Economic Overview - The latest economic data in the United States has shown better-than-anticipated results, supporting the positive outlook for KKR and its portfolio companies [1][2] - A significant capital expenditure (capex) boom is occurring, particularly in AI, which has outpaced growth in personal consumption [3][5] - Personal consumption, which constitutes about 70% of the economy, has seen upward revisions, indicating a potential recovery [3][5] Labor Market Insights - The unemployment rate is expected to remain low, influenced by demographic factors and a reduced labor supply [3][10] - There is a noted asynchronous recovery in the economy, with manufacturing facing challenges while the services sector performs well [7][11] - Despite some slower hiring, there is no significant wave of layoffs, contrasting with trends seen before past recessions [11][12] Federal Reserve and Interest Rates - The Federal Reserve is anticipated to shift its focus from inflation to employment, with expectations of rate cuts to support economic growth [12][15] - The housing market is currently weak, with 21% of states experiencing negative home price appreciation [15] Global Market Dynamics - KKR's portfolio, which includes 150 to 200 businesses, continues to see increased capex and stable consumer spending, suggesting a relatively safe market environment [16] - Asian markets are showing strong performance, with Korea up 60% and China up 35% year-to-date, indicating potential investment opportunities [17][18] - The trend of companies shedding unprofitable subsidiaries presents significant opportunities for private equity investments in Asia [19][20] Trade and Consumption Trends - A shift towards a tripolar trading world is emerging, with increased intra-Asian trade expected to rise from 48-50% to 70% [22][23] - Consumption upgrades in emerging markets like Vietnam and India are contributing to GDP growth, benefiting from increased trade [24] Productivity and Economic Outlook - A productivity boom reminiscent of the 1990s is occurring, driven by digitalization and automation, which may lead to higher wages and revenue growth [8][9] - Concerns exist regarding the sustainability of AI spending and its impact on GDP if returns on capital decline [25][26] - The productivity boom may lead to a lower savings rate among Americans, raising concerns about low-income credit and reinforcing the need for continued Fed easing [27][28]

BYD is ramping up efforts to crack Germany after a slowdown in sales, adding senior executives to strengthen its operations in Europe’s biggest car market https://t.co/aHueNXQCb0 ...

Core Viewpoint - In August 2025, China's sales of new energy buses above 7 meters achieved a double increase both month-on-month and year-on-year, indicating a robust growth trend in the market [1][2]. Sales Performance - In August 2025, a total of 4,403 new energy buses were sold, representing an 18.97% month-on-month increase and a 46.28% year-on-year increase [1][2]. - Cumulatively, from January to August 2025, sales reached 26,254 units, a year-on-year increase of 37.38% [1][10]. Leading Companies - Yutong Bus maintained its leading position with 1,493 units sold in August, achieving a month-on-month growth of 120.86% and a year-on-year growth of 121.84%, capturing a market share of 33.91% [2][3]. - Xiamen Golden Dragon ranked second with 375 units sold, marking a month-on-month increase of 103.80% and a year-on-year increase of 234.82% [5][7]. - BYD ranked third with 352 units sold, maintaining its position from the previous month [5][7]. Market Share - The top three companies accounted for 50.42% of the market share in August, an increase from 48.85% in July [10]. - The top ten companies collectively held 89.05% of the market share, up from 87.76% in July [10]. Segment Performance - In the bus segment, 3,439 units were sold in August, with a month-on-month increase of 27.18% and a year-on-year increase of 54.01% [14][16]. - The seat bus segment saw sales of 962 units, with a month-on-month increase of 2.34% and a year-on-year increase of 24.94% [21]. - Other buses, including school buses, experienced a decline in sales [14][15]. Notable Growth - Dongfeng Co. exhibited remarkable growth with a month-on-month increase of 792.86% and a year-on-year increase of 1983.33% [7][18]. - Among the top ten companies, Zhongtong Bus achieved a year-on-year growth of 151.19%, while Xiamen Golden Dragon's cumulative sales growth reached 93.99% [10][20]. Future Outlook - The competition among leading bus brands is intensifying, with ongoing product updates and innovations expected to drive further growth in the new energy bus market [24].

