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  • Editor’s Picks / 1 hour ago

    Baidu profit weighed down by offline mobile services push

    Baidu Inc's (BIDU.O) quarterly profit missed analysts' estimates as China's biggest internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu's shares fell more than 8% in extended trading on Monday after the company's current-quarter revenue forecast also fell short of analysts' expectations. The Chinese company has been investing heavily to diversify away from its bread-and-butter search advertising business, which is less profitable on smartphones than on PCs, especially as there are more mobile internet users than PC users in the country.
    Read article on Reuters
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  • Editor’s Picks / 4 hours ago

    Analyst who predicted Shanghai bottom sees further 14% plunge

    Chinese stocks will decline by an additional 14% over the next three weeks as the market demonstrates a trading pattern that mimics that of the US crash in 1929, according to Tom DeMark, who predicted the bottom of the Shanghai Composite Index in 2013. The benchmark for mainland stocks will sink to 3,200 after plunging 8.5% on Monday to 3,725.56 in the worst sell-off in eight years, DeMark said on Monday. That would extend its decline since a June 12 peak to 38%. The gauge’s moves since March are tracking those of the Dow Jones Industrial Average in 1929 when the gauge lost as much as 48%, he said.
    Read article on Bloomberg
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  • Editor’s Picks / Yesterday at 23:31 GMT

    Copper hits six-year low on gloomy China outlook

    Business Spectator
    Copper prices have tumbled to a six-year low as the latest slide in China's stock markets reinforce gloomy prospects for demand in the world's top consumer of the metal. Benchmark copper on the London Metal Exchange earlier fell nearly 2% to $5,164 a tonne. The metal ended at $5,188, down from $5,260 on Friday. Chinese shares sank more than 8% on Monday. Analysts believe copper prices will stay depressed until we see some improvement in China. Traders forecast weaker prices for base metals in general, but expect some support from a lower US dollar, which makes dollar-denominated commodities cheaper for holders of other currencies.
    Read article on Business Spectator
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  • Trade view / Yesterday at 22:56 GMT
    Strategic trade

    Alibaba's same-day grocery trial opens up new market

    China Watcher / Shanghai
    With the Wal-Mart-backed Yihaodian seeing its founders fired, Alibaba has taken the opportunity to promote its own grocery delivery business by trialling its same-day delivery service in Beijing this week, in a bid to take market share from the Wal-Mart- backed platform. With Q2 earnings to be released on August 12, management should be willing to discuss the pilot program, and whether it will be extended permanently and into other cities.
    Read the Trade View
  • Editor’s Picks / Yesterday at 22:35 GMT

    China's sharemarket rout stings global equities

    The Sydney Morning Herald
    The biggest rout in Chinese shares in eight years has stoked concerns over slowing growth in the world's No. 2 economy, knocking down global equities and commodity prices. Wall Street was down on worries over China's slowing growth, crystallised by a stunning 8.5% fall in shares in Shanghai that also rattled equity markets in Europe and Asia. China's securities regulator quickly said Beijing would continue to buy shares to stabilise the market. Both copper and the broader Thomson Reuters CRB commodities index hit their lowest levels in six years. Oil was near four-month lows on worries that China may cut back consumption.
    Read article on The Sydney Morning Herald
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