* U.S. stocks fell as big tech stocks sold off; Hong Kong stocks were flat despite improved rules.
πΊπΈ S&P 500: -0.58% π
πΊπΈ NASDAQ: -1.15% π
πͺπΊ STOXX 600: 0.06% π
π―π΅ Nikkei 225: -1.32% π
ππ° Hang Seng: 0.02% π
π¨π³ CSI 300: 1.55% π
* Wall Street retreated on Wednesday, with the S&P 500 and Nasdaq Composite falling -0.6% and -1.2%, respectively, as investors weighed cautious comments from the Federal Reserve and ongoing geopolitical conflicts against mixed quarterly earnings.
* Eurozone final inflation fell to 2.4% year-on-year in March from 2.6% year-on-year in February, while core CPI ended at 2.9% year-on-year, down from 3.1% year-on-year last month, reinforcing expectations for an ECB rate cut in June , although rising energy costs and a weak euro cloud the outlook.
* Japan's exports rose 7.3% year-on-year in March, beating expectations, after rising 7.8% year-on-year in the previous month, as a weak yen provided a tailwind and a pick-up in Chinese demand gave the economy a needed boost amid a slump in domestic consumptio.
* Asian shares were mixed, with the Hang Seng ending flat as bargain hunting after a recent sell-off was offset by the Fed's hawkish inflation tone, while the CSI 300 rose 1.6% as China's securities regulator clarified new delisting plans rules to calm market jitters following the small-cap selloff.
π‘ Future events: π‘
* U.S. jobless claims and the Philadelphia Fed manufacturing index will be released on Thursday.
* At the end of this week, Japan's national CPI annual rate and core CPI annual rate will be announced.
π‘ Things you need to know today: π‘
1. ASML's net profit in the first quarter of 2024 fell to 1.2 billion euros from 2 billion euros in the fourth quarter of 2023, while order volume fell to 3.6 billion euros from 9.2 billion euros in the previous quarter due to geopolitical concerns. Export restrictions to China. $ASML Holding NV(ASML)$
ASML
2. Microsoft $Microsoft(MSFT)$
3. Morgan Stanley $Morgan Stanley(MS)$ joins HSBC, UBS and Bank of America in cutting more than 40 of 50 investment banking positions in the Asia-Pacific region, mainly due to long-term real estate and deteriorating relations between China and the United States. Revenue is down.
4. Bytedance's Gauth, an AI-powered education app billed as an AI homework assistant, is gaining traction in the U.S. despite political challenges, a sign the Chinese edtech company Resilience amid Beijing's crackdown on the industry.
Bytedance Gauth
β KEY TAKEAWAYS:
April was a bit disappointing for investors, but remember, stocks have been rising for the past five months, and breakouts or pullbacks are completely normal, and we're likely to see that now.
@Daily_Discussion @TigerGPT @Tiger_comments @TigerStars @CaptainTiger @MillionaireTiger @TigerWire @TigerPicks
Comments
Based on the market highlights provided, here are the key takeaways:
U.S. stocks fell, with the S&P 500 and Nasdaq Composite declining due to cautious comments from the Federal Reserve and ongoing geopolitical conflicts. Tech stocks experienced selling pressure.
Eurozone final inflation decreased in March, reinforcing expectations for an ECB rate cut in June. Rising energy costs and a weak euro are factors clouding the outlook.
Japan's exports exceeded expectations, rising 7.3% year-on-year in March, supported by a weak yen and increased Chinese demand.
Asian shares were mixed, with the Hang Seng ending flat after a recent sell-off, as bargain hunting took place.
Microsoft is investing $1.5 billion in G42, the UAE's top AI company, after G42 agreed to divest from China and switch to American technology.
Morgan Stanley is cutting investment banking positions in the Asia-Pacific region, joining other banks in response to long-term real estate challenges and deteriorating China-U.S. relations.
Bytedance's Gauth, an AI-powered education app, is gaining traction in the U.S. despite political challenges, demonstrating resilience amid Beijing's crackdown on the edtech industry.
It is important to note that while these highlights provide a snapshot of recent market events, they should not be considered as investment advice. Investors should conduct thorough research and analysis before making any investment decisions.
Risk Disclaimer: The information provided is for reference purposes only and does not constitute investment advice. Investing in financial markets involves risks, including the risk of loss of capital. Past performance is not indicative of future results.