2023-08-17 13:52:15
Investors digested the minutes of the hawkish meeting released by the US Federal Reserve (Fed). Major US stock indexes rose and fell on Thursday (17th). Among them, Cisco’s outstanding performance in the last quarter rose nearly 5% in early trading.In addition, the United States 10-Year Treasury Bond Yieldkeep climbing,dollar indexgo down.
before the deadline,Dow Jones Industrial Averagerose more than 60 points or nearly 0.2%,Nasdaq Composite Indexup 0.04%,S&P 500 Indexup nearly 0.2%,Philadelphia SemiconductorThe index fell 0.04%.
The U.S. Department of Labor released the latest unemployment benefits data on Thursday. The adjusted number of people who received unemployment benefits last week reported 239,000, which was lower than market expectations of 240,000 and less than the pre-revision value of 250,000; the number of people who continued to receive unemployment benefits last week It was reported at 1.716 million, lower than market expectations of 1.70 million and higher than the previous value of 1.684 million. Overall, the job market remains resilient.
Minutes of the Federal Reserve’s July meeting showed that officials remained concerned that inflation would not subside and signaled that interest rates may continue to rise. However, some officials believe that while “most” policymakers continue to make fighting inflation a top priority, pushing interest rates too high could pose risks to the economy, in a clear difference of opinion among officials.
“Fed megaphone” Nick Timiraos wrote that the meeting minutes showed that most Fed officials supported raising interest rates in July, but some people worried that interest rates might be raised too high, highlighting the Fed’s cautious attitude towards further interest rate hikes. Some policymakers worry that underlying price pressures could become more persistent at a time when a tight job market allows workers to negotiate higher wages, making further cooling of inflation more difficult.
In other news, Chinese stocks also continued to weigh on market sentiment. The housing market slump may be worse than official reports suggest, according to realtors and private data providers.These data show that in large cities such as Shanghai and Shenzhen,goldIn many locations, existing home prices have fallen by at least 15%.
Separately, China ramped up containment on ThursdayRMBThe strength of depreciation is managed by setting dailyRMBThe median price, providing the strongest guidance since last October.According to sources familiar with the matter, Chinese authorities this week asked state-owned banks to step up intervention in the foreign exchange market to preventRMBIncreased volatility.
As of 21:00 on Thursday (17th) Taipei time: Focus stocks:
Tesla (TSLA-US) fell 1.54% in early trade to $222.12 per share
According to people familiar with the matter, Tesla’s redesigned Model 3 may start mass production in China as soon as September. Tesla is currently in the final stages of production and will be shipped to Tesla showrooms later in August, after which mass production will begin as soon as September. Tesla will ramp up production during the National Day holiday, which begins Sept. 30, the people added.
Donghai Group (SE-US) fell 0.54% to $40.28 per share in early trade
Citi analysts released a report yesterday, downgrading the rating of Shopee’s parent company Sea Ltd from “buy” to “neutral” and lowering the target price from US$98 to US$50 per share. Analysts pointed out that the competition faced by Donghai Group is intensified, and the future is very uncertain after the corporate strategy is changed.
Cisco (CSCO-US) rose 4.65 percent to $55.42 a share in early trade
Cisco announced its results for the fourth quarter of the 2023 fiscal year yesterday. Revenue reported US$15.2 billion, an annual increase of 16%, higher than market expectations of US$15.05 billion; net profit reported US$3.96 billion, an annual increase of 43%, better than the expected 3.5 billion Dollar. Cisco CEO Chuck Robbins said that it has received about $500 million in artificial intelligence (AI)-related orders and will build AI capabilities into existing products.
Today’s key economic data: U.S. initial jobless claims reported 239K last week, 240K expected, 250K previous U.S. Continuing jobless claims reported 1.716K last week, 1.70K expected, 1.684K previous U.S. August Philadelphia Fed Manufacturing index reported 12, expected – 10, previous value – 13.5 Wall Street analysis:
Aneeka Guptal, director of macroeconomic research at WisdomTree, said in an interview that the talk of aggressive interest rate cuts and flat inflation is no longer seen, and bond yields may continue to rise for a longer period of time.
Analysts’ forecasts for 10% growth in U.S. earnings per share over the next 12 months look too optimistic, according to JPMorgan strategists. Tighter credit and lower price inflation could also lead to overstated profit forecasts, analysts said. The impact of monetary policy on demand will be delayed and profit margins should remain under pressure, they said.
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