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It’s all part of Beijing’s Belt and Road initiative, a complex network of infrastructure projects connecting China to its trading partners.
The projects include high-speed passenger trains.
While it’s difficult to verify how operational all the rail lines are, official reports offer a glimpse at how China’s Belt and Road ambitions are panning out.

The first freight train on the Lancang-Mekong Express departs from Kunming in China on Jan. 10, 2022, headed for a 26-hour journey to Vientiane, capital of Laos.
China News Service | China News Service | Getty Images

BEIJING — In the last two years, China has announced the opening of new freight train lines, while cross-border railways have become a feature in President Xi Jinping’s meetings with regional leaders.
It’s all part of Beijing’s Belt and Road initiative, a complex network of infrastructure projects connecting China to its trading partners.

Here’s a look at where the rail lines are being built across the Asian continent.
The projects include high-speed passenger trains.
In April, China’s national rail ticketing app opened online bookings for a 10.5-hour train ride from Yunnan province to the capital of Laos. If all goes as planned, that route will one day connect to the Thai capital of Bangkok and Phnom Penh, Cambodia’s riverside capital.
In the last six months, China also opened freight train lines to Laos, Thailand and Vietnam, according to state media.
Far in the north, China last year opened a railway bridge between the remote province of Heilongjiang and Russia. New rail routes to transport coal from Mongolian mines to China are underway, according to state media.

Those freight lines are in addition to China’s relatively older rail network through central Asia — connecting Yiwu in eastern China to London.
While it’s difficult to verify how operational all the rail lines are, official reports offer a glimpse at how China’s Belt and Road ambitions are panning out.
CNBC analyzed the reports to create the following schematic diagrams of the railways, built and planned, by region:

Arrows pointing outwards

Planned and built railways in the region south of China, based on official reports and state media.

Arrows pointing outwards

Planned and built railways in the region southeast of China, based on official reports and state media.

Arrows pointing outwards

Built railways across the northern Chinese border with Russia, based on official reports and state media.

Arrows pointing outwards

Planned and built railways across the northern Chinese border with Mongolia, based on official reports and state media.

Arrows pointing outwards

Built railways in the region to the west of China, based on official reports and state media.

China’s Belt and Road Initiative was launched in 2013 at the beginning of Xi’s presidency. The program is widely seen as Beijing’s effort to boost global influence through the development of rail, sea and other transportation routes running from Asia to Europe and Africa.
“Splitting Europe from the U.S., at least to the extent possible, is an important foreign policy objective for China and deeper economic integration fostered by stronger rail linkages would help,” said Stephen Olson, senior research fellow at the Hinrich Foundation.
Similarly, “part of China’s motivation in constructing rail links in ASEAN is to place China more at the heart of regional trade,” he said, referring to the 10-member Association of Southeast Asian Nations bloc.
Olson said that while rail could be “game changing” for a landlocked economy such as Laos, the onus is also on the destination country to develop logistics and other infrastructure to fully utilize the new rail lines for trade. 

One-third of China’s trade

Beijing says trade with Belt and Road countries accounts for about one-third of China’s overall imports and exports. In the first quarter, that trade grew by 16.8% from a year ago — slower than the 19.4% pace for all of last year, according to official figures.
The actual boost to trade from the rail lines is difficult to gauge, said Francoise Huang, senior economist at Allianz Trade. She pointed out that transporting goods by rail is considerably cheaper than air, and faster than by road and sea.
She said her assessment of reports indicates the rail lines are being used more to transport Chinese exports to other countries, rather than imports into China.

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Since 2013, Belt and Road-related construction contracts have totaled $573 billion, according to estimates released in January by Christoph Nedopil, founding director of the Green Finance and Development Center at Fudan University in Shanghai. Including non-financial investments, that figure rises to nearly $1 trillion, the report said.
Critics say that through the massive infrastructure project, China has forced developing nations to take on high debt while benefiting Chinese companies, often state-owned entities.
“Analysis of the impact of the freight lines will be indivisible from an analysis of the overall impact of closer trade relations with China,” Olson said.
“For some countries this might work out better than for others. China’s economy is far larger than any single economy in ASEAN and that creates leverage that can sometimes result in unbalanced and unsustainable trade relationships.”
In an annual report in March, China’s National Development and Reform Commission, the top economic planning agency, highlighted progress on international rail construction. The commission also said it was cognizant of risks.
“We developed major overseas projects while guarding against related risks, helped enterprises guard against and defuse overseas investment risks, and worked faster to build a comprehensive service platform for monitoring, assessment, and early warning of risks related to overseas projects.”
China is set to hold the third Belt and Road forum at an unspecified time this year. Xi has invited Russian President Vladimir Putin to attend, state media said.
— CNBC’s Bryn Bache contributed to this report. More

