व्यापार

By Rocky Swift and Amanda Cooper TOKYO/LONDON (Reuters) -The U.S. dollar on Friday headed for its worst weekly performance since July, as a flare-up in concern about trade tensions and signs of mounting risk in regional American banks drove investors into safe-haven currencies like the Swiss franc and the yen. Signs of weakness were also emerging in the U.S. economy and because the federal government shutdown has choked off the release of key macroeconomic data, investors have less certainty than usual about what is happening on the ground. The Swiss franc hit its strongest level in a month and the yen also rallied, although part of its rise was attributable to Bank of Japan Governor Kazuo Ueda's discussion of factors that could lead to a rate increase this month. Compounding concerns about trade, Fed independence and the U.S. shutdown are making the greenback vulnerable to the "debasement" trade, where investors seek assets that can't easily be devalued, said Pepperstone research strategist Dilin Wu. "It's really hard to find a bullish scenario for the dollar index," said Wu. "Instead of betting on any currency by a single sovereign credit, people are rushing into gold, cryptocurrency, and other assets as a risk hedge." The Swiss franc was one of the top-performing major currencies against the dollar, which slid 0.4% to 0.7898. The dollar index, which tracks the U.S. currency against six of its counterparts, headed for a 0.7% slide this week – the largest since late July. The dollar also fell 0.39% against the yen to 149.825, trading below the 150 line for the first time since October 6. BOJ Governor Ueda said in Washington on Thursday that the central bank remains ready to increase its key policy rate if the likelihood of its growth and price forecasts materializing increases. The yen has been on the defensive since fiscal dove Sanae Takaichi was elected to head Japan's ruling Liberal Democratic Party earlier this month. But a vote to install her as prime minister was delayed after a split with the LDP's coalition partner. Reuters learned on Friday that Japan's lower house scheduling committee board has agreed to hold a parliamentary vote to select the next prime minister on October 21. "Rising U.S.-China trade-war worries, concerns over U.S. regional banks – these are reminders for the market that, actually, it’s not quite as rosy as investors were pretending that it was," City Index strategist Fiona Cincotta said. "There is definitely a safe-haven bias to trading … in the equities market, S&P 500 futures are down 1.4%, you’ve got gold hovering around record highs and the Swissie outperforming. Everything about this is telling us it’s risk-off, safe-haven demand," she said. The euro rose 0.1% to $1.1698, while sterling fell 0.2% to $1.341. Fed Governor Christopher Waller said he is on board for another interest rate cut at the U.S. central bank's meeting later this month because of the mixed readings on the state of the job market. Stephen Miran, the Fed's newest governor and an economic adviser to U.S. President Donald Trump, reiterated support for more aggressive rate cuts at upcoming meetings than the one favored by some of his colleagues. Miran's temporary term expires at the end of January, while Fed Governor Lisa Cook remains in place as the case over Trump's attempt to fire her winds through the courts. The Fed's Beige Book offered little support to U.S. rates, pointing to emerging signs of economic weakness, including rising layoffs and reduced spending among middle and lower-income households. (Additional reporting by Rocky Swift in Tokyo; Editing by Shri Navaratnam and Kim Coghill)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Iain Withers and Stella Qiu LONDON/SYDNEY (Reuters) -Tumbling bank shares pulled global stocks lower on Friday, while gold hit a fresh peak, as signs of credit stress at U.S. regional lenders unnerved investors and drove them into safe-haven assets. European banks fell 2.7% in early trade – dragging the wider stock index down 1.8% – with the likes of Deutsche Bank and Barclays down more than 5%, following losses across Asian financial stocks.  S&P 500 futures and Nasdaq futures were down more than 1% ahead of more earnings from U.S. regional banks later in the day. DOLLAR UNDER PRESSURE, GOLD AND TREASURIES CLIMB Overnight, U.S. regional lender Zions sank 13% after disclosing it would take a $50 million loss in the third quarter on two loans from its California division. Western Alliance's stock slumped 11% after it initiated a lawsuit alleging fraud by Cantor Group V, LLC. Cantor's attorneys denied the allegations. The developments pummelled U.S. banking stocks and weighed on the U.S. dollar to the benefit of the yen and Swiss franc.  "While the recent issues of the two lenders seems well contained, where there is smoke there is often fire and the remedy of the 2023 crisis has created a tinderbox for another banking flare-up," said IG analyst Tony Sycamore, referring to a series of bank failures that year which prompted the U.S. Federal Reserve to take steps to stabilise the financial system. Safe-haven Treasuries rallied further, with two-year yields down to a fresh three-year low of 3.376% as investors priced in at least two more quarter-point rate cuts from the Fed this year.  The flight to safety saw gold hit a record of $4,378.69 per ounce. Bullion is set for a weekly gain of 7.8%, and earlier in the session had temporarily been on track for its biggest gain since September 2008 when the collapse of Lehman Brothers fuelled the global financial crisis. “It wouldn't surprise me, frankly, if gold hits $5,000 before it actually stops for air …. Equally, it could fall 20% in the next month. So we’re more holders than buyers at current levels," said Eren Osman, managing director of wealth management at Arbuthnot Latham. Sentiment in equities has also taken a hit due to rising trade tensions between China and the United States. China on Thursday accused the U.S. of stoking panic over its rare earth controls, rejecting a White House call to roll back the curbs. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.4%, taking the week into negative territory. The credit worries and rate cut bets have weighed on the U.S. dollar, which is off 0.6% this week. [FRX/] The yen and the Swiss franc have gained most, with both up about 1% this week. Bank of Japan Governor Kazuo Ueda said that the central bank would scrutinise various data in deciding whether or not to raise interest rates this month.  Oil prices extended losses, after falling 1% overnight as U.S. President Donald Trump said he and Russian President Vladimir Putin had agreed to meet in Hungary soon to discuss ending the war in Ukraine. U.S. crude fell 0.5% to $57.18 a barrel, while Brent was also off 0.5% to $60.78. (Editing by Kim Coghill and Mark Potter)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Several pharmaceutical companies have said they will sell drugs direct to patients in the U.S. and offered discounts following President Donald Trump's calls to bring down drug prices and cut out "middlemen" like pharmacies, insurers and pharmacy benefit managers. The Trump administration announced in September plans to launch a government-run website called TrumpRx.gov in early 2026, offering reduced prices for prescription drugs. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations. Trump sent letters to 17 major companies in July demanding they slash U.S. prescription drug prices. Below is an overview of pharmaceutical companies that recently announced direct-to-consumer sales and price cuts in the U.S., in alphabetical order: ASTRA ZENECA AstraZeneca and the Trump administration signed a deal on October 10 under which it would sell some medicines at a discount to the government's Medicaid plan in exchange for three years of tariff relief. The deal also envisages up to 80% discounts on some of AstraZeneca's drugs to be sold through the TrumpRx website, CEO Pascal Soriot said at the Oval Office. BRISTOL-MYERS SQUIBB Bristol-Myers Squibb will cut prices to eligible U.S. patients for blood clot treatment Eliquis and plaque psoriasis drug Sotyktu, with the latter being offered at a more than 80% discount to the list price, it said in September. ELI LILLY  Eli Lilly said in June it would ship the two highest doses of its popular weight-loss drug Zepbound to cash-paying customers on its website starting early August. MERCK Trump and Merck KGaA said on October 16 they had struck a deal under which the German company would sell its fertility treatments, including Gonal-f, Ovidrel and Cetrotide, directly to consumers with a combined discount of 84% off list price if three of them were used in IVF. Trump also said Merck would offer all new drugs launched in the U.S. at the prices it charges in other developed countries. NOVO NORDISK  Novo Nordisk said in August it would offer its diabetes drug Ozempic for $499 per month to eligible cash-paying patients with type 2 diabetes in the U.S. via its own pharmacy, a tie-up with telehealth service GoodRx and other platforms. It had announced in April that it was working with telehealth firms Hims & Hers, Ro and LifeMD to sell Wegovy to cash-paying U.S. customers. PFIZER Pfizer and Trump said in October they had cut a deal in which the U.S.