On August 19, the three major U.S. stock indexes fluctuated. As of press time, the Dow fell 0.01%, the Nasdaq rose 0.06%, and the S&P 500 rose 0.10%.
The major indexes of European stock markets weakened collectively. As of press time, the Stoxx Europe 50 Index fell 1.40%, the German DAX Index fell 1.20%, the UK FTSE 100 Index fell 1.40%, and the French CAC Index fell 2.01%.
The following is a summary of important information in the global market:
Global macro
Canadian inflation rate rises to 3.7%, will cause trouble for Prime Minister Trudeau
Canada’s inflation rate has reached the highest level in nearly 20 years, which may become a headache for Canadian Prime Minister Trudeau during his election campaign. Since 2003, Canada’s inflation rate has never exceeded 3.7%. The core inflation index rose to 2.47% in July, the highest level since 2009.Statistics Canada released data on Wednesday showing that in JulyCPIThis was an increase of 3.7% from the same period last year, reaching the highest level since 2011. Although the inflation rate has exceeded the 1%-3% range set by the Bank of Canada for the fourth consecutive month, policymakers may still believe that price pressures are temporary. But for Trudeau, the price increase came at an untimely time, and he is seeking to win back a majority in parliament for the Liberal Party in the provisional elections next month. The Conservative Party accused the current Liberal government’s debt financing spending plan for fueling inflation.
The minutes of the Fed meeting discussed for the first time the details of reducing debt purchases or actions within this year
August 18, local time,MidlandChu released the minutes of the July meeting. In the interest meeting held on July 27 and 28, the minutes of the meeting showed thatMidlandReserve may reduce the pace of asset purchases before the end of the year, shrinking and looseningcurrencyPolicy, but did not indicate that it will raise interest rates. This is since the epidemic,MidlandFor the first time, the Reserve Bank clearly proposed to reduce debt purchases at the interest rate meeting.
This time there is a special section entitled “Discussing the Purchase of Assets” in the minutes. It shows that at the monetary policy meeting at the end of July, members of the Open Market Committee (FOMC) discussed some aspects of asset purchases. The minutes of the meeting stated that most members believe that the US economy has made extensive progress as expected, so it is appropriate to start reducing the scale of debt purchases this year. He added that the economy has reached its inflation target and is “close to satisfaction” with the progress of employment growth.
Most members also believe that a proportional reduction in the purchase of mortgage-backed securities and Treasury bonds is beneficial. Many members pointed out that the early start of debt reduction may be accompanied by a more gradual reduction in debt purchases. The combination of these two approaches may reduce the risk of excessive tightening of the financial environment after the announcement of the reduction of debt purchases.Some believe that reducing the purchase of mortgage-backed bonds (MBS) should be faster than reducing the purchase of debt, becausereal estateThe market is extremely strong and does not require the Fed to provide support through bond purchases.
U.S. stocks in focus
The doubling of U.S. stocks’ decline has appeared again
Bank of America released this TuesdayfundManagers’ surveys show that Wall Street’s optimism about the economic outlook has reversed from its peak. At the same time, the sharp fall in US stocks in the past two trading days seems to indicate that a new market storm is about to hit.existBank of AmericaIn the latest survey of fund managers, 257 fund managers interviewed generally believe that the phenomenon of “peak boom” mentioned earlier by Michael Hartnett, a global investment strategist at Bank of America, has led to a sharp drop in economic growth, profit and inflation expectations. .
The S&P 500 index set a record closing high for the 49th time this Monday. The rebound since the closing low in March last year has exceeded 100%, creating the shortest doubling time in history. However, just as many investors had not had time to open the champagne to celebrate, the US stock market suffered a continuous sharp decline in the past two trading days, with a two-day drop of nearly 2%.
Perhaps in the eyes of many domestic investors, a 2% drop in two days is not a big deal. However, you must know that the S&P 500 Index has not experienced a single-day drop of more than 1% since July 19, until yesterday. In the past 10 months or so, the largest continuous correction of US stocks has only been able to exceed 4%.
A set of statistics from Bloomberg shows that in the past 20 years, whenever the S&P 500 has doubled its price by 100% since its low point, the benchmark stock index will usually “in the following months or years Its peak fell by at least 10%”.
The Fed cuts its debt purchases, the U.S. stock market panics and falls
In the minutes of last month’s policy meeting released in the early morning of August 19, Beijing time, the Fed finally mentioned without any shy about slowing down the pace of debt purchases. According to the document, most of the decision makers participating in the meeting believed that if the economic recovery is in line with expectations, it may be appropriate to start slowing down the pace of debt purchases this year.
After the announcement of the minutes of the monetary policy meeting, the major U.S. stock indexes accelerated their decline in late trading. The three major stock indexes closed down across the board, and the Nasdaq fell to its lowest level since July 20.
