Market Beats | iPhone 16 Sales Surge 20% in China; PBOC Unveils New Stimulus Measures; Biden Sends Blinken to Israel; CATL Profits Miss Expectations

1. PBOC Unveils Fresh Stimulus Measures

2. iPhone 16 Sales Jump 20% in China

3. CVS Fires CEO Karen Lynch

4. Biden Sends Blinken to Israel to Push for Truce

5. CATL Profit Misses Expectations as EV Demand Cools

6. Tesla FSD Under Federal Safety Investigation

7. Saudi Tech Firm Ejada Plans $1.5B IPO

1. PBOC Unveils Fresh Stimulus Measures

Shortly after China released its Q3 economic data, the People’s Bank of China (PBOC) announced new measures to support capital markets.

PBOC Governor Pan Gongsheng emphasized the need for targeted support for both the stock market and real estate sector.

China’s economic data for September exceeded expectations, reinforcing views that a rebound is underway. Analysts, including those at BNP Paribas, now believe the country is on track to meet its 5% GDP growth target.

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2. iPhone 16 Sales Jump 20% in China

iPhone 16推出的首个3周内，中国地区的新款手机销售额，比In the first three weeks after its launch, iPhone 16 sales in China surged 20% year-over-year. The Pro and Pro Max models saw a 44% increase, signaling strong demand in the premium segment.

Last year’s iPhone 15 rollout was plagued by supply issues and intense competition from Huawei. This year, Apple is gradually regaining market share, even as Huawei remains a top contender.

With new flagships from Vivo, Xiaomi, and Oppo launching soon, competition in China remains fierce.

CEO Tim Cook called China the “largest and most competitive smartphone market in the world.”

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3. CVS Fires CEO Karen Lynch

CVS Health announced that David Joyner will replace Karen Lynch as CEO amid mounting investor frustration over recent underperformance.

Lynch’s tenure saw multiple earnings misses. Q3 results are also expected to fall short, and the company may withdraw its 2024 profit guidance.

CVS had considered a corporate breakup to deal with rising medical costs at its Aetna insurance unit.

Shares dropped 9% in premarket trading and are down 20% year-to-date.

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4. Biden Sends Blinken to Israel to Push for Truce

President Joe Biden is dispatching Secretary of State Antony Blinken to Israel to promote a ceasefire in the ongoing conflict with Hamas.

Despite the death of Hamas leader Yahya Sinwar, Israel has shown no signs of halting its operations.

Officials in Gaza report that over 42,000 people have been killed since Israel’s military campaign began, with at least 1,500 casualties in Lebanon.

Israeli Prime Minister Benjamin Netanyahu has stated the goal is to end Hamas’s rule in Gaza.

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5. CATL Profit Misses Expectations as EV Demand Cools

China’s top EV battery maker, CATL, reported a 26% year-on-year profit increase in Q3 to 13.1 billion yuan — well below the 14.7 billion yuan analysts expected. Revenue fell 12.5% to 92.3 billion yuan, missing the projected 118.4 billion.

Lower EV output from major clients like General Motors and Ford weighed on results, as CATL’s earnings are closely tied to global EV production.

Even LG Energy Solution, the third-largest player, has seen profits decline for three consecutive quarters.

CATL’s global market share rose to 37.1% as of August 2024, up 1.6 percentage points YoY.

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6. Tesla FSD Under Federal Safety Investigation

The U.S. National Highway Traffic Safety Administration (NHTSA) announced a formal investigation into Tesla’s Full Self-Driving (FSD) system following multiple fatal crashes.

The agency will evaluate whether FSD can operate safely in low-visibility conditions like fog. In four crashes under review, FSD was engaged — including one incident where a pedestrian was struck and killed.

NHTSA said drivers may be overestimating the system’s capabilities.

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7. Saudi Tech Firm Ejada Plans $1.5B IPO

Saudi IT services company Ejada Systems is preparing for an IPO, hiring Goldman Sachs as lead advisor. The company could be valued at up to $1.5 billion.

Major shareholder Al Rajhi Bank, the second-largest asset holder in Saudi Arabia, may sell up to 30% of its stake.

The deal size and exact timing are still being finalized. Saudi firms have raised a total of $15 billion through IPOs this year, much of it driven by oil-related companies.

The Saudi exchange is pushing to diversify listings beyond energy and banking.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.