Israel-Iran ceasefire: AVIC Chengdu share price rises for second straight session. More steam ahead?
Defence and tech sectors led gains for China stocks, which were up for the fourth straight session, as per a Reuters report. Meanwhile, the CSI Defence Index rallied 1.9%, with AVIC Chengdu Aircraft share price gaining over 3% in intraday deals today.
Analysts said markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
43 minutes ago
- Time of India
Tesla deliveries slump, Musk's EV maker stares at second year of falling sales
Tesla is headed for another year of shrinking sales after it posted a second straight drop in quarterly deliveries, dragged down by CEO Elon Musk 's right-wing political stances and an aging vehicle line-up that has turned off some buyers. The automaker now needs to deliver over one million vehicles in the typically strong second half to avoid another annual sales decline - a task that some analysts say could prove difficult due to tariff-driven economic uncertainty and threats to phase out key EV incentives under the Trump administration's sweeping tax bill, including the $7,500 credit on new sales and leases. It reported on Wednesday that deliveries fell 13.5% in the second quarter, missing analysts' expectations even after Musk said in April that sales had turned a corner. Still, shares, down about a quarter this year, rose 4.5% as the drop was less severe than the bleakest analysts views, partly helped by a modest demand recovery in the competitive Chinese market, where its refreshed Model Y has gained some traction. Some investors welcomed the numbers, though with caution. "You need two dots to draw a line. I don't think you can get too excited yet until you have some confirmation (of a demand recovery)," said Camelthorn Investments adviser Shawn Campbell, who personally holds Tesla shares. "We've had so much bad news - almost any good news is going to help at this point." While Tesla has leaned on offers such as low-cost financing to boost demand, it has yet to roll out long-promised cheaper models in a market where snazzy and feature-packed EVs from its Chinese rivals have been winning over buyers. Tesla had said it would start producing a cheaper vehicle - expected to be a pared-down Model Y - by the end of June, but Reuters reported in April it was delayed by at least a few months. An escalating feud between Musk and U.S. President Donald Trump over the tax bill has also worried investors as it could potentially alienate more buyers after Musk's embrace of right-wing politics eroded demand in Europe and the U.S. and increase regulatory scrutiny of the robotaxis that are central to its nearly trillion-dollar valuation. Model Y optimism In the second quarter to June 30, Tesla handed over 384,122 vehicles, down from 443,956 units a year ago. Still, the number marked an increase of 14% from the January-March period. Analysts expected the company to deliver 394,378 vehicles, according to an average of 23 estimates from Visible Alpha, although projections dropped as low as 360,080 units based on estimates from 10 analysts over the past month. "While overall deliveries are still down year-over-year, the rate of decline has slowed significantly - indicating a possible bottoming out and even the potential for growth in the second half of the year," said Sandeep Rao, a senior researcher at Leverage Shares, which also holds Tesla shares. Tesla in June snapped eight straight months of sales decline in China, a sign that its refreshed Model Y crossover SUV was attracting some buyers despite tough competition from more affordable Chinese rivals such as BYD. Some analysts said Tesla has benefited from its premium, reliable brand image in China, where local buyers are growing wary of domestic automakers reselling lightly used vehicles as new - a practice known as "zero-mileage used cars." Sales also rose in Norway and Spain last month as some buyers turned to the new Model Y in a region where Musk's politics had sent Tesla sales into a free fall.
