Asian markets fall; China stocks gain

8 hours ago

China's Xiaomi unveils its first EV to rival Porsche, Tesla

Chinese consumer electronics giant Xiaomi unveiled its long-awaited electric car on Thursday, December 28, 2023, but declined to share its price or specific launch date.

CNBC | Evelyn Cheng

Chinese consumer electronics giant Xiaomi said Thursday it has spent 10 billion yuan ($1.4 billion) to enter the country's overcrowded electric-vehicle market and compete with Tesla and Porsche with a car model.

The model, called the Xiaomi SU7, is “in trial production and will hit the domestic market in a few months,” CEO Lei Jun said in a statement. Tuesday's post X on the social media platform, formerly known as Twitter. “The price has not been finalized yet.”

The Xiaomi SU7, pronounced “Sue Qi” in Mandarin, beats Porsche's Taycan and Tesla's Model S in acceleration and other metrics, Lei said during Thursday's three-hour presentation.

Read the full story here.

– Evelyn Cheng

8 hours ago

CNBC Pro: Fund managers are wary of European stocks, BofA survey shows — here's why

Fund managers have struck a cautious tone about the prospects for the European economy – and the stock market – heading into 2024, but investors see some opportunities.

A recent survey by Bank of America showed that 68% of professional investors see upside in European stocks in 2024, although 65% see a near-term pullback. BofA has 254 participants with a total of $691 billion in assets under management.

It comes after a flat year for European stocks that saw the Stoxx 600 index rise 12.65% as of December 28.

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CNBC Pro subscribers can read about the expectations of fund managers here.

– Amala Balakrishna

8 hours ago

CNBC Pro: Piper Chandler Reveals Its Top 3 Biotech Picks for 2024 — And One Raises 90%

Piper Sandler has named three small- and mid-cap pharma stocks as its “Top Picks” for 2024, thanks to their attractive valuations, product approvals/launch pipeline, innovation plans and clinical data readings for the coming year.

Investment bank confidence in biotech stocks is growing as the sector finally shows signs of recovery.

“After another tough year, there are signs that biotech will rebound in 2024. A pause in biotech financing or a reversal of interest rate hikes is constructive and M&A (mergers and acquisitions) activity is active,” Piper Sandler's analysts said in the stock.

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– Amala Balakrishna

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