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Chinese tech stocks rally after days of punishing losses

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Chinese tech stocks rally after days of punishing losses

Chinese language tech shares received a reprieve on Wednesday morning with markets throughout Asia-Pacific rallying greater after punishing losses, as merchants digested new lockdowns within the mainland to fight a coronavirus outbreak and braced for the US Federal Reserve to boost charges.

Hong Kong’s Hold Seng Tech index gained as a lot as 7.3 per cent within the morning after hitting a six-year low on Tuesday. Shares of information centre operator GDS Holdings rose as a lot as 25.5 per cent and ecommerce group JD.com added 14 per cent within the morning. Each shares suffered heavy losses over a three-session sell-off which noticed the Hold Seng Tech index decline 21.8 per cent.

The beneficial properties weren’t sufficient to reverse the heavy losses. Hong Kong’s benchmark Hold Seng index opened 3 per cent greater, dropping almost 12 per cent of its worth within the three prior classes. China’s CSI 300 opened up 1.7 per cent, after dropping 4.6 per cent the day earlier than. Australia’s S&P/ASX 200 gained 1.2 per cent within the morning buying and selling, whereas Japan’s Topix and South Korea’s Kospi rose as a lot as 1.4 per cent and 1.1 per cent, respectively.

The strikes come forward of a Federal Open Market Committee assembly that’s anticipated to boost US charges for the primary time since 2018, even because the battle in Ukraine threatens to exacerbate inflation operating at its highest annual fee in 40 years.

Analysts mentioned that the lingering prospect of recent coronavirus restrictions throughout China, which is battling its highest every day caseloads since 2020, might additionally depress markets.

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“Forward of the FOMC assembly, which can little question dominate information tomorrow morning in Asia, the primary ‘international’ headline at present is the working from dwelling directive in Shanghai,” mentioned analysts at ING, the Dutch financial institution. .

“This isn’t a ‘lockdown’ within the strict sense of the phrase, however it may possibly solely be thought to be adverse for client demand,” they added.

Oil costs rose above $100 a barrel on Wednesday morning, with worldwide benchmark Brent crude gaining 0.5 per cent to hit $100.45 per barrel, after falling to its lowest shut in nearly three weeks on Tuesday in response to the specter of recent lockdowns in China dampening demand. West Texas Intermediate, the US marker, rose 0.3 per cent to $96.75.

“Our important concern at this stage is that Covid circumstances will probably be discovered within the Zhoushan port . . . leading to additional provide disruptions to international commerce. Realistically, we should always in all probability be ready for some extra weeks if not months of this kind of information as Omicron works its means by way of China,” the ING analysts wrote.

Falling oil costs drove US shares greater on Tuesday. Wall Avenue’s benchmark S&P 500 ended up the day 2.1 per cent greater, with each market sector rising besides vitality. The technology-heavy Nasdaq Composite, which is down 17 per cent year-to-date, added 2.9 per cent.

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Newsom Suspends State Environmental Rules for Rebuilding After Fires

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Newsom Suspends State Environmental Rules for Rebuilding After Fires

Governor Gavin Newsom has signed a broad executive order that aims to make it easier to rebuild after the fires by suspending California’s costly and time-consuming environmental review process for homeowners and businesses whose property was damaged or destroyed.

The order is likely to be the first of several permit streamlining measures issued by state, county and city agencies in the wake of the devastating fires across greater Los Angeles.

Mr. Newsom’s three-page order, signed Sunday, covers all of Los Angeles and Ventura Counties and directs state agencies to coordinate with local governments to remove or expedite permitting and approval processes during rebuilding. The most significant piece is a waiver on permitting requirements under the California Environmental Quality Act — a landmark environmental law known colloquially as C.E.Q.A. or “See Qua.”

The governor also announced that he had suspended all permitting requirements under the California State Coastal Act for properties rebuilding after the fires.

California is one of America’s most difficult and costly places to build — a driving factor behind the state’s longstanding affordable housing shortage. Between state agencies and local land use commissions, the process of developing buildings, from office complexes to subsidized rental complexes, is longer and more expensive than in almost every other state.

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Of all the hurdles a project can be subjected to, few are more difficult and time-consuming than C.E.Q.A. The law often requires developers to fund in-depth environmental studies on a project’s potential impact on everything from local wildlife to noise, views and traffic. Groups who oppose a particular development often use C.E.Q.A. lawsuits to try to stop them. This can add years even to small projects.

While the state’s powerful environmental groups are fiercely protective of any attempts to amend C.E.Q.A. or the Coastal Act, the laws are routinely suspended in emergencies and for large projects such as sports stadiums.

Still, Mr. Newsom’s order was unusually extensive. For instance, after other disasters C.E.Q.A. suspensions have typically required rebuilding property owners to show they tried to comply with the law, even if they weren’t subjected to it. The order announced Sunday is a full waiver: For anyone rebuilding after the fires, C.E.Q.A. is effectively gone.

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California fires could be costliest disaster in US history, says governor

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California fires could be costliest disaster in US history, says governor

The California wildfires could be the costliest disaster in US history, the state’s governor said, as forecasts of heavy winds raised fears that the catastrophic blazes would spread further.

In remarks to NBC’s Meet the Press on Sunday, Gavin Newsom said the fires — which have burnt through more than 40,000 acres, according to CalFire, the state’s forestry and fire protection department — would be the worst the country has seen “in terms of just the costs associated with it, [and] in terms of the scale and scope”.

