July 27 (Reuters) - Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season: Company Commentary Citigroup The lender called it the "biggest disappointment" as growth decelerated after an initial post-reopening pop. Dow Inc The chemical maker said the anticipated rebound following the end of pandemic curbs has yet to fully materialize. NXP The chipmaker said China's export curbs on certain gallium Semiconductors and germanium products did not impact the company. 3M Co The industrial conglomerate flagged continued weak appetite for consumer electronics demand in China. GE Healthcare The company saw improved demand for medical equipment in the region in the recent quarter and that is expected to continue as China prioritizes improved healthcare access following the end of the pandemic. The Botox maker AbbVie Inc said it has seen rates for aesthetics treatments in China fully recover to pre-COVID levels and continues to anticipate strong growth through the rest of the year in the country. The company Thermo Fisher witnessed Scientific significantly slower economic activity in China during the second quarter. "We think it's appropriate to assume that this condition remains in place for the remainder of the year," said CFO Stephen Williamson. Visa "Looking at Mainland China specifically, cross-border travel continued to improve but remains well below 2019 levels," CFO Vasant Prabhu said . Inbound cross-border travel to China stood at Mastercard nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said . LG Company Energy Solution warned it faces weaker EV demand in China than previously expected. ABB The engineering firm witnessed fewer new orders from China in the quarter and said some customers were shifting investments to other parts of Asia due to geopolitical tensions. Anglo The global miner American said it has been surprised by how slow the reopening of China has been but believed a recovery was underway. The Chinese market is "really picking up," L'Oreal although "not at the speed everybody had hoped for," L'Oreal CEO Nicolas Hieronimus told Reuters. LVMH The French luxury giant logged a strong rebound in China during the second quarter. EssilorLuxottica The luxury eyewear maker continued to benefit from a recovery in China during the second quarter. Saw Mobileye Global weak demand for its driver-assistance technology in China. The computer hardware maker Seagate said Technology its fourth-quarter performance was impacted due to the uneven pace of the Chinese economic recovery. The company saw strong demand for some juice Coca-Cola business in China but also flagged destocking activity in the second quarter. (Reporting by Savyata Mishra and Arunima Kumar in Bengaluru; Additional reporting by Niket Nishant and Bhanvi Satija; Editing by Sriraj Kalluvila, Eileen Soreng and Maju Samuel)
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383,500 KRW | -1.29% | -1.41% | 65.52B | ||
2,724 PTS | -0.15% | -0.81% | - | ||
1,382 PTS | -0.71% | +2.31% | - | ||
788.4 EUR | -0.08% | +0.82% | 424B | ||
593 USD | +2.61% | +3.61% | 226B | ||
457 USD | +0.33% | +3.02% | 425B | ||
453.4 EUR | -0.09% | +2.85% | 261B | ||
386.7 USD | +0.32% | +1.40% | 137B | ||
280.7 USD | +0.79% | +4.56% | 562B | ||
261.7 USD | +0.36% | +1.50% | 66.92B | ||
205.9 EUR | +0.15% | +1.93% | 100B | ||
160.8 USD | +0.22% | -1.86% | 284B | ||
98.93 USD | +1.64% | +1.83% | 54.74B | ||
94.01 USD | +2.55% | +7.44% | 19.74B | ||
83.4 USD | +0.81% | +4.95% | 38.07B | ||
63.53 USD | +0.33% | +3.27% | 121B | ||
63.26 USD | +0.60% | +1.75% | 273B | ||
59.41 USD | -0.07% | +4.15% | 41.78B | ||
47.16 CHF | +1.27% | +4.75% | 96.15B | ||
27.13 USD | -3.25% | -9.66% | 21.87B | ||
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