Pre-market market trends
1. On September 23 (Friday) U.S. stock Before the market, the three major U.S. stock index futures fell. As of press time, Dow futures fell 1.13%, S&P 500 index futures fell 1.19%, and Nasdaq futures fell 1.20%.
2. As of press time, German DAX index fell 2.13%, the UK FTSE 100 index fell 1.85%, French CAC40 index fell 1.91%, and the European Stoke 50 index fell 2.16%.
3. As of press time, WTI crude oil fell 3.20% to US$80.82 per barrel. Brent crude oil fell 2.84% to $87.89 per barrel.
Market News
Goldman Sachs: Cut the S&P 500 index's year-end target from 4300 points to 3600 points. Goldman Sachs believes that the federal funds rate of the Federal Reserve will be higher than previous expectations, which will put pressure on the valuation of the US stock market. It lowered the S&P 500 year-end target from 4,300 points to 3,600 points. Goldman Sachs strategists including David J. Kostin said the higher interest rate scenario now included in the company's valuation model supports a 15x price-to-earnings ratio (as compared to 18x previous forecast). Most stock investors have accepted the view that the U.S. economy is inevitable. Goldman Sachs expects the S&P 500's three-month, six-month and 12-month targets to be 3400 points, 3150 points and 3750 points respectively. Strategists suggest that increasing uncertainty supports defensive positions, and investors should hold stocks with high-quality attributes such as strong balance sheets, high return on capital and stable sales growth.
The British government's plan to issue bonds beyond expectations scares investors! The pound and gold-edged bonds plummeted. The Bank of England will offset the UK government's fiscal stimulus with a more radical austerity pace. Chancellor Kwatten announced plans such as tax cuts and energy subsidies that require large amounts of new bonds to fund funds, and some traders are worried that the move could undermine the Bank of England’s efforts to curb inflation. Meanwhile, traders have increased their bets on the Bank of England's hike rate and hilarious rate hilarious rate hilarious rate hilarious rate hilarious rate hikes as high as 80%. The government led by the new Prime Minister Trass has introduced the most radical tax cuts in the UK since 1972, which has lowered wage taxes on workers and taxes on businesses to boost the long-term growth potential of the UK economy. The yield on the UK's 5-year Treasury bond once soared 51 basis points to a new high of 4.07%. The pound plunged more than 2% against the US dollar to 1.1020. The euro and pound fell to decades lows as the dollar index hit a new high. The dollar index hit a 112 mark, hitting a 20-year high, with its upward momentum sending the euro and pound hitting decades lows on Friday. The euro fell below 0.98 against the dollar, the lowest level since 2002, while the pound fell 1.65% to its lowest point in 37 years. The Fed raised interest rates again this week by 75 basis points, continuing to lead the way in hikes sharply to curb inflation. By comparison, the Bank of England raised only 50 basis points on Thursday, indicating it will be on the wait-and-see attitude towards inflationary pressures in the coming months. Swiss franc has fallen more than 1% against the dollar since the Swiss National Bank raised interest rates by 75 basis points on Thursday, disappointing some investors in the market who are betting on a bigger rate hike. Norwegian Krone is also falling because Norwegian central bank seems to be more cautious about aggressive rate hikes compared to the Fed.
analysts warn: The European energy crisis may continue until the end of 2023. Energy Aspects Ltd., an advisory body for , said in an interview recently that the severe energy crisis in Europe may continue until the end of 2023 as the region struggles to cope with strong demand and supply tensions exacerbated by the Russian-Ukrainian conflict. Amrita Sen, chief oil analyst at the consulting firm, said: "The market needs Russia to balance, not only for the upcoming winter, but also for the colder period that follows by the end of next year. Oil prices are expected to fluctuate further in the fourth quarter due to concerns about a possible recession and measures to lock down. In the short term, crude oil prices may hover around $90 a barrel and may rise to around $120 a barrel by the end of this year. It is reported that the global benchmark Brent crude oil price was close to $90 on Friday, nearly 30% lower than its June high.
The Bank of Korea has taken measures to defend the local currency exchange rate . The Bank of Korea reached an currency swap agreement with South Korea's National Annuity (NPS) on Friday to transfer some of the fund's foreign exchange demand and support the rapidly weakening Korean won exchange rate . The Bank of Korea and NPS said the $10 billion currency swap agreement will continue until the end of the year to allow the fund to use the central bank foreign exchange reserves. It is reported that NPS manages US$626.6 billion in assets, equivalent to about 40% of South Korea's annual GDP. In addition, the Philippine central bank has suggested that more rate hikes may be taken based on the Fed's actions, while also considering actively intervening in the market to curb currency depreciation. Previously, Japan intervened in the foreign exchange market for the first time since 1998 due to the intensification of the yen due to the monetary policy differences between Japan and the United States.
stocks news
FedEx (FDX.US) Q1 revenue was lower than expected, and announced the hike of the fee rate and cut costs. FedEx announced a hike on Thursday and details its cost-cutting measures. Last week, the express delivery giant warned that its first-quarter results for fiscal 2023 were affected by weaker global demand. FedEx's Q1 revenue was US$23.2 billion, a year-on-year increase of 5.5%, down from market expectations of US$580 million. Non-GAAP earnings per share were $3.44, up from market expectations. Looking ahead, FedEx expects Q2 revenue to be in the range of US$23.5 billion to US$24 billion, with a market consensus expected to be US$23.78 billion. The company also expects that after deducting costs associated with business optimization plans and business restructuring activities, Q2 diluted earnings per share will be $2.75 or more, compared with a market consensus estimate of $2.80.