The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France, March 12, 2019.
Charles Platiau | Reuters

Check out the companies making headlines after the bell: 
Airbnb — Airbnb shares plunged nearly 11% despite a beat on the top and bottom lines. The company shared a softer-than-expected outlook for the second quarter and warned of lower year-over-year comparables.

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2 hours ago

Twilio — Twilio shares shed 12.5% after providing a lighter-than-expected forecast for the current quarter. The company posted a slight beat on revenue.
Rivian — The electric vehicle stock gained more than 5% in extended trading. Rivian reported a narrower-than-expected loss and revenue beat Wall Street’s expectations. The company also reaffirmed its EV production target.
Occidental Petroleum — The oil giant lost 1.3% after hours on earnings that came in slightly below Wall Street’s expectations, according to FactSet. Earnings also fell from a year ago as oil prices declined.
Akamai Technologies — Shares added 4.7% in extended trading on strong first-quarter earnings. The cloud company also lifted its full-year guidance and shared strong cybersecurity revenue.
Wynn Resorts — Shares of the hotel and casino operator were last trading flat after hours following the company’s quarterly results. Wynn posted earnings and revenue that beat consensus expectations, according to Refinitiv. CEO Craig Billings highlighted the “meaningful return of visitation and demand” in Macau.

Toast — The cloud-based restaurant software vendor popped 7.4% in extended trading. Toast posted a wider-than-expected loss for the first quarter, according to FactSet, but topped Wall Street’s revenue estimates. Second-quarter and full-year guidance also came in better than expected.
Affirm —Shares of the buy now pay later fell more than 7% despite sharing a narrower loss than anticipated and a revenue beat. Losses for the quarter, however, tripled over last year. Affirm shared better-than-expected guidance for its fiscal fourth quarter.
Electronic Arts — The gaming software maker saw shares rise in extended trading after reported better-than-expected revenues for its fourth quarter, according to Refinitiv, as part of a mixed update of financial results. EA also posted a 4 cent per share loss though that figure isn’t comparable with analyst estimates.
Upstart — Upstart shares surged 50% after the AI-lending company reported a smaller loss than expected for the recent quarter. The company reported an adjusted loss of 47 cents a share. Analysts polled by Refinitiv anticipated a loss of 81 cents per share.
— CNBC’s Tanaya Macheel contributed reporting More

A person poses in front of a banner featuring the logo of Palantir Technologies (PLTR) at the New York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, New York City, U.S., September 30, 2020.
Andrew Kelly | Reuters

Check out the companies making headlines in midday trading.
Palantir – Palantir shares popped 23.4% after the software company beat first-quarter estimates and said it anticipates full-year profitability. CEO Alex Karp said that the company’s seeing strong demand for its new artificial intelligence platform.

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3D Systems — Shares dropped 9% after the 3D printer maker reported weak first-quarter earnings. 3D systems reported an adjusted loss of 9 per share on revenue of $121 million, while analysts polled by Refinitiv expected a loss of 7 cents per share and revenue of $128 million. The firm also reaffirmed full-year revenue guidance and raised its full-year adjusted EBITDA expectations, while cutting 6% of its workforce.
Novavax — The biotechnology stock surged 27.8% on news of promising vaccine data and a major cost-cutting initiative that includes broad layoffs.
Skyworks Solutions — Shares slid 5.2% it posted weaker-than-expected fiscal third-quarter guidance. The semiconductor firm forecasts non-GAAP per-share earnings of around $1.67, lower than consensus estimates of $2.06, according to StreetAccount.
Under Armour — The apparel company slipped 5.7% after the company projected earnings per share and revenue to be short of Wall Street expectations for the full-year. But Under Armour was able to beat expectations of analysts polled by Refinitiv on the top and bottom lines for its fiscal fourth quarter.
Fisker — Shares shed 7.1% after the automotive company’s first quarter earnings came in under Wall Street forecasts. Fisker said it lost 38 cents per share, more than the projected loss of 30 cents from analysts polled by Refinitiv.

