On Wednesday, local time, the trend of US stocks was divided. The Dow and S&P were dragged down by the aftershocks of the banking crisis, hitting a four-week low. Microsoft rose more than 7% to push the Nasdaq higher. On the whole, investor sentiment has not improved, and the S&P 500 index has fallen for two consecutive days.
In the news, the financial report of the First United States Bank rekindled the market’s concerns about the banking crisis. On Wednesday, it was reported that the US government was unwilling to intervene in it at present. In addition, the initial value of durable goods orders in the United States increased by 3.2% in March, far exceeding expectations, and the economy remained resilient, which made the market slightly raise its bet on the Fed raising interest rates by 25 basis points again in June. Higher borrowing costs and uncertain economic prospects are inhibiting capital investment.
Some analysts pointed out that the situation of First Harmony Bank made some people who expected a soft landing lose some confidence. The current situation is beginning to point to credit contraction, which is not good for banks’ profits and is not good for the economy.
In addition, the US House of Representatives passed the debt ceiling bill proposed by Speaker McCarthy, but it is expected that it will not be passed in the Senate. The Democratic Party denounced it as "American Default Act", which is bound to aggravate the deadlock between the two parties in avoiding catastrophic American default.
Overnight, according to S&P global market intelligence, the US five-year credit default swap (CDS) rose to 62 basis points, the highest level since 2011. This has also curbed the market to a certain extent.
In terms of important news, according to CCTV news, on April 26th, local time, Argentine Economy Minister Felipe Massa held a press conference, announcing that Argentina would stop using US dollars to pay for goods imported from China and use RMB instead. Zou Xiaoli, Ambassador of China to Argentina, was invited to attend the conference.
Massa said that after reaching agreements with different enterprises, Argentina will use RMB to pay for China’s imported goods worth about 1.04 billion US dollars this month. The use of RMB can accelerate the pace of Argentine imports of goods from China in the coming months, and the related authorization will be more efficient. It is estimated that starting from May, Argentina will also use RMB to pay for goods imported from China with the value equivalent to US$ 790 million to US$ 1 billion.
On the enterprise side, after the close of trading on Wednesday, American social media and Meta-universe giant Meta platform disclosed the first quarterly report of fiscal year 2023. Among them, the revenue was $28.65 billion, which increased year-on-year again after nearly a year, and was $1 billion higher than expected by Wall Street analysts. Earnings of $2.20 per share were also 10% higher than expected. The company’s revenue forecast for the second quarter is $29.5 billion to $32 billion, and the consensus expectation of analysts is $29.47 billion. Affected by this news, as of press time, the company rose by 11.19% after hours.
Tesla, the leader of electric vehicles, continued its recent decline, and its market value fell below the $500 billion mark. At present, Tesla’s market value is $495.36 billion, which is lower than the $1.2 trillion it reached in 2021. Tesla has fallen to ninth place in the market value list of US stocks, behind NVIDIA, Meta Platforms and Johnson & Johnson. According to the analysis, investors are increasingly worried that Tesla’s price reduction measures will devour the company’s profits.
[overnight U.S. stocks]
Among the large Chinese stocks, Alibaba fell 0.12%, Baidu rose 0.11%, Netease rose 1.57%, Tencent Music rose 1.29% and Pinduoduo rose 0.88%.
Among the large US technology stocks, Apple fell 0.01%, Amazon rose 2.35%, Google A fell 0.13% and Netflix fell 0.43%.
[global index]
[global goods]
The main contract of WTI crude oil closed at $74.42 per barrel, down 3.44%; The main contract of Brent crude oil closed at $77.77 per barrel, down 3.71%; The main contract of crude oil in the previous period closed at 532.10 yuan per barrel overnight, down 4.18%.
Overnight, the Shanghai gold main contract closed down 0.13% to 445.08 yuan per gram; The main contract of Shanghai Bank closed up 0.07% to 5601.00 yuan per kilogram.
[overnight news]
Argentine will use RMB to settle goods imported from China.
