The World Opinion

Tag: China

  • Taiwan legitimate main missile manufacturing discovered useless in lodge, says record

    The deputy head of Taiwan defence ministry’s analysis and construction unit was once discovered useless on Saturday morning in a lodge room, consistent with the legitimate Central Information Company.

    Ou Yang Li-hsing, deputy head of the military-owned Nationwide Chung-Shan Institute of Science and Generation, was once discovered useless in a lodge room in southern Taiwan on Saturday morning, CNA reported. It stated government had been having a look into the reason for dying.

    Ou Yang was once on a trade shuttle to the southern county of Pingtung, CNA stated, including that he had assumed the publish early this yr to oversee quite a lot of missile manufacturing tasks.

    The army-owned frame is operating to greater than double its once a year missile manufacturing capability to with regards to 500 this yr, because the island boosts its battle energy amid what it sees as China’s rising navy danger.

  • Ex-diplomat says there are ‘extra clever techniques’ for the U.S. to fortify Taiwan than to discuss with

    There are “extra clever techniques” to fortify Taiwan than for U.S. Space Speaker Nancy Pelosi to have visited the island, former everlasting secretary at Singapore’s Ministry of International Affairs Bilahari Kausikan informed CNBC. 

    The transfer may undermine efforts through the U.S. and different nations to fortify Taiwan at some point and has additional sophisticated Taiwan’s political dating with China, he informed CNBC’s “Side road Indicators Asia” on Friday.

    “I believe Taiwan wishes fortify and merits fortify however has this accomplished the rest this is profitable? I don’t believe so. If truth be told, I believe it has made issues worse,” Kausikan stated.

    Ignoring weeks of warnings from Beijing, Pelosi visited Taiwan and met President Tsai Ing-wen on Wednesday. Taiwan is a self-ruled democracy, however Beijing considers the island a breakaway province and says it has no proper to behavior overseas family members.

    Pelosi’s discuss with makes her the highest-ranking U.S. respectable to discuss with Taiwan in 25 years.

    China introduced army drills within the airspace and waters round Taiwan tomorrow. On Friday, Beijing introduced sanctions in opposition to Pelosi and her quick members of the family, regardless that the content material of the ones sanctions used to be unspecified.

    Speaker of the U.S. Space Of Representatives Nancy Pelosi (D-CA), left, poses for images with Taiwan’s President Tsai Ing-wen, proper, on the president’s place of business on August 03, 2022 in Taipei, Taiwan.

    Handout | Getty Pictures

    “What Taiwan wishes is sure features … what Taiwan wishes is diplomatic fortify. What Taiwan does no longer want is a discuss with, that can come up with a feel-good second … and after that, would possibly deter different nations from visiting Taiwan, in the event that they take a look at China’s powerful reaction,” Kausikan stated.

    Whether or not the discuss with used to be nice or unhealthy for Taiwan stays “a minimum of an open query,” he stated. “There are lots of alternative ways, extra clever techniques, much less dangerous techniques of giving Taiwan the fortify it wishes and merits.” 

    Kausikan stated the discuss with may dissatisfied the established order within the area and that brought about China to react in a “semi-hysterical means,” including that it “gave China an excuse” to fireside missiles as regards to Taiwan.

    You will have an more and more febrile, fractious dating between the 2 nations. It merely takes to the air a fit to mild a flame, which then catches hearth kind of.

    Kevin Rudd

    Former Australian High Minister

    Nonetheless, the ex-diplomat maintained {that a} struggle between China and Taiwan is not going.

    China isn’t desperate to assault Taiwan and wide army consensus has prompt that China does no longer but have the aptitude to release a complete scale “amphibious” army operation, he stated. 

    “And do not disregard, for all of the bluster that China put out earlier than — right through and after the discuss with — it nonetheless failed to discourage the discuss with,” Kausikan stated. 

    However injuries occur and they’ve prior to now, he added. 

    Former Australian High Minister Kevin Rudd stated that it is the doable injuries which are maximum relating to.

    Whilst a direct battle isn’t most likely, Rudd is worried the Chinese language would possibly see Pelosi’s discuss with as a U.S. walk-back from its 1982 settlement to acknowledge the “one China coverage.”

    “Then I believe we are in a complete new international,” he stated on CNBC’s “Capital Connection.”