Plug Power — The hydrogen fuel company dropped 13.8% after posting a wider loss per share for its first quarter than analysts expected. Plug Power reported a loss of 35 cents per share, while analysts polled by FactSet anticipated a 26-cent loss. Revenue came in ahead of expectations at $210.3 million against a consensus estimate of $206.9 million.
Western Digital — The chipmaker’s stock dropped nearly 1.7% after the company posted a wider-than-expected loss for the fiscal third quarter. Western Digital also expects its fourth-quarter revenue to be in the range from $2.4 billion to $2.6 billion, lower than analyst expectations, according to Refinitiv data.
PayPal — Shares of the digital payments company shed 12.7% even after it posted a beat on the top and bottom lines. PayPal lifted its guidance for the full year but shared-weaker-than-expected guidance for the current period.
International Flavors & Fragrances – Shares fell 7% after the company missed earnings expectations for the first quarter, according to FactSet, and cited impacts from soft end-market demand and customer inventory destocking. Current quarter financial guidance was weaker than Wall Street estimates, according to FactSet, and the company cut full-year guidance.
DaVita – The healthcare provider saw shares surge 12.9% after the company beat earnings and revenue guidance for the first quarter, according to FactSet, and raised full-year earnings guidance. The company highlighted better volume trends and meaningful labor cost improvement as well as an improving macro environment.
Lucid Group — The electric vehicle maker dropped 5.6% on the back of a poor earnings report. Lucid reported a larger quarterly loss than expected, while revenue missed the consensus estimate of analysts, according to Refinitiv.
Trex Company — Trex Company jumped 8.2% after the maker of wood-alternative decking and railing topped analysts’ first-quarter expectations, and issued stronger-than-expected second-quarter revenue guidance. Trex forecasts second-quarter revenue between $310 and 320 million, better than expectations of $309.0 million, according to FactSet.
McKesson — McKesson rose 5.5% after exceeding fourth-quarter expectations. The health care firm posted adjusted earnings of $7.19 per share, slightly higher than analysts’ forecasts of $7.18 per share, according to FactSet. It reported revenue of $68.91 billion, which was better than forecasts of $68.08 billion.
Shopify — Shares shed 0.8% following a downgrade to neutral from overweight by Atlantic Equities. The firm said the downgrade was mainly due to valuation, while noting the company is a “best-in-class product executor with strong long-term growth prospects.”
Alphabet — Google parent Alphabet ended down less than 1% ahead of its annual developer conference this week, where the company will announce its new general-use large language model called PaLM 2. Meanwhile, Google is also set to unveil advancements to Bard and Search with “generative experiences.”
Shoal Technologies — The solar energy tech company’s shares surged 22.3% following an earnings and revenue beat for the first quarter. Guggenheim upgraded its rating on shares to buy in a Tuesday note, citing an attractive valuation and promising market share gains.
Ferguson — The construction products company added 2.5% following an upgrade to buy from hold by Jefferies. The firm said the company’s discount to peers is narrowing.
Boeing — Shares advanced 2.3% after Ryanair said it would buy at least 150 of the plane maker’s 737 Max 10s with options for 150 more.
DISH Network — DISH lost 11.1% after reporting first-quarter earnings. Earnings per share was in line with analyst estimates at 35 cents, while revenue came in slightly under ay $3.96 billion against a $4.06 billion forecast from analysts polled by FactSet. The company lost more pay TV subscribers than in the same quarter a year ago, but lost less retail wireless subscribers than the year-ago period.
— CNBC’s Samantha Subin, Michelle Fox, Sarah Min, Hakyung Kim, Tanaya Macheel and Yun Li contributed reporting More

A pedestrian passes a banner displaying Palantir Technologies signage during the company’s initial public offering (IPO) in front of the New York Stock Exchange (NYSE), Sept. 30, 2020.
Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines before the bell:
Palantir Technologies — Shares of Palantir rose nearly 20% after the enterprise computing firm best known for its data mining platforms released first-quarter results that beat analyst estimates. The company also issued guidance for full-year profitability. CEO Alex Karp said demand for the company’s artificial intelligence platform is “without precedent.”

