Last Friday, the May non-farm payroll data was clearly impressive. 339,000 non-farm jobs were added, nearly double the market's expectation of 195,000. Additionally, the non-farm payroll data for March and April were significantly revised upward. In March, the number of new non-farm jobs was revised from 165,000 to 217,000, and in April, it was revised from 253,000 to 294,000.United States Non Farm PayrollsAmong them, the education, healthcare, business, and leisure accommodation sectors continue to be the main sources of employment growth. Previously, due to labor market mismatches, some vacant positions in the service industry have been filled.However, on the other hand, there is a contradiction as the unemployment rate increased by 0.3 percentage points to 3.7% compared to the previous

$Alibaba(BABA)$ has released its Q1 financial report for the 24th fiscal year, showing progress in open source and a comprehensive recovery in business while further improving profit margins. $Alibaba(09988)$ SummaryChina's e-commerce business has achieved double-digit growth after being quiet for five quarters, but profit margins have declined due to industry competition and downward CPI;International e-commerce achieved its highest growth rate ever at 43.8%, benefiting from cooperation with "One Belt, One Road" countries and the easing competition in Southeast Asian subsidiaries;The strong e-commerce business also led to Cainiao Logistics turning losses into profits;Local life and digital entertainment

$Sea Ltd(SE)$ shares jumped more than 22% in intra-day trading after reporting fourth-quarter results, and under the pressure of Powell's hawkish speech.Sea achieved profit ahead of schedule in this financial report (the three major sectors of games, e-commerce and finance each turned losses into profits, and the operating cash flow returned to positive), which is favored by investors in such an risk-off duration.Performance reviewCompany's total revenue US$3.45B, +7% YoY, falling to single digit for the first time since IPO, but still 14% higher than the market consensus US$3.03B.Gross profit US $1.70B, +49% YoY, higher than t

$Alibaba(BABA)$ announced its Q2 financial report for the fiscal year ending in September. The market had high expectations for this report, as the stock had risen nearly 4% the previous day. However, after the report was released, the stock plummeted more than 8%.This does not necessarily mean that the current performance was poor. Investors may be more concerned about the suspension and postponement of the spin-off listings of certain business groups within Alibaba, as well as the "growth potential" ( $Pinduoduo Inc.(PDD)$ , Shein) after the start of dividend distribution. In addition, Jack Ma's reduction in holdings may have hit investors' sensitivity to the risk appetite for "Chinese assets".Investment

$TENCENT(00700)$ released Q4 2022 and its full-year earnings after Mar,22. Sales slightly beat market consensus, the effect of reducing costs and increasing efficiency continues, and the margin promoted better than expected. Offline business still affected, while games and entertainment performed steadily. Fortunately, video content is entering an accelerated monetizing period, ads revenue growing strong recovery potential. We expect further recovery  in 2023.Overview of Q4 performanceRevenue 144.95 billion yuan, up 1% year-on-year, higher than the market expectation of 144.50 billion yuan. Among them,The overall income of value-added services was 70.4 billion

Why did Sea collapse again? Who applied the pressure? Is there still hope for valuation? $Sea Ltd(SE)$ ‘s Q2 2023 earning made the stock plummeted 10% in pre-market trading. Despite the profit indicators slightly exceeding market expectations, the main gaming and e-commerce revenue fell short, and there was no guidance for the next quarter, leading investors to doubt its business growth capabilities and the potential for profit margin improvement. We believeThe company deliberately signaled "profit margin indicators" to the market. However, profit margin is merely a new expectation in the market, a promise for the company to improve the "burn money for scale" model in the era of high inflation, without giving up the expectation of "high growth" for

The economic cycle has started, driving the global manufacturing cycle to restart after two years, with the risk of inflation intensifying.From the supply side, the copper-gold-oil mega-cycle has started, the stock cycle rebound trend is confirmed, and the manufacturing cycle is confirmed to start rising.From the demand side, the most obvious consequences are rising hourly wages and CPI exceeding expectations.There is no longer a window for interest rate cuts in the short term.When is the interest rates cut path?The resilience of the U.S. fundamentals and the deep inversion of the yield curve also mean that this round does not require too many interest rate cuts. At the same time, there is no need to wait for the economy to deteriorate significantly for interest rate cuts, as the current a

— Or just picking you up in reverse? After reaching its peak with an opening stock price of $351 on June 16th, the stock price of the tech giant $Microsoft(MSFT)$ started to decline and by the close on June 26th, it had fallen back to the levels of late May. Other tech giants have also experienced varying degrees of retracement recently, and $NVIDIA Corp(NVDA)$ , the strongest chip stock due to increased demand for AI, has experienced its largest drop in a month. Is AI cooling down?As for ChatGPT, according to SimilarWeb data, the growth in ChatGPT's traffic has noticeably slowed down recently, with a continuous decline in month-on-month comparison due to a larger base. Unless there are unexpected develop

2024 is another election year, which could be a pivot to the market. According to fivethirtyeight, some candidates’ favors went different.In Republicans, Donald Trump is still leading, since Desantis’ controversial issues towards”Gay”(Florida's governor signs controversial law opponents dubbed 'Don't Say Gay')Another source from PBS represents the same trend.GOP-favs-table-SITEOn the other hand, the disapproval rate of Joe Biden rose to 53%. It is said he is as unpopular in Democrats as Trump in Republicans.It seems a larger volatility is coming…

