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Good Morning!
Happy Monday! Let’s have a great week:
👉Warren Buffett trims stake
👉 Massive Pixar debut
👉China’s housing market worsens
BUFFETT: Trims Stake
Berkshire Hathaway continues to trim its stake in BYD, China’s largest electric vehicle maker. Recently, Berkshire sold 1.3 million Hong Kong-listed BYD shares for $39.8 million.
Source: CNBC
Initially, Berkshire invested in BYD in 2008, buying about 225 million shares for $230 million. This investment paid off significantly as the EV market grew rapidly. Berkshire sold half its stake in 2022 and 2023 after BYD’s stock surged 600% by April 2022. Hong Kong rules require a filing when stake percentages cross whole numbers, so another filing will be needed if Berkshire’s stake falls below 6%. BYD, founded by Wang Chuanfu, shifted from making phone batteries to becoming China’s top car brand and a major EV battery producer.
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DEBUT: Inside Out 2
Disney and Pixar's "Inside Out 2" earned $155 million domestically this weekend, making it the second-highest opening for an animated film and the first since Warner Bros' "Barbie" to surpass $100 million in its debut.
Source: InsideTheMagic
Globally, it's expected to reach $295 million. Pixar and Disney faced challenges post-pandemic as audiences got used to streaming new releases on Disney+. Despite these issues, "Inside Out 2" is the fifth Pixar film to exceed $100 million in its North American debut, drawing around 12 million viewers. While the overall box office has struggled with fewer releases and a 26% drop in ticket sales compared to 2023, "Inside Out 2" shines as the largest domestic debut of 2024.
CHINA: Housing Market
China’s housing market slump worsened in May, leading to calls for government intervention. Industrial production grew 5.6% year-over-year but missed forecasts, while retail sales rose more than expected but are still below pre-pandemic levels.
Source: NBC
Real estate investment and home prices continued to decline, dragging down economic growth. Economists suggest the government needs to increase spending and stabilize the housing market to reach the 5% growth target. Despite these issues, the central bank kept a key interest rate unchanged. Chinese stocks fell, with the CSI 300 Index down 0.2%.
Chart of the Day
📊GDP Growth
Source: Statista
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Source: @wallstreetoasis
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