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Real-time News
On September 22nd, RSM UK analyst Thomas Pugh stated that UK net public borrowing in August rose sharply compared to the same period last year, meaning the upcoming budget will be more challenging than anticipated by new Prime Minister Andy Burnham or Chancellor of the Exchequer John Healy when they took office months ago. A new round of tax increases seems inevitable in October. Cumulative borrowing so far this fiscal year has reached £77.3 billion, far exceeding the £69.2 billion previously predicted by the budget oversight body, the OBR. Given rising inflation and the potential for increased spending in the budget, borrowing is expected to continue to significantly exceed expectations. However, with UK government bond yields high, investors are closely watching every borrowing figure for clues about the governments seriousness regarding fiscal discipline.On September 22, Novo Nordisk CEO Mike Dustdale stated that the company must take more steps to rebuild investor confidence, given that its flagship drugs, such as Ozempic, will face patent expirations early in the next decade. Dustdale said, "What weve learned over the past few years is that over-promising and under-delivering quickly erode trust." Investors "want to know whats next." Novo Nordisks stock price fell on Monday as investors were disappointed by the lack of detail in its turnaround plan during the companys Capital Markets Day. Novo Nordisk is facing patent expirations for Ozempic and Wegovy in the US and Europe, a product portfolio that currently accounts for about three-quarters of its sales. Novo Nordisk has pledged to launch more than five blockbuster drugs by 2030 and achieve more than $23 billion in new sales by 2035. These goals are widely considered to be in line with investor expectations. BMO Capital Markets analysts stated that Novo Nordisk is still in a phase where it needs to prove itself with results. Investors need a clearer understanding of the companys next-generation drugs and their potential market acceptance in order to rebuild confidence.On September 22nd, Daiwa Securities issued a research report stating that the management of Biren Technology (06082.HK) recently raised its 2027 revenue guidance from RMB 10 billion to RMB 20 billion. This is believed to be due to the recent increase in the average selling price of mainstream AI chips in the Chinese market, as well as the increased revenue contribution from the Super-Pod solution resulting from changes in the product mix. The report believes this reflects the companys confidence in the future development of its flagship chip BR20x and its ability to secure customer orders. Daiwa reiterated its "Buy" rating and raised its target price from HKD 100 to HKD 130, corresponding to a projected price-to-sales ratio of approximately 15x for 2027. Daiwa also raised its revenue forecasts for 2026 to 2028 by 14%, 94%, and 58% respectively, to RMB 2.408 billion, RMB 21.008 billion, and RMB 45.508 billion, reflecting the positive performance in the first half of this year and the improved revenue guidance for next year. Net profit forecasts for 2027 and 2028 were raised by 35% and 10% respectively, to RMB 4.179 billion and RMB 11.967 billion.September 22 – Foreign Ministry Spokesperson Guo Jiakun held a regular press conference on September 22. A CCTV reporter asked: The spokesperson just announced that Vice President Han Zheng will attend the 81st session of the UN General Assembly general debate. What are Chinas expectations for this visit? Guo Jiakun stated that the United Nations is the core platform for global governance, and the General Assembly general debate is an important opportunity for countries to build political consensus and coordinate multilateral actions. This year marks the 55th anniversary of the restoration of the Peoples Republic of Chinas legitimate seat in the United Nations. During his attendance, Vice President Han Zheng will comprehensively explain Chinas views and propositions on the current international situation, major international and regional issues, and the work of the United Nations. He will also introduce Chinas powerful actions in practicing genuine multilateralism and promoting world peace and development, promote the international community to revitalize the authority and role of the United Nations, gather greater synergy for reforming and improving global governance, and work together towards the right direction of building a community with a shared future for mankind.On September 22, Foreign Ministry Spokesperson Guo Jia-kun held a regular press conference. Guo stated that the China-ASEAN Expo is a "golden name card" for cooperation between the two sides. Over the past 23 years, the Expo has witnessed the upgrading and leap of China-ASEAN relations from the "golden years" to the "diamond decade" and now to the Free Trade Area 3.0. Guo introduced that this years Expo features an ASEAN countries needs exhibition area for the first time and releases a list of ASEAN countries needs for the first time, promoting precise matching of supply and demand through a new model of "ASEAN posing questions, China solving them." This years Expo also features a dedicated Pinglu Canal exhibition area. Once the canal is open to navigation, it will significantly shorten the sea distance between southwest China and ASEAN countries, opening a new channel for bilateral trade. "China is willing to work with ASEAN countries to implement the Free Trade Area 3.0 and jointly build a closer China-ASEAN community with a shared future," Guo said.
