Meituan reported a 5.6% year-on-year revenue increase to 91 billion yuan (US$13.45 billion) for the first quarter. CEO Wang Xing highlighted overseas expansion, particularly the Keeta food delivery business in the Middle East, and AI initiatives.
China's service sector maintained stable growth this year, driven by digital technology empowerment and upgrading consumption demand. In April, the service production index rose 4.3%, with information technology services up 11.7%. High-tech service investment increased 10.5% from January to April.
Rolling coverage of the latest economic and financial newsAustralia hikes interest rates to 4.35% in blow to mortgage holdersThe Financial Times have a corking story this morning – UK chancellor Rachel Reeves had a “fierce row” with US Treasury secretary Scott Bessent in Washington last month, they say.The pair of finance ministers clashed over the Iran war on the sidelines of the IMF’s Spring Meeting, after Reeves said she was “not convinced” that “we are safer today than we were a few weeks ago”.Reeves responded angrily by telling Bessent she did not work for him and disliked how he had spoken to her.She also reiterated her argument about the Iran conflict lacking clear goals and not necessarily making the world safer.“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve. And as a result the strait of Hormuz is now blocked.”The decrease reflected higher expected credit losses and other credit impairment charges (‘ECL‘) in 1Q26, an adverse impact from notable items and a rise in operating expenses.The macroeconomic outlook is facing heightened uncertainty, creating volatility in both economic forecasts and financial markets resulting in both tailwinds and headwinds.The Group is well-positioned to manage the impacts of these challenges through our high-quality revenue streams, conservative approach to credit risk and strong deposit franchise. Supporting our clients through this volatile period is a top priority.9am BST: UK car sales for April1.30pm BST: US trade report for March3pm BST: US service sector PMI Continue reading...
GfK Tüketici Güven Endeksi Nisan'da 4 puan düşerek -25'e geriledi, son bir yılın en büyük aylık düşüşü. Tüketiciler kişisel finans ve ekonomi için artan kaygılarla 'titriyor', yakıt fiyatları ve Körfez krizi baskıyı artırıyor.
Service providers report sharpest acceleration in service sector cost inflation in 30 years, largely due to higher fuel pricesEconomic output across the eurozone has fallen for first time in 16 months, as the Iran war drove up prices.Data provider S&P Global has reported that the eurozone private sector dipped into contraction in April, pulled down by a contraction in the services sector.“With the ongoing conflict in Iran causing concerns over fuel shortages and spiking prices, the downtick may also be driven by consumers beginning to limit their vehicle usage to necessary journeys.” Continue reading...
UK government borrowing fell in the last financial year, but economists warn that the Iran war will likely drive borrowing higher and slow growth. Multiple UK companies have issued profit warnings, and service sector costs have seen their largest jump in 30 years.
China's State Council unveiled a 100-trillion-yuan (US$14.7 trillion) blueprint on Tuesday to modernize its service sector by 2030, shifting focus from lifestyle services to producer services such as logistics, IT, and financial services. The plan aims to fuse advanced manufacturing with specialized technical support while preventing premature deindustrialization, analysts say.
