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Compared with steel and aluminum, the auto industry represents a much larger share in the EU and in Germany. German economic institute Ifo calculated that a hike in US tariffs would be expensive for Germany.

Compared with preferred shares, perpetual bonds have a lower cost of funds and a shorter issuance approval cycle. They are also better than tier-2 capital bonds, which have limited capabilities in improving the capital quality and optimizing the capital structure of small and medium-sized banks. Therefore, perpetual bonds are the best channel for unlisted small and medium-sized banks to replenish tier-1 capital, the primary funding source of banks, Wang said.

Companies including Samsung have been promoting the practice of sharing content by bumping two devices together — transmitting photos, videos and other files from phone to phone using Near Field Communications.

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Commenting on the latest unemployment figures, Secretary for Labour and Welfare Law Chi-kwong said the labor market will weaken further if economic conditions remain stagnant.