* Wall Street edged lower as investors assessed earnings and economic data; the Hang Seng Index rose, driven by gains in insurance and bank shares.
πΊπΈ S&P 500: -0.22% π
πΊπΈ Nasdaq: -0.52% π
πͺπΊ Stoxx 600: 0.16% π
π―π΅ Nikkei 225 Index: 0.31% π
ππ° Hang Seng Index: 0.82% π
π¨π³ CSI 300 Index: 0.12% π
* U.S. markets recorded modest losses on Thursday, April 18, 2024, with the S&P 500 and Nasdaq Composite falling -0.2% and -0.5% respectively, as investors scrutinized the latest corporate earnings, while economic data and Comments from Fed officials suggest the central bank is unlikely to cut interest rates anytime soon.
* The Philadelphia Fed manufacturing index rose sharply to 15.5 in April from 3.2 in March (1.5 expected), indicating that overall manufacturing activity will continue to expand.
* U.S. jobless claims hold steady, with initial jobless claims unchanged at 212K in the week ended April 13, a sign that interest rates will continue to rise as the labor market remains firm.
* Asian shares were broadly higher, with the Hang Seng and CSI 300 up 0.8% and 0.1%, respectively, driven by insurers AIA and Ping An and lenders including China Construction Bank and Bank of China on worries about U.S. interest rates and tensions in the Middle East concerns, market sentiment returned to calm.
π‘ Future events: π‘
* 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. Netflix reported strong first-quarter 2024 results, with the company adding 9.33 million global paid subscribers while revenue rose 15% to $9.37 billion, beating estimates as it plans to expand advertising and build capabilities for advertisers.
Netflix
2. TSMC forecasts that full-year revenue in 2024 will achieve 20% growth, although its first-quarter results exceeded expectations, with revenue increasing 12.9% year-on-year to US$18.9 billion. At the same time, the company plans to continue investing in advanced process technology, focusing on 3nm. and 5nm technology.
TSMC
3. Hong Kong Port fell out of the top ten in 2023 for the first time and was replaced by Dubai's Jebel Ali Port. This was due to competition from mainland ports leading to a decline in shipping volume, while its transport volume fell by 14.1%, continuing a downward trend, and epidemic-related challenges exacerbating this trend.
Hong Kong Port
4. CATL subsidiary Ampace becomes China's largest residential energy storage system manufacturer. The company focuses on lithium-ion batteries for residential and commercial energy storage, as well as electric two-wheelers and medium-sized electronic equipment, while planning to expand into electric vehicles and cordless Power tool batteries.
β KEY TAKEAWAYS:
Investors will keep a close eye on Japanese inflation data early Friday for signs that the Bank of Japan may tighten policy further this year.
@Daily_Discussion @CaptainTiger @TigerStars @MillionaireTiger @Tiger_comments @TigerWire
Comments