    “You will have an more and more febrile, fractious dating between the 2 nations,” he stated. “It merely takes to the air a fit to mild a flame, which then catches hearth kind of.” 

    “That’s what I am excited by — no longer the next day to come, no longer subsequent month, however undoubtedly within the years forward, in particular as [Chinese President] Xi Jinping might be re-elected or reappointed.”

    A battle down the road cannot be utterly governed out, then again, particularly when U.S.-China family members are not going to recuperate within the subsequent decade, Rudd stated.

  • China-Taiwan tensions Are living Updates: Taiwan fires flares to warn drones flying over outlying islands

    China Taiwan Tensions Are living Updates: Taiwan’s defence ministry stated Saturday that it had fired flares overdue on Friday to warn away seven drones flying over its outlying Kinmen Islands and to warn unidentified airplane flying over its outlying Matsu Islands. China is carrying out army drills within the house, which Beijing claims as its territory, following US Area Speaker Nancy Pelosi’s Taipei consult with.

    In the meantime, an indignant Beijing introduced Friday it used to be halting discussion with america in plenty of spaces, together with between most sensible army commanders and on local weather alternate. China’s overseas ministry stated it used to be additionally postponing exchanges with Washington on countering cross-border crime and drug trafficking, all strikes Washington known as “irresponsible.”

    So far as India is worried, the have an effect on may be minimum, in keeping with Reserve Financial institution Governor Shaktikanta Das. The Governor stated Taiwan accounts for most effective 0.7 according to cent of India’s general industry and the capital flows from the island also are no longer very prime. “…as far as India is worried, you recognize, our industry with Taiwan is minuscule. It’s about 0.7 according to cent of our overall industry. So due to this fact the have an effect on on India is predicted to be very, very, very negligible,” stated the governor.

  • China sanctions Pelosi over go back and forth to Taiwan, says talk over with was once an ‘egregious provocation’

    China introduced sanctions on Nancy Pelosi after her go back and forth to Taiwan.

    Pool | Getty Pictures Information | Getty Pictures

    China on Friday imposed sanctions on U.S. Space Speaker Nancy Pelosi and her speedy circle of relatives based on what the International Ministry described as an “egregious provocation.”

    Pelosi visited Taiwan previous this week, in what was once a extremely debatable transfer. China perspectives the island as a part of its territory, however Taiwan has been ruled independently since 1949, in step with the Council on International Members of the family.

    China again and again voiced its opposition to Pelosi’s go back and forth to the disputed island, however the U.S. legit determined to not cancel her plans.

    “In fail to remember of China’s grave issues and company opposition, Speaker of the U.S. Space of Representatives Nancy Pelosi insisted on visiting China’s Taiwan area. This constitutes a gross interference in China’s inner affairs. It gravely undermines China’s sovereignty and territorial integrity, significantly tramples at the one-China concept, and critically threatens peace and balance around the Taiwan Strait,” a ministry spokesperson mentioned in a remark.

    “In keeping with Pelosi’s egregious provocation, China makes a decision to undertake sanctions on Pelosi and her speedy members of the family according to related rules of the Folks’s Republic of China,” they added.

    The remark didn’t come with explicit information about the character of the sanctions.

    Political analysts have warned that Pelosi’s determination to talk over with Taiwan may ratchet up U.S.-China tensions. This courting has been strained for years over problems akin to Taiwan, the arena economic system and Russia’s invasion of Ukraine.

    In a telephone name remaining month, Chinese language chief Xi Jinping instructed U.S. President Joe Biden to not “play with hearth” over Taiwan. The White Space mentioned in a remark that U.S. coverage had now not modified and that it “strongly opposes unilateral efforts to switch the established order or undermine peace and balance around the Taiwan Strait.”

    Pelosi is the highest-ranking U.S. legit to talk over with the island in 25 years. Her go back and forth additionally cut up positions amongst U.S. lawmakers, with some wondering the timing of the talk over with.

    All the way through the go back and forth, which was once a part of a broader diplomatic adventure thru Asia, Pelosi mentioned Taiwan is a logo of democracy and a style for the area.

    In every other display of Beijing’s ire over Pelosi’s talk over with to Taiwan, China’s army has been carrying out its largest-ever army drills close to the island.

    Taiwanese protection officers have mentioned the workouts are “extremely provocative” and added that they’re tracking the strikes.

