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NIO ES8 electric SUVs are seen displayed at the second media day for the Shanghai auto show in Shanghai

Reuters

  • Tesla’s success in China is not a “winner takes all” situation, but instead a “rising tides lift all boats” phenomenon, according to JPMorgan.
  • That thinking led the bank to upgrade shares of Nio to “overweight” and assign a $40 price target on the stock, representing potential upside of 85% from Tuesday’s close. 
  • “In China’s smart EV market, we expect Nio to be a long term winner in the premium space among Chinese brands,” JPMorgan said.
  • Visit Business Insider’s homepage for more stories.

Nio surged 19% on Wednesday after it received an “overweight” upgrade and a $40 price target from JPMorgan, representing upside potential of 85% from Tuesday’s close.

JPMorgan acknowledged that it missed the massive 438% year-to-date rally in shares of Nio, given its previous neutral rating, but said it

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  • A French museum was forced to postpone its exhibition about the Mongolian warlord Genghis Khan after Chinese authorities demanded control over many elements, multiple reports say.
  • The Chinese Bureau of Cultural Heritage asked the museum to remove the words “Genghis Khan,” “empire” and “Mongol” from the show, the museum’s director said in a statement seen by the Associated Press.
  • The bureau had asked the museum make the changes “in favor a new national narrative,” the director said, according to the AP.
  • The museum connected the censorship attempt to China’s recent crackdown on Mongolian culture.
  • Visit Business Insider’s homepage for more stories.

Chinese authorities have demanded a French exhibition remove the words “Genghis Khan” from its exhibition on the Mongolian warlord, the museum director said in a statement seen by the Associated Press.

The exhibition at the Château des ducs de Bretagne museum in Nantes, western France, devised in partnership with

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Chinese President Xi Jinping vowed to press ahead with plans to gain the global lead in technology and other strategic industries, despite expanding efforts from the US and its allies to check China’s rise.

The Chinese President reaffirmed his commitment to opening up and reform as a strategy for gaining economic advantage in a 50-minute speech Wednesday to mark the 40th anniversary of Shenzhen’s establishment as a special economic zone.

With hundreds of local officials and executives present including Huawei Technologies Co. founder Ren Zhengfei, and Vice-Premier Liu He looking on, Xi called for the making of the southern metropolis into a model city for a great, modern socialist country.

“We need to unswervingly implement an innovation-driven development strategy to foster new engines and new trends, so as to build a technological and industrial innovation high-ground with global influence,” Xi said, in remarks that didn’t mention China’s disputes with the

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(Bloomberg) — Oil steadied in Asian trading as fading hopes for more fiscal stimulus before the U.S. election offset optimism driven by an increase in Chinese crude imports last month.

Futures in New York edged lower toward $40 a barrel after closing up 2% on Tuesday. House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger dollar also diminished the appeal of commodities priced in the currency.

Chinese oil imports rose 2.1% month-on-month in September, official data showed Tuesday. The buying revival by the world’s largest crude importer is a rare positive as a resurgent virus threatens an already tepid demand outlook.



graphical user interface: WTI close to 50-, 100- and 200-day moving averages

© Bloomberg
WTI close to 50-, 100- and 200-day moving averages

The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need

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  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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By Ahmad Ghaddar

LONDON (Reuters) – Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya.

Brent crude <LCOc1> futures rose 63 cents, or 1.5%, to $42.35 a barrel by 1224 GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> futures rose 71 cents, or 1.8%, to $40.14 a barrel.

China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed.

“Currently, oil demand is driven primarily by China,” Commerzbank said.

The International Energy Agency (IEA) – which advises Western governments on energy policy – said in its World Energy Outlook that in its central scenario a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023.

But under a “delayed recovery

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(Bloomberg) — Demand for cars in China is going from strength to strength, making the automobile market in Asia’s biggest economy a lone bright spot as the coronavirus pandemic puts a damper on sales in Europe and the U.S.



a group of people standing on top of a car: A customer speaks with a sales agent while standing between a Ford Motor Co. Everest sport utility vehicle (SUV), right, and a Mustang sports car on display at a Ford dealership in Shanghai, China, on Thursday, July 19, 2018. The fledgling U.S.-China trade war will take a toll on companies from both sides, with some tariffs in place and the potential to escalate into consumer boycotts.

© Bloomberg
A customer speaks with a sales agent while standing between a Ford Motor Co. Everest sport utility vehicle (SUV), right, and a Mustang sports car on display at a Ford dealership in Shanghai, China, on Thursday, July 19, 2018. The fledgling U.S.-China trade war will take a toll on companies from both sides, with some tariffs in place and the potential to escalate into consumer boycotts.

Sales of sedans, SUVs, minivans and multipurpose vehicles jumped 7.4% in September from a year earlier to 1.94 million units, the China Passenger Car Association said Tuesday. That’s the third straight monthly increase, and it was driven primarily by demand for SUVs.

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By Yilei Sun and Brenda Goh

BEIJING (Reuters) – General Motors Co (GM)

on Monday said continued market recovery from the COVID-19 crisis helped its China vehicle sales grow 12% on year in July-September, marking the Detroit automaker’s first Chinese quarterly sales growth in two years.

The second-biggest foreign automaker in China by units – after Germany’s Volkswagen AG

– said on Monday it delivered 771,400 vehicles in China in the third quarter. That followed a 5% fall in the second quarter, when parts of China were still emerging from virus-busting lockdown measures.

GM has a Shanghai-based joint venture with SAIC Motor Corp Ltd <600104.SS> making Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group, producing no-frills mini-vans and which has started manufacturing higher-end cars.

Sales rose 26% for cars under its mass-market Buick brand in the third quarter versus the same period

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With just weeks to go before the November election, a sleeper U.S. Senate race in a deeply Republican state is starting to garner some attention.

A poll released on Sept. 28 showed Alaska Republican Sen. Dan Sullivan with a razor-thin 1 point lead over his main challenger, Al Gross, an orthopedic surgeon. 

While Gross is technically an independent, Democrats are backing him as part of the party’s efforts to gain a majority in the closely divided Senate. And their battle has been roiled by a series of controversies, including leaked videos and a dispute over an alleged bear attack. 

Senator Dan Sullivan (R-AK) speaks during a Senate Armed Services hearing on Capitol Hill in Washington, DC, U.S. May 7, 2020. (Al Drago/Pool via reuters)
Sen. Dan Sullivan, R-Alaska, at a Senate Armed Services Committee hearing on May 7. (Al Drago/Pool via Reuters)

Gross, whose father was the state’s Democratic attorney general in the 1970s, has leaned on his colorful background in his effort to unseat Sullivan. His ads have described him as having been “born

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China reported a new cluster of coronavirus infections in the eastern port city of Qingdao, snapping a streak of over two months without local transmission, underscoring the risk of resurgence in countries that have achieved near-eradication of the pathogen.

The city in Shandong province said on Sunday that it found three asymptomatic cases linked to a hospital which treats Covid-19 patients coming from abroad. Expanded testing of hospital patients and staff then found another nine infections — of the total of 12 in the cluster so far, six are asymptomatic.

More testing is underway and aims to cover the entire city of 9.5 million within five days, the local health commission said on Monday.

The cluster has now become China’s biggest in months, reflecting the difficulty of stamping out the coronavirus in any one country when outbreaks are still spreading rapidly in places like India and the US while rebounding

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