Global Macro
- In February, the CPI was announced, and the three major U.S. stock index futures rose short-term before the session
U.S. CPI rose 7.9 percent in February, outpacing the market consensus estimate of 7.8 percent; the number of jobless claims renewed for the week ended February 26 was 227,000. After the news was announced, U.S. stock index futures began to rise in the short term, as of press time, NASDAQ futures are still down 0.84%, Dow futures are still down 0.82%, and S&P 500 futures are still down 0.71%.
European stocks continued to fall after opening low today. As of press time, the UK FTSE 100 is down 1.16%, the French CAC40 is down 2.46%, the European Stoxx 50 is down 2.5%, and the German DAX is down 2.54%.
Related reading: The US CPI in February hit a 40-year high, and the peak inflation has not yet arrived?
Driving rate hike expectations? The US CPI is likely to approach 8%, how can investors prepare?
- The largest QE in the Fed's history will officially come to an end
On Wednesday, the Fed's $4.025 billion Treasury purchase will be its last Treasury purchase in this round of QE, while the purchase of mortgage bonds (MBS) will stop this weekend.
In the past two years, the Fed has implemented an unprecedented bond purchase program due to the epidemic, buying nearly $6 trillion in U.S. Treasury bonds and mortgage bonds in just two years. The entire bond purchase program, which has lasted so far, includes more than 580 purchases of U.S. Treasuries and 1,200 purchases of mortgage-backed securities, and has helped expand the Fed's balance sheet to an unprecedented $8.4 trillion.
- Russian gas supply through Ukraine remained stable, and European gas prices continued to fall
Since the outbreak of geopolitical conflicts, global gas prices have soared. With the recent easing of the situation, Russia's gas flow to the European continent remains stable. European gas prices continued to fall, with dutch TTF benchmark gas futures down 7.76% at €143.8/MWh as of press time. For now, the futures have fallen more than 58 percent from the all-time high of 227.2 euros hit on Monday.
- The U.S. House of Representatives passed a bill banning Russian oil imports
On Wednesday, the U.S. House of Representatives voted 414 in favor and 17 against a bill banning U.S. imports of Russian oil, with 15 Republicans and 2 Democrats voting against it. If the bill is also passed by the Senate and signed by the President, it will enter into force 45 days after it is formally signed into law. However, the bill also has a provision that allows the president to import certain products "in the national interest" subject to review by Congress.
- The ECB, which leaves the three major interest rates unchanged, will end its asset purchase program at a faster pace
The ECB announced its interest rate decision on March 10, leaving the main refinancing rate, marginal lending rate and deposit mechanism rate unchanged at 0.00%, 0.25% and -0.50% respectively. The ECB reiterated that it "will maintain the current level of interest rates until it is close to the 2% inflation target." If the outlook changes, be prepared to adjust the asset purchase plan. It is worth mentioning that the ECB removed its commitment to end its asset purchase program shortly before the interest rate hike.
- Daimo: A spike in nickel prices could increase the cost of electric vehicles by $1,000
Nickel prices rose rapidly, with futures nickel on the London Metal Exchange soaring to more than $100,000 a metric ton, and the exchange was forced to suspend trading. Morgan Stanley analyst Adam Jonas said the price increase in nickel could lead to a $1,000 increase in the price of ordinary electric vehicles. He said Morgan Stanley had been predicting a continued shortage of nickel through 2026 and rising prices. If sanctions on Russian nickel are indeed imposed, "it may be time for investors to lower their profit forecasts for auto companies."
- Russia and Ukraine are talking in Turkey today, Ukrainian Foreign Minister: Progress is difficult
On the morning of the 10th local time, Russian Foreign Minister Lavrov, Ukrainian Foreign Minister Kureba and Turkish Foreign Minister Chavushoglu held talks between the three foreign ministers in Antalya, Turkey. This is the first direct contact between the Russian and Ukrainian high-level levels since Russia launched a special military operation against Ukraine on February 24. According to russian satellite network news, Ukrainian Foreign Minister Kureba said that the talks with Lavrov have made difficult progress and that the two sides have not reached a ceasefire agreement.
