Asia markets decline; Chinese stocks make gains

8 hours ago

The Chinese company Xiaomi unveils its first electric car as part of its effort to compete with Porsche and Tesla

On Thursday, December 28, 2023, Chinese consumer electronics company Xiaomi unveiled its long-awaited electric car, but refused to reveal its price or specific launch date.

CNBC | Evelyn Cheng

Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter the country's saturated electric vehicle market and compete with auto giants Tesla and Porsche with a car model that it says it has spent more than 10 billion yuan ($1.4 billion) developing.

The model known as the Xiaomi SU7 “is in trial production and will arrive in the local market within a few months,” CEO Lei Jun said in a press release. Post Tuesday On the social media platform X, formerly known as Twitter. “The price has not been finalized yet.”

The Xiaomi SU7, pronounced “Sue Qi” in Mandarin, outperforms the Porsche Taycan and Tesla Model S in acceleration and other metrics, Li said during a three-hour presentation on Thursday.

Read the full story here.

– Evelyn Cheng

9 hours ago

CNBC Pro: Fund managers are cautious about European stocks, Bank of America poll shows – here's why

Fund managers have taken a cautious tone on the prospects for the European economy – and the stock market – through 2024, but they see some opportunities for investors.

A recent Bank of America survey showed that 68% of professional investors surveyed see an uptrend for European stocks in 2024, but 65% see a downtrend in the near term. Bank of America surveyed 254 respondents with a total of $691 billion in assets under management.

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This comes after a bumpy year for European stocks that saw the Stoxx 600 index rise 12.65% as of December 28.

CNBC Pro subscribers can read about fund managers' forecasts here.

– Amala Balakrishner

9 hours ago

CNBC Pro: Piper Sandler reveals his top 3 biotech picks for 2024 — and gives one a 90% upside

Piper Sandler named three small- and mid-cap pharmaceutical stocks as its “top picks” for 2024, thanks to their attractive valuations, product approvals/launch pipeline, innovation plans and clinical data readouts for next year.

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

“After another difficult year, there are signs that biotech is recovering through 2024,” Piper Sandler analysts said when they revealed their top forecasts. “A pause or even a pullback on interest rate hikes is constructive for biotech financing, and mergers and acquisitions remain active.” . Stores.

Participants

– Amala Balakrishner

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