Everything Editor: Du Yu
On October 12, Eastern Time, U.S. stock three major indexes closed down , S&P 500 index fell 0.33%, Nasdaq fell 0.09%, and Dow fell 0.1%.
According to Cailianshe, the S&P 500 index and the Nasdaq daily line fell six times, the S&P 500 index closed at its lowest level since November 2020, and the Nasdaq continued to hit a new low since July 2020. Century Aluminum rose more than 9%, American aluminum company rose more than 5%, White House said it was considering banning the import of Russian aluminum.
Most of the large-scale technology stocks rose, Netflix rose by more than 3%, Google , Amazon , Microsoft rose slightly, Apple , Facebook fell slightly.
Popular Chinese stocks rose and fell, Wuxin Technology rose 11%, Ideal Auto rose more than 3%, Futu Holdings, Vipshop rose more than 2%, Xiaopeng Motors rose more than 1%, Alibaba , JD , NIO , Pinduoduo, iQiyi rose slightly. Daily Youxian fell by more than 12%, Douyu fell by more than 3%, Bilibili fell by more than 2%, Weibo , NetEase, Baidu , and Tencent Music fell by more than 1%, and Manbang fell slightly.
Philips was suddenly hit
From the perspective of stocks , the performance of US stocks is also gradually being released. At present, the "first lightning" in performance has appeared. After Philips opened , it fell by more than 12%. The company expects comparable revenue to decline by 5% in the third and fourth quarters, far lower than previous guidance.
As of the close, Philips (PHG) was US$13.17 per share, fell 11.67% , with the latest market value of US$11.71 billion ( is about RMB 84 billion ).
Reuters October 12th news, Philips issued a statement saying that due to the large-scale recall of problematic sleep respirators, the company is expected to record a non-cash fee of 1.3 billion euros in the third quarter for goodwill impairment of the sleep and respiratory care business. Philips has set aside nearly 900 million euros for replacement and repair of these equipment.
Philips said the company is currently negotiating the final solution for the U.S. Department of Justice-related sleep respirators, which put consumers at risk of inhaling toxic bubbles. Philips CEO OWHENHK , who will step down next week, said the figure is based on "reasonable estimates", but the company has not yet fully negotiated with the U.S. authorities.
Philips also pointed out that the company expects sales in the third quarter to fall by 5% to nearly 4.3 billion euros due to supply chain problems "more than expected".
Federal meeting minutes show that November and December may continue interest rate hikes
According to CCTV News, on October 12 local time, the Federal Reserve released September Federal Open Market Committee (FOMC) meeting minutes. According to the minutes of the meeting, the Fed is likely to raise interest rates by 75 basis points and 50 basis points respectively at the November and December meetings. market participants generally expect that the pace of interest rate hikes will slow further after December, and fund interest rates will peak in the first half of 2023.
The Federal Open Market Committee decided in September to increase the target range of federal funds rate to between 3% and 3.25%, and is expected to continue to increase the fund rate appropriately. In addition, the Commission will continue to reduce its holdings of Treasury bonds, institutional debt and institutional mortgage-backed securities .
Image source: Photo Network-401716545
US September producer price index increase still exceeds expectations
On the evening of the 12th Beijing time, The United States announced the latest September producer price index. Data shows that although the Federal Reserve is trying hard to curb inflation, the US September producer price index still exceeds expectations.
Producer Price Index (PPI) is an indicator to measure the price of goods and services obtained by enterprises. In September, the US PPI rose 0.4% month-on-month, and the market is expected to increase by 0.2%. Compared with the same period last year, the PPI in September increased by 8.5% year-on-year, a slight decrease from the year-on-year increase of 8.7% in August, but higher than the expected 8.4%;
Excluding the prices of food, energy and trade services, the core PPI in September rose by 0.4% month-on-month and 5.6% year-on-year.According to the sub-item data of
, commodity prices in the production field rose by 0.4% month-on-month, of which food prices rose by 1.2% and energy prices rose by 0.7%, which are the main factors that overall PPI is stronger than expected; service prices rose by 0.4%.
According to China Fund News, analysis said that although supply chain disruptions generally improved, the costs of energy, food and services have risen, suggesting that inflation may remain at an unsettling high for some time. The U.S. CPI, which is scheduled to be announced tomorrow, may once again ignite the market.
Although the PPI data has been alleviated, analysts believe that the above data is not enough to prompt the Fed to turn. In addition, today's PPI data may provide some reference for the September CPI data released tomorrow.
Currently economists expect that the core U.S. CPI data for September to be released on Thursday is expected to rise strongly again, highlighting that inflation is still at a fast and wide-ranging level, which may prompt the Fed to raise another 75 basis points next month.
According to brokerage China, some authoritative institutions are not optimistic about the peripheral market. S&P report shows that the risk of global economic recession deepens; at present, Wall Street giant 's expectations for the US stock market are also quite pessimistic. On October 10, local time, JPMorgan CEO Jamie Dimon warned that the S&P 500 index may continue to fall, and the decline may "easily fall another 20% " from the current level. In addition, Michael Wilson, chief strategist at Wall Street, , Morgan Stanley , also stated in the latest report that the S&P 500 index will drop to 3,000 points, and the price-to-earnings ratio will further drop to 13 times, and the US stock market will bottom out and the bear market will end.
Dimon said that soaring inflation rate, interest rate increase exceeding expectations, unknown impacts of quantitative austerity policies, and the Russian-Ukrainian conflict are all very serious problems, which may push the US and global economies into recession, and the US may fall into some kind of recession after 6 to 9 months.
In addition, Michael Wilson, a major short seller on Wall Street and chief strategist at Morgan Stanley, said in the latest report that the S&P 500 index will drop to 3,000 points, and the price-to-earnings ratio will further drop to 13 times, and the US stock market will bottom out and the bear market will end. It also warned that U.S. economic data may plummet after the midterm elections, and that U.S. stock companies abandoning their profit forecasts for next year means that the pain will continue.
Daily Economic News Comprehensive Cailianshe, CCTV News, Securities China, China Fund News
Daily Economic News
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