  • Japan, US to cooperate on keeping up peace, steadiness in Taiwan Strait

    Japan and the USA agreed on Friday to paintings in combination on keeping up peace within the more and more anxious Taiwan Strait, amid unparalleled army drills by way of China together with 5 missiles that landed in Japan’s unique financial zone.

    US Space of Representatives Speaker Nancy Pelosi is in Japan at the remaining degree of an Asian commute that incorporated a short lived and unannounced forestall in Taiwan, the self-ruled island Beijing considers its personal, within the highest-level consult with by way of a US legitimate in 25 years.

    Her consult with, throughout which she lauded Taiwan’s democracy and pledged unity, infuriated China and touched off army workouts {that a} state broadcaster mentioned will be the biggest by way of China within the Taiwan Strait, together with reside firing at the waters and within the airspace across the island.

    5 missiles landed in Japan’s unique financial zone (EEZ), prompting Tokyo to resort a powerful protest thru diplomatic channels.

    One in all Washington’s closest allies, Tokyo has been more and more alarmed about China’s rising would possibly within the Indo-Pacific and the chance that Beijing may take army motion towards Taiwan.

    ALSO READ | US Space Speaker Nancy Pelosi lands in Japan, ultimate forestall on Asia commute

    Pelosi met with Top Minister Fumio Kishida at his legitimate place of abode, the place Kishida mentioned the 2 allies would paintings in combination to care for peace and steadiness within the Taiwan Strait, a key transport path.

    Japan, whose southernmost islands are nearer to Taiwan than Tokyo, has warned that Chinese language intimidation of Taiwan is an escalating nationwide safety risk.

    “I’ve knowledgeable speaker Pelosi that the truth China’s ballistic missiles had landed close to Jap water together with EEZ threaten our nationwide security and safety and that Japan had strongly condemned such movements,” Kishida mentioned.

    “We additionally showed a persevered shut cooperation to care for peace and steadiness within the Taiwan strait.”

    Tensions between Japan and China ramped up every other notch on Thursday when China introduced {that a} assembly between the 2 international locations’ overseas ministers, set to happen at the sidelines of an ASEAN assembly in Cambodia, were referred to as off because of its displeasure with a G7 observation urging Beijing to unravel Taiwan stress peacefully.

    ALSO READ | Nancy Pelosi, circle of relatives can be sanctioned, says China’s Communist Birthday party

    Pelosi arrived in Japan following a consult with to South Korea on Thursday, the place she vowed toughen to denuclearise North Korea. She is going to meet her Jap counterpart Hiroyuki Hosoda, speaker of the decrease space of parliament, afterward Friday.

    Whilst visiting Japan in Might, US President Joe Biden mentioned he can be prepared to make use of power to shield Taiwan – a remark that seemed to stretch the bounds of the U.S. coverage of “strategic ambiguity” against the island.

    Kishida advised Biden on the time that Japan would considerably build up its defence spending. His ruling Liberal Democratic Birthday party (LDP) has pledged to double army spending to two% of GDP.

    — ENDS —

  • Alibaba stocks soar 7% after quarterly profits beat expectancies

    Alibaba has confronted enlargement demanding situations amid regulatory tightening on China’s home era sector and a slowdown on the earth’s second-largest economic system. However analysts assume the e-commerce massive’s enlargement may just pick out up via the remainder of 2022.

    Kuang Da | Jiemian Information | VCG | Getty Pictures

    Alibaba reported fiscal first-quarter profits on Thursday that beat expectancies, sending stocks upper in U.S. pre-market business.

    Stocks of the Chinese language e-commerce massive in Hong Kong rose greater than 4% forward of the profits document. Alibaba’s U.S.-listed stocks had been up to 7% upper, prior to paring beneficial properties.

    This is how Alibaba did in its fiscal first quarter, as opposed to Refinitiv consensus estimates: 

    Earnings: 205.55 billion Chinese language yuan ($30.68 billion) vs 203.19 billion yuan anticipated, ultimate flat year-on-year.Profits in line with American depositary proportion (ADS): 11.73 Chinese language yuan vs 10.39 yuan anticipated, down 29% year-on-year.Internet source of revenue: 22.73 billion yuan vs 18.72 billion yuan anticipated.

    Regardless of Alibaba beating estimates, it’s the first time the corporate posted flat enlargement in its historical past.

