In China, Tesla is undermining electric car manufacturers. PBOC maintains rates, Hang Seng tonic

After the selloff on Wall Street on Friday, which caused the Nasdaq to lose more than 2%, Asia was positive on Monday 22 April, except for Shanghai, which lost 0.45%. At 7.30 am Italian time Nikkei rose by 0.6% and Hong Kong by 1.9%. Gold lost 1.5% to $2,372 an ounce, WTI oil lost 1% to $82.39 a barrel. Meanwhile, markets are selling the ten-year US T bond, whose yield is from 4.62% to 4.65%, while futures on the Nasdaq are up 0.5%. In the background, the tension in the Middle East between Israel and Iran.

Meanwhile, the S&P 500 index is on track to post its biggest monthly decline since December 2022, with April’s loss erasing half of the gains the US stock market had posted in the first quarter this year. The index has fallen 5.5% since this month, cutting 2024 gains to 4.1%.

China sets strong standards

The People’s Bank of China kept rates on hold in April, as expected, following stronger-than-expected first-quarter GDP data and in an attempt to provide stability to the yuan. One year lending rate (LPR) was set 3.45%while the five-year standard remains 3.95% after breaking the record by 25 points in February. Both values ​​are at historic lows.

China’s electric car stocks have fallen due to a price war

Hong Kong-listed shares of China’s electric car maker came under pressure on Monday as concerns grew over falling prices amid an escalating price war.

Head Li Auto is fell 6.1% after the company announced fresh price cuts across its range on Monday morning to fuel slower sales growth. This, while the Hang Seng index gained 1.9%.

Actions of Great Wall Motor e Leap motor they fell by 6% and 3.1% respectively. During the weekend, Tesla also announced a price cut of 14,000 yuan ($1,933) on models sold in China.

Nvidia records the second-worst fall in Wall Street history at $212 billion

Shares on Friday Nvidia they have lose 10% in session a $7,846.71as the chip maker posted the second-worst daily market capitalization loss on Wall Street, according to Dow Jones Market Data calculations.

Nvidia’s capital has actually decreased 212 billion dollars during the day. By yourself Meta Platforms it suffered the worst one-day drop in its share value, when it lost 232 billion of dollars on February 3, 2022.

Nvidia 212 billion represents more than the total value of Intel e Qualcomm which closed Friday with a market capitalization of $146 billion and $176 billion, respectively. Shares of Nvidia experienced their biggest daily decline since they bottomed out on March 16, 2020, then. 18,5%. (All rights reserved)