Hindustan Times
an hour ago
- Hindustan Times
Tesla sales plunge again amid anti-Musk sentiment and rising competition
Tesla is facing the heat of a slowdown in sales owing to Musk's association with Donald Trump and increasing competition from rival brands. Notify me EV sales of Tesla have plunged again amid the anti-Elon Musk sentiment and increasing competition from rivals. In the last three months (April-June), sales of Tesla electric cars dropped sharply as boycotts over Elon Musk's political views continue to keep buyers away. In the first quarter of this financial year, global sales of Tesla cars fell to 384,122 units, down from 443,956 units registered in the same period a year ago. However, sales of the Tesla Model 3 and Model Y totalled 373,728, above the estimate of 356,000 from Wall Street analysts, which was encouraging for the brand. The 13 per cent plunge in Tesla's global sales over a year earlier suggests the damage to the EV maker's brand from Musk's embrace of US President Donald Trump and far-right European politicians is much deeper, widespread and lasting than some investors had expected, reported news agency AP. It further reported that the figures recorded by Tesla in the last quarter also signal that its quarterly earnings report due later this month could disappoint as rival electric vehicle makers pounce on its weakness and steal its market share. However, the report also stated that, as during the latest period, Musk formally left the Trump administration, sales would recover. The Tesla CEO himself recently said the company was in the midst of a major rebound in sales. However, his statement was contradicted by the latest figures. Meanwhile, Musk has promised that a cheaper electric car is in the works, which would be coming this year. Upon arrival, this cheaper electric car from the brand is expected to boost the company's sales numbers. The latest sales numbers come as Tesla is focusing less on new car models and more on robots, self-driving technology and robotaxis ferrying passengers around without any driver interference. Meanwhile, Tesla is facing increasing competition from rivals, especially Chinese auto OEMs like BYD. The competition from rival EV makers is especially fierce in Europe, where China's BYD has taken a bite out of its market share. Tesla sales fell 28 per cent in May in 30 European countries, even as the overall market for electric vehicles expanded sharply, revealed the European Automobile Manufacturers' Association. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 03 Jul 2025, 07:50 AM IST
Economic Times
an hour ago
- Economic Times
Beijing wary as US plots quiet trade war to isolate China; India in negotiation room
The trade truce between Washington and Beijing may be holding for now, but China is increasingly wary about what's happening elsewhere: US efforts to forge deals that could isolate Chinese firms from global supply chains. ADVERTISEMENT Ahead of a July 9 deadline, US officials are deep in talks with major trading partners in Asia and Europe, pushing for new agreements that would include restrictions on Chinese content, or secure commitments to counter what Washington sees as China's unfair trade practices. Trump says US has struck trade deal with Vietnam In the first such deal, President Donald Trump on Wednesday announced a tiered tariff agreement with Vietnam. Exports to the US from the Southeast Asian nation will be charged a 20% rate, Trump said in a social-media post, with 40% levied on any goods deemed to be transshipped through the country. That will hit products with components from China and possibly other nations, which are routed through Vietnam or subject to only minimal final assembly before being exported to the US. The approach mirrors provisions in an existing US trade agreement with Mexico and Canada. Also Read: US-Vietnam trade deal offers cautionary lessons for India, says GTRI Report ADVERTISEMENT Although Trump shared the broad contours of the agreement, the White House has not yet released further details and some of the agreement could be in development, so it's unknown yet how damaging this could be for China's growing exports to Vietnam. China's Ministry of Commerce didn't respond immediately to a request for comment. India, another nation seen as close to a deal, has also been negotiating over 'rules of origin.' Washington wants at least 60% of a product's value added locally to qualify as 'Made in India' and benefit from the deal, Bloomberg News previously reported. India has pushed to bring that down to around 35%, according to the report. ADVERTISEMENT 'Asia's dilemma when it comes to Trump's trade war is all about dependence on US final demand while relying heavily on China's value added in domestic production,' Alicia Garcia Herrero, Asia-Pacific chief economist at Natixis SA, said in a recent report, adding that Vietnam, Cambodia and Taiwan were among the most a larger trade partner than the US for most Asian economies, has warned of consequences if its interests are threatened, and Foreign Minister Wang Yi is likely to raise that again on his visit to Europe this week for talks in Brussels, Germany and France. ADVERTISEMENT 'China firmly opposes any party reaching a deal at the expense of Chinese interests in exchange for so-called tariff reductions,' the Ministry of Commerce said in a statement Saturday, repeating earlier warnings. 