-based drugmaker agreed to lower prescription drug prices in the Medicaid programme to what it charges in other developed countries, in exchange for tariff relief. Pfizer will invest $70 billion in research and development and domestic manufacturing and received a three-year grace period during which its products will not be subject to U.S. tariffs on pharmaceuticals, Pfizer CEO Albert Bourla said. PhRMA U.S. pharmaceutical lobby group PhRMA said in September it would launch a new website, AmericasMedicines.com, next January to help patients buy prescription drugs directly from manufacturers. ROCHE Roche is considering selling its prescription medicines in the U.S. directly to consumers to bring costs down for patients, as part of talks with the U.S. government, CEO Thomas Schinecker said in July. The model could appeal not only to the uninsured or under-insured, but also to insured patients comparing the cost of accessing drugs through insurers with cash prices, an industry source told Reuters.  SANOFI  French drugmaker Sanofi said in September it would offer a month's supply of any of its insulin products for $35 to all patients in the U.S. with a valid prescription, regardless of insurance status. WISP Women's telehealth provider Wisp said in September it expanded its weight-care offerings to include sale and doorstep delivery of Novo Nordisk's and Eli Lilly's popular drugs without the need for insurance.  It priced Ozempic, Wegovy, and Mounjaro at $598, $558, and $489 per month, respectively, with the cost also including consultation, monthly follow-ups, and direct-to-door delivery. ZEALAND PHARMA  Zealand Pharma is considering a direct-to-patient sales model as well as traditional insurer channels for the experimental weight-loss drug it is developing with Roche, its CEO told Reuters in September. (Compiled by Javi West Larrañaga and Emanuele Berro, Editing by Helen Reid and Milla Nissi-Prussak)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Gianluca Lo Nostro and Elvira Pollina (Reuters) -A 17 billion euro ($19.72 billion) joint bid by Bouygues Telecom, Iliad-owned Free and Orange for most of the assets of France's second-largest telecoms operator SFR could prove an acid test for Europe's telecoms market. SFR parent Altice rejected the non-binding offer, which would see the number of French operators drop to three, but the bidders want talks with its shareholders, which include billionaire Patrick Drahi, to try to get a deal done. However, regulators have long drawn a red line to maintain four operators per country, resisting pressure for consolidation to match more dominant U.S. and Asian competitors.   WHAT IS AT STAKE WITH THE BID? EU antitrust regulators have imposed tough remedies and outright blocks on telecoms deals that proposed reducing the number of mobile network operators from four to three in a single country market, with a view to safeguarding competition and avoiding price increases. However, an EU report on the bloc's competitiveness last year urged regulators to ease a stance that had resulted in a highly fragmented sector, and instead focus on helping businesses gain scale and compete with U.S. and Chinese rivals. This echoed some calls by sector CEOs for the EU to facilitate mergers by assessing deals on an regional rather national level and taking into account investment plans. WHO WOULD REVIEW ANY SFR DEAL? Acquiring Altice's French assets would likely face a review by the European Commission, which has 25 working days after a deal is filed for a first-stage review.  It may extend 35 working days, to consider either proposed remedies or a member state's request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 days. The Commission would likely focus on preserving competition across several key segments of the French telecom market and ensure infrastructure remains accessible to new entrants, ING analyst Jan Frederik Slijkerman said. Should a deal be agreed, it will reveal any changes in thinking at the anti-trust authorities, Berenberg analysts said. WHAT DOES THE FRENCH GOVERNMENT SAY? Paris will play a key role in the event of a deal as the French government is Orange's largest investor. As a board member, its influence can extend to talks, which could focus on job protection and the national interest. Finance minister Roland Lescure said he will be "extremely vigilant", particularly on prices and service quality.   