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  Banknotes of Renminbi arranged for photography on July 03 2018 in Hong Kong, Hong Kong. S3studio | Getty Images News | Getty Images China’s factory activity contracted for a fourth consecutive month in January, underscoring the much-needed litany of policy support for the world’s second-largest economy which Beijing announced last week. The official manufacturing purchasing managers’ index rose slightly to 49.2 in January from 49 in December, according to  data from the National Bureau of Statistics  released Wednesday. It was in line with the median forecast in a Reuters poll. The official non-manufacturing managers’ index rose to 50.7 in January from 50.4 in December, according to NBS. Strength in the country’s services industry helped offset weakness in the construction sector amid a slump in the real estate sector. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction. WATCH NOW VIDEO 06:25 China’s econ...

  Elon Musk, CEO of Tesla, speaks at the Atreju political convention organized by Fratelli d’Italia (Brothers of Italy) in Rome, Italy, on Dec. 15, 2023. Antonio Masiello | Getty Images Tesla  reported revenue and profit for the fourth quarter that missed analysts’ estimates as automotive revenue increased just 1% from a year earlier. The stock slid almost 6% in extended trading. Here are the key numbers: Earnings per share:  71 cents, adjusted vs. 74 cents expected by LSEG, formerly known as Refinitiv. Revenue:  $25.17 billion vs. $25.6 billion expected by LSEG. Total revenue increased 3% from $24.3 billion a year earlier. Operating margin for the quarter came in at 8.2%, down from the year-ago quarter’s figure of 16% and slightly higher than 7.6% in the prior quarter. Meager growth in auto revenue was partly due to a reduced average selling price following steep price cuts around the world in the second half of the year. Net income for the quarter more than doubled...

  SHARE Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc’s biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images Watches of Switzerland shares plummeted 28% on Thursday morning at 08:15 London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year. “Despite a positive start to the early part of Q3 FY24, WOSG then experienced a volatile trading performance in the run-up to and beyond Christmas, as the challenging macro-economic conditions impacted consumer spending in the luxury retail sector,”...

  U.S. President Joe Biden and Chinese President Xi Jinping before a meeting during the Asia-Pacific Economic Cooperation leaders’ week in Woodside, California, Nov. 15, 2023. Brendan Smialowski | Afp | Getty Images The  Biden  administration doubled down on its support for Taiwan’s democratic process ahead of a presidential election on the island that will serve as a bellwether of mainland China’s creeping influence over  Taiwan , which China claims as its territory. A senior Chinese liaison to Taiwan  warned  recently that Saturday’s  election  would be a choice between “peace and war.” Beijing has also cautioned Washington not to get involved. The election results will have ripple effects on geopolitics and global trade. Depending on the outcome, they could also trigger an increase in Chinese military activity in and around the island. The White House is preparing for several different outcomes. “Anytime we’re heading into a period of higher te...