overnight stock market
Although there were positive news on Tuesday such as IMF raising global economic growth expectations and US JOLTS hit a new high in the past two years, the narrow fluctuation of US stocks throughout the day showed that news related to economic recovery has temporarily faded out of the market's focus. It is expected that investors will be increasingly affected by the approaching financial report season in the next few trading days, and bank stocks that have continued to "good start" in the past year are of great uncertainty due to the Bill Hwang incident.
Stephen Massocca, senior vice president of Wedbush Securities, also sounded the alarm for the (economic recovery) optimism that is currently flooding the market. Massocca said that the unsolved mystery of the market is where the economic recovery has taken and how many people have returned to normal life. The current securities prices show expectations of an accelerated economic recovery, but it is still unknown whether we are in such a state.
In the non-farm report released by the Bureau of Labor Statistics (BIS) last Friday, in addition to the exceeding expected employment growth rate, the data also showed that 2.4 million unemployed workers accumulated unemployment time for more than one year, an increase of 1.6 million year-on-year. The divergence between the unemployment rate and the number of long-term unemployed people also echoes the increasingly consensus-forming "K-shaped recovery", that is, the serious imbalance of the economic recovery itself. Whether this question will be calmed down with full vaccination still takes time to observe.
Other targets
driven by positive data in the service industry in China and the United States, international oil prices rebounded 1% on Tuesday, gradually emerging from the short-term "surge" caused by OPEC+ production increase and Iran's problems. At the same time, the yield on US bonds for each period showed a comprehensive decline. Market insiders said part of the reason was that Japanese investors started to purchase US bonds again after entering a new fiscal year. Industrial metals rose across the board due to positive economic outlook, and Lunco Copper returned to above $9,000.
Market news
[ Biden : All adults in the United States are eligible for vaccination starting from April 19]
US President Biden announced on Tuesday that the date for the total release of the new crown vaccination population to adults across the United States will be advanced from May 1 to April 19, when all American adults no longer need to study complex vaccination rules. Biden also warned that the United States is still in a "life-and-death race" with the new variant virus.
[IMF expects China to contribute one-fifth of the global GDP growth in the next five years]
IMF updated the latest global economic outlook on Tuesday, raising the expected economic growth rate in 2021 from 5.5% to 6%, which will also be the fastest growth rate since the 1980s. The IMF also warned that the gap between advanced and underdeveloped countries could be further widened. IMF chief economist Gita Gopinath also warned that the (in the future) raising interest rates by the Federal Reserve will pose a threat to the recovery of highly leveraged emerging countries and developing economies.
At the same time, media estimates based on the IMF report that China will contribute 20.4% of the global GDP growth in the next five years, ranking first in the world. The United States (14.8%), India (8.4%) and Japan (3.5%) ranked second to fourth.
[IMF President Georgieva: Climate risks pose greater threat to macroeconomic stability]
IMF President Georgieva said on Tuesday that climate risks pose greater threat to macroeconomic stability, and the International Monetary Fund is concerned about climate-related financial stability risks, stress tests and the role of regulators.
[ Bezos speaks up for Biden’s tax increase plan]
In response to the proposal to increase corporate tax that has sparked heated debate in Biden’s infrastructure plan, Bezos, the world’s richest man and about to step down as CEO of Amazon , said on Tuesday that he supports Biden’s plan to boldly invest in US infrastructure and increase corporate taxes. He hopes that the US Congress and the White House can cooperate to find a balanced and correct path.
[Digital currency trading platform Coinbase: It is expected that the number of verified users will be 56 million in the first quarter]
The upcoming digital currency trading platform Coinbase released its expected first quarter financial report data on Tuesday. The company expects that the number of verified users in the first quarter will be 56 million, and the number of trading users (MTUs) will be 6.1 million.In the first quarter, the platform's assets were US$223 billion, with 11.3% of the cryptocurrency market, of which the assets from institutions were US$122 billion. The transaction volume in the first quarter was US$335 billion, and the adjusted EBITDA was approximately US$1.1 billion.
[Media revealed that Morgan Stanley sold US$5 billion in holdings on the eve of Archegos' liquidation]
According to media reports on Tuesday, Morgan Stanley sold US$5 billion worth of US media stocks and Chinese stocks listed in the US at a discount to some hedge funds with the consent of Archegos Capital. This move also prevents Wall Street giants from suffering huge losses in the selling wave in the following days. As a representative of "slow movement", Credit Suisse announced on Tuesday that it lost $4.7 billion in the Archegos incident, and the heads of investment banks and risk control departments resigned.
[ Intel releases a new generation of data center processor chip]
The well-known chip manufacturer Intel officially released the long-heated new generation data center platform on Tuesday, including a new generation of storage and network transmission devices. The highlight is the third-generation Xeon processor chip using the Ice Lake architecture. According to the official introduction of Intel , the third-generation Xeon chip uses 10nm process technology , and a single chip contains up to 40 cores (8380), with an average performance increase of 46% compared with the previous generation. Although the process technology is still behind similar products of competitor AMD, in the context of the "chip shortage" problem of the entire semiconductor industry, Intel 's stronger control over the supply chain has become a prominent competitive advantage.
[ Oxford University stops AstraZeneca vaccine teenager trial]
On Tuesday local time, Oxford University announced that it would stop small-scale trials of the vaccine it jointly developed with AstraZeneca among children and adolescents in the UK. The official said it needed to wait for more data on rare blood clots in adults after vaccination with the vaccine. According to media reports, the European Medicines Agency is studying data on thrombosis and may give a conclusion on Wednesday or Thursday.
[Chinese stock Liandai Technology IPO rose by up to 1050% on the first day]
On Tuesday local time, low-cost mobile phone and accessories manufacturer Liandai Technology (UTME), successfully landed on the Nasdaq Exchange. The IPO priced at US$4 per share, and a total of 3.75 million shares were issued to raise US$15 million. The company's opening price was $11.40 (up 185%) and gradually fell after multiple circuit breakers and hit $46 (up 1050%). As of Tuesday's closing price was $39 (up 875%).
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