HOW IS THE FRENCH TELECOMS SECTOR CURRENTLY MADE UP? France currently has four telecoms operators, with Orange is the market leader. This means it would only be able only to acquire the smallest share of SFR, which has 19 million mobile subscribers and more than 6 million fibre customers. The French market has undergone many transformations, with Orange itself being acquired by France Telecom in 2000. In 2014, Vivendi sold SFR to Drahi's Numericable for 13.4 billion euros in cash and a 20% stake in the combined entity, forming Altice France, which is now itself a target. Altice closed a debt restructuring this month which has left Drahi controlling 55% of Altice France and creditors 45%. Meanwhile Bouygues Telecom, which is seeking the biggest slice of Altice's business, has expanded through its acquisition of La Poste Telecom, adding 2.3 million customers in 2024. Iliad entered the French market in 2012 under its budget brand Free, prompting stiff price competition. The three carriers have proposed acquiring most of SFR's activities, except for its stakes in fibre assets and those in French overseas departments and regions. (Reporting by Gianluca Lo Nostro and Elvira Pollina. Editing by Anousha Sakoui and Alexander Smith)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Ford is recalling nearly 625,000 vehicles in the U.S. due to seatbelt and rear-view camera display problems, the U.S. National Highway Traffic Safety Administration said on Friday. The seatbelt recall affects 332,778 Ford Mustang vehicles, while the camera display issue recall covers 291,901 F-250, F-350 and F-450 super duty trucks, according to NHTSA notices. The U.S. auto regulator said that Ford dealers will update the image processing module software at no cost to owners for the units being recalled to remedy the camera display defect. For the units facing issues with seatbelts, vehicle dealers will check the seatbelt parts and make replacements if needed, and also remove nearby carpet sections that touch the cables, NHTSA said. (Reporting by Rhea Rose Abraham in Bengaluru; Editing by Sherry Jacob-Phillips)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

COPENHAGEN (Reuters) -Novo Nordisk's shares fell 5.6% in early trade on Friday after U.S. President Donald Trump said on Thursday that the price of the Danish drugmaker's best-selling weight-loss drug would be lowered. Trump made the comments during a White House event on fertility treatments and drug pricing. He was asked by reporters to identify the name of a drug that he earlier in the event said would be made less expensive. "I was referring to Ozempic, or – I was referring to – the fat loss drug?…. They'll be much lower," Trump said. Although Novo's Ozempic is approved for diabetes treatment, it shares the same active ingredient as the group's blockbuster weight-loss drug Wegovy. In the U.S., Ozempic has been frequently used off-label for obesity and often serves as a generic reference to weight-loss drugs. At 0736 GMT, Novo Nordisk shares were down 5.6%, while shares of its peers Eli Lilly and Zealand Pharma also fell by around 4%. Asked for comment, a Novo spokesperson said on Thursday: "Novo Nordisk has engaged in discussions with the Administration regarding the Most Favored Nation executive order." The spokesperson added the company was focused on improving patient access and affordability, but did not comment directly on Trump's remarks. (Reporting by Stine Jacobsen, editing by Terje Solsvik)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Shares of Ray-Ban maker EssilorLuxottica surged more than 9% in early trading on Friday after the Franco-Italian group reported better than expected quarterly revenue a day earlier, helped by strong demand for its Meta AI glasses. The eyewear giant's stock exceeded 300 euros per share in early Paris trading, its highest price ever. (Reporting by Gianluca Lo Nostro; Editing by Milla Nissi-Prussak)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

LONDON (Reuters) -The U.S. government shutdown extends into another week, earnings season is in full swing, U.S./China trade tensions are tense and there's plenty of data to mull over. Japan's parliament meanwhile may vote on a new prime minister and Bolivia holds a key election. Here's all you need to know about the week ahead in world markets by Lewis Krauskopf in New York, Rocky Swift in Tokyo and Amanda Cooper, Naomi Rovnick and Marc Jones in London.      1/ US EARNINGS, INFLATION UPDATE ON WAY  U.S. corporate earnings rev up, with Tesla and Netflix, while next week ends with a delayed U.S. inflation release. After major banks kicked off Q3 earnings, the coming week will see reports from an array of industries, including consumer companies Procter & Gamble and Coca-Cola, aerospace and defense giant RTX and tech stalwart IBM. Investors have also been confronting a government data blackout due to the federal shutdown that began on October 1. While key data including the monthly employment report have been delayed, the government plans to publish September CPI numbers next Friday, allowing the Social Security Administration to meet deadlines related to payment of benefits. The CPI release comes just ahead of the Federal Reserve's October 28-29 meeting, when the central bank is widely expected to cut rates by a quarter percentage point. 