
Keep the Portfolio Tilt Toward Risk, Lombard Odier's Lee Says
Lombard Odier's Homin Lee says investors should "keep the portfolio tilt toward risk" as latest developments suggest that "we're still in the middle of the deal making phase in the Trumpian trade policy." Lee discusses his outlook for global equities on Bloomberg Television. (Source: Bloomberg)
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CNBC
26 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.


News24
31 minutes ago
- News24
Huawei chips are one generation behind US, but ‘no need to worry', says CEO
Huawei Technologies' chips are one generation behind those of US peers but the firm is finding ways to improve performance through methods such as cluster computing, Chinese state media quoted CEO Ren Zhengfei as saying on Tuesday. The chipmaker invests 180 billion yuan (R444 billion) in research annually and sees promise in compound chips - chips made from multiple elements - Ren said in an interview with the People's Daily newspaper of the governing Communist Party. There is "no need to worry about the chip problem", Ren said, addressing concerns stemming from US export controls. The article, published on the front page of the newspaper, come as top US and Chinese officials are set to resume trade talks for a second day in London where topics such US tech restrictions on China are expected to be discussed. Since 2019, a slew of US export curbs, aimed at curbing China's technological and military advancements, have restricted Huawei and other Chinese firms from accessing high-end chips and the equipment needed to produce them from abroad. Ren's comments are the first ever from him or Huawei about the company's advanced chipmaking efforts, which have become a flashpoint in US-China tensions. Huawei is just one of many Chinese chipmakers, Ren said in the interview, adding: "The United States has exaggerated Huawei's achievements. Huawei is not that great. We have to work hard to reach their evaluation." "Our single chip is still behind the US by a generation. We use mathematics to supplement physics, non-Moore's law to supplement Moore's law and cluster computing to supplement single chips and the results can also achieve practical conditions. Software is not a bottleneck for us," he said. Cluster computing is when multiple computers work together. Moore's law refers to the speed of chip advancement. Huawei's Ascend series of AI chips compete in China with offerings from Nvidia, the global leader in AI chips. The US commerce department last month said the use of Ascend chips would be a violation of export controls. Nvidia's AI chips are more powerful than Huawei's but the company has been barred by Washington from selling its most sophisticated chips to China, causing it to lose significant market share to Huawei. In April, Huawei launched "AI CloudMatrix 384", a system that links 384 Ascend 910C chips in a cluster that companies can use to train AI models, which has been described by analysts as able to outperform Nvidia's GB200 NVL72 system on some metrics. Dylan Patel, founder of semiconductor research group SemiAnalysis, said in an article that month that it meant that Huawei and China now had AI system capabilities that could beat Nvidia. Nvidia and the US commerce department did not immediately respond to a request for comment on Ren's remarks. Ren also said about a third of Huawei's annual research spending went to theoretical research while the rest was spent on product research and development. "Without theory, there will be no breakthroughs, and we will not catch up with the United States."


The Verge
31 minutes ago
- The Verge
Posted Jun 10, 2025 at 4:15 AM EDT
Huawei plays coy on AI chips. Founder Ren Zhengfei says Huawei's Ascend chips are still 'one generation' behind US rivals like Nvidia, and that the 'US has exaggerated Huawei's capabilities — we're not that strong yet.' If that sounds an odd line for a CEO to take, remember that fears over Huawei's AI prowess have driven a US clampdown intended to boost Nvidia in its place, and that the US and China are negotiating today over export controls and more.