Market Overview - U.S. stocks experienced a decline on Wednesday, with the Nasdaq dropping over 75 points, or 0.3%, closing at 22,497.85. The Dow Jones Industrial Average fell 0.37% to 46,121.28, while the S&P 500 eased 0.3% to 6,637.97 [1] Notable Stock Movements - **Alibaba Group Holding Ltd.**: The stock surged by 8.19%, closing at $176.44, with an intraday high of $180.16 and a low of $162.80. The 52-week range is $80.06 to $180.16. This rise followed CEO Eddie Wu's announcement of plans to expand the company's $53 billion investment in AI infrastructure [1][2] - **Intel Corp.**: Shares climbed 6.41% to close at $31.22, reaching a high of $31.70 and a low of $29.23. The stock's 52-week range is $17.67 to $32.38. The increase was driven by reports of Intel seeking an investment from Apple Inc., with discussions still in preliminary stages [3] - **UniQure N.V.**: The stock skyrocketed by 247.73%, closing at $47.50, with a high of $51.21 and a low of $37.12. The 52-week range is $4.45 to $51.21. This dramatic rise followed the announcement of positive results from its Phase I/II study of AMT-130 for Huntington's Disease, indicating significant slowing of disease progression [4] - **Tesla Inc.**: The stock increased by 3.98%, closing at $442.79, with an intraday high of $444.21 and a low of $429.03. The 52-week range is $212.11 to $488.54. Tesla secured a patent for its upcoming Cybercab, part of its innovative unboxed production process [5] - **Opendoor Technologies Inc.**: Shares jumped 16.24% to $8.23, with a high of $8.48 and a low of $7.31. The 52-week range is $0.51 to $10.87. In after-hours trading, the stock rose 10.3% to $9.08, following Jane Street Group's disclosure of a 5.9% stake in the company, boosting investor confidence [6]

Thank you very much for your time today. I know that we have a very busy geopolitical backdrop and trade environment as well. Let me start with you on trade, because we understand that South Korea is still trying to finalize and write out a trade agreement with the U.S..When could we see the deepening of this negotiation wasn't initiated by us. We didn't start from a position of advantage, nor did we raise the issues. Isn't that the case for the entire world.Since the whole world is negotiating under the ne ...

Market Overview - The market experienced a decline following Fed Chair Jerome Powell's speech, which highlighted market uncertainty and stagflation [1] - Major indices closed lower, with the S&P 500 and Nasdaq both down 0.3%, the Dow Jones Industrial Average down 0.4%, and the Russell 2000 down 0.9% after reaching a 52-week high [2] Sector Performance - The oil and energy sectors emerged as the best performers, with the Energy Select Sector SPDR Fund (XLE) gaining 1.3% [2][7] - Gold prices dipped 1.5% after a rally, although analysts expect prices to continue climbing [3] Consumer Spending and Economic Indicators - A Bank of America report indicated that total debit and credit card spending per household has increased in recent months [4][7] - There was a reported surge in new house sales, but economists dismissed it as a fluke [4] Notable Stock Movements - Lithium Americas (LAC) saw a stock increase of 95.5%, while Tesla gained 4% due to analyst confidence [4] - uniQure, a gene therapy company, experienced a significant stock surge of 247.8% following positive results from its AMT-130 study for Huntington's disease [10] Noteworthy Stocks - Stocks with notable gains included Xcel Energy Inc (+6.7%), Intel Corp (+6.4%), Centene Corp (+5.8%), Mosaic Co (+4.3%), and CF Industries Holdings Inc (+5.7%) [8] - Conversely, the worst-performing stocks included Freeport-McMoRan Inc (-16.9%), Axon Enterprise Inc (-10.2%), and KKR & Co Inc (-6.3%) [12]

🚨 Wolfe Research: Q3 is poised to be a strong quarter for TeslaDeliveries seen at 465k–470k vs. 445k consensus, boosted by US tax credit rush + solid China demand.“We estimate 165-170k deliveries in Q3, or ~10k above our prior est,” Wolfe said, adding that volumes “largely do not reflect the recent launch of the Model Y L.”EPS forecast: $0.55–0.60 vs. $0.49 consensus.Wolfe cautions Q4 may soften but cites offsets: new models, stronger China/Europe, energy growth & autonomy. 🚀 $TSLALink: https://t.co/engZ6a4 ...

Indian auto stocks are beating their Asian peers this month by the widest margin in over a year and analysts expect the gains to accelerate https://t.co/P268amXm2x ...

Group 1 - The GK7206V1 series visual processing chips from Guokewi have been mass-produced and successfully integrated into the supply chains of leading companies in traditional security and consumer electronics [2] - Wanliyang has successfully trial-produced its first two-speed automatic transmission for new energy vehicles, the 2EDA45, which addresses the challenges of range and load for commercial electric vehicles [2] - The first integrated circuit incubator in Hubei has been unveiled, providing comprehensive technical services to innovation teams in the integrated circuit field, significantly shortening the time from R&D to mass production [2] Group 2 - SK Hynix has launched a trial production line for 1b DRAM at its M15X factory in Cheongju, aiming to meet the growing demand for HBM, with an initial target of producing 10,000 wafers per month [2]

Industry Focus - Explores whether China can transform flying cars into a thriving industry [1]