2/ BIG MOMENT FOR TAKAICHI  Japanese markets await an expected parliamentary vote next week that may spur another leg up in a record stocks run. The blue-chip Nikkei hit all-time highs after Sanae Takaichi, a devotee of the "Abenomics" stimulus policies of the late Shinzo Abe, won a ruling Liberal Democratic Party election on October 4. That's normally a shoo-in to become the prime minister, but the LDP is weakened. A diet vote to install her as premier has been delayed after Takaichi failed to heal a rift with a long-time coalition partner and rival parties tried to team up to form their own government. The Nikkei hit a speed bump, and a volatility measure of the index surged to the highest since April. Now the Japan Innovation Party has emerged as a possible saviour after its leader pledged support for Takaichi if the two sides can agree on policy. 3/ EARLY WARNING SIGNS It has been six months since U.S. President Donald Trump unveiled his "Liberation Day" tariffs. There are trade deals in place and investors and companies have some certainty. Or at least, they did until recently. Tensions are flaring again between Washington and Beijing, prompting tit-for-tat fees on cargo ships and ports, a tightening on two-way supplies of key tech-sector materials and parts and a general heating up in rhetoric. Europe hasn't yet seen evidence of the big spending that national governments, led by Germany, promised earlier this year. China is slowing too.  The upcoming surveys of business activity for Germany, France, the UK, the U.S. and euro zone, among other regions, in October could start to reflect some of that renewed angst.  4/ STILL HIGH UK INFLATION?  UK inflation data next week could be pivotal for Britain's gilt markets, sterling and finance minister Rachel Reeves' ability to limit unpopular tax hikes and spending cuts in her November 26 budget. With Britain's fiscal hole widening because of surging debt payments, Wednesday's September consumer prices report could fuel rate cut bets and offer Reeves some relief if the annualised print comes below the Bank of England's 4% forecast.  But a higher-than-expected increase could keep the BoE cautious and Britain's finances looking precarious, in a threat to sterling's recent strong run against the dollar.  Gilt markets are exhibiting optimism so far, with UK borrowing costs falling to over two-month lows as traders priced a 90% probability of a quarter-point rate cut by February.  5/ VOTING AND VULTURES Bolivia's presidential election runoff vote on Sunday will be a historic moment, formally ending almost two decades of near-continuous socialist rule. The debt market vultures will be watching closely. The economy is in deep disarray, with inflation running at nearly 25%, fuel shortages rife and the country's foreign exchange reserves now barely covering two months of basic imports. With a meltdown potentially looming, the two candidates in Sunday's vote are battling over what to do.  Right-wing former President Jorge "Tuto" Quiroga, who has had a narrow lead in recent polls, wants the kind of chainsaw-style reforms Javier Milei has adopted in neighbouring Argentina, including potentially a debt writeoff.  Centrist rival Rodrigo Paz, meanwhile, is advocating for a more gradualist approach, fully aware of the country's long history of violent unrest at times of economic pain.    (Compiled by Dhara Ranasinghe, Graphics by Kripa Jayaram; Editing by Elaine Hardcastle)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Tom Polansek, Trevor Hunnicutt and Costas Pitas WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday that his administration was working to lower the price of beef in the country. "We are working on beef, and I think we have a deal on beef," Trump told reporters at the White House. The price of beef is "higher than we want it, and that's going to be coming down pretty soon too. We did something," Trump added, without elaborating. Beef prices have climbed to record highs after cattle ranchers slashed their herds due to a yearslong drought in the western United States that dried up lands used for grazing and raised feeding costs. By the beginning of the year, the herd had dwindled to 86.7 million cattle, the smallest number for the time period since 1951, according to U.S. government data. The Meat Institute, which represents meatpacking companies, said it needed to learn more about Trump's plans to lower prices. The administration of former President Joe Biden blamed meatpacking companies for rising food costs. Last week, processors Tyson Foods and Cargill agreed to pay a combined $87.5 million