'If this happens, China will never accept it and will resolutely counter it to safeguard its legitimate rights and interests.'The Vietnam deal risks provoking retaliatory steps from China, according to Bloomberg Economics.'Beijing has made clear that it would respond to deals that came at the expense of Chinese interests and the decision to agree to a higher tariff on goods deemed to be 'transshipped' through Vietnam may fall in that category,' Bloomberg's Rana Sajedi wrote in a research note. ADVERTISEMENT Trump's 90-day pause on what he called 'reciprocal' tariffs on dozens of America's trading partners ends on July 9. Unless those countries reach trade deals with the US, they could potentially face much higher governments are making moves to stay on the right side of Washington. Vietnam, Thailand and South Korea have all put in place measures to stop goods from being rerouted through their countries to the US since Trump's tariffs were unveiled in Korean customs announced a crackdown on transshipments, citing a rise in the practice. Taiwan's President Lai Ching-te also flagged the issue and followed up with new rules requiring all US-bound exports to carry a legal declaration they were made on the concern for Beijing is whether the US could convince others to impose or tighten export controls on high-tech equipment, which would further hamper Chinese efforts to buy the tools it needs to produce advanced in June added Huawei Technologies Co. and Semiconductor Manufacturing International Corp. to its so-called entity list, barring Taiwanese firms from doing business with them without government approval. The pressure isn't limited to Asia. Europe, too, finds itself in a delicate position. The EU is China's largest export destination for electric vehicles, and investment from Chinese firms into the bloc plus the UK hit 10 billion euros ($12 billion) last year, according to recent research from Rhodium Group. Yet trade tensions are rising. European Commission President Ursula von der Leyen recently accused Beijing of 'weaponizing' rare earths and magnets and warned of the risks posed by Chinese is particularly concerned that the EU might sign up to provisions similar to those in the UK's deal with the US, which included commitments around supply chain security, export controls, and ownership rules in sectors like steel, aluminum and pharmaceuticals. While the language did not name China, Beijing criticized the agreement in a rare public statement, interpreting it as a direct challenge, the Financial Times reported.'China is clearly worried that the EU will accept the same wording as the UK did on export controls,' said Joerg Wuttke, a partner at the Albright Stonebridge Group in Washington and former president of the EU Chamber of Commerce in China. 'They are pushing the EU not to do this, and the US is pushing the EU to do it.'Brussels and Washington are aiming to reach some form of an agreement before July 9, when Washington is set to impose a 50% tariff on nearly all EU products. With European exports to the US worth more than double the amount to China, the bloc sees Washington as the more important partner, giving the US leverage in the weekend statement is 'obviously aimed entirely at Brussels,' said Hosuk Lee-Makiyama, director of the European Centre for International Political Economy in Brussels, who was recently in Beijing for meetings ahead of an EU-China summit this month. 'China is concerned what the EU might agree with the US.' The long-term risk for Beijing is that these efforts coalesce into a broader shift — not just a US-led campaign to curb Chinese exports, but a reshaping of global trade around 'trusted' supply chains, with China increasingly on the outside. In a visit to Southeast Asia earlier this year, President Xi Jinping urged the region to stand together as an 'Asian family,' warning against trade fragmentation. Beijing has often responded to actions it opposes with targeted trade measures. When the EU imposed tariffs on Chinese electric vehicles last year, China launched anti-dumping probes into European brandy, dairy and pork. It halted Japanese seafood imports in 2023 after Group of Seven meetings in Japan were seen as critical of China. A spat with Australia in 2020 led to trade restrictions on billions of dollars' worth of goods, including lobsters, wine and barley. 'If some agreements explicitly list China as a target and show that some countries are cooperating or collaborating with the US to 'contain China,' then China will definitely respond,' said Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing and a former adviser to the Chinese Commerce Ministry.
