The Wall Street Journal-08.10.2024
Wavestone·2024-10-09 09:07

Here are the key points from the articles: Semiconductor Stocks in China: - Chinese semiconductor stocks, led by Semiconductor Manufacturing International Corp. (SMIC) and Hua Hong Semiconductor, have rallied sharply in recent days on the back of China's aggressive economic stimulus measures and hopes for further support. - SMIC's shares rose over 20% on Monday after surging 29% on Friday, adding HK$93.65 billion ($12.06 billion) to its market capitalization. Hua Hong Semiconductor gained over 40% since Thursday. - The strength in Chinese chip stocks is fueling a broader market rally in Hong Kong, with the benchmark Hang Seng Index rising 1.4% and up 26% since the stimulus measures were announced. - Analysts expect the Chinese government could unveil additional stimulus measures worth 1.5-2 trillion yuan ($212.8-283.7 billion) in the near term to support the economy. Chevron Asset Sale: - Chevron is selling its stakes in some Canadian oil-sands and shale assets to Canadian Natural Resources for $6.5 billion, as part of its plan to sell $10-15 billion in assets by 2028. - The deal will boost Canadian Natural's stake in the Athabasca Oil Sands Project to 90%, adding about 62,500 barrels per day of synthetic crude-oil production. - The sale is part of Chevron's efforts to refocus its operations, with the company also working to close a $53 billion deal to buy Hess. - Canada's big oil-sands producers have been active in dealmaking as oil prices have been buoyed by demand, geopolitical tensions and OPEC+ production cuts. Overall, the articles highlight the recent strength in Chinese semiconductor stocks driven by stimulus hopes, as well as Chevron's asset sale in Canada as part of its broader strategy to reshape its portfolio.