Costco (COST.US) Q4 revenue and earnings per share exceeded expectations, with net sales increasing by 15.2% year-on-year. Costco's total revenue in the fourth quarter was US$72.091 billion, and the market expected to be US$71.84 billion, compared with US$62.675 billion in the same period last year, a year-on-year increase of 15.0%; net profit was US$1.868 billion, compared with US$1.67 billion in the same period last year, a year-on-year increase of 11.9%. Basic earnings per share were $4.21 compared with $3.77 in the same period last year; diluted earnings per share was $4.20, better than the market expectations of $4.11 compared with $3.76 in the same period last year. Membership fees for Q4 were US$1.327 billion, compared with US$1.234 billion in the same period last year, an increase of 7.5% year-on-year. For the full year of fiscal 2022, the company's total revenue was US$226.954 billion, a year-on-year increase of 15.8%; net profit was US$5.844 billion, a year-on-year increase of 16.7%; diluted earnings per share was US$13.14, compared with US$1.127 billion in the same period last year.
US Baseball key events are coming, Apple (AAPL.US) Apple TV+ ushered in a big test. Apple Apple TV+ has exclusive playback rights to the Boston Red Sox against the New York Yankees this Friday. The game has attracted much attention because the Yankees are likely to make the playoffs and face their number one opponent, and their star batsman Aaron Judge is approaching a home run record and is likely to break that record on Friday. This game is a major test for Apple's determination to become a sports live broadcast service provider, and it is also a major test for whether well-known games can increase Apple's number of users or serve other business goals. In addition, Apple reportedly signed a multi-year agreement with the NFL , which will replace Pepsi (PEP.US) as the main sponsor of the Super Bowl midfield show. Sources said NFL hopes to receive a sponsorship agreement of about $50 million.
acquisition of 60 companies is not enough! CRM.US co-CEO said it will continue to make the acquisition. SaiFT said that the company has acquired 60 companies and will continue to make acquisitions, while focusing more on integrating the companies that have been acquired. Meanwhile, Safty is still integrating employees from companies such as Tableau, which has recently acquired. As the economic outlook worsens, Safty’s goal is to increase profit margins. The company reiterated its target of achieving $50 billion in revenue by fiscal 2026, almost double the current annual sales, while increasing its target of achieving a 25% profit margin in fiscal 2026. Like many tech companies, Safty tightened spending on recruitment and travel after increasing its staff during the pandemic. “We have invested heavily in the past two years and we are taking those investments into our business,” Benioff said.Further cutting labor investment is certainly not our intention. ”
rumor Credit Suisse (CS.US) is seeking capital increase intentions from investors and intends to completely reform investment banking business . According to two people familiar with the matter, Credit Suisse is seeking capital increase intentions from investors, the bank's fourth contact with investors in nearly seven years. And the bank is trying to completely reform its investment bank division. The person familiar with the matter said that the Swiss bank has begun to communicate with investors on the move in recent weeks. The bank is currently discussing various situations, including the most radical option to exit the U.S. market on a large scale. It is unclear how enthusiastic investors are, and the second-largest bank in Switzerland has been struggling after a series of scandals, which has raised nearly 12 billion Swiss francs (about $12.22 billion) since 2015, almost equivalent to its current market capitalization, which may reduce investor interest. Sources said Credit Suisse has not made any decisions yet and has not disclosed how much money the bank will seek to raise.
Boeing (BA.US) paid $200 million to settle SEC to 737 The allegations related to the MAX crash. The U.S. Securities and Exchange Commission (SEC) said Thursday that Boeing (BA.US) will pay $200 million to settle allegations of misleading investors in two fatal crashes on the Boeing 737 MAX plane. Former CEO Dennis Muilenberg will pay $1 million as part of the settlement. Boeing said in a statement: "The settlement announced today fully resolves the SEC's previously disclosed investigation into the 737 MAX accident. "Two crashes in 2018 and 2019 killed all 346 people on board, causing the grounding of the 737 MAX worldwide. Two years ago, the 737 MAX resumed its flight for the first time.
Important economic data and event predictions
Beijing time 20:30: Canada's July retail sales monthly rate (%).
Beijing time 21:45: The initial value of the US Markit manufacturing PMI in September.
Next day Beijing time 01:00: The total number of drilling rigs in the United States in the week ending September 23 (port).
Beijing time 23:30: Swiss National Bank Governor Jordan and European Central Bank Management Venezuel delivered speeches.
Beijing time 23:5 5: Federal Reserve Vice Chairman Brainard delivered a speech.
Next day Beijing time at 02:00 am Beijing time: Federal Reserve Chairman Powell delivered an opening speech at the "Listen to the Fed" event.
Next day Beijing time at 02:05 am Beijing time: Federal Reserve Vice Chairman Brainard and Federal Reserve Director Bowman chaired a dialogue with leaders of multiple industry organizations respectively.
Next day Beijing time at 03:30 am Beijing time: US Commodity Futures Trading Commission (CFTCh) released its weekly position report.
