Your Evening Briefing

Tencent's headquarters in Shenzhen, China.

Photographer: Qilai Shen/Bloomberg

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Playing the Hong Kong stock market? Better keep your eyes on Chinese Internet giant Tencent, which has become the undisputed ruler of the city's market, adding more than $100 billion in value to its shares. On the flipside, short sellers are pouncing on China's largest SUV maker, Great Wall Motor, as well as a property developer that's become such a high-profile target it's hatched an unusual plan to fight back.—Kristine Servando

Suicide bomber kills 22 in Manchester.  At least 22 people were killed and 59 injured in a suicide bomb attack  at a pop concert packed with children in the northern city of Manchester in the worst terror incident on British soil since the London bombings of 2005. The attack was carried out by one man, who died at the scene after detonating an explosive device, police said.

China is spinning a global food web from Mozambique to Missouri. Faced with a shrinking area of good arable land and a population of 1.4 billion people who are eating more, Chinese agriculture companies have been buying or leasing farms abroad for decades. But many projects were plagued by corruption, mistrust, local resistance and trade restrictions.

Surprise! In contrast to the Fed's moves, Asia's central banks often surprise markets with their policy decisions. Some of that shock element is because these central banks meet less frequently or don't hold regularly scheduled meetings (such as China's), meaning observers have fewer opportunities to read the tea leaves. 

Trump wants $3.6 trillion in spending cuts.   His budget plan shrinks the safety net for the poor, recent college graduates and farmers, and includes selling off half of America's strategic oil reserve. But it relies on a tax plan for which the administration has provided precious little detail.

Chinese shoppers have more cash than thought and are ready to flash it. Official survey-based disposable income could have been underestimating citizens' true spending power by as much as 20 percent, according to research, which also says households are the most optimistic they're been in two years.

Clocking in records. While the modern watch industry nurses a bloody nose, the auction world appears to be in great shape (there are signs of weakness in places, though), if Geneva's $63 million watch auctions are anything to go by. The appetite for rare pieces is incredibly strong and two names marked the sales as usual: Rolex and Patek Philippe.

How to spend $182,000 on a low-key convertible. This 2017 Porsche 911 Turbo Cabriolet may look humble, even mundane. But that's to the untrained eye. Under the hood, it's got speed (zero to 60 mph in three seconds) and is far more fuel-efficient than those other flashy convertibles. The styling of the car follows its driving nature: powerful, controlled and totally low-key about all of it. We love how secretive this car is about just how good it is.

The 911 Turbo achieves 19 mpg in the city and 24 mpg on the highway.
Source: Porsche

 

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