Key Takeaways 167 S&P 500 members have reported Q4 results so far. Mag 7 companies again dominate the reporting docket this week, including GOOGL and AMZN. Earnings for the reported S&P 500 companies are up 13.1% YoY on 7.6% higher revenues. The market loved Meta Platforms' (META) quarterly results but wasn’t impressed with Microsoft's (MSFT) and Tesla’s (TSLA) December-quarter numbers.The market’s disappointment with the Microsoft report notwithstanding, the company delivered +28.1% earnings growth on +16. ...

January 29, 2026 06:01 PM GMT China - Sentiment Tracker | Asia Pacific Micro Fixes, Macro Slow Burn Provinces are nudging growth targets down to ~5% on average (from ~5.4% last year), signaling pragmatism. In fact, a lowered 4.5-5% national target could be positive for rebalancing. This, combined with surgical housing support, points to gradual yet steady macro repair. Growth guideposts – provinces are nudging targets down: Provincial "two sessions" have begun over the past week, and the early signals from ...

商报讯(记者郑炜)2026年钱塘消费首展，从年货开始。正在下沙文化中心广场火热举办的钱塘新春年货 展暨内外贸优品展，汇聚了科技潮品、本土精品、跨境优品等多种优质商品。这场可逛、可玩、可吃、 可买的年味大集，正式按下了钱塘新春消费季的"启动键"。展会持续至2月8日，以亲民形式呈现，让每 位市民都能收获满载而归的体验。 本次年货展还以国际化消费为突破点，联动金砖中心等资源，探索开设"金砖好物"专属消费通道。俄罗 斯伏特加、埃塞俄比亚咖啡豆等金砖国家商品纷纷亮相，满足市民多样化、国际化的采购需求。同时， 展会引入了钱塘对口协作地区的特色风物，如江山干货、千岛湖生态特产等，让市民的"菜篮子"里多了 一份助力共富的暖心选择。此外，写春联、非遗拓印、拍全家福、猜灯谜等传统民俗与现代体验活动也 出现在现场，为消费者的年货购物增添别样趣味。 作为全市首个制定"大力提振消费三年行动计划"的区域，2025年钱塘以消费提振为抓手，通过汽车消费 节、商圈主题活动等多元举措，推动消费市场暖意融融。全年实现社会消费品零售总额505亿元，同比 增长13.1%，增速领跑全省，创下历史突破。 钱塘的年货清单里自然少不了本土名品。现场，吉利、福 ...

Trade Relations with China and Canada - China plans to export approximately 50,000 cheap cars to Canada, which could potentially enter the US market under the USMCA agreement [2] - The US trade policy will impose hefty tariffs on these vehicles if they are of Chinese origin, with the president considering a 100% tariff [3][4] - The US has provisions in the USMCA that could allow for Canada to be excluded from the deal if it engages in a comprehensive trade agreement with China [5] Trade Deal between India and the European Union - The EU is seeking to establish a trade deal with India as a response to US trade policies that prioritize domestic production [7] - India is expected to benefit significantly from this deal, gaining more market access to Europe and potentially additional immigration rights for Indian workers [8] - The EU's need for alternative markets is highlighted by their dependency on trade, especially as they face challenges in exporting to the US [8] US-EU Trade Deal Update - A framework for a US-EU trade deal was agreed upon, which includes $600 billion in investment and a commitment to reduce tariffs on industrial goods to zero [12][13] - The European Parliament has paused the bill to lower tariffs, but discussions are ongoing, and there is optimism about passing the bill soon [14][15] - Despite some unresolved issues, the US has modified its tariffs for Europe, and there is a positive outlook for the trade deal's implementation [16] South Korea Trade Relations - South Korea has not fulfilled its commitments under a trade deal, leading to the imposition of additional tariffs by the US [17][18] - The US has reduced tariffs for South Korea from 25% to 15% as a gesture of goodwill, but South Korea has not executed its part of the agreement [18][19] - The trade deficit with South Korea has increased significantly, from $25 billion in 2020 to $65 billion, indicating an unsustainable economic imbalance [22] Currency Practices and Trade Competitiveness - There is skepticism regarding the currency practices of countries like China and India, with concerns that they may deliberately weaken their currencies to enhance export competitiveness [24][25] - The Chinese central bank's control over currency valuation is acknowledged, and it is suggested that some countries may be engaging in practices to weaken their currencies against the US dollar [25]