    Within the quarter, Alibaba confronted a variety of headwinds together with a resurgence of Covid in China that resulted in main towns, such because the monetary city of Shanghai, being locked down. That resulted in a slow Chinese language economic system in the second one quarter of the 12 months.

    Then again, as towns got here out of lockdown in past due Would possibly and early June, enlargement began to select up.

    “Following a slightly sluggish April and Would possibly, we noticed indicators of restoration throughout our companies in June,” Daniel Zhang, CEO of Alibaba mentioned in a press free up.

    In the meantime, the e-commerce massive continues to stand a strict regulatory atmosphere after Beijing’s greater than a year-and-a-half crackdown at the home era sector.

    Whilst Alibaba had a difficult quarter, analysts predict enlargement to select up within the coming months.

    China e-commerce in focal point

    Earnings from Alibaba’s greatest industry, the China trade department which contains its widespread market Taobao, declined 1% year-on-year to 141.93 billion yuan. That used to be principally because of a ten% fall in buyer control income. CMR is income Alibaba will get from products and services similar to advertising and marketing that the corporate sells to traders on its Taobao and Tmall e-commerce platforms.

    Alibaba mentioned CMR lowered for the reason that total gross sales of on-line bodily items on its Taobao and Tmall platforms declined “mid-single-digit year-over-year” and there have been higher order cancellations because of the affect of the Covid resurgence and “restrictions that led to provide chain and logistics disruptions in April and maximum of Would possibly.”

    In June, Alibaba mentioned it noticed a restoration in so-called gross products quantity (GMV) because of bettering logistics and the once a year 6.18 buying groceries competition in China which culminates in June. GMV is a measure of the gross sales transacted throughout Alibaba’s platforms however does indirectly equate to income. The buying groceries tournament sees e-commerce avid gamers be offering huge reductions to shoppers.

    Below its China trade industry, Alibaba has additionally been seeking to enlarge income and customers for its discounting platform referred to as Taobao Offers and grocery and recent meals carrier Taocaicai. The Hangzhou-headquartered corporate sees those more moderen companies in an effort to draw in much less prosperous shoppers in smaller Chinese language towns.

    Traders were looking at if Alibaba can stay its prices below keep an eye on whilst rising those companies. Alibaba mentioned Taobao Offers “considerably narrowed losses year-over-year in addition to quarter-over-quarter pushed through optimizing spending in consumer acquisition in addition to bettering moderate spending of energetic shoppers.” The corporate didn’t expose the losses for Taobao Offers.

    Alibaba mentioned within the June quarter, Taocaicai GMV grew at greater than 200% year-over-year whilst its losses “higher reasonably in comparison to the similar quarter remaining 12 months.”

    Cloud slowdown

    Whilst cloud computing is solely 9% of Alibaba’s total income, it’s noticed as crucial a part of the corporate’s long term enlargement and profitability.

    Alibaba posted cloud computing income of 17.68 billion yuan within the June quarter, up 10% year-on-year. However that used to be a slowdown from the 12% year-on-year income enlargement noticed within the March quarter and the 29% upward push noticed in the similar length remaining 12 months.

    The corporate’s cloud department has been harm through the lack of a big buyer in addition to the Chinese language executive’s crackdown on industries similar to on-line training that had been the usage of Alibaba’s merchandise.

    However Alibaba mentioned the upward push in cloud income displays the “improving enlargement of total non-Web industries, pushed through monetary products and services, public products and services, and telecommunication industries.”

    That is breaking information. Please test again for updates.

  • Yum Manufacturers experiences more potent gross sales for Taco Bell, however China lockdowns weigh on KFC

    A girl walks previous a Taco Bell Cantina on July 30, 2020 in New York Town.

    Alexi Rosenfeld | Getty Pictures

    Yum Manufacturers on Wednesday reported blended quarterly effects as Covid lockdowns in China weighed on KFC’s and Pizza Hut’s gross sales.

    Taco Bell, on the other hand, reported more potent same-store gross sales enlargement within the U.S., fueled by way of greater menu costs. It has a way smaller global presence than its sister chains.

