In the early morning of the 4th, Beijing time, US stocks closed higher on Monday. U.S. bond yields fell, driving major stock indexes to rebound after experiencing a plunge in September. The market continues to pay attention to the monetary policy of the Federal Reserve . OPEC+ rumors of production cuts have pushed crude oil prices to rise sharply. Credit Suisse is rumored to be on the verge of bankruptcy and may become the next Lehman Brothers .
Dow Jones Industrial Average rose 765.38 points, or 2.66%, to 29,490.89 points; Nasdaq rose 239.82 points, or 2.27%, to 10,815.43 points; S&P 500 rose 92.81 points, or 2.59%, to 3,678.43 points.
U.S. Treasury yields fell sharply on Monday. The yield on the US 2-year US Treasury fell by about 19 basis points, setting a new daily low of 4.0290%. The yield on the 5-year Treasury bond fell 30 basis points to 3.874%. The 10-year U.S. Treasury yield fell by more than 24 basis points, setting a new daily low of 3.5655%. The 30-year U.S. Treasury yield fell by about 12 basis points, setting a new daily low of 3.6351%.
Last week, the yield on the 10-year U.S. Treasury bond exceeded 4%. "It's quite simple now. If the 10-year Treasury yield rises, the stock market may continue to be under pressure. If the Treasury yield falls, the stock market will rise."
US stocks have just passed a difficult month, and the Dow Jones and the S&P 500 both recorded their worst monthly performance since March 2020. Last Friday, the Dow Jones closed below 29,000 points for the first time since November 2020.
In September, the Dow Jones Industrial Average fell 8.8%, the S&P 500 fell 9.3%, and the Nasdaq fell 10.5%.
In the third quarter, the Dow Jones Industrial Average fell 6.66%, the first time since the third quarter of 2015, the third consecutive quarter of decline. The S&P 500 and the Nasdaq fell 5.28% and 4.11% respectively, both recording their first consecutive quarter decline since 2009.
As the new quarter begins, all components of the S&P 500 have fallen by at least 10% from their respective 52-week highest levels. The nine constituent sectors recorded a decline in the third quarter.
Truist analyst Keith Lerner said that in the fourth quarter, high inflation and the Fed's stance at all costs to curb inflation may continue to be under pressure.
But he believes that the oversold situation of US stocks may also cause the stock market to rebound sharply in the short term driven by good news.
Morgan StanleyU.S. stock strategist Mike Wilson said that unless the Fed's strategy to fight inflation changes significantly, U.S. stocks will continue to fall. "We found that M2 growth is in what we call a 'dangerous zone', the area where financial or economic crisis often occurs," he pointed out that the Fed may change its position at some point, but the timing is still uncertain and will not alleviate market concerns about corporate profits.
Wilson once predicted a sell-off in the stock market this year. He said that the year-on-year change rate of US dollar M2 in the United States, euro zones and Japan turned negative for the first time since March 2015, and this tightening is unsustainable. If the Fed wants it, it can solve the problem.
Rumors of banking giant Credit Suisse's explosion broke out last weekend. Previous reports have been reported that a large international investment bank is on the verge of crisis. Many people speculate that this large investment bank, , is Credit Suisse. Previously, the bank suffered huge losses in the Archegos liquidation storm, and its stock price fell all the way.
Creditsin CEO has been meeting with major institutional investors who are worried that the company's financial foundation is unstable, and the CEO assured them that Credit Suisse has strong capital and liquidity. A big investor said Credit Suisse's banking and wealth management platforms are valuable, but investment banking business is like a disaster. "The transaction situation of the company CDS is like Lehman's moment is coming."
Last Friday, Credit Suisse CEO sent a memorandum to employees, saying that "I believe that employees will not confuse the company's daily stock price performance with the strong capital base and liquidity they actually have."
Credit Suisse said on Monday that it delayed the issuance plan of Credit Suisse Real Estate Fund Green Real Estate due to the high volatility and market environment of the real estate fund market.
