QtrendsChinese EV makers Xpeng and Xiaomi ramp up competition with Tesla in China's booming electric vehicle market. China's economic recovery shows momentum with rising brand value and business confidence. BP's board ousts its chairman over conduct concerns, sending shares lower. Micron joins the trillion-dollar club, driving US stocks to fresh records. Global bond markets face a violent selloff, testing equity rallies near all-time highs.
Xpeng is building driverless taxis while Xiaomi launches a cheaper upgraded SUV to compete directly with Tesla's bestselling model in China. The intensifying rivalry comes as Tesla rolls out its Full Self-Driving feature in China. SCMP reports these developments as part of a broader wave of EV news, including Chery's plan to export 1 million vehicles abroad.
Chinese brands are making significant leaps in valuation as the country's economic recovery gains traction. April economic data points to steady performance, while a European Chamber of Commerce survey shows rebounding business confidence among foreign firms in China. Nikkei Asia highlights the improving sentiment toward the world's second-largest economy.
BP's board has removed its newly appointed chairman citing 'serious concerns' about his conduct, with reports describing 'bullying' and 'overbearing' behavior. The abrupt dismissal has sent BP shares sliding. Multiple major outlets including the New York Times, BBC, CNN, and AP News have covered the corporate governance crisis at the oil giant.
Micron has become Wall Street's latest trillion-dollar company, driving U.S. stock indexes to new record highs. UBS has set an aggressive price target on the chipmaker. Separately, a quantum computing startup is preparing for a public debut with a potential valuation of nearly $13 billion, signaling continued investor appetite for cutting-edge technology.
Global bond markets are experiencing a violent selloff that threatens the stock market rally near record highs. U.S. Treasury yields are rising, putting pressure on the Federal Reserve's policy outlook, while Japan's central bank faces complications for its bond-tapering plan. Investors are reassessing risk as the bond-equity correlation shifts.