1月20日，港股上市的创维集团（00751.HK）发布公告，将推动股份回购、私有化退市。与此同时，将分拆旗下 光伏业务——创维光伏独立上市。 这是黄宏生筹划的一场"母退子进"的资本大腾挪，估值规模约百亿。 长江商报消息 ●长江商报记者 沈右荣 70岁的黄宏生再出发！ 从代理商到彩电大王，从阶下囚到二次创业者，黄宏生的人生在承压与破局中循环演进。截至目前，创维集团是 中国彩电业唯一幸存下来的民营企业。 除了家电，黄宏生涉足的还有光伏、汽车。黄宏生曾豪情万丈，"再投400亿，把创维汽车做到全球TOP10。" 官网显示，创维集团位列"2025中国企业500强"第380位，位列2025年《财富》中国500强第271位。 尽管已到古稀之年，但黄宏生依然保持着固有的坚韧与创业者的敏锐。他的想法是，将创维集团打造成生态平 台，将"创维"变成"创维们"。 无论是光伏，还是造车，黄宏生均面临挑战。"到2030年，创维系分拆出5到8家上市公司"，黄宏生能如愿以偿 吗？ "母退子进"式腾笼换鸟 黄宏生正在实施腾笼换鸟式资本运作，目的是对创维集团进行战略重构。 1月20日晚，创维集团发布公告称，2026年1月4日，集团董事会议决议， ...

Market Overview - Major European markets closed lower due to geopolitical tensions and uncertainty surrounding French budget negotiations, with investors taking profits from recent gains [1][2] - The pan-European Stoxx 600 edged down 0.03%, with the U.K.'s FTSE 100 down 0.04%, Germany's DAX down 0.22%, and France's CAC 40 down 0.65% [3] Company Performance - In the UK market, BAE Systems, Natwest Group, Smiths Group, Schroders, National Grid, Standard Chartered, British Land Company, and The Sage Group gained between 1.4% to 2.3% [4] - Conversely, Pearson, Metlen Energy & Metals, Entain, Antofagasta, Endeavour Mining, Glencore, Anglo American Plc., and Pershing Square Holdings lost between 2% to 4% [4] - Daimler Truck Holding reported a decline in 2025 sales, contributing to its stock decline [5] - Siemens Energy saw a significant increase of over 5%, while Zalando, RWE, and Fresenius Medical Care gained between 1.5% to 1.7% [6] Notable Transactions - Kloeckner & Co shares soared over 28% following Worthington Steel's announcement of a $2.4 billion acquisition of the German steel processor [6] French Market Insights - In the French market, Kering and Essilor closed down by 4.7% and 4%, respectively, while LVMH, Stellantis, TP, and Renault lost between 2.7% to 3.1% [6][7]

1月15日，合肥海关发布2025年安徽全省外贸数据：安徽省货物贸易进出口总值达10135.6亿元，同比增 长17.3%，成为全国第9个、中部第1个外贸破万亿元的省份（直辖市），与广东、江苏、浙江、上海、 北京、山东、福建、四川共同跻身外贸 "万亿俱乐部"。 回溯 "十四五" 时期，安徽外贸实现 "阶梯式递进" 的跨越发展：规模从 "十三五" 末的5451.5亿元起步， 连续跨越5个千亿级台阶，2021年达6920.2亿元、2022年达7530.6亿元、2023年达8052.2亿元、2024年达 8648.5亿元，最终在2025年突破万亿大关，达10135.6亿元；安徽外贸的全国排名也从第13位攀升至第9 位，进出口、出口、进口增速分别位居全国第五、第七、第五，分别高出全国13.5、11.7、15.7个百分 点。2025年12月，安徽还实现了单月进出口1118.4亿元，同比增长35.9%，刷新月度规模最高纪录。 在国际市场布局上，安徽坚持"不把鸡蛋放在同一个篮子里"，实现多元化拓展。2025年，安徽与全球 189个国家和地区的贸易实现正增长，东盟为第一大贸易伙伴，贸易总值 达1415亿元，同比增长 38.3%， ...

Core Insights - The report highlights an increase in consumer complaints in Qinghai Province, with a total of 41,724 complaints received in 2025, marking a 26% increase from 2024 [1] - The resolution rate for these complaints stands at 74.1%, with 30,918 cases resolved, resulting in a total economic loss recovery of 11.768 million yuan [1] Group 1: Complaint Statistics - In 2025, the breakdown of complaints includes 22,219 related to goods, 13,583 related to services, and 5,922 categorized as others [2] - The increase in resolved complaints reflects a 13.1% rise in resolution rate and a 14.9% increase in the amount of economic loss recovered compared to the previous year [1] Group 2: Characteristics of Complaints - Over 50% of complaints pertain to goods, with significant issues reported in food quality and safety, as well as after-sales service for home appliances [2] - Service-related complaints are rapidly increasing, particularly in pre-paid consumption and lifestyle services, with notable issues in fitness, education, beauty, and travel sectors [2] Group 3: Recommendations and Actions - The provincial consumer association suggests collaborating with administrative departments for targeted rectification and enhancing the functionality of the national consumer complaint platform [3] - There is an emphasis on improving consumer risk identification and legal rights awareness, aiming to create a cooperative environment for consumer protection [3]

