The Chinese market accounts for 33% of BMW's EBIT, 30% of Porsche's, 26% of Volkswagen's and 23% of Mercedes-Benz's, Citi said. Stellantis and Renault are barely exposed in the market, though Renault's interest in Nissan adds a wrinkle, it added. Powell said at Jackson Hole that interest rates could rise further, but that the central bank will proceed carefully, which was enough to keep the dollar firm across the board, UniCredit added. That apprehension explained the uneasy optimism underlying their discussions here in the Wyoming mountains this weekend about whether interest rates have reached a summit. Fed's Inflation Fight, China's Slowdown Hammer Emerging MarketsRising U.S. interest rates and China's economic sluggishness are dealing a double blow to emerging markets.

Source: Wall Street Journal August 28, 2023 10:02 UTC