China’s tourism revenue still well below 2019 levels, data shows
Domestic tourism revenue for the Mid-Autumn Festival hit 28.68 billion yuan ($4.16 billion), just 60.6 percent of pre-pandemic levels in 2019, official data showed. .
Revenues have remained below 2019 levels since the pandemic hit in early 2020.
Cinema ticketing site Maoyan showed the long-weekend box office at 370 million yuan ($53.44 million), the lowest since 2017.
Online shopping, meanwhile, held steady in terms of value, according to data from China’s postal authority.
Lily the story here.
Ramsay Health Care shares plunge 14% after takeover talks hit roadblock
Ramsay Health rejected the proposal earlier this year, saying the offer was “significantly lower.”
Shares of the company rallied slightly afterward, but were still 11% lower.
Nio jumps more than 20% at open after Deutsche Bank report
Hong Kong-listed shares of a Chinese electric vehicle maker Nio jumped 21% at the open following a bullish report from Deutsche Bank.
Reiterating his buy rating, analyst Edison Yu made minor changes to the forecast and said Nio remained Deutsche Bank’s top China EV pick in a note dated September 12.
“The company’s efforts in user experience, battery swapping, overseas expansion and in-house battery cell development are grossly underestimated and will eventually show clear differentiation as the local Chinese market is becoming more and more competitive,” Yu wrote.
The company’s shares were 17% higher.
CNBC Pro: Forget oil — coal is hot right now. Here are 2 actions to play it, according to the pros
Coal mining in Wyoming.
Brian Brainerd | Denver Post | Getty Images
Coal prices are at record highs and market watchers see prices rising further as a global energy crisis looms.
“It’s almost like any or all companies are a buy,” analyst Peter O’Conner said of the booming coal sector, and revealed his favorite stock.
— Zavier Ong
Nintendo shares jump 5% ahead of live games announcement
Squid Game-related stocks up 10% at open on Emmys hopes
Bucket Studio Co.which owns a stake in a private company that represents ‘Squid Game’ lead actor Lee Jung-jae, jumped more than 10% as the series aimed for a historic victory in the race for drama series.
Shares of the company jumped more than 20% immediately after Netflix released in June a letter from the directorHwang Dong-hyuk, announcing that the series will return with a second season.
Other content-related stocks CJ ENM and CJ CGV also rose more than 2.5% during the morning session, and Showbox rose 1.5%.
– Jihye Lee
CNBC Pro: Want to invest in real estate? These REITs are among analysts’ favorites
Real estate investment trusts – or REITs – are back in the spotlight after a volatile year for many asset classes.
Morgan Stanley and Citi analysts highlight REITs in two sectors they believe could outperform the broader market and remain resilient in a downturn.