Shares of Tencent Holdings dropped 5.4% in Hong Kong after being listed as a “Chinese military company” by the U.S. Department of Defense, leading to a similar decline in its U.S. depository receipts. CATL, a battery maker for automakers like Ford and Tesla, also saw a 3.5% drop after being included on the list. Both companies denied any military involvement and stated that the designation was a mistake, as the U.S. aims to restrict technology transfer to China through various measures, including export controls and licensing requirements for advanced computing semiconductors.
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Unemployment to hold steady as pay packets swell
Australia's unemployment rate is expected to remain steady at 4.1% with the addition of about 20,000 jobs in May, following a significant rise in April. Meanwhile, advertised salaries have increased by 3.6% year-on-year, though May's growth was just 0.2%, indicating a tightening job market and real wage gains, as noted by Treasurer Jim Chalmers in anticipation of potential tax reforms. Need More Context? 🔎
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