According to CCTV news, on April 26th, local time, Argentine Minister of Economy Felipe Massa held a press conference, announcing that Argentina would stop using US dollars to pay for goods imported from China and use RMB instead. Zou Xiaoli, Ambassador of China to Argentina, was invited to attend the conference.
Massa said that after reaching agreements with different enterprises, Argentina will use RMB to pay for China’s imported goods worth about 1.04 billion US dollars this month. The use of RMB can accelerate the pace of Argentine imports of goods from China in the coming months, and the related authorization will be more efficient. It is estimated that starting from May, Argentina will also use RMB to pay for goods imported from China with the value equivalent to US$ 790 million to US$ 1 billion.
The US House of Representatives passed the debt ceiling bill, and the confrontation between the two parties is expected to escalate.
On Wednesday, local time, the US House of Representatives passed the debt ceiling bill, which won a victory of great political significance and aggravated the deadlock with the White House on avoiding catastrophic US default. The voting result was 217 votes in favor and 215 votes against. Schumer, the leader of the Senate Majority Democratic Party, called the Republican bill a "DOA" bill. He announced that the bill was "death on arrival" and Biden said that he would veto the case, but the passage of the bill in the House of Representatives may trigger discussions with the White House. According to S&P global market intelligence, the five-year credit default swap (CDS) in the United States rose to 62 basis points, the highest level since 2011.
US durable goods orders in March were 3.2% better than expected, but core capital goods orders declined.
Boosted by Boeing’s new orders, non-defense capital goods increased by 10.4% month-on-month, and orders and shipments of non-defense capital goods decreased by 0.4% month-on-month.
Cloth oil fell nearly 4%, giving back all the gains since OPEC+ cut production.
Some commentators believe that the current decline in oil prices shows that OPEC+ has "foresight" in reducing production at the beginning of the month, but some analysts believe that with the strong demand in the second half of the year and the shortage of crude oil market, the international oil price is expected to exceed the $90 mark.
[company news]
The aftershocks of the banking crisis continued for the first time, and the market value of banks fell below $1 billion.
The market value of the First Total Bank fell below $1 billion, down nearly 40%. Earlier, sources said that the US government is unwilling to take intervention measures against the First Total Bank at present. Due to the delay in the appearance of the white knight, the rating of the First Total Bank may be downgraded by the FDIC, or its use of the Federal Reserve’s emergency loan instruments may be limited.
Meta’s revenue unexpectedly reversed in the first quarter and fell for three consecutive quarters. Zuckerberg said that AI and Meta Universe should pay attention to both.
In the first quarter, Meta revenue increased by 3% year-on-year, while EPS profit decreased by 19%, far below the expected decrease of 26%. Advertising revenue and App revenue increased instead of falling, and Facebook’s daily activity exceeded 2 billion, exceeding expectations and hitting a new high; Meta Cosmos’s business income has halved, with the decline far exceeding expectations, and the loss has exceeded expectations and expanded to $4 billion. Meta expects the loss to expand this year. Meta’s revenue guidance for the first quarter was higher than expected, and the high-end cost guidance for the whole year was lowered by $3 billion. The cost included at least 3 billion restructuring costs such as layoffs. The capital guidance for the whole year remained unchanged, which would increase AI investment. Zuckerberg said that AI promoted App and business to achieve good results, focusing on both AI and Metauniverse.
The biggest acquisition in the history of the game industry may be yellow: British regulators oppose Microsoft’s acquisition of Blizzard.
Microsoft’s $69 billion acquisition of Blizzard may be cool. The UK Competition and Market Authority, the UK’s top regulator, issued a statement opposing Microsoft’s acquisition of Activision Blizzard on the grounds that the transaction damaged the competition in the cloud game market. Both Microsoft and Activision Blizzard said they would appeal the decision, but professionals believe that it is unlikely to succeed.
Here comes the substitute for ChatGPT: HuggingChat claims to be comparable to GPT-3.5.
Hugging Face, the AI community, released HuggingChat, a chat robot, which is based on the LLaMA model with 30 billion parameters and is called the "open source Android App Store". HuggingChat is not only open source, but also free. You can chat with HuggingChat by clicking on the webpage.
[financial calendar]
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