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On August 20th, Alibaba Group (09988.HK) announced its quarterly results for the period ending June 30, 2026. CEO Wu Yongming stated, “We achieved strong results this quarter, with our full-stack AI capabilities driving continued growth in commercial returns. Specifically, Alibaba Cloud’s external commercial revenue accelerated to 45%, and AI-related product revenue has achieved triple-digit year-on-year growth for the twelfth consecutive quarter. Our recently released cutting-edge language, programming, video, voice, image, and music models all rank among the top performers. We launched Qianwen Office, an AI productivity platform designed to enhance enterprise productivity and capabilities. Thanks to our full-stack AI strategy, Alibaba…” "Baidu is in a very favorable position to capitalize on the enormous growth opportunities in the artificial intelligence and AI computing power market," said Xu Hong, CFO of Alibaba Group. "This quarter, the Group achieved strong revenue growth, and the profit margins of its core businesses continued to improve. Specifically, the cloud segments revenue continued to accelerate, with high-quality earnings and operating leverage driving the EBITA margin to 12%; instant retail maintained its market share while continuously optimizing efficiency, and overall e-commerce profits remained stable. As the synergies of our core businesses are further released and more AI commercializations are gradually implemented, we will have greater flexibility in terms of strategy and financial resources to continue our disciplined investment in full-stack AI capabilities."The military administration of Kyiv reports that the death toll in Kyiv has risen to 15.The Ukrainian military reported attacks on Russias Taneko oil refinery and an oil terminal in the Krasnodar region.Alibaba (BABA.N) shares fell more than 4% in pre-market trading.Alibaba (09988.HK): Revenue from AI labs and applications grew by 16% in the first quarter.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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