Hong Kong led most Asian markets higher Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world's number-two economy. Chinese consumer tech giant Xiaomi led gains in Hong Kong, soaring as much as 15 percent on news that orders for its first electric vehicle -- launched in Beijing on Thursday -- had topped estimates.
The German government slashed its growth forecast for 2024 on Wednesday, warning that Europe's largest economy was in "difficult waters" as it faced a series of headwinds. "The German economy is still in difficult waters," Hebestreit told reporters.
Consumer watchdog Foodwatch said it was filing a legal complaint Wednesday against food giant Nestle and another group over them allegedly fraudulently treating water for their top mineral water brands. Foodwatch said it was lodging its complaint with a Paris court against Nestle Waters, behind brands such as Perrier and Vittel, and the Sources Alma group, which also owns several water labels.
France's Prime Minister Gabriel Attal sought to head off fresh farmers' protests Wednesday, as they resumed direct action including dumping produce and blocking roads in pursuit of their demands. In some of the angriest protests in Europe, French farmers were out in force for more than a week in January, using tractors to block key roads into Paris and other major highways nationwide.
A short boat ride upstream from the ancient Laotian royal capital of Luang Prabang, a massive dam is under construction that critics say threatens the riverside town's allure and heritage status. But Anda Yangsenexay, deputy head of Luang Prabang World Heritage Management Division, insisted there was no issue with the construction of the hydro dam.
The fashion set moves to Italy Wednesday for Milan Fashion Week, marked by a new designer at Moschino but held amid an uncertain outlook for luxury. But they come amid a backdrop of uncertainty in the global luxury fashion market.
HSBC said Wednesday it achieved "record profit" in 2023 as pre-tax gains soared by nearly 80 percent, with the banking giant also announcing further share buybacks. The bank also said Wednesday that it would initiate a share buyback of up to $2 billion, following the announcement last year of three share buybacks totalling $7 billion.
Thousands of Indian farmers riding tractors prepared to resume their push towards New Delhi on Wednesday after failing to reach a deal with the government on their demands for higher crop prices. Thousands of Indian farmers die by suicide every year because of poverty, debt and crops affected by ever-more erratic weather patterns caused by climate change.
Weaker exports, costly energy and a stuttering green transition have combined to form a "perfect storm" for the German economy, leaving Chancellor Olaf Scholz's coalition bickering over how to change course. The German economy, Europe's largest and traditionally a driver of eurozone growth, is being buffeted by "a perfect storm", Economy Minister Robert Habeck said earlier this month.
Asian markets were mostly down Wednesday, tracking US losses as investors await a key tech earnings report and Fed policy meeting minutes later in the day. "While one company doesn't usually make or break a market, the growing influence of Nvidia on the overall bullish stock narrative, key tech companies, and broader indexes warrants close attention."
Economy
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