On Friday, U.S. stocks fluctuated within a narrow range and plunged in late trading to close down. As of the close, the S&P 500 index closed down 0.73%, down 3.37% for the whole week; the Nasdaq index fell 0.70%, down 3.99% for the whole week; the Dow Jones index fell 0.90%, down 2.77% for the whole week.
Among them, the energy and new energy vehicle sectors generally fell, live broadcast concept stocks rose, Bilibili closed up 8.76%, Tesla rose 3.27%, Ideal Auto closed down 12.49%, Chevron fell 3.18%.
Popular Chinese concept stocks had mixed gains and losses, with the Nasdaq Golden Dragon Index falling 1.21%. Jiuzhou Pharmacy rose by over 51%, Zhiwen Group rose by over 31%, Daily Youxian rose by over 27%, Xinniao Software rose by over 26%, Qutoutiao rose by over 24%, Huya rose by over 23%, and Douyu rose by over 15%.
It is reported that the U.S. producer price index in November was higher than market expectations, reflecting that inflationary pressure is still high, thus providing support for the Federal Reserve to continue interest rate before 2023.
On Friday, the US government released a closely watched inflation indicator - the November Producer Price Index (PPI). Data showed that PPI in November rose 7.4% year-on-year, with an estimate of 7.2%, and the previous value was 8.0%; U.S. PPI rose 0.3% month-on-month, with an estimate of 0.2%, and the previous value was 0.2%. After the PPI data was released, the U.S. 10-year Treasury bond futures fell sharply, and the yield once climbed to 3.53%. The spread between the 2-year and 10-year treasury bond yields has expanded sharply to about 80 basis points. Additionally, long-term U.S. Treasury yields fell about 5.5 basis points, while short-term Treasury yields were slightly higher than Thursday's close.
The Federal Reserve is currently in the midst of the fastest interest rate hike cycle since the 1980s. The agency will hold a monetary policy meeting next week. The Fed is widely expected to raise interest rates by 50 basis points next week.
In addition, the preliminary value of the December consumer confidence index released by the University of Michigan on Friday was unexpectedly optimistic, indicating that the U.S. economy is more resilient to the Federal Reserve interest rate hike than policymakers predicted. Analysts said U.S. consumer confidence reflects the resilience of the economy, and the Fed is expected to lower its unemployment rate forecast and raise its final forecast for federal funds rates in the dot plot.
S&P multiple sectors fell
Among the 11 sectors of the S&P 500 Index on Friday, all except communication services were in decline, with the energy (-2.33%) and health care (-1.28%) sectors leading the decline.
Large technology stocks were mixed, with apple down 0.34%, Microsoft down 0.80%, Google down 0.94%, Amazon down 1.39%, Tesla up 3.23%, Meta up 0.49%.
Chinese concept stocks also adjusted with the market on Friday. Nasdaq China Golden Dragon Index closed down 1.21%, but there were also sporadic bright spots in the market. Live-streaming concept stocks Huya closed up 23.49% and Douyu rose 15.27%. News of the official launch of the " three-body " animation pushed Bilibili up 8.59%. 's stock price has tripled from the low in early November.
Gold futures closed at $1,810.70 per ounce, up $9.20, up 20.5%, the highest closing price since December 1. The most active gold futures price closed up nearly 0.1% this week; March silver prices rose 47 cents to $23.717 per ounce, up 2%, up 2% this week. March palladium rose $38, or 2%, to $1,968.80 an ounce, up 3.6% this week; January platinum rose $21.60, or 2.1%, to $1,036.20 an ounce, a weekly increase of 0.9%. March copper prices fell 0.1% to $3.8785 per pound, ending the week up 0.7%.
Li Auto plummeted after results
Li Auto released its unaudited financial results on Friday as of September 30, with third-quarter revenue of 9.34 billion yuan, a year-on-year increase of 20.2%; fourth-quarter delivery volume is expected to be between 45,000 and 48,000 vehicles, an increase of 27.8% to 36.3% over the fourth quarter of 2021; fourth-quarter revenue is expected to be 16.51 billion yuan to 17.61 billion yuan. Net loss in the third quarter of 2022 was 1.65 billion yuan ($231 million), compared with 21.5 million yuan in the third quarter of 2021, an increase of 156.7% from 641 million yuan in the second quarter of 2022.
Li Auto fell more than 12% after the results, and U.S. new energy vehicle stocks followed suit. Xpeng Motors fell nearly 6%, Mavericks Electric fell more than 4%, and NIO fell more than 3%.
Broadcom will face EU antitrust investigation
According to media reports on Friday, U.S. chipmaker Broadcom's $61 billion acquisition of cloud computing company VMware will encounter setbacks, and the EU antitrust regulator is preparing to launch a comprehensive investigation into the deal. The proposed acquisition of
, the world's second-largest merger so far this year, highlights Broadcom's attempt to diversify into enterprise software, but comes as regulators around the world increase scrutiny of acquisitions by major technology companies.
Four major international institutions warned: The global economy may further decline next year
On Friday local time, the leaders of the International Monetary Fund (IMF), World Bank , the Century Trade Organization (WTO) and Organization for Economic Cooperation and Development (OCED) expressed concern about the deterioration of the global economic outlook.
IMF President Georgieva said that indicators show that global economic growth may further decline. In its "World Economic Outlook" released in October, the IMF predicted that global economic growth will slow to 2.7% in 2023 from 3.2% this year.
The IMF stated that the global economic slowdown is more severe than expected, inflation is at the highest level in decades, financial conditions continue to tighten in most regions, the conflict between Russia and Ukraine breaks out, and the COVID-19 epidemic continues to persist, all of which have a serious impact on the economic outlook.
World Bank President Malpass was also pessimistic about the global outlook. He said: "I am very worried that the world faces the risk of a global recession."
Malpass warned that there may be years of slow growth and widespread asset repricing in the future. For people in developing countries, this is a real long-term crisis. He stressed that more work needs to be done to get the world out of stagflation.
WTO Director-General Iweala pointed out on Friday that global trade is facing real challenges and trade growth is losing momentum. She predicts that global merchandise trade will grow by only 1% next year, a sharp slowdown from this year's 3.5%.
OECD Secretary-General Matthias Koeman also predicts that the global economic outlook will continue to deteriorate. Last year's global economic growth rate was 6%. If it drops to 3.2% this year and 2.7% in 2023, it will be the weakest growth performance since 2001 (excluding the worst stages of the global financial crisis and the new coronavirus epidemic).
Editor: Peng Bo
Proofreader: Zhao Yan
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