He added that there were likely to be “a lot more” fatalities confirmed. The death toll on Saturday evening stood at 16, according to Los Angeles authorities.

The prospect of a pick-up on Sunday in the Santa Ana winds that have fanned the flames has left tens of thousands of residents under evacuation orders. The fires were threatening homes in upscale Mandeville Canyon and the Brentwood neighbourhood, although officials said they had made progress in stemming the advance there.

The National Weather Service has forecast gusts of between 50mph and 70mph, while drought conditions remain.

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“We know that elevated critical fire conditions will continue through Wednesday”, Los Angeles County fire chief Anthony Maroney said on Sunday.

LA is experiencing its second-driest start to its rainy season in more than a century, according to the non-profit Cal Matters news service. Halfway into the season, LA has only recorded about 0.2 inches of rain since October -— well below the 4.5 inches that is common by January.

Newsom, a Democrat, responded to a barrage of attacks from Donald Trump. The incoming Republican president has accused the governor of depleting water reserves to protect an endangered species of fish, and of refusing to sign a “water restoration declaration” that would have “allowed millions of gallons of water . . . to flow daily into many parts of California”. Newsom’s office has said no such declaration exists.

Trump, who has a long-standing feud with Newsom and refers to him as “Newscum”, also called on the Californian to resign, accusing him of “gross incompetence”.

“The reservoirs are completely full, the state reservoirs here in Southern California,” Newsom said.

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The charred remains of a jewellery store and other shops at a corner of Sunset Boulevard © Michael Nigro/Bloomberg
An air tanker drops fire retardant at the Palisades Fire © Ringo Chiu/Reuters

“That mis- and disinformation I don’t think advantages or aids any of us,” he added. “Responding to Donald Trump’s insults, we would spend another month. I’m very familiar with them. Every elected official that he disagrees with is very familiar with them.”

Newsom also said he had invited the president-elect to visit the affected areas, but had yet to receive a response from the Trump transition team.

Firefighters have tamed three fires since Tuesday, including the Sunset blaze that threatened the Hollywood hills. The Hurst fire in the San Fernando Valley, north of Los Angeles, was 80 per cent contained on Sunday afternoon.

But firefighters are still struggling to tame the two biggest blazes. Newsom said on social media platform X that the Palisades and Eaton fires were 11 per cent and 27 per cent contained. Thousands of firefighters have been deployed to battle the Palisades fire with heavy trucks and air support, the mayor’s office said Sunday. The city has also opened shelters to affected families.

The Federal Emergency Management Agency (Fema) has staff in LA to help Angelenos apply for disaster relief, while the Federal Small Business Administration is offering home and business disaster loans.

Newsom issued an executive order that he said would prevent those who lost their homes from being “caught up in bureaucratic red tape” so they could quickly rebuild.

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The head of Fema on Sunday raised the prospect of US troops being sent to Los Angeles to help control the blaze.

“There are active-duty military personnel that are on a prepare-to-deploy order, that are ready to go in and continue to support the firefighting effort,” Deanne Criswell told ABC’s This Week programme. Speaking on CNN, she warned that strong winds expected in the coming days could spread the fire further.

Map showing the perimeters of the fires in LA and evacuation orders and warnings currently in place

No official estimate of the cost of the damage has yet been released, but analysts at AccuWeather last week calculated the economic loss to be between $135bn and $150bn — short of the $250bn cost associated with last year’s Hurricane Helene. At least 12,300 structures had been destroyed, according to CalFire.

President Joe Biden on Thursday pledged that the US government would pay for “100 per cent of all the costs” created by the disaster, and would ask Congress for more financial aid.

Trump, who on the campaign trail last year threatened to withhold disaster funding from California, has thus far remained silent on whether he would provide similar assistance. On Sunday, he renewed his attacks on the state’s officials.

“The incompetent pols have no idea how to put [the fires] out,” he wrote. “There is death all over the place. This is one of the worst catastrophes in the history of our country. They just can’t put out the fires. What’s wrong with them?”

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On the way out: Transportation Sec. Buttigieg looks back on achievements, challenges : Consider This from NPR

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On the way out: Transportation Sec. Buttigieg looks back on achievements, challenges : Consider This from NPR

U.S. Secretary of Transportation Pete Buttigieg speaks to questions during a news conference at Ronald Reagan Washington National Airport November 21, 2024 in Arlington, Virginia.

Alex Wong/Getty Images


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Alex Wong/Getty Images


U.S. Secretary of Transportation Pete Buttigieg speaks to questions during a news conference at Ronald Reagan Washington National Airport November 21, 2024 in Arlington, Virginia.

Alex Wong/Getty Images

From handling crises in the rail and airline industries to overseeing the distribution of billions of dollars in infrastructure funding, Transportation Secretary Pete Buttigieg has taken on a lot over the last four years.

Now, his tenure is coming to an end.

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Host Scott Detrow speaks with Buttigieg about what the Biden administration accomplished, what it didn’t get done, and what he’s taking away from an election where voters resoundingly called for something different.

For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org

Email us at considerthis@npr.org

This episode was produced by Brianna Scott, Avery Keatley and Tyler Bartlam. It was edited by Adam Raney.

Our executive producer is Sami Yenigun.

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