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Asia markets mostly higher, investors assess China EV prospects as Xiaomi enters the fray

19 Mins Ago

China’s Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla

Chinese consumer electronics company Xiaomi revealed Thurs., Dec. 28, 2023, its long-awaited electric car, but declined to share its price or specific release date.

CNBC | Evelyn Cheng

China’s consumer electronics company Xiaomi on Thursday detailed plans to enter the country’s oversaturated electric-vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop.

The model, known as Xiaomi SU7, “is in trial production and it will hit the domestic market in a few months,” CEO Lei Jun said in a Tuesday post on the X social media platform, formerly known as Twitter. “The price has not been finalized yet.”

Pronounced “Sue Qi” in Mandarin, the Xiaomi SU7 beats Porsche’s Taycan and Tesla’s Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday.

Read the full story here.

— Evelyn Cheng

41 Mins Ago

CNBC Pro: Fund managers turn cautious on European stocks, BofA survey shows — here’s why

Fund managers have struck a cautious tone on the prospects of the European economy — and stock market — going into 2024, but see some opportunities for investors.

A recent survey by Bank of America showed that 68% of professional investors questioned see upside for European equities in 2024, however 65% see near-term downside. BofA surveyed 254 participants with a total of $691 billion in assets under management.

It comes after a bumpy year for European stocks which saw the Stoxx 600 index rise 12.65% as of Dec. 28.

CNBC Pro subscribers can read about the fund managers’ expectations here.

— Amala Balakrishner

40 Mins Ago

CNBC Pro: Piper Sandler reveals its 3 top biotech picks for 2024 – and gives one 90% upside

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

The investment bank’s optimism on biotechnology stocks comes as the sector is finally showing signs of a recovery.

“After another difficult year, there are signs that biotech is recovering into 2024. A pause or even reversal in interest rate hikes is constructive for biotech financing and M&A (mergers & acquisitions) remains active,” Piper Sandler’s analysts said as they revealed their top stocks.


— Amala Balakrishner

This article was originally published by a www.cnbc.com . Read the Original article here. .

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