China's electronic information manufacturing sector has posted solid growth in production and output in the first eight months of 2024, according to data from the Ministry of Industry and Information Technology.
The data showed that the value-added industrial output of major companies in the sector rose by 13.1 percent year on year in the same period.
Cellphone output, a key product in the sector, amounted to 1.015 billion units. Among them, 751 million units of smartphones were produced, up 10.4 percent from a year ago.
Meanwhile, the combined export delivery value of major companies rose 1.2 percent year on year, according to the ministry. During this period, the exports of laptops and smartphones grew 2.0 percent and 4.6 percent year on year respectively.
In addition, investment in the electronic information manufacturing industry remained stable during the first eight months. Fixed-asset investment in the sector increased 14.2 percent year on year in the same period, the data reported.
China's electronic information manufacturing sector maintains solid growth
China's electronic information manufacturing sector maintains solid growth
China's electronic information manufacturing sector maintains solid growth
U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.
The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.
Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.
Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.
As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.
In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.
Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.
On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.
U.S. stocks sink as Middle East tensions trigger oil price surge
