles? A: The operational cost increase was mainly due to higher variable compensation and additional hires. The 8 million impairment of intangibles relates to a reversal of previous impairments in the trading books, with corresponding positives recorded in NTI due to hedging. (Unidentified_5) Q: What qualities will the new CEO, Thomas Spitz, bring to Flow Traders, and will there be strategic changes? A: Thomas Spitz brings a diverse background in trading, sales, and research, with a focus on innovation. He will continue executing the firm's growth and diversification strategy, enhancing it with his experience to identify new opportunities. No immediate strategic changes are planned, but his leadership is expected to accelerate growth. (Unidentified_3) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
39 minutes ago
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Trump's New Tariff Tsunami: Is a Global Recession the Next Chapter?
Four months after Donald Trump rattled markets with a tariff-filled placard at the Rose Garden, the president has followed through with a sweeping new tariff regimeand this time, the investor reaction was more muted, but far from calm. The average US tariff rate is now set to climb to 15.2%, up from just 2.3% before Trump first took office, marking one of the steepest climbs in modern trade history. While markets initially held upS&P 500 futures dipped ~1%, Asia and Europe fell modestlysome of the new figures turned heads, including a 39% tariff on Swiss imports and 35% on certain Canadian goods. For investors, the message is clear: the tariff cycle isn't over, and uncertainty is back on the table. Warning! GuruFocus has detected 2 Warning Signs with FLTLF. Economists are already modeling the fallout. According to Bloomberg Economics, the 12.8 percentage point jump in average tariffs could shave 1.8% off US GDP over the next two to three years, and push core inflation up by around 1.1%. That's not just a numberit's a macro headwind with real consequences for rate policy and corporate earnings. Former IMF Chief Economist Raghuram Rajan called it a serious demand shock that could force global central banks to start cutting. Meanwhile, Fed Chair Jerome Powell pushed back on rate cut calls, but admitted that persistent price pressures from tariffs could be a risk to manage. For multinationals and exporters, the road ahead may get bumpier as consumption patterns shift and investment plans stall. And there's more coming. Trump's team is expected to roll out additional sector-specific tariffstargeting semiconductors, critical minerals, and pharmaceuticalsin the weeks ahead. Companies with global supply chains, including Tesla (NASDAQ:TSLA), could face heightened scrutiny under a new 40% penalty aimed at deterring transshipment, though exact enforcement rules remain vague. Nations like Canada and Mexico may breathe easier thanks to USMCA carve-outs, but othersespecially those hit with 15% or higher ratesmay find themselves repricing or rerouting exports entirely. As one former US trade official put it: Don't assume this is the end of the story Trump sees this as an ongoing reality show. For investors, the playbook is shifting. Again. This article first appeared on GuruFocus.
