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Welcome to Tech In Depth, our daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Riley Griffin reports from the Meta antitrust trial about the company's views of its rivals and the future of social networks.
Tencent earnings: Chinese gaming company Tencent said revenue in the March quarter grew 13%, the fastest pace since 2021.
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CNBC
13 minutes ago
- CNBC
Treasury yields slip as U.S.-China trade talks enter Day 2
Treasury yields slipped Tuesday as U.S. and Chinese officials resumed trade negotiations in London for the second day. The 10-year Treasury yield was down almost 3 basis points to 4.456% at 3.30 a.m. ET. The 2-year yield slipped around one basis point to 3.993%. The 30-year yield was lower by 3 basis points to 4.921%. One basis point equals 0.01%. Yields and prices move inversely in the bond market. U.S.-China trade negotiations in London resumed on Tuesday, building on a recent call between U.S. President Donald Trump and Chinese counterpart Xi Jinping. On Monday, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer had talks with Chinese officials. Both sides have intensified diplomatic efforts following weeks of escalating trade tensions and uncertainty sparked by Trump's broad import tariffs on China and other key trading partners in April. "While we await any concrete news, it's worth remembering that markets have been used to a lot of back-and-forth in recent weeks," Deutsche Bank's analysts said, in reference to how U.S. tariffs slapped on China went all the way up to 145%, before being slashed to 30%, among other instances of policy reversals. "There've been several twists and turns already, and markets are getting fairly used to this uncertainty by now," wrote in a note published Tuesday. Deflation in China is also putting pressure on the Chinese government to negotiate a trade deal with Trump that benefits both countries, said Ed Yardeni, president of Yardeni Research. China's consumer prices fell for a fourth consecutive month in May, with the CPI falling 0.1% from a year earlier, data from the National Bureau of Statistics showed on Monday.
Newsweek
14 minutes ago
- Newsweek
Donald Trump Says China 'Not Easy' As Trade Talks Kick Off
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump has described China as "not easy" to deal with, but touted progress between the two countries as negotiations go into their second day. "We are doing well with China. China is not easy," Trump told reporters at the White House on Monday. "Now I'm only getting good reports," he added, referencing the U.S. delegation currently meeting with Chinese officials in London. "It's a little early, but they'll be calling in soon. In fact, probably when I get back, I'll have my first call from them." On Monday, U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer met with Beijing's chief trade negotiator Vice Premier He Lifeng. Others in the Chinese delegation include Commerce Minister Wang Wentao and international trade negotiator Li Chenggang. In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, center right, and U.S. Treasury Secretary Scott Bessent, center left, pose for a group photo with delegations before their meeting to discuss... In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, center right, and U.S. Treasury Secretary Scott Bessent, center left, pose for a group photo with delegations before their meeting to discuss China-U.S. trade, in London, Monday, June 9, 2025. More Li Ying/Xinhua via AP Lutnick hailed the discussions as "fruitful," according to Bloomberg, while Bessent told reporters that the two delegations had a "good meeting." The talks may continue on Tuesday; China's Foreign Ministry has said that its delegation will be in the U.K. between June 8 and June 13. According to White House economist Kevin Hasset, Washington is seeking a "handshake" from Beijing, and the promise that the country will free up the flow of critical minerals to the U.S. "Our expectation is that after the handshake, immediately after the handshake, any export controls from the US will be eased and the rare earths will be released in volume and then we can go back to negotiating smaller matters," Hassett told CNBC ahead of the meetings on Monday. This is a developing story with updates to follow.
Yahoo
19 minutes ago
- Yahoo
Huawei founder says chips still lag 'one generation' behind US
Chinese tech giant Huawei's chips still "lag behind the United States by one generation", state media quoted its founder and CEO Ren Zhengfei as saying in a rare interview on Tuesday. Washington last month unveiled fresh guidelines warning firms that using Chinese-made high-tech AI semiconductors, specifically Huawei's Ascend chips, would put them at risk of violating US export controls. The Shenzhen-based company has been at the centre of an intense standoff between the economic supergiants after Washington warned its equipment could be used for espionage byBeijing, an allegation Huawei denies. Speaking to the People's Daily, the official newspaper of the ruling Communist Party, 80-year-old Ren insisted the United States had "exaggerated" Huawei's achievements. Tougher controls in recent years have prevented US chip giant Nvidia, one of Huawei's rivals, from selling certain AI semiconductors -- widely regarded as the most advanced in the world -- to Chinese firms. As a result, it is now facing tougher competition from local players in the crucial market, including Huawei. Nvidia's chief executive Jensen Huang told reporters last month that Chinese companies "are very, very talented and very determined, and the export control gave them the spirit, the energy and the government support to accelerate their development". But Ren said Huawei was "not that great yet", according to the article published on the newspaper's front page Tuesday. "Many companies in China are making chips, and quite a few are doing well -- Huawei is just one of them," he added. When asked about "external blockades and suppression" -- a veiled reference to US export restrictions on Beijing -- Ren said he had "never thought about it". "Don't dwell on the difficulties, just get the job done and move forward step by step," he added. Sanctions since 2019 have curtailed the firm's access to US-made components and technologies, forcing it to diversify its growth strategy. China has accused the United States of "bullying" and "abusing export controls to suppress and contain" the country's firms. isk/oho/dan
