Review of financial and stock news, national economies, stocks, Tesla, crypto
Inflation in Germany in April remained unchanged at 2.2% per annum.
The German Composite PMI returned to the growth threshold of >50 in April for the first time in 10 months, encouraging the services sector to gain.
The rise to 50.5 from 47.7 in March indicates a moderate pace of private sector expansion.
The services PMI recorded its strongest growth since June 2023 (index 53.3).
The manufacturing PMI remained in sub-50 territory at 42.2.
Chinese Economy Cools
China Manufacturing PMI fell from 50.8 to 50.4 (expected 50.3)
China Non-Manufacturing PMI fell from 53.0 to 51.2 (expected 52.2)
The US Treasury expectedly increased its forecast for the volume of loans in April-June. By $41 billion to $243 billion due to worsening tax revenue forecasts. Funding needs for the third quarter (published for the first time) are estimated at $847 billion.
However, the balance in the Treasury account at the end of the 2nd quarter remained at $750 billion, and at the end of the 3rd quarter, $850 billion.
That is, the Treasury will continue to hold liquidity. US government bonds rose slightly in response to the news.
With its deal with Baidu, Tesla has cleared a key hurdle in China's automated driving space. Tesla will partner with tech giant Baidu in the field of mapping and navigation. On Sunday, Elon Musk met with Prime Minister Li Qiang in Beijing. BAIDU shares jumped 6% in Hong Kong yesterday, and TSLA shares jumped 15% (on shorts).
The EU intends to begin checking Meta's Facebook and Instagram. Because of concerns that the company is not doing enough to counter disinformation from Russia ahead of the European elections.
Australia's largest stock exchange ASX could list approved spot BTC ETFs before end of 2024 - Bloomberg
The EU will have to impose huge customs tariffs of around 50%, according to a new FT analysis.
If the task is to stop the flow of cheap Chinese electric vehicles into the EU. OpenAI is facing a privacy complaint in the European Union. The case concerns the failure of the ChatGPT chatbot to correct misinformation it generates about people. TechCrunch writes about this.
Reinold Geiger, the billionaire owner of L'Occitane International SA, wants to take the skin care company private, which could end its 14-year tenure on the Hong Kong stock exchange.
Philips shares rose 33% early Monday. When the medical device division announced a lower-than-expected settlement of claims for recalled breathing apparatus in the United States.
US vehicle safety regulators are investigating Ford Motor's BlueCruise driver-assistance feature
after several fatal crashes involving the technology.
Boeing (BA) received about $77 billion in orders for its first bond sale. After the aircraft maker reported a quarterly loss and $3.9 billion in cash burn, and Moody's Ratings downgraded the company's credit rating to a notch above junk.
Paramount will announce the resignation of CEO Bob Bakish. Due to a decrease in profits.
Crypto-Sentiment: Historically, traders move between two sentiment cycles, declaring that cryptocurrency is either “going to the moon” or “crypto is dead,” as can be seen in transaction fees. Commissions typically peak when the price is at a high and return to a resting state when the price is at a low. Now commissions on the Ethereum network have fallen to a 6-month minimum, while prices for the cryptocurrency remain at a relatively high level. This suggests that altseason may be closer than we think.
Spot BTC ETF trading starts tomorrow in Hong Kong. According to some data, there are more crypto users in Asia than there are crypto users in the US and Europe combined.
Microstrategy (MSTR) reported holding 214.4 thousand BTC worth $13.5 billion, purchased at an average price of $35,180.
The company's capitalization is $22 billion. The share falls by 4% after the report.
A US court today may sentence the founder of the Binance crypto exchange, Changpeng "CZ" Zhao, to 3 years in prison.
Japanese authorities conducted a small currency intervention.
The yen strengthened sharply, rebounding after briefly hitting a new 34-year low of 160 against the dollar as expectations for a near-term rate hike by the Bank of Japan waned.
At the same time, the yield on 10-year bonds increased to 2.52%, which indicates an increase in risks and a decrease in demand for securities.
Bloomberg about the Fed Sentiment Index, which is calculated by Bloomberg Economics based on an NLP algorithm based on more than 60,000 headlines about the Fed. It shows that Powell showed a major reversal in December, hinting at a faster move to lower rates. In doing so, it gave impetus to markets and helped the economy avoid a recession.
The media is fueling rumors of a revolutionary iOS 18 update from Apple (AAPL) in June. In which AI may appear.
An analyst who spent more than six years on the sidelines of Apple (AAPL) stock just changed his tune, joining the bullish camp in a note titled "Buy Fear"
Bernstein's Toni Sacconaghi upgraded Apple stock.
The company will benefit from an active iPhone replacement cycle, he said. He also believes concerns about Apple's business in China may be overblown.
Evercore ISI analyst Amita Daryanani on Monday reiterated his "outperform" rating and $320 price target on Arista (ANET) shares.
Barclays analyst Kannan Venkateswar upgraded AT&T shares.
Their valuation "continues to be weighed down by outdated investor perceptions."
A Seaport analyst upgraded Roku shares. Shares rose 4% yesterday.
Shares of Domino's Pizza (DPZ) rose 6% yesterday after the report. The company's revenue grew by 6% y/y and profit by 22% y/y.
Samsung reports huge jump in profit as market for AI-powered memory chips recovers
Shares rise 2%. “Business conditions are expected to remain positive in the second half of 2024, and demand—mainly for generative artificial intelligence—is expected to remain strong, despite ongoing volatility related to macroeconomic trends and geopolitical issues.”
On the smartphone side, the company will continue to focus on increasing sales of its flagship Galaxy S24 device, which comes with a host of new AI-powered features, including live translation for phone calls in 13 languages and 17 dialects.
Norfolk Southern (NSC) shares are down 3.5% in premarket trading.
Activist investors Ancora Holding trying to take control of Norfolk Southern gets key support
SoFi shares fell 10% yesterday.
The fintech company reported weakly. Coursera (COUR) and Chegg (CHGG) are down 11% and 7%.
Both ed-tech companies reported weak results, and Chegg also announced a CEO change.
NXPI shares are up 6% after the report.
The Dutch chipmaker's revenue rose 14% YoY in its industrial and IoT segment and 34% in its mobile device chips segment, but fell 25% in its communications infrastructure segment.
“Our first quarter results, second quarter guidance and our early second half guidance underpin cautious optimism that NXP is well on its way through this industry-wide cyclical downturn.”
“We continue to manage what is under our control, which allows NXP to deliver stable profitability and profitability in a challenging demand environment.”
One of the largest developers in China, China Vanke, is falling in price by 8% after the report. The company's revenue fell 10% and the company posted a quarterly loss. “The domestic commercial housing market continued to be under pressure” in the first quarter of the year.
Cannabis company MedMen files for bankruptcy with approximately $411 million in liabilities
Five years ago, at its peak, MMNFF's capitalization exceeded $3 billion.
Elliott Management has acquired a "major" stake in Japanese trading house Sumitomo Corporation. Which counts Warren Buffett's Berkshire Hathaway as its number one shareholder. Shares of 8053 are up 7% this morning.