Nvidia’s H20 chips are available for sale in China again; CEO Jensen Huang has been highly active in engaging with leaders in both the US and China this year.
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China’s leaders have signaled dissatisfaction with extreme competition in some sectors, and the market expects some measures to be taken.
The Trump administration has taken several steps in recent weeks to place Chinese companies under greater scrutiny.
Exports and industrial activities outperformed again, while retail sales slowed in June; the housing market and deflation continue to be the biggest issues.
Trump has threatened more tariff hikes by 1 August, but markets believe it is another case of TACO.
China continued to consolidate its position as a key market for chipmaking equipment in 2024, but the outlook for 2025 is less optimistic.
The RMB has risen modestly against the USD in recent weeks due to the USD’s renewed weakness, but it still lags other currencies.
Huawei’s total revenue is nearly back to its peak, but its consumer business revenue has been slower to recover.
China’s relationship with Iran is focused on crude oil above all; claims of close ties are mostly exaggerated.