International crude oil prices rose sharply due to the news that OPEC+ may reduce production.OPEC+ may make a decision to reduce production at a ministerial meeting on Wednesday to boost international oil prices, with daily production likely to be cut by 1 million barrels, which is equivalent to 1% of global daily crude oil consumption.
media believes that the exceeding expectations of the production cut reflects OPEC+'s concerns about the rapid slowdown in the global economy at a time of rapid tightening of monetary policy.
The British Chancellor confirmed that it was withdrawing the previously proposed plan to cancel the maximum income tax rate of 45%.
On Monday, the US economic data showed that the US ISM manufacturing index in September hit a new low in the past two and a half years, nearly completely stagnant.
The US ISM manufacturing index fell to 50.9 in September, hitting a new low since May 2020, and is closer to a complete stagnation. Compared with August data, the index fell by 1.9 percentage points, which is also lower than the market's generally expected 52.4.
Another index that measures the US manufacturing PMI S&P Global US manufacturing PMI index rebounded slightly from slightly from 51.5 in August to 52.0. This is mainly due to the growth of output and new orders, as well as the decline in cost pressure.
It is worth noting that the new order index, a sub-index of the ISM manufacturing index, fell by 4.2 percentage points month-on-month to 47.1, falling to the level at the beginning of the outbreak of the new crown epidemic and falling into the contraction range, indicating that the demand for US manufacturing has weakened rapidly.
According to ISM data, consumer spending on goods is falling, which shows that corporate investment in devices remains unchanged, but consumer concerns about economic growth are growing as the Federal Reserve raises interest rates to combat inflation.
Eurozone 9 manufacturing PMI final value was 48.4, lower than expected. Among them, the final values of manufacturing PMI in Germany and France in September were 47.8 and 47.7, respectively, both inferior to expectations.
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It is rumored that the Italian court revoked the 173 million euro antitrust fine for Apple and Amazon .
Credit Suisse said it delayed the issuance plan of Credit Suisse Real Estate Fund Green Real Estate because of the high volatility and market environment of the real estate fund market. Some overseas self-media speculate that Credit Suisse is on the verge of bankruptcy.
Tesla delivered a record 343,800 cars in the third quarter, but lower than market expectations of 358,000. The company said logistics were congested during its peak week due to continued growth in production.
AstraZeneca will intend to acquire Logic Bio Therapeutics for US$68 million. The acquisition promotes growth in AstraZeneca's genetic medicine field.
Vodafone is in talks with Cheung Kong to merge its operations in the UK. Both parties will set up new companies to fully launch 5G in the UK and expand broadband connections to rural areas.
It is reported that L3Harris Technologies will acquire ViaSat satellite for US$2 billion.
Faraday Future board recommends voting to "support" the proposal for reverse stock split. It is recommended to approve the amendment proposal and to split the common stock in the reverse stock ratio of 1:2 to 1:10.
New car manufacturing forces announced the delivery data of new energy vehicles in September.
NIO html delivered 10,878 new cars in September. In the third quarter of 2022, NIO delivered 31,607 new cars, a year-on-year increase of 29.3%, a record high.
Xiaopeng Motors html delivered a total of 8,468 units in September; in the third quarter, Xiaopeng Motors delivered a total of 29,570 units, a year-on-year increase of 15%.
Ideal Auto html delivered a total of 11,531 new cars in September, an increase of 62.5% year-on-year; a total of 26,524 vehicles were delivered in the third quarter, an increase of 5.6% year-on-year compared with the third quarter of 2021. As of September 30, 2022, the cumulative delivery volume of Ideal Auto was 211,015 vehicles.
Other markets, on Monday, the price of silver futures for December delivery on the New York Mercantile Exchange rose $1.55, or 8.1%, closing at $20.589 per ounce, the highest closing price since August.
00 gold futures for December delivery rose $30, or 1.8%, to close at $1,702 per ounce, the highest closing price since mid-September.
Brent crude oil futures price rose $3.72, or 4.37%, to close at $88.86 per barrel.
US WTI crude oil futures price rose 4.14 US dollars, or 5.2%, to close at $83.63 per barrel.
