China’s growth slowed in April with investment declining and retail sales rising just 0.2%. HSBC’s Jing Liu says the latest data should be viewed in the context of the Middle East conflict. “China is probably more resilient than others but no exception in terms of taking the hit,” she tells Bloomberg Television.
China’s growth slowed in April with investment declining and retail sales rising just 0.2%. HSBC’s Jing Liu says the latest data should be viewed in the context of the Middle East conflict. “China is probably more resilient than others but no exception in terms of taking the hit,” she tells Bloomberg Television.
China has unveiled the world’s first copper-blended titanium implant for orthopaedic surgery after more than a decade of research and development. This innovative material retains the exceptional strength and hardness characteristic of titanium alloy medical devices while significantly reducing the risk of post-operative infection, according to its developers. On April 21, the world’s first bone p...
China has unveiled the world’s first copper-blended titanium implant for orthopaedic surgery after more than a decade of research and development. This innovative material retains the exceptional strength and hardness characteristic of titanium alloy medical devices while significantly reducing the risk of post-operative infection, according to its developers. On April 21, the world’s first bone pin made using the material was approved for market release by China’s National Medical Products...
Japanese government bonds sold off on Monday sending yields to record highs as rising oil prices fueled inflation fears. Here’s what strategists are saying: Eugene Leow , a senior rates strategist at DBS Bank: “We got a warning shot from JGBs in the early part of the year. However, between the war and still-firm economic activity across the globe, overheating risks are featuring more heavily acros...
Japanese government bonds sold off on Monday sending yields to record highs as rising oil prices fueled inflation fears. Here’s what strategists are saying: Eugene Leow , a senior rates strategist at DBS Bank: “We got a warning shot from JGBs in the early part of the year. However, between the war and still-firm economic activity across the globe, overheating risks are featuring more heavily across the G10.” “The current situation feels more like a rolling repricing across the DM space - each one taking turns to adjust to a higher rate regime.” Frances Cheung , head of foreign exchange and rates strategy at Oversea-Chinese Banking Corp.: “A wider term premium is priced into long end JGBs, partly because of the fiscal impact of high oil prices. On an FX-hedged basis from a USD fund perspective, pick-up at JGBs is higher than at USTs, which explains the spillover from JGB sell off onto the UST market.” Masahiko Loo , senior fixed income strategist at State Street Investment Management: “The latest JGB selloff reflects a mix of global rate pressures and domestic fiscal concerns, with the supplementary budget reinforcing supply expectations. In an inflationary environment, this isn’t surprising. The key to watch is the curve — 5s30s is again approaching historically wide levels above 210bps, where we’ve typically seen stabilization since 2025 as valuations turn attractive.” “Importantly, this is not a funding story — Japan remains largely domestically financed, with household financial assets roughly double the debt and a net debt profile closer to 140% of GDP versus over 240% on a gross basis.” “On contagion, spillovers should remain measured. Any global impact is more about gradual rate repricing than systemic risk. Even on repatriation, we see this as slower buying rather than outright selling — Japan is unlikely to become a net seller of foreign assets, with over JPY400 trillion in cash providing the first source of funding for increased JGB allocation.” Kazuhiro Sa...
Scharfsinn86/iStock via Getty Images I have covered Ballard Power Systems Inc. ( BLDP ), ( BLDP:CA ) previously, so investors should view this as an update to my earlier articles on the company. Earnings Review Earlier this month, leading Canadian fuel cell systems developer Ballard Power Systems ("Ballard" or "Ballard Power") reported mixed first-quarter results, with a revenue shortfall offset b...
Scharfsinn86/iStock via Getty Images I have covered Ballard Power Systems Inc. ( BLDP ), ( BLDP:CA ) previously, so investors should view this as an update to my earlier articles on the company. Earnings Review Earlier this month, leading Canadian fuel cell systems developer Ballard Power Systems ("Ballard" or "Ballard Power") reported mixed first-quarter results, with a revenue shortfall offset by lower-than-expected losses. Company Press Releases / Regulatory Filings While shipments into the bus market declined by almost 50% on a year-over-year basis, the company experienced strong increases in rail and backup power applications. Company Press Release Margins and operating expenses continued to benefit from recent restructuring initiatives. As a result, Adjusted EBITDA losses decreased to new multi-year lows. Company Press Releases Cash burn declined by almost 70% on a year-over-year basis to $8.4 million. Ballard Power ended the quarter with $516.8 million in cash and cash equivalents. The company continues to have no debt. Consensus Estimates Remain Too High However, not everything is going according to plan, as the company's backlog declined to new multi-year lows despite a new commercial agreement with New Flyer, a subsidiary of NFI Group Inc. ( NFYEF , NFI:CA ), covering 50 MW of fuel cell bus engines. However, it might actually take several years for this order to be completed. Not surprisingly, management declined to discuss the contract duration on the Q4/2025 conference call in March. The contract itself is for 500 units, and we're not discussing the duration of the contract. We're more focused on the actual megawatts and unit volumes. And then, of course, we have a long-standing partnership and relationship with New Flyer, and it's not really predicated on a quarter here or a quarter there. With just $52.8 million in orders scheduled for delivery over the next twelve months, Ballard Power will face challenges to come even close to the current analyst con...