To The Moon

Inflation reduces chances of Fed rate cut; Wall Street ends three-day winning streak

🇺🇸 S&P 500: -0.26% 📉

🇺🇸 Nasdaq: -0.29% 📉

🇪🇺 STOXX 600: -0.10% 📉

🇯🇵 Nikkei 225 Index: 0.29%📈

🇭🇰 Hang Seng: -0.71%📉

🇨🇳 CSI 300: -0.28% 📉

• U.S. stocks ended the day lower, with the S&P 500 and Nasdaq both tumbling -0.3%, snapping a three-day winning streak as data showed higher-than-expected inflation and signs consumers were spending less, This has brought pressure to investors.

• The U.S. Producer Price Index (PPI) rose 1.6% year-on-year, compared with the consensus estimate of 1.2% year-on-year, driven by rising fuel and food costs, providing further evidence that inflation remains stubbornly high.

• U.S. retail sales rose 0.6% month-on-month in February, missing consensus expectations for a 0.8% month-on-month increase, signaling a slowdown in consumer spending in the first quarter due to rising inflation and high borrowing costs.

• Hong Kong's Hang Seng Index and China's CSI Index both fell -0.7% and -0.3% as investors braced for a wave of upcoming earnings reports and concerns about escalating U.S.-China tensions surrounding the latest TikTok development.

💡 Things you need to know today: 💡

1. The U.S. Energy Information Administration (EIA) forecast on Thursday that future increases in global oil and liquids production will mainly come from the United States, Guyana, Canada and Brazil, which will offset voluntary production cuts implemented by OPEC+.

EIA

2. India's small-cap index lost more than $80 billion in market value in less than two weeks to Wednesday after regulators raised overheating risks and directed funds to limit purchases.

3. Hon Hai Precision Industry Co., the world's largest iPhone assembler, posted a second straight quarter of strong profit growth as lucrative sales of artificial intelligence hardware helped offset falling demand for iPhones and electronics. Weakness, profit growth was achieved again.

FoxConn

4. Global sales of pure electric and plug-in hybrid vehicles (PHEVs) edged up 3% in February compared with the same period last year, mainly due to the impact of China's Lunar New Year celebrations.

PHEV

5. China has urged the United States to stop its "unreasonable crackdown" on TikTok, as the app used by 170 million Americans becomes increasingly important in the ongoing tensions between the two superpowers.

Tik Tok Ban

✅ Key Points:

The Bank of Japan will debate an end to its negative interest rate policy next week if Friday's preliminary survey of the outcome of wage negotiations at major companies yields strong results, signaling a move away from a decade-long stimulus program. It is a landmark transformation.

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