to settle a federal lawsuit brought by consumers who accused the companies of conspiring to inflate beef prices by restricting supply. The companies have denied wrongdoing. Meatpackers such as Tyson have lost money in their beef businesses as tight cattle supplies force them to pay more to buy animals to slaughter. Supplies tightened further this year after the U.S. Department of Agriculture halted imports of Mexican livestock to keep out a damaging pest spreading in Mexico. Mexican cattle were formerly imported to be fattened in U.S. feedlots and slaughtered in U.S. processing plants. Tariffs that Trump imposed on Brazilian goods have also slowed U.S. imports of Brazilian beef that was mixed with U.S. supplies to make hamburger meat. Recently, some U.S. ranchers have begun taking initial steps to start rebuilding the herd. However, it takes about two years before beef output rises after they make the first moves to expand because that is how long it takes to raise full-grown cattle, ranchers said. Last month, U.S. Agriculture Secretary Brooke Rollins said the USDA in mid-October would provide details on a plan to revitalize the decimated herd that would not include payments to producers. (Reporting by Trevor Hunnicutt and Costas Pitas and Tom Polansek; Writing by Ismail Shakil, Editing by Franklin Paul and Diane Craft)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Casey Hall and David Kirton SHANGHAI/GUANGZHOU (Reuters) -Amid the chaos of erratic U.S. tariff announcements, Chinese exporters making everything from kitchen appliances to Halloween decorations have responded by selling more goods to buyers in Europe, Latin America, the Middle East and Africa. Jacky Ren, whose Gstar Electronics Appliance factory used to generate more than 60% of its revenue from U.S. orders, says he has "given up" on the American market. Months of tit-for-tat tariff escalations, de-escalations, a brief truce, and the latest threat of a triple-digit tariff increase on Chinese goods from U.S. President Donald Trump in retaliation for Chinese curbs on rare earths exports, have left Ren feeling "extremely exhausted", and he is seeking out new markets to offset lost orders from U.S. customers. Ren is not alone. Chinese customs data released this week showed exports from the world's second-largest economy have grown 7.1% to 19.95 trillion yuan ($2.80 trillion) in the first nine months of this year, despite a significant drop in goods heading to the United States.  This growth is expected to help China demonstrate the resilience of its economy in the face of geopolitical and trade upheaval when it announces third-quarter GDP data on Monday.  Still, Chinese exporters aren't exactly happy with the situation, even though they have found new markets. "In this environment, where global consumption [of our products] is not enough to replace U.S. demand, our order volume and revenue have plummeted by half," said Lou Xiaobo, who makes Halloween decorations in eastern China and is in Brazil on a market research trip as he looks to sell more to Latin America. As China's entire export-oriented manufacturing sector has pivoted almost simultaneously, competition has eroded prices, making it more difficult for manufacturers to make ends meet. "Losing access to the United States, which is the largest consumer market, is akin to the rail industry losing the locomotive," Ren said, adding that it's becoming increasingly common for exporters to sell at a loss.  "Every market is highly competitive … all we can do is hold on and wait for an opportunity." 'US BUYERS GAVE UP' On Wednesday, the bustling opening day of the autumn edition of southern China's Canton Fair in Guangzhou – the world's largest trade show – all 15 companies Reuters spoke with said they had seen no U.S. buyers. Most noted an uptick in attendees from Brazil, Southeast Asia and Europe. All said they were prioritising market diversification.  "The situation's too unstable. (Trump's) like a child – crying one minute, laughing the next. You can't play along with that," said Cherry Yuan, overseas sales manager at Foshan Greenyellow Electric Technology, a maker of mosquito trapping equipment. Cai Jing, who runs a travel mug company started by her mother and uncle in 1998 that recently started making personal blenders, said export manufacturers have little choice. It hasn't been the decision of Chinese exporters to abandon the U.S. market, Cai said. "Sales to the U.S. have dropped a lot, by around half. It's not that we’re giving up on the U.S. market. It's that U.S. buyers gave up on us." ($1 = 7.1232 yuan) (Reporting by Casey Hall in Shanghai and David Kirton in Guangzhou; Editing by Tom Hogue)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)