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China’s passenger vehicle retail sales rise 5% in August
Yahoo Finance· 2025-09-10 08:59
Retail sales of locally-produced passenger vehicles in China, including sedans, MPVs, and SUVs, rose by less than 5% to 1.995 million units in August 2025 from 1.906 million units in the same month last year, according to data compiled by the China Passenger Car Association (CPCA). August was the seventh consecutive month of growth for the domestic passenger vehicle market, as consumers responded to government sales incentives, including an incentivised trade-in programme for old cars, as well as aggressi ...
Bank of America CEO Brian Moynihan expects no interest rate cuts this year
Fox Business· 2025-03-27 21:56
Core Insights - Bank of America CEO Brian Moynihan discussed the implications of President Trump's new auto import tariffs, which impose a 25% tariff on passenger vehicles, light trucks, and certain auto parts imported into the U.S. [1][2] Economic Impact - The new tariffs are expected to increase car prices and slow vehicle purchases, reflecting a broader market adjustment [2] - Moynihan indicated that the tariffs could contribute to a 0.25% increase in inflation and potentially slow growth in countries like Japan that export to the U.S. [3] - Bank of America projects positive U.S. growth of 2%, with an initial 1.5% in the first quarters, despite the tariff impacts [4] Consumer Behavior - Despite concerns about consumer spending, Bank of America has observed a 5% increase in customer spending compared to the previous year, indicating resilience in consumer behavior [6] - Spending on food, restaurants, and entertainment has increased, driven by higher prices [7] - The unemployment rate stands at 4.1%, with strong wage growth contributing to consumer confidence [8] Business Sentiment - Consumer sentiment dropped nearly 11% in February, yet spending remained stable, suggesting a disconnect between sentiment and actual spending behavior [9][10] - Small and medium-sized businesses are cautious, borrowing less than before the pandemic, indicating a wait-and-see approach regarding the economic impact of tariffs [11][12]
GM, Stellantis shares fall after Trump's auto tariff announcement
CNBC· 2025-03-27 12:38
Group 1 - President Trump announced a 25% tariff on all cars not made in the United States, effective April 2, impacting the auto industry significantly [2][4] - General Motors stock fell approximately 6% in early trading, while Stellantis decreased by over 1%, while Tesla saw a slight increase and Ford's shares remained stable [2][3] - Deutsche Bank analysts indicated that Tesla and Ford are relatively insulated from the tariffs due to their vehicle assembly locations, whereas GM has the highest exposure to Mexico [3] Group 2 - The tariffs will apply to imported passenger vehicles, light trucks, and essential automobile parts such as engines and transmissions [4]