{"id":639595,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/multinationals-face-leaner-times-as-chinas-growth-slows\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"multinationals-face-leaner-times-as-chinas-growth-slows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/multinationals-face-leaner-times-as-chinas-growth-slows\/","title":{"rendered":"Multinationals face leaner times as China\u2019s growth slows"},"content":{"rendered":"

Multinationals are increasingly concerned about the state of China\u2019s economy:<\/strong> China has not seen the economic turnaround post-Covid that many expected, with weak demand and sluggish growth pushing down consumer confidence. Amid the economic slowing, multinational companies are seeing sales decline as consumers cut back on spending and turn toward domestic brands \u2014 a trend executives believe will continue for the foreseeable future.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Sales are falling:<\/strong> According to advertising giant WPP<\/a>, sales in the Chinese market have dropped nearly one-quarter in the last three months, reflecting the contraction of consumer appetite amid a sluggish economy. Foreign carmakers in particular have seen significant declines in sales<\/a>, as consumer preference shifts toward EVs and away from the luxury auto market. Domestic competition is also playing a factor, as more and more Chinese brands outcompete multinationals in the Chinese market.<\/p>\n

Distressed real estate markets are partly to blame:<\/strong> The heavily indebted Chinese real estate sector has seen growth slow since late 2021. With much of households\u2019 wealth tied up in real estate, the downturn in the market has had a significant impact on consumer spending. \u201cUncertainty surrounding disposable income prospects, combined with further shrinkage of household wealth due to falling housing prices has led to a reduction in non-essential expenditure or a shift towards value-for-money product,\u201d impacting not just restaurants but also other discretionary categories like \u201cclothing, cosmetics, and gold and silver jewelry,\u201d Fitch Ratings analysts say in a recent research note<\/a>.<\/p>\n

Still, a slow turnaround isn\u2019t enough of a reason to turn one\u2019s back on what is (arguably)<\/strong> the largest economy in the world<\/strong>, executives point out. \u201cEven at current growth rates China still accounts for almost one-third of the world\u2019s annual growth,\u201d CEO of Yum China Joey Wat tells the Financial Times<\/a>. And while lower sales hurt companies\u2019 bottom lines in the present period, executives believe that the country\u2019s \u201clong-term fundamentals are still in place,\u201d Anheuser-Busch InBev CEO Michel Doukeris tells the salmon-colored paper. Yet, despite a generally positive outlook, according to Wat \u201cbusiness is tough right now.\u201d<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mostly in the green<\/strong> this morning after one particularly volatile week that saw major sell-offs then sharp rebounds. The Kospi is looking at gains of 0.9%, while Hong Kong\u2019s Hang Seng is down 0.5% at dispatch time. The Nikkei is closed today as the Japanese observe Mountain Day. <\/p>\n

MEANWHILE- <\/strong>Futures for US indexes are down this morning as investors await inflation data due on Wednesday. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

29,533<\/p>\n<\/td>\n

\n

+2.7% (YTD: +18.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.17<\/p>\n<\/td>\n

\n

Sell 49.30<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.18<\/p>\n<\/td>\n

\n

Sell 49.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,772<\/p>\n<\/td>\n

\n

+0.9% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,306<\/p>\n<\/td>\n

\n

+0.6% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,195<\/p>\n<\/td>\n

\n

0.0% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

5,344<\/p>\n<\/td>\n

\n

+0.5% (YTD: +12.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

8,168<\/p>\n<\/td>\n

\n

+0.3% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,675<\/p>\n<\/td>\n

\n

+0.1% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 79.66<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.14<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,473.40<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 58,573<\/p>\n<\/td>\n

\n

-4.1% (YTD: +38.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 2.7% at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (12.8% above the 90-day average). Local investors were net buyers. The index is up 18.6% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+11.0%), Alexandria Containers and Cargo Handling (+7.1%), and Eastern Company (+6.1%).<\/p>\n

In the red: <\/strong>Edita (-0.7%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

Raya Holding distributed some 3.97 mn shares <\/strong>\u2014 worth EGP 8.9 mn \u2014 among its employees under its employee incentive and reward program, according to an EGX bulletin<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Consumer confidence remains low amid job and real estate markets that still have not recovered from the covid-19 pandemic<\/p>\n","protected":false},"author":1,"featured_media":639596,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,122,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-planet-finance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"37e97586-5aef-40e4-9741-31105d17487b","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/905.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Multinationals face leaner times as China\u2019s growth slows","related_issue":[639579],"teaser":"Consumer confidence remains low amid job and real estate markets that still have not recovered from the covid-19 pandemic","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.05e0a6f3-fe57-4028-be00-84af40879b93.mp3"},"yoast_head":"\nMultinationals face leaner times as China\u2019s growth slows - 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To take that\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1817.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546462,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/global-growth-prospects-appear-to-be-weakening\/","url_meta":{"origin":639595,"position":1},"title":"Global growth prospects appear to be weakening","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"Global growth prospects appear to be weakening after the EU cut its GDP forecast and data out of China pointed to slowing economic activity: The EU has downgraded its 2022 eurozone growth forecast to 2.7% from 4% in February as the war in Ukraine takes its toll. 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