8 Dec 2022

Last night, the three major U.S. stock indexes continued to fluctuate, with the new energy vehicle, aviation and cruise sectors leading the declines, while the precious metal sector performed better. As of the close, the Dow closed flat at 0%, the Nasdaq fell 0.51%, and the S&P fell 0.19%. The yield on the 10-year U.S. Treasury bond fell 3.142% to close at 3.422%, a difference of -84 basis points compared to the yield on the two-year Treasury bond. The panic index VIX rose 2.3%. Brent crude oil closed down 2.87%. Spot gold closed up 0.85% at $1,771.02 an ounce. The U.S. dollar index remained high, closing at 105.2.

The Bank of Canada raised interest rates by 50 basis points to 4.25%, in line with market expectations. The interest rate level is the highest since December 2007. In the future, it will "consider" further interest rate hikes to curb inflation. The Reserve Bank of India raised interest rates by 35 basis points, raising the rate to 6.25% from 5.90%, in line with market expectations.

The EU announced the ninth package of sanctions against Russia: ① will target Russia's energy, mining and other fields; ② add about 200 individuals and entities in Russia to the sanctions list, including the Russian military and politicians; ③ will target three additional Russian banks Sanctions will be implemented; ④ New export controls and restrictions will be implemented especially for dual-use goods such as key chemicals and nerve agents. European Commission President Ursula von der Leyen said: The EU may soon resolve the disagreement on the TTF natural gas futures price cap of $289/MWh and implement the price cap by the end of 2022. Zelensky and the "Spirit of Ukraine" were selected as Time magazine's 2022 Person of the Year. Putin said that 150,000 mobilized soldiers are in the special military operations area, of which 77,000 are combat troops. There is no need for additional mobilization at present, but the risk of a global nuclear war has increased.

Blackstone suffered a run as its credit fund hit its redemption limit for the first time. Blackstone said redemptions from its $50 billion non-traded business development firm hit a pre-set cap for the first time, but investors were still allowed to withdraw their investments. It was the first time that redemption requests hit the pre-set cap of 5% since Blackstone launched the product last January. The move comes after Blackstone announced on Thursday it would limit withdrawals from its $69 billion unlisted real estate income trust (REIT) amid a surge in redemption requests. The founder of Ark Fund said: The bond market shows that the Fed is making serious mistakes, and said that the risk of deflation is much greater than inflation, and commodity prices and "substantial retail discounts" have strengthened his view.

Apple fell 1.38%. Morgan Stanley lowered Apple's Q4 iPhone shipment forecast by 3 million units to 75.5 million units; Apple Car is reported to be delayed until 2026, and the price will be less than $100,000.

Microsoft fell 0.31%. It was reported that Microsoft promised to bring the popular game "Call of Duty" to the Nintendo platform in the next ten years if the acquisition of Activision Blizzard is approved.

Google fell 2.22%. Market news: Google, Oracle, Amazon, and Microsoft won a $9 billion cloud contract agreement from the Pentagon; India asked Google to stop displaying online gambling advertisements.

Amazon rose 0.24%. Jeff Bezos' Blue Origin announced that it is working with Boeing and Lockheed Martin to market its lunar lander to NASA.

Tesla fell 3.21%, and then launched a "limited-time discount", a subsidy of 6,000 yuan for buying an existing car and delivering it within the year; opened electric car reservations in Thailand, and will start delivering electric cars in Thailand in 23Q1; Musk decided to appoint Zhu Xiaotong as Tesla Pull the global CEO.

Meta fell 0.17%, if the news protection bill passed, Meta threatened to remove the news on Facebook.

Mobileye Global rose 5.38%. Q3 revenue increased by 38% year-on-year, exceeding market expectations and increasing the company's average system selling price from US$45.7 in the same period last year to US$53. Texas Instruments fell 0.34%, announcing that LFAB, a new 12-inch wafer factory in Lehi, Utah, which was acquired about a year ago, has begun to produce analog and embedded products.

Sources from: Investing.com; Reuters.com

Louis Yap

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