All articles tagged with #china support
Mexico's President Claudia Sheinbaum called on the UN to prevent bloodshed in Venezuela amid US sanctions and military pressure, emphasizing the importance of dialogue and non-intervention, while China and other regional leaders expressed support for Venezuela's sovereignty.
Deputy U.S. Treasury Secretary Wally Adeyemo visited Kyiv to discuss U.S. financial support, enforcement of sanctions on Russia, and the use of frozen Russian assets to aid Ukraine. The U.S. is seeking European consensus on utilizing $260 billion in frozen Russian assets, while also addressing China's economic support to Russia. Adeyemo emphasized the need to prevent dual-use goods from reaching Russia and highlighted ongoing efforts to tighten sanctions and support Ukraine's war effort.
European stocks opened the week with gains, following Wall Street's positive performance on Friday after cautious comments from central bankers at Jackson Hole. China's support measures for its equities market also boosted sentiment. The rate-sensitive technology sector led the advance in Europe, while US stocks rose and Treasury yields jumped after Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde reiterated their stance on interest rates. Asian benchmarks also rose after Beijing reduced the levy charged on stock trades. However, Chinese stocks pared most of their early gains as economic worries persisted.
The profits of S&P 500 companies are estimated to have dropped 3.7% on average compared to a year ago, marking the second straight quarter of earnings declines for corporate America. Analysts predict a 7.3% profit slump for the April to June period, with the pinch from higher interest rates and wilting consumer demand extending into the third quarter of 2023. Margin pressures, bank headwinds, tech dominance, and China's support are among the key takeaways from the earnings season. Corporate share purchases are also waning as borrowing costs rise and cash reserves shrink.