To The Moon

Wall Street gains despite higher-than-expected inflation data.

🇺🇸 S&P 500: 1.12% 📈

🇺🇸 Nasdaq: 1.54% 📈

🇪🇺 Stoxx 600: 1.01% 📈

🇯🇵 Nikkei 225 Index: -0.06% 📉

🇭🇰 Hang Seng: 3.06%📈

🇨🇳 CSI 300: 0.23%📈

• U.S. stocks closed at record highs, with the S&P 500 and Nasdaq soaring 1.1% and 1.5% respectively, leading gains in Big Tech stocks despite higher-than-expected inflation data.

• U.S. headline inflation rose 3.2% year-on-year in February 2024, above market expectations of 3.1% year-on-year.

• U.S. core inflation in February 2024 was 3.8% year-on-year, beating market expectations of 3.7% year-on-year.

• Hong Kong's Hang Seng Index and China's Shanghai and Shenzhen Index both rose 3.1% and 0.2% on expectations that Beijing will increase financial aid to aid major entities in the troubled real estate sector and launch corporate buybacks to boost market sentiment.

💡 Things you need to know today: 💡

1. Apple announced on Tuesday that starting this spring, software developers using the Apple App Store will be able to distribute apps directly to EU users through its website, complying with new EU regulations.

Apple

2. The U.S. small business confidence index fell to 89.4 in February, reaching its lowest level since May, amid continued concerns about inflation.

3. On Tuesday, OPEC reiterated its forecast for strong growth in global oil demand in 2024 and 2025, while also raising its forecast for economic growth this year, indicating the potential for further improvement.

OPEC

4. China Vanke Co. is in discussions with banks about a debt swap that would help cash-strapped developers avoid a first bond default.

5. Xiaomi Corp. saw its biggest one-day gain in a year, surging  over10% intraday after announcing it would start selling its highly anticipated electric cars later this month. As compared to Apple, Xiaomi seems to be more competitive and perseverance in launching its first EV. The launch and potential good sales of SU7 might be a great stimulus to Xiaomi share price, a bullish vote for it $XIAOMI-W(01810)$  . Similar to another EV market leader $BYD COMPANY(01211)$  which consistently make record deliveries. 

Xiaomi SU7

✅ Key Points:

Investors will now turn their attention to this week's producer price index report and the Federal Reserve's next monetary policy meeting later this month.

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