Economic Indicators - The number of Americans filing for initial jobless claims rose by 8,000 to 208,000, compared to the expected 213,000 [1] - U.S. Q3 nonfarm productivity increased by 4.9% quarter-over-quarter, aligning with expectations, while unit labor costs fell by 1.9% quarter-over-quarter, which was weaker than the expected no change [1] - The U.S. trade deficit for October unexpectedly narrowed to $29.4 billion, significantly better than the expected $58.1 billion, marking the lowest monthly level since 2009 [1] - U.S. consumer credit rose by $4.23 billion in November, falling short of the expected $10.1 billion [1] Stock Market Performance - Wall Street's major indices closed mixed, with data storage companies like Seagate Technology and Western Digital experiencing declines of over 7% and 6% respectively [2] - Software stocks also retreated, with Datadog dropping over 7% and Autodesk slipping more than 5% [2] - Defense stocks saw gains after President Trump proposed increasing U.S. military spending to $1.5 trillion by 2027, with AeroVironment rising over 8% and Huntington Ingalls Industries gaining over 6% [2] Corporate News - Asml Holding rose more than 4% after HSBC raised its price target on the stock [10] - Rocket Companies and UWM Holdings advanced over 7% and 5% respectively in pre-market trading due to President Trump's plan to buy $200 billion in mortgage bonds [17] - Revolution Medicines surged over 15% in pre-market trading following reports of Merck's interest in acquiring the company [17] International Market Developments - The Euro Stoxx 50 Index increased by 0.93%, reaching a new record high, driven by strong fourth-quarter revenue from TSMC [9] - German exports unexpectedly fell by 2.5% month-over-month, while imports rose by 0.8% month-over-month [11] - Japan's Nikkei 225 Stock Index closed sharply higher, boosted by strong earnings from Fast Retailing and a weaker yen [13]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese economy**, focusing on various economic indicators and trends, particularly in the **retail, property, and investment sectors**. Core Insights and Arguments 1. **Retail Sales Performance**: - Retail sales growth slowed to **1.3% YoY** in November, down from **2.9% YoY** in October, which was weaker than market expectations of **2.9%** [110] - Sales of household appliances and automobiles contracted significantly, with household appliances down **19% YoY** and autos down **8% YoY** [110] - The overall consumption growth is expected to remain soft in 2026 due to high base effects and ongoing property downturn [110] 2. **Fixed Asset Investment (FAI)**: - FAI growth remained weak, with a **YoY decline of -11.1%** in November, slightly better than the previous month [85] - Manufacturing FAI saw a modest improvement, narrowing its decline to **-4.5% YoY** [85] - Infrastructure FAI continued to contract sharply at **-11.9% YoY** [85] - The deployment of special financing tools from policy banks may provide some support for FAI components in the future [85] 3. **Property Market Dynamics**: - The property market continues to face challenges, with property sales growth falling by **17.3% YoY** in November and new starts down **27.6% YoY** [70] - The average new home sales price in 70 cities declined by **0.4% MoM** in November, indicating ongoing price pressures [70] - The government has implemented various measures to support the property sector, but the recovery is expected to take time [70] 4. **Economic Growth Projections**: - Q4 GDP growth is anticipated to decelerate to around **4.2% YoY**, with full-year 2025 GDP growth averaging **4.9%**, aligning with the target of "around 5%" [4] - The Central Economic Work Conference (CEWC) is expected to set a GDP growth target of **4.5-5%** for 2026, although achieving this may be challenging due to anticipated slowdowns in exports and the property market [6] 5. **Monetary and Fiscal Policy**: - Modest policy easing is ongoing, with expectations of a **20bps cut in policy rates** by the end of 2026 [5] - The government plans to increase consumption subsidies to **RMB 400 billion** in 2026 from **RMB 300 billion** in 2025, aiming to support consumer spending [110] Other Important Insights - **Inflation Trends**: - November CPI inflation increased to **0.7% YoY**, driven by a rebound in food prices, while PPI recorded a slight decline of **-2.2% YoY** [125] - The inflation outlook suggests a potential rebound in CPI to **0.4%** in 2026, while PPI may only turn positive by late 2026 or early 2027 [125] - **Credit and Liquidity Conditions**: - Total social financing (TSF) growth stabilized at **8.5% YoY** in November, with new RMB loans totaling **RMB 390 billion** [140] - The PBC is expected to continue accommodative monetary policy, with further RRR cuts anticipated [150] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Chinese economy, particularly in retail, property, and investment sectors.