FED'S WILLIAMS: FED IS FOCUSED ON ITS MISSION, NOT POLITICS

Deutsche Bank analyst Bin Wang expects Xiaomi's electric-vehicle business to report a loss for the first quarter, citing elevated R&D expenses and temporary promotions. Although EV deliveries rose 5% to over 79,416 units, the gross margin for the smart EV and AI segment is projected to drop 4.7 percentage points to 18%. This contraction is primarily attributed to discounts of up to 15,000 yuan provided to buyers who ordered before November 2025 but received delivery in 2026.

國際貨幣基金組織：預計一般政府赤字將維持在佔GDP 7%至7.5%的區間，而公共債務將在2031年超過GDP的140%。