Hot news
- WTI crude surged more than 4 percent as gold futures regained the $2,000 mark
$WTI Crude Oil Main Link (2204) (CLmain.US) $ Volatility rose today, once standing on the $114 mark, now up more than 4%; $ Gold Main Link (2204) (GCmain.US) $ fell quickly after a brief rise this morning, once falling below the closing price of $1988.2 / ounce; then quickly pulled up, regaining the $2000 mark, as of press time, reported $2008.6, up 1.03%.
- Amazon, which is up more than 5% ahead of the session, intends to split 20 shares in one and buy back $10 billion of shares
10 days before U.S. stock market, as of press time, $Amazon (AMZN. US) was up 5.25% at $2931.77. Amazon previously announced splitting every 1 share into 20 shares and buying back up to $10 billion in shares. It is reported that this is the first time that the stock has been split since 2000.
Related reading: "Trillion technology giant" rare stock split, Amazon's car opportunity is coming?
- Raw materials keep going up! Tesla has raised the price of some models again
According to reports, $Tesla (TSLA. US) raised the price of its U.S.-made Model Y and Model 3 long-endurance versions by $1,000 on Wednesday, while the price of some of its home-grown Model 3 and Model Y models was raised by 10,000 yuan ($1,582). Gregory Miller, an analyst at Benchmark Mineral Intelligence, an industry forecaster, said that rising prices of nickel, lithium and other materials may slow or even temporarily reverse the long-term trend of falling battery costs, thereby pushing up the price of electric vehicles.
- Pfizer began research into the use of the coronavirus oral drug Paxlovid in children
$Pfizer (PFE. US) said on Wednesday that a study of the new coronavirus oral drug Paxlovid has been started in people under the age of 18 who are at high risk of developing serious diseases. The study will also assess whether the five-day Paxlovid therapy could also save children under the age of 12 who are newly infected with the new coronavirus from hospitalization.
- Citi: Maintain Apple's "Buy" rating to a price target of $200
Citi analyst Jim Suva said $Apple (AAPL. US) $ Released iPhone SE is cheap, compact, and already equipped with the latest A15 chip and support for 5G, which is widely anticipated. He said the new affordable iPhone SE line should boost consumer interest in the iPhone and reduce investor concerns about a sharp drop in iPhone sales.
- Mining giant Rio Tinto joined the "wave of withdrawals" and announced the termination of all commercial relations with Russian companies
After the escalation of the Russian-Ukrainian conflict, the world's second largest miner by market capitalization $ RIO. US)$ also joined the ranks of multinational companies leaving the Russian market. The company said on Thursday it was terminating all commercial relationships with any Russian business. Rio Tinto co-operates the joint venture Queensland Alumina with Rustal producer 00486.HK$, which holds a 20 percent stake in the company.
Focus on Chinese stocks
- Popular Chinese stocks collectively moved lower before market hours
- JD.com fell more than 6% before the market, and the company's net loss in Q4 exceeded expectations, and it also turned into a loss year-on-year
$JD.com (JD. US) $10 pre-market financial report, Q4 net revenue of 275.9 billion yuan, a net loss of 5.2 billion yuan, significantly exceeding the market expectations of a net loss of 0.65 billion yuan, compared to a net profit of 24.325 billion yuan in the same period last year. The Company's Q4 adjusted revenue per ADS is RMB2.21, which is estimated at RMB1.73. There were 570 million annual active user accounts in the fourth quarter, representing an estimated 580 million. As of press time, JD.com fell more than 6% before the market to $58.6.
- The Q4 revenue of All Things New Life increased by 48.2% year-on-year, and the GMV exceeded 10 billion
Before the U.S. stock market on March 10, $All Things New (Love Recycling) (RERE. US) $ announced financial results for the fourth quarter and full year of 2021. According to the financial report, the company's Q4 net revenue was 2,435.8 million yuan (RMB, the same below), an increase of 48.2% year-on-year; the net loss was 103.6 million yuan, compared with 82.876 million yuan in the same period last year; and the adjusted operating profit was 9.7 million yuan, compared with 18.7 million yuan in the same period last year. As of press time, All Things New was up 11.11% at $4.20.
TOP20 pre-market turnover of US stocks
U.S. Macro Chronicle Reminder
21:30 Unseason-adjusted CPI for Feb
21:30 February Seasonally Adjusted CPI MoM
21:30 Unemployment benefit claims for the week ended February 26
Editor/Jeffrey
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