Asia markets wrap up last trading day of 2023 with small declines; China stocks inch higher

Thu, Dec 28 2023 7:09 PM EST

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

Thu, Dec 28 2023 6:47 PM EST

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

Thu, Dec 28 2023 6:48 PM EST

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

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