    Here is what the corporate reported when put next with what Wall Boulevard was once anticipating, in keeping with a survey of analysts by way of Refinitiv:

    Profits consistent with percentage: $1.05 adjusted vs. $1.09 expectedRevenue: $1.64 billion, consistent with expectancies

    Web gross sales for the quarter rose 2% from a 12 months in the past to $1.64 billion. The corporate’s international same-store gross sales rose 1%, dragged down by way of Covid lockdowns in China. Apart from China, it reported same-store gross sales enlargement of 6%.

    KFC’s international same-store gross sales declined 1%. China is the fried rooster chain’s greatest marketplace, accounting for greater than 1 / 4 of its gross sales. In the USA, its second-largest marketplace, same-store gross sales fell 7%. Yum executives mentioned on a convention name that the chain was once going through difficult comparisons with the year-ago duration when it launched a made over rooster sandwich.

    Likewise, Pizza Hut additionally noticed falling gross sales within the U.S. and China. The chain’s international same-store gross sales declined 3% as U.S. call for for its pizza softened and gross sales in China plummeted 14%, except for foreign currencies adjustments.

    Yum mentioned customers globally are rising extra wary, pushing the eating place corporate to lean extra on worth choices international.

    “For those who have a look at the U.S., I believe what is took place over the past quarter is that the low-income client pulling again has grow to be extra pronounced,” Yum CEO David Gibbs mentioned.

    However he added that it was once “more than likely slightly of an oversimplification” to mention that higher-income customers are dealing with inflation higher than the ones with decrease earning. He famous the advanced financial setting, which is being suffering from clouded by way of emerging wages, ultimate 12 months’s stimulus assessments, the reactions to the conflict in Ukraine and the pandemic.

    Taco Bell was once the one Yum chain to file international same-store gross sales enlargement. Its eating places noticed same-store gross sales build up 8%, fueled by way of worth hikes. Visitors to eating places was once flat, which Gibbs mentioned confirmed the chain’s shoppers have not but been became off by way of greater menu costs.

    The chain additionally benefited from its well-liked Mexican Pizza promotion, which bought out a lot previous than anticipated. The chain plans to convey the menu merchandise again in September as an everlasting addition. Taco Bell’s margins had been unchanged from the 12 months previous, appearing that it has effectively mitigated inflation thru worth hikes.

    For the 3 months ended June 30, Yum reported web revenue of $224 million, or 77 cents consistent with percentage, down from $391 million, or $1.29 consistent with percentage, a 12 months previous.

    Apart from the affect of pulling out of Russia, refranchising features and different pieces, the eating place corporate earned $1.05 consistent with percentage in the second one quarter.

    Since March, Yum has suspended any funding and construction in Russia because of the Kremlin’s invasion of Ukraine. The corporate has redirected any earnings from the trade to humanitarian reasons because it searches for brand new house owners for its Russian eating places. In June, it finished the sale of its Russian Pizza Hut trade to an operator that can rebrand the places.

    The corporate mentioned Wednesday it is within the “complex levels” of marketing off its KFC trade in Russia. After that procedure is done, Yum may have exited Russia fully. The marketplace accounted for two% of Yum’s systemwide gross sales in 2021.

    Yum’s general eating place rely fell by way of 702 places all through the quarter. The corporate eradicated 1,165 Russian places from its gadget, offsetting the 463 web new devices it opened.

    Learn the total profits file right here.

  • 27 Chinese language fighter jets input Taiwan’s air defence zone after stress flares over Pelosi’s discuss with

    Twenty-seven Chinese language warplanes flew into Taiwan’s air defence zone on Wednesday, Taipei stated, after US Space Speaker Nancy Pelosi visited the self-governed island that Beijing considers its personal territory, AFP reported.

    “27 PLA airplane… entered the encompassing house of (Republic of China) on August 3, 2022,” the defence ministry stated in a tweet.

    27 PLA airplane (J-11*6, J-16*5 and SU-30*16) entered the encompassing house of R.O.C. on August 3, 2022. Please test our reputable web page for more info: https://t.co/m1gW2N4ZL7 %.twitter.com/Aw71EgmRjj

    — Ministry of Nationwide Protection, R.O.C. (@MoNDefense) August 3, 2022

    Taiwan maintained a defiant tone all over Pelosi’s discuss with whilst a livid China outfitted for army workout routines dangerously on the subject of the island’s shores in retaliation for the discuss with.

    The Air protection id zone (ADIZ) isn’t the similar as Taiwan’s territorial airspace however features a a long way larger house that overlaps with a part of China’s personal air defence id zone or even contains one of the most mainland.