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3D Systems — 3D Systems dropped 9.8% after posting disappointing first-quarter results. The maker of 3D printers reported an adjusted loss of 9 per share on revenue of $121 million. Analysts had forecasted a per-share loss of 7 cents on revenue of $128 million, per Refinitiv. Additionally, the firm cut 6% of its workforce. It also reaffirmed full-year revenue guidance, though it raised its full-year adjusted EBITDA forecast. Jeffrey Graves, president and CEO of 3D Systems, said the results are due to “continued softness in our dental orthodontic market, which we attribute to reported sluggishness in consumer discretionary spending.” 
Skyworks Solutions — Skyworks Solutions shed more than 9% after issuing weaker-than-expected fiscal third-quarter guidance. The semiconductor firm forecasts non-GAAP per-share earnings of around $1.67, lower than consensus estimates of $2.06, according to StreetAccount. It also expects revenue of $1.05 billion and $1.09 billion, while analysts were expecting guidance to come in at $1.15 billion. Otherwise, the firm reported second-quarter earnings that were in line with expectations, while revenue beat, according to StreetAccount.
Under Armour — Shares of the apparel company fell nearly 5% in premarket trading despite Under Armour’s fiscal-fourth quarter results beating expectations on the top and bottom lines, according to Refinitiv. The company’s full-year outlook for revenue and earnings per share came up short of expectations, however. Under Armour projected earnings between 47 cents per share and 51 cents per share over the next year, compared to 61 cents expected by analysts, according to StreetAccount. 
Fisker — Fisker slid 12.5% in the premarket after first-quarter earnings missed estimates. The automotive company reported a greater-than-expected loss of 38 cents per share, while analysts estimated a loss of 30 cents per share, according to Refinitiv. 
Western Digital — The chip stock rose about 2% in premarket after the company reported a revenue beat in the latest quarter. Investor appeared to shrug off wider-than-expected quarterly loss. Wedbush reiterated its outperform rating Tuesday after the earnings report, on optimism about its earnings potential as well as its belief that investors like Elliott and Apollo will eventually drive a strategic outcome for the stock.

PayPal Holdings — Shares of the payments company fell more than 5%, hit by weak current-quarter earnings guidance in an otherwise positive report. Earnings guidance for the full year was more upbeat and the company posted better-than-expected earnings and revenue, according to Refinitiv. 
Lucid Group — The electric vehicle maker fell nearly 11% in premarket trading after reporting a larger than expected quarterly loss. The company reported revenue of $149.4 million against Refinitiv analyst expectations of $209.9 million.
Trex Company — Trex Company popped 4.8% in premarket trading after exceeding analysts’ expectations on the top and bottom lines in the first quarter and issuing better-than-expected second-quarter revenue guidance. The maker of wood-alternative decking and railing expects second-quarter revenue between $310 and 320 million, while analysts forecasted guidance of $309.0 million, according to FactSet.
McKesson — McKesson rose 4.6% after posting better-than-expected quarterly results. The company reported adjusted earnings of $7.19 per share, just topping a StreetAccount forecast of $7.18 per share. It issued revenue of $68.91 billion, greater than estimates of $68.08 billion. 
— CNBC’s Brian Evans, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting More

The Swiss giant said the legal close of the acquisition is expected within the next few weeks, and the combined entity will operate as a “consolidated banking group,” UBS said in a statement.
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March.

Ulrich Koerner, chief executive officer of Credit Suisse Group AG, during a Bloomberg Television interview in London, UK, on Tuesday, March 14, 2023. 
Hollie Adams | Bloomberg | Getty Images

UBS on Tuesday announced that Credit Suisse CEO Ulrich Koerner will join the executive board of the new joint entity once its emergency purchase of the stricken bank completes.
The Swiss giant said the legal close of the acquisition is expected within the next few weeks, and the combined entity will operate as a “consolidated banking group.”

