China’s tourism revenue is still running well below 2019 levels, data shows
National tourism revenue for the Mid-Autumn Festival reached 28.68 billion yuan ($4.16 billion) — just 60.6% of the 2019 pre-pandemic levels, according to official data.
The revenue has remained below 2019 levels since the pandemic hit in early 2020.
Movie-ticketing site Maoyan showed the long-weekend box office came in at 370 million yuan ($53.44 million), the lowest since 2017.
Online shopping, meanwhile, held up in terms of value, according to data from China’s postal authority.
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–Evelyn Cheng
Ramsay Health Care shares plunge 14% after takeover talks hit roadblock
Australian hospital operator Ramsay Health Care’s shares dropped as much as 14.6% after the company announced a KKR-led consortium is “not in a position to improve the terms” of a takeover proposal.
Ramsay Health rejected the proposal earlier this year, saying the offer was “meaningfully inferior.”
The company’s shares later recovered slightly but were still 11% lower.
— Abigail Ng
Nio jumps more than 20% at open after Deutsche Bank report
Hong Kong-listed shares of Chinese electric vehicle-maker Nio jumped as much as 21% at the open following a bullish report by Deutsche Bank.
Reiterating his buy rating, analyst Edison Yu made minor changes to forecasts and said Nio remains Deutsche Bank’s top China EV pick in a note dated Sept. 12.
“The company’s efforts around user experience, battery swapping, overseas expansion, and internal battery cell development go very much underappreciated and will eventually show clear differentiation as the local Chinese market gets increasingly competitive,” Yu wrote.
The company’s shares were last 17% higher.
–Jihye Lee
CNBC Pro: Forget oil — coal is hot right now. Here are 2 stocks to play it, according to the pros
Coal mining in Wyoming.
Brian Brainerd | The Denver Post | Getty Images
Coal prices are at record highs and market watchers see prices going even higher as a global energy crisis looms.
“It’s almost like any or all companies are a buy,” analyst Peter O’Conner said of the booming coal sector, and reveals his favorite stock.
CNBC Pro subscribers can read more here.
— Xavier Ong
Nintendo shares jump 5% ahead of games announcement livestream
Squid Game-related stock up 10% at the open over Emmys hopes
Bucket Studio Co.which holds a stake in a private company that represents “Squid Game” lead actor Lee Jung-jae, jumped more than 10% as the show eyed a historic victory in the drama series race.
The company’s shares jumped more than 20% immediately after Netflix posted in June a letter from the directorHwang Dong-hyuk, announcing the series will return with a second season.
Other content-related stocks CJ ENM and CJ CGV were also up more than 2.5% in the morning session, and Showbox rose 1.5%.
– Jihye Lee
CNBC Pro: Want to invest in real estate? These REITs are among analysts’ favorites
Real estate investment trusts — or REITs — are coming back to the spotlight after a volatile year for many asset classes.
Analysts from Morgan Stanley and Citi highlight REITs from two sectors that they say could outperform the wider market, and remain resilient in a recession.
CNBC Pro subscribers can read more here.
— Weizhen Tan
