News from the Associated Finance Press, November 30 (Editor Zhao Hao)U.S. stocks performed weakly throughout the day on Tuesday (November 29), with the three major indexes mixed, and the S&P and Nasdaq recorded three consecutive negatives.
As of the close, the Dow Jones Index rose 0.01% to 33,852.53 points; the S&P 500 Index fell 0.16% to 3,957.63 points; the Nasdaq Index fell 0.59% to 10,983.78 points.
The market does not seem to have recovered from Monday’s decline. The Federal Reserve’s “Four Eagles Combo” yesterday dealt a heavy blow to the market’s risk appetite.
Bill Northey, senior investment director at U.S. Bancorp, said that the market’s attention has now shifted to the bank’s December interest rate meeting. “Investors are clearly focused on the road ahead rather than looking in the rearview mirror.”
Northey pointed out that the next 10 to 14 days will be an intensive period of U.S. economic data releases, which will help investors and policymakers understand how the U.S. will balance inflation and growth in the future. He singled out Friday’s non-farm payrolls report, as well as next week’s CPI report.
In the past few days, former New York Fed President Dudley believes that inflation in the US service sector is still high, the labor market is still tight, and job growth is still much higher than the level that indicates a weakening labor market, so the Fed still has a lot of work to do.
Dudley pointed out that the Fed’s strategy is to “emphasize longer rather than higher” and carry out a series of smaller interest rate hikes. The peak interest rate is expected to be in the range of 5-5.5%. After interest rates reach 5.25%, 5.5%, the Fed will wait and see that restrictive monetary policy measures will slow the economy, which in turn will gradually lower wage and service sector inflation.
Investment bank Barclays expects the Fed’s first rate cut to come in November 2023. The bank also believes that GDP will be stronger in the short term and the onset of the recession will come a quarter later than previously forecast.
Hot Stock Performance
The 11 sectors of the S&P 500 Index closed up and down. It rose by more than 0.6%, the financial sector rose by about 0.7%, the energy sector rose by about 1.3%, and the real estate sector rose by more than 1.7%.
Most of the large technology stocks fell. (Arranged by market value) Apple fell 2.11%, Microsoft fell 0.59%, Google fell 0.84%, Amazon fell 1.63%, Tesla fell 1.14%, and Meta rose 0.63%.
Chinese concept stocks generally rose, and the Nasdaq China Golden Dragon Index rose 5.04%.
Most popular Chinese concept stocks rose, Bilibili rose 22.32%, Ideal Auto rose 8.74%, New Oriental rose 7.88%, JD.com rose 6.69%, Xiaopeng Motors rose 6.53%, Tencent Music rose 6.11%, and Pinduoduo rose 5.91%. Baidu rose 5.28%, Alibaba rose 5.25%, Weilai rose 3.75%, and Good Future rose 3.59%.
company news
[Tesla entered the chip factory in China? Company Response]
According to media reports, on November 28, Tesla and the Swiss automotive semiconductor company Annex established a joint venture company Annas Semiconductor in Jinan. According to reports, the registered capital of the joint venture is US$150 million, of which Annex owns 55% of the shares, and Jinan Zurich Annas Equity Investment Fund Partnership holds 40% of the shares. Although Tesla’s shareholding ratio is only 5%, this is the first time it has deployed chip design and manufacturing in mainland China. A spokesperson for Tesla China stated that the company (an electric vehicle manufacturer in Texas) has “no investment relationship” with the Annas Semiconductor joint venture.
[European automaker Stellantis: The goal is to account for 50% of the company’s US sales of electric vehicles by 2030]
Stellantis, a European car manufacturer, said that the business of American dealers is slowly turning to electric vehicles; the goal is that by 2030, the company’s sales of electric vehicles in the United States will account for 50%; by 2030, the company’s global annual sales target of electric vehicles is 5 million More than 25 electric vehicles will be launched in the United States by 2030.
【Abu Dhabi National Oil Company and Goldman Sachs to cooperate on natural gas business】
Abu Dhabi National Oil Company (ADNOC) has hired Goldman Sachs to integrate its gas business, ahead of a stock market listing next year. ADNOC is increasing its focus on the natural gas market.
[IBM intends to invest over NT$1 billion to establish a service center in Kaohsiung, Taiwan]
According to Taiwan’s “Central News Agency”, technology service company IBM announced today that it will establish a software technology integration service center in Kaohsiung, Taiwan’s Asia New Bay Area in the first quarter of next year to serve customers in industries such as finance, insurance and semiconductors, with an investment of more than 1 billion yuan It is expected to recruit 200 people in the first year of its establishment.
[Bilibili: The revenue in the third quarter was 5.8 billion yuan, an increase of 11% year-on-year]
Bilibili announced that revenue in the third quarter was 5.8 billion yuan, an increase of 11% year-on-year; the market expected 5.717 billion yuan. Bilibili’s net loss in the third quarter was 1.7 billion yuan, a 36% decrease from the same period in 2021. In the third quarter, the average daily active users reached 90.3 million, an increase of 25% over the same period in 2021; the average monthly active users reached 332.6 million, a year-on-year increase of 25%; the average monthly paying users (MPU) reached 28.5 million, a year-on-year increase of 19%.