$Pinduoduo Inc.(PDD)$ released its Q2 earningl report before opening August 29th. Following the resurgence seen in its Q1 , Pinduoduo continues to ride this wave of recovery, surpassing expectations once again on both revenue and profit fronts, re-entering a phase of high-speed growth.As we've previously highlighted multiple times, being one of the only two components of the $NASDAQ 100(NDX)$ (the other being $JD.com(JD)$ , Pinduoduo's performance in the secondary market has not only captured the attention of domestic investors but also mirrors the overall sentiment of international investors towards Chinese concept stocks. The previous underselling, the subsequen

With the traditional "Just one more thing" moment of the Jobs era, $Apple(AAPL)$ CEO Tim Cook introduced Apple Vision Pro, a highly anticipated VR eyewear product, at Monday's WWDC. Although the ultimate size of the market for this product is still unknown, the current price of around $3,500 may discourage many consumers from purchasing it. Apple Vision Pro headsetHowever, the technology itself is fascinating. Vision Pro will allow users to see a larger screen through headphones and control it using their eyes, hands, and voice, unlike $Meta Platforms, Inc.(META)$’s Oculus, which relies on external hand controllers.Quest 2Currently, the most mature commercial application of virtual reality is gaming. Appl

What happened to Credit Suisse? On March 9, Credit Suisse announced that it had received technical inquiries from the SEC regarding its previously disclosed revisions to its consolidated cash flow statements for 2020 and 2019, and therefore delayed the release of its 2022 annual report. On March 14, Credit Suisse said it had identified “material weaknesses” in its internal controls over financial reporting for 2021 and 2022, and received an adverse opinion from its auditors. Credit Suisse’s share price fell by 24% on March 15, while its five-year CDS rose to nearly 1000, higher than Deutsche Bank’s crisis in 2016 and the eurozone debt crisis in 2013. This was mainly due to investor concerns about Credit Suisse and its potential adverse consequences. Credit default swaps (CDS) are credit ri

Since the beginning of the year, the US economy has maintained a downward trend in the general direction, but its resilience has exceeded market expectations. Looking back at the last endogenous recession, it may give us more enlightenment. In fact, before and after the end of the interest rate hike cycle from 2004 to 2006, the US stock market also continued to rise, and the US economy showed the characteristics of structural differentiation. After the interest rate hike ended, there was once a great hope for a soft landing. Looking back at that time, we found that: first, the lagging effect of interest rate hikes needs sufficient time to show; second, the market often underestimates financial risks before the fact, believing that "this time is different." However, as the lagging effect of

We have mentioned that without further data guidances, the Fed may not give a accurate policy guidance, and market should volatile as "mean-revert" on the Fed's previous path. Therefore, we can see that after the US bond yields panicly broke through the 4% high point last week, they have fallen back somewhat.Of course, the attitudes of some Fed officials are also essential. Last week, three important Fed officials (with voting rights) spoke.Atlanta Fed President Bostic comment, "The Fed will conditionally pause rate hikes in the mid-to-late summer of 2023, but if economic data continues to be stronger than expected, it will need to adjust its expectations for future rate trends." Chicago Fed President Austan Goolsbee said in his inauguration speech, "The

Singapore collect no capital gains tax, which means if you sell an asset, such as stocks or property, at a profit, you will not be required to pay any tax on the gain. How about dividend received?Why Dividend Matters?A dividend is the return payment that you receive for your investment in a company (as a shareholder) or a fund, It is paid out of a company’s profits and the amount you receive depends on the proportion of shares you hold in such company.Listed companies fulfill their obligations and regularly or irregularly give back to shareholders. Shareholders receive corresponding returns from the earnings of listed companies and use dividends to enrich their interests, it is a better than nothing.Some dividends have a fixed yield, such as preferred stocks dividends. For most common stoc

Why the market not perssimistic any more?US January CPI increased 6.4% YoY, higher than consensus 6.2%, previous 6.5%; It rose 0.5% M/M in January, a tick higher than the 0.4% expected and a jump from the 0.1% increase in December (which was revised from -0.1%).Core CPI increased by 5.6% YoY, and the growth rate continued to fall, which was the lowest level since December 2021, but still higher than consensus 5.5%, previous 5.7%; It rose 0.4% MoM, which was the same as consensus.At MoM view, Food away from home, energy commodities, gasoline and gas services, clothing, medical care commodities, shelter and transportation services are beyond average. Food at home, fuel 

Since the outbreak of the pandemic, there have been some changes in the dining-out landscape in North America. On one hand, food delivery has become widely popular and related businesses have changed consumer habits to some extent. On the other hand, inflation has affected all aspects of life, leading to an increase in dining-out costs. Food delivery services that emerged during the pandemic have changed consumer behavior and their companies' performance continues to improve. $Uber(UBER)$ Uber's food delivery business had a booking volume of $14.315 billion USD in Q4 2022, exceeding $13 billion USD for five consecutive quarters and achieving profitability (EBITDA profit margin returning positive). Although its year-on-year growth rate is not as h