According to a Bloomberg report, China may enact a rescue package worth 2 trillion Chinese yuan — equivalent to upwards of $278 billion — to stabilize markets after massive losses tied to the pandemic. The stimulus plan aims to buoy the struggling Chinese economy and flailing equities markets. Yahoo Finance's Seana Smith and Brad Smith break down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
According to a Bloomberg report, China may enact a rescue package worth 2 trillion Chinese yuan — equivalent to upwards of $278 billion — to stabilize markets after massive losses tied to the pandemic. The stimulus plan aims to buoy the struggling Chinese economy and flailing equities markets.
Yahoo Finance's Seana Smith and Brad Smith break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Reuters
Stellantis aims to become leader in the commercial vehicle (LCV) market worldwide by 2030, by launching an "offensive" in North America and picking up opportunities in Asia, its chief executive said on Tuesday. "We need a few years, by the end of our 2030 business plan we have the potential to become market leader," CEO Carlos Tavares said in a press conference during his visit at the group's plant in the town of Atessa, in central Italy, Europe's largest van-making facility. The group sold 1.8 million commercial vehicles worldwide last year, up from 1.6 million units in 2022.
Reuters
Shares of the U.S. truck maker were up 1.5% in premarket trading. The company, which makes trucks under the Kenworth, Peterbilt and DAF brand names, saw a growing demand for its hydrogen fuel cell and battery-powered vehicles as more consumers shifted to electric vehicles and emission-free engines. PACCAR's order book remains strong as demand for industrial equipment in the U.S. has gotten a boost from the Biden administration's $1.2 trillion push to improve transportation and infrastructure.
Reuters
Acquisitions in the Permian shale basin straddling West Texas and New Mexico, the largest U.S. oilfield, soared in the last two years as oil prices jumped on strong demand after Russia's invasion of Ukraine and producers sought producing wells to guarantee future supplies. Three pending deals - Exxon Mobil's offer for Pioneer Natural Resources, Chevron's bid for Hess and Occidental Petroleum's for CrownRock - drove fourth quarter deal values to $144 billion - a record level for any quarter and year. "Oil and gas is undergoing a historic consolidation wave comparable to what occurred in the late 1990s and early 2000s giving rise to the modern supermajors,” said Andrew Dittmar, a senior vice president at Enverus.
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