The Credit Suisse brand will operate independently for the “foreseeable future” as UBS integrates the business in a “phased approach,” the bank said in a statement.
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March, as a crisis of confidence among depositors and shareholders threatened to topple the 167-year-old institution.
UBS confirmed that it will initially manage the two separate companies upon the closure of the deal, with each institution continuing to operate its own subsidiaries and branches while the UBS board of directors and executive board will hold overall responsibility for the consolidated group.
Koerner, who took over the ailing Credit Suisse in July 2022 and immediately launched a massive strategic overhaul aimed at reversing the bank’s chronic loss-making and risk management failures, will join the board, UBS confirmed.

“With his knowledge of both organizations, he will be responsible for ensuring Credit Suisse’s operational continuity and client focus, while supporting the integration process,” UBS said.

UBS veteran Todd Tuckner will become chief financial officer for the group, taking over from Sarah Youngwood, who has decided to step down after the transaction closes.
The combined firm will operate with five business divisions, seven functions and four regions in addition to Credit Suisse, with each represented by a board member reporting to UBS CEO Sergio Ermotti.
Ermotti said this was a “pivotal moment for UBS, Credit Suisse and the entire banking industry.”
“Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service,” Ermotti said in a statement.
“Adding Credit Suisse to UBS’s highly capital-accretive business model, diversified revenue streams, disciplined risk management and balance sheet for all seasons will benefit our clients, employees, investors, the economies we serve and the wider financial system.” More

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The artificial intelligence trade may be leaving investors vulnerable to significant losses.
Evercore ISI’s Julian Emanuel warns Big Tech concentration in the S&P 500 is at extreme levels.

“The AI revolution is likely quite real, quite significant. But … these things unfold in waves. And, you get a little too much enthusiasm and the stocks sell off,” the firm’s senior managing director told CNBC’s “Fast Money” on Monday.
In a research note out this week, Emanuel listed Microsoft, Apple, Amazon, Nvidia and Google parent Alphabet as concerns due to clustering in the names.
“Two-thirds [of the S&P 500 are] driven by those top five names,” he told host Melissa Lee. “The public continues to be disproportionately exposed.”
Emanuel reflected on “odd conversations” he had over the past several days with people viewing Big Tech stocks as hiding places.
“[They] actually look at T-bills and wonder whether they’re safe. [They] look at bank deposits over $250,000 and wonder whether they’re safe and are putting money into the top five large-cap tech names,” said Emanuel. “It’s extraordinary.”

It’s particularly concerning because the bullish activity comes as small caps are getting slammed, according to Emanuel. The Russell 2000, which has exposure to regional bank pressures, is trading closer to the October low.
For protection against losses, Emanuel is overweight cash. He finds yields at 5% attractive and plans to put the money to work during the next market downturn. He believes it will be sparked by debt ceiling chaos and a troubled economy over the next few months.
“You want to stay in the more defensive sectors. Interestingly enough, with all of this AI talk, health care and consumer staples have outperformed since April 1,” Emanuel said. “They’re going to continue outperforming.”
Disclaimer More

People stand in front a banner displaying Palantir Technologies Inc. signage during the company’s initial public offering (IPO) in front of the New York Stock Exchange (NYSE) in New York, Sept. 30, 2020.
Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in after-hour trading.
Lucid — The electric vehicle maker shed 8% after the company posted growing losses in the first quarter but said it has enough cash to continue operating into next year. The company missed expectations for revenue, reporting $149.4 million against a consensus estimate of $209.9 million from analysts polled by Refinitiv.