    Observe Nancy Pelosi Taiwan discuss with LIVE Updates right here

    Pelosi had landed in Taiwan on Tuesday night time, defying a string of an increasing number of stark warnings and threats from China that has despatched tensions between Washington and Beijing hovering.

    Pelosi, 2nd in line to the presidency, is the highest-profile elected US reputable to discuss with Taiwan in 25 years.

    CHINA, TAIWAN RESPONDS

    China’s army stated it used to be on “prime alert” and vowed “focused army operations” in line with the discuss with. However Taiwanese President Tsai Ing-wen stated the island of 23 million would no longer be cowed.

    “Dealing with intentionally heightened army threats, Taiwan won’t backtrack. We can proceed to carry the road of defence for democracy,” Tsai stated at an tournament with Pelosi in Taipei.

    Prior to leaving Taiwan, Pelosi additionally met with a number of dissidents who’ve prior to now been within the crosshairs of China’s wrath, together with Tiananmen protest scholar chief Wu’er Kaixi, AFP reported.

    Pelosi left Taiwan on Wednesday night time and headed to South Korea, her subsequent forestall at the Asia excursion. She is going to head to Japan after that.

    — ENDS —

  • 3 killed, 6 injured in assault on Chinese language kindergarten

    Police in southern China are in search of a person who allegedly killed 3 other people and injured six at a kindergarten within the nation’s southern province of Jiangxi on Wednesday.

    The 48-year-old suspect was once known by means of his surname Liu in a police commentary. No additional main points of the Wednesday morning assault within the province’s Anfu County got within the temporary commentary.

    China upgraded safety at colleges following a spate of of fatal assaults lately attributed in large part to other people bearing grudges in opposition to society or who had unidentified psychological sicknesses. China does now not permit non-public gun possession, so maximum such assaults are performed with knives, selfmade explosives or fuel bombs.

    Round 100 youngsters and adults had been killed and masses injured during the last decade in it sounds as if uncoordinated, “lone wolf” assaults wherein the purpose was once unclear and the overwhelmingly male assailants had been both killed, ended their lives or had been placed on trial and done.

    Acts of violence in opposition to China’s formative years resonate particularly strongly because of the rustic’s chronically low start charge, in part because of a long time of inhabitants regulate insurance policies

  • Eu markets quite decrease as wary sentiment persists; Avast up 42%

    LONDON — Eu shares had been fractionally decrease on Wednesday, proceeding the wary regional pattern this week.

    The pan-Eu Stoxx 600 slipped 0.2% in early industry, with automobiles falling 1.4% whilst tech shares received 1.1%.

    The blended industry for Eu shares comes after markets pulled again quite on Tuesday, monitoring risk-off sentiment globally as traders assess whether or not final month’s rally has additional to run.

    It is a busy day for income in Europe, with Commerzbank, SocGen, BMW, Banco BPM, Siemens Healthineers and Veolia and Wolters Kluwer some of the firms reporting ahead of the bell.

    Stocks of Czech cybersecurity company Avast soared 42% after the U.Ok.’s festival regulator provisionally cleared its $8.6 billion sale to U.S. peer NortonLifeLock.

    On the backside of the Stoxx 600, Siemens Healthineers fell 5% after its income record, whilst BMW fell 4.9%.

    Inventory choices and making an investment traits from CNBC Professional:

    In a single day, stocks within the Asia-Pacific had been most commonly upper Wednesday, with mainland China markets main good points in spite of Pelosi’s go back and forth to Taiwan, which is being carefully watched by way of Beijing.

    China’s International Ministry spokesperson Hua Chunying tweeted that Pelosi’s talk over with was once a “primary political provocation,” whilst a spokesperson for the Other people’s Liberation Military’s Japanese Theatre Command mentioned it will habits “a sequence of joint army operations across the Taiwan Island from the night time of August 2.”

    The ones operations come with long-range fight hearth are living capturing within the Taiwan Strait and traditional missile firepower check launching, the observation mentioned.

    At the knowledge entrance, euro zone retail gross sales dropped by way of greater than anticipated in June, falling 1.2% month-on-month for a three.7% year-on-year decline as costs persisted to upward push, denting client call for.

    — CNBC’s Tanaya Macheel and Abigail Ng contributed to this record.