This week, US stocks continued to decline due to poor economic data and concerns about economic slowdown.Deutsche BankAnalystHenry Allen said that reduced market risk appetite is also reflected in other asset classes.Oil priceThe decline continues because people are increasingly concerned about the intensity of economic demand in the coming months.
U.S. stock company
Tesla’s delivery cycle in North America has been significantly extended to more than April
In the second quarter of this year,Tesla(TSLA.O) delivered a total of more than 201,200 vehicles, a year-on-year increase of 144%, and the delivery volume set a record high for the company. But despite this,TeslaStill unable to meet the enthusiastic demand of North American users. Currently,TeslaNorth American customers generally report delays in order delivery. Judging from the delivery delays reported by Tesla customers, Tesla has been severely in short supply in the North American market. The delivery cycle of most popular models has doubled, and the delivery cycle of the most demanding models has even been extended to more than 32 weeks.
Coinbase will cooperate with Bank of Mitsubishi to establish a cryptocurrency exchange in Japan
Coinbase Global Inc and Mitsubishi UFJ Financial Group Inc. (Mitsubishi UFJ Financial Group Inc.) have established a cryptocurrency exchange in Japan, allowing them to use Mitsubishi UFJ Financial Group Inc.BankBuy and sell cryptocurrencies on your account.
Earlier this year, Coinbase, the largest cryptocurrency exchange in the United States, received regulatory approval in Japan, and 31 companies in Japan are registered to conduct such asset transactions. At the same time, Coinbase also faces from Monex Group Inc. Its subsidiary Coincheck Inc. And GMO Coin Inc. Waiting for the competition of the company.
Nao Kitazawa, head of Coinbase Japan, said at a brief meeting on Thursday: “Our goal is to provide services to different types of customers by lowering the barriers to entry.” The company initially allowed five types of services. Digital currencies traded on the exchange: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Stellar.
After the Mastercard class action was approved, 46 million people were compensated 300 pounds each
A London court approved the targeting of global payment processorsMasterCardA class action lawsuit of more than 10 billion pounds (over 14 billion U.S. dollars). The report mentioned that the plaintiff claimed that if the lawsuit is successful, 46 million British adults can each receive approximately £300 in compensation. The report mentioned that the Competition Appeals Court is expected to certify the UK’s first large-scale consumer class action after the Supreme Court of the United Kingdom dismissed the objection in December. The lawsuit was filed by the former financial inspector Walter Merricks.
Merricks allegationsMasterCardFrom May 1992 to June 2008, the excessively high “exchange fee” was charged, which refers to the fees paid by the retailer to the credit card company when consumers use the credit card to make purchases. These fees are passed on as the retailer increases the price To consumers. But Merricks failed to expand the scope of the case and failed to include the deceased’s property and compound interest in the claim. MasterCard said this reduces the size of the claim to around 10 billion pounds. The claim amount filed by the plaintiff before was 15 billion pounds.
The report mentioned that the decision to finally approve this five-year case as a class action set the standard for a series of other proposed class actions, which have since been shelved.
US stock broker Robinhood second quarter net loss of 502 million US dollars
Robinhood, a US stock broker, lost a net loss of US$502 million in the second quarter. Revenue from cryptocurrency trading increased to US$233 million in the second quarter, compared to US$5 million in the same period last year. The revenue from cryptocurrency trading accounted for total revenue. 41%, most of which came from Dogecoin; the number of monthly active users in the second quarter was 21.3 million.
Wal-Mart’s net sales in the international market fell more than 15% in the second quarter
August 17,WalmartRelease the financial report for the second quarter of 2021.Second quarterWalmartRealized revenue of US$141 billion (approximately RMB 908.9 billion), a year-on-year increase of 2.4%, exceeding the market estimate of US$137.14 billion;Net profitUS$4.364 billion, a year-on-year decrease of 32.2%; adjusted earnings per share in the second quarter was US$1.78, exceeding market estimates by US$1.57.
WalmartThe international market performed poorly in the second quarter, achieving only US$23 billion in net sales, a year-on-year decrease of US$4.1 billion, or more than 15%. Online revenue growth has also slowed sharply. Wal-Mart’s online sales in the second quarter only increased by 6%, which was significantly lower than the 37% in the first quarter.
Judging from the Wal-Mart’s second quarterly report, the United States is still Wal-Mart’s most important market in the world. In the second quarter of fiscal year 2022, Wal-Mart USAOperating incomeAchieved a rapid growth of 20.4%, its e-commerce sales increased by 27%, membership income increased by 12.2%, and the number of members reached a record high.
(Article Source:Oriental wealthResearch center)
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