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Palantir — The software stock soared 22% after Palantir beat analysts’ expectations for the first quarter and issued upbeat guidance. Palantir reported 5 cents in adjusted earnings per share on $525 million in revenue, while analysts polled by Refinitiv forecasted 4 cents in earnings per share and $506 million in revenue. The company also gave a strong outlook for full-year profitability.
PayPal — Shares slid about 5.5%. PayPal issued weak current-quarter expectations for earnings per share, while raising its full-year guidance for the metric. Separately, the digital payments company beat expectations on top and bottom lines for the first quarter, according to Refinitiv.
Skyworks — The semiconductor stock fell nearly 9%. Skyworks said its business fundamentals remained strong in the second quarter despite the challenging backdrop, but did guide third-quarter earnings and revenue to come in below Wall Street expectations. The company posted second-quarter earnings of $2.02 per share, excluding items, in line with analysts’ expectations, according to Refinitiv. Revenue was also in line with the Street’s forecast. More

Tyson food meat products are shown in this photo illustration in Encinitas, California.
Mike Blake | Reuters

Check out the companies making headlines in midday trading.
Berkshire Hathaway — The conglomerate’s A shares rose more than 1% as investors cheered a strong earnings report from Warren Buffett’s company. On Saturday, Berkshire reported a 12.6% jump in operating earnings in the first quarter, driven by a rebound in the conglomerate’s insurance business. The stock briefly topped $500,000 apiece Monday.

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Catalent — Catalent shares plunged 25.9% after the company said it will delay the release of its fiscal third-quarter results and expects significant cuts to its 2023 guidance.
Tyson Foods — Shares plummeted 16.4% after the food production company posted an unexpected loss for the recent quarter and cut its revenue outlook for the year. Tyson Foods now said it anticipates between $53 billion and $54 billion in revenue for the year.
Zscaler — The cloud security stock rallied 20.6% on strong preliminary earnings and full-year guidance. Preliminary revenue, non-GAAP operating income and billings for the company’s third quarter all came in above respective consensus estimates of analysts polled by FactSet. The company also raised its full-year guidance.
Occidental Petroleum — The energy stock fell nearly 3% after Warren Buffett knocked down speculation that Berkshire Hathaway would take full control of the oil giant. He said he doesn’t know what Berkshire would do with it. The “Oracle of Omaha” has amassed a stake of 23.5%, while receiving approval to purchase up to 50% of the company.
PacWest – The regional bank stock held on to a gain of about 3.7% on Monday. Shares opened nearly 30% higher after PacWest slashed its dividend but said its business was still “fundamentally sound.” Other regional bank stocks also gave up some early gains, with Western Alliance up less than 1% despite being reiterated as a buy at Janney.

Six Flags — Six Flags jumped 18.6% after the regional theme park company surpassed first-quarter analysts’ expectations. Six Flags posted a narrower-than-expected loss of 84 cents per share, compared to expectations of a per-share loss of 89 cents, according to FactSet. Six Flags posted revenue of $142.2 million, greater than the expectation of $132.6 million, with CEO Selim Bassoul calling the results “proof points” that its new strategy is working.
American Airlines — Shares jumped 3.5% after JPMorgan upgraded the stock to overweight from neutral. The firm cited American’s improving balance sheet and exposure to international travel as upsides, amid a long-term shift favoring “the Big 3” airlines — American, Delta and United — over discount carriers.
Viatris — Shares gained nearly 6% after the pharmaceutical company beat earnings expectations and reaffirmed full-year guidance, helping investors overlook underwhelming revenue. Viatris posted $932.9 million in adjusted net income for the first quarter, beating the consensus estimate of $835.8 million from analysts polled by FactSet. But revenue came in at $3.72 billion, falling short of the $3.8 billion forecast from Wall Street.
AMC Entertainment — The movie theater chain and meme stock favorite added 0.2%. The company announced over the weekend that it reached an agreement to settle a class-action lawsuit with shareholders over a proposed conversion of AMC Preferred Equity Units to common company shares.
Fortinet — Shares of the cybersecurity company gained 2.3% as Bank of America upgraded shares to buy. The bank cited the company’s “strong fundamentals” following its latest quarterly report, in addition to a “substantial price advantage over competition.” Fortinet’s stock has soared almost 35% year to date.
Scotts Miracle-Gro — Shares popped more than 9% after JPMorgan upgraded the fertilizer company to overweight from neutral. The bank called the stocks a “very reasonable investments” at current levels.
— CNBC’s Hakyung Kim, Alex Harring, Yun Li, Michelle Fox, Sarah Min, Brian Evans and Jesse Pound contributed reporting More