To The Moon

U.S. stocks edged higher as optimism about a rate cut grew; Asian stocks largely tracked overnight Wall Street gains. 🇺🇸 S&P 500: 0.32% 📈 🇺🇸 Nasdaq: 0.20% 📈 🇪🇺 Stoxx 600: 0.90% 📈 🇯🇵 Nikkei 225 Index: 2.03% 📈 🇭🇰 Hang Seng Index: 1.93% 📈 🇨🇳 CSI 300 Index: -0.12% 📉 • U.S. stocks extended gains, with the S&P 500 and Nasdaq Composite rising 0.3% and 0.2% respectively, led by gains in the industrial and financial sectors amid growing optimism over interest rate cuts. • U.S. unemployment benefit applications for the week ended March 16, 2024 were 210k, well below market expectations of 212k, reflecting that the U.S. labor market remains tight. • In March 2024, the U.S. manufacturing PMI rose to 52.5 (forecast: 51.8), driven by a sharp expansion in output and employment, while the services PMI fell to a three-month low of 51.7 (forecast: 52.0) as new Business growth slowed. • In March 2024, the Eurozone manufacturing PMI fell to a three-month low of 45.7 (forecast: 47.0), with output and new order rates softening, while the services PMI rose to 51.1 (forecast: 50.5), the highest level since 2023 The largest increase since June. • Asia-Pacific markets were broadly higher, with the Nikkei 225 extending its gains by 2.0%, while Hong Kong's Hang Seng rose 1.9%, tracking gains on Wall Street overnight and boosted by a dovish U.S. central bank. 💡 Things you need to know today: 💡 1. The U.S. Department of Justice filed an antitrust lawsuit against Apple, claiming that its iPhone ecosystem monopolized the mobile phone market and harmed the interests of consumers, developers, and competitors. Lawsuit against Apple 2. Andrew Bailey, Governor of the Bank of England:“Today we have kept interest rates at 5.25% again because we need to ensure that inflation falls back to the 2% target and remains stable at this level. Although we are not yet there. We are in the stage of considering a rate cut, but things are moving in the right direction." Andrew Bailey 3. Taiwan's central bank unexpectedly raised its policy rate to 2.0% from 1.875%, amid concerns about persistent inflationary pressures and expectations of an increase in electricity prices next month. 4. The Communist Party of Vietnam has accepted the resignation of President Vo Van Thuong, saying in a statement that Vo Van Thuong violated party rules, adding that these "shortcomings have had a negative impact on public opinion, affecting the party, the reputation of the country and himself". Vo Van Thuong 5. Shares of social media platform Reddit soared 48% in its debut on Thursday, a sign that investors may be rekindling interest in IPOs of optimistic but still loss-making companies. Reddit IPO ✅ Key Points: In this tightening cycle, although there are many views on when and how much to cut interest rates, we are relatively certain that U.S. interest rates may have reached their peak. @Daily_Discussion @TigerStars @CaptainTiger @Tiger_comments @TigerClub