Global macro

• Before Thursday's trading, the futures of the three major US stock indexes were mixed, with the Nasdaq up 0.18%.

Before Thursday's trading, the dollar index fell slightly in the short term, now trading at 98.16. Spot gold rose $3 in the short term to $1931.47 an ounce. Us stock futures do not fluctuate much.

European stocks fell collectively, with Germany's DAX index down 0.33%, Britain's FTSE 100index down 0.25%, France's CAC40 index down 0.48% and the European Stoxx 50 index down 0.53%.

• Inflation is accelerating again! Us core PCE price index rose 5.4 per cent in February

On Thursday, March 31st, the US Commerce Department data showed that the US PCE price index rose 6.4 per cent in February from a year earlier, in line with expectations of 6.4 per cent, with a previous correction of 6.1 per cent, the highest level since 1982 and more than three times the Fed's 2 per cent target. The core PCE price index, which excludes food and energy prices, rose 5.4 per cent year-on-year, the highest level since 1983, below expectations of 5.5 per cent and 5.2 per cent, a measure that Fed policymakers are most concerned about.

Analysts believe that American consumers are feeling the impact of the fastest inflation in more than 40 years. The continued strength of the labour market, coupled with a savings glut, has provided many households with the money they need to sustain their spending, but surging inflation has offset wage increases and pushed up the cost of necessities such as energy, food and rents. Further price increases have heightened concerns and further confirmed the Fed's call for a more aggressive rate hike.

• The number of people applying for unemployment benefits for the week of March 26 in the United States was announced.

Analysts believe that the number of first-time applications for unemployment benefits in the United States reached 202000 in the week of March 26, slightly higher than expected, which may have a negative impact on the tight and recovering labor market. But it is worth mentioning that for most of the year, with the decline in the number of COVID-19 cases, the number of jobless claims has been on a downward trend, employers are desperately trying to retain employees and attract new employees, at the same time, the decline in savings, superimposed by more than 40 years of high inflation, is encouraging the labor force to find jobs actively.

• Biden may put an unprecedented move to cool oil prices, Wall Street: a large-scale release of reserves rather than a permanent cure

On Thursday, international oil prices continued their decline, with WTI crude oil futures falling more than 7% to as low as $100.16 a barrel. Brent crude also fell more than 6%. According to Bloomberg, the Biden administration is considering releasing about 1 million barrels of oil reserves a day for several months, which could reach 180 million barrels this time, which is expected to be the largest dumping record in history. The Biden administration is also considering suspending restrictions on summer sales of high-ethanol gasoline mixtures. Goldman Sachs Group believes that this move will help the market rebalance in 2022, but will not solve the structural shortage problem. Deutsche Bank said the news could depress oil prices in the short term, but could lead to an increase in US demand for replenishment reserves in the long run.

• Wall Street Survey: Fed Policy failure is currently the most worrying threat to the Market

According to the latest investor survey conducted by CNBC, most Wall Street investors believe that the biggest threat to the market is the miscalculation of Fed policy. Investors are even more worried about this than about soaring inflation. According to the survey, 46% of respondents said the Fed's policy mistakes are currently the biggest threat to the market. Thirty-three per cent of respondents believe that soaring inflation in the US poses a major threat. Eleven percent of the respondents listed the escalation of the war between Russia and Ukraine as the biggest threat to the market. In addition, Sino-US relations and the recovery of the COVID-19 epidemic are also issues of concern to a small number of investors.

• Credit Suisse: the Fed's raising interest rates 10 times is not enough to curb inflation

Credit Suisse believes that even if the Fed completes 10 to 11 25 basis point rate increases by the end of next year, US inflation is likely to remain high. Credit Suisse, the bank believes that even if the Fed can complete 10 to 11 25 basis point rate increases by the end of next year, as expected in the bitmap, US inflation is likely to remain high. Credit Suisse analysts highlighted a well-known monetary policy formula-the Taylor rule. This rule was proposed by the famous economist John Taylor in 1993 to guide the Fed on how to adjust interest rates in response to inflation, output and economic conditions. Credit Suisse said the current formula implies that the target level of the federal funds rate should be 9.8 per cent, compared with the current range of 0.25 per cent to 0.5 per cent, while the bitmap is expected to rise to 2.8 per cent by the end of next year.

• Goldman Sachs Group, UBS: the rally in US stocks has lost momentum.

On Thursday, strategists at Gao and UBS warned that the rally in US stocks may not continue as European and US stock markets almost ended their gains in the first month of this year. Both Goldman Sachs Group and UBS have set the year-end target for the S & P at 4700, less than 2 per cent higher than current levels. They also believe that if there is a decline, the index will fall by about 22 per cent to 3600.

Although the rebound may not last, Goldman Sachs Group and UBS also see investment opportunities. UBS recommends focusing on energy, food, data and climate-areas that will benefit from security and stability after the crisis in Russia and Ukraine. The advice given by Goldman Sachs Group's team is that investors must look for stocks that "can innovate, subvert, start and adapt" and focus on corporate profit margins, rather than specific types of stocks such as growth and value stocks.

• Russian Defense Ministry: Ukrainian troops deploy 420 anchor mines, threatening to sink foreign ships trying to leave port

Russian satellite news agency reported on the 31st that Russian Defense Ministry spokesman Igor Konashenkov said on the same day that between February 25 and March 4, Ukrainian troops deployed 420 anchor mines in the Sea of Azov and the Black Sea, and threatened to sink any foreign ship trying to leave Ukrainian ports. Konashenkov denied Ukrainian claims that Russia had intercepted about 100 foreign ships at Ukrainian ports and said the Ukrainian government had forcibly detained 68 foreign ships at various ports. Russia opens safe passage for ships leaving Ukrainian territorial waters every day, but crew members have revealed that Ukraine forbids ships from leaving its port, otherwise it will sink immediately.

• Italian Prime Minister: Putin says the conditions for a cease-fire are not ripe and he does not intend to meet with Zelanski

Italian Prime Minister Draghi revealed that in a phone call the day before, Russian President Vladimir Putin told him that the time was not yet ripe for talks with Zelanski, but that some progress had been made in the negotiations between the two sides. At a foreign media press conference, Draghi said that the positions of Russia and Ukraine are somewhat close, but the two sides still do not trust each other. The Russian side hopes that Italy will play a role in ensuring the implementation of the terms of the peace talks in the future, and both the Italian side and the Russian side have indicated that they will continue to communicate. On the issue of energy settlement in rubles, Draghi said that the purchase contract signed with Russia provides for payment in US dollars and euros, and payment in rubles is neither acceptable nor feasible. But you can try to pay in rubles, which takes time. Mr Draghi does not think there is a risk of a Russian energy outage.

• The United States relaxes restrictions on the import of chemical fertilizer to Russia. Russian media: there is a shortage of chemical fertilizer in the United States.

Russia's "businessman" reported on the 31st that the US Treasury Department has excluded Russian fertilizers from the list of possible sanctions, in order to prevent the US domestic market from being affected by the shortage of agricultural chemical products. On the 24th local time, the Office of Foreign assets Control (OFAC) of the U.S. Treasury Department issued a new general license to exclude Russian mineral fertilizers from possible sanctions. International shipping companies such as Maersk have confirmed that the Russian transport ban will not apply to necessities and humanitarian supplies, including chemical fertilizers. The United States has relaxed restrictions on Russian fertilizer imports because of shortages in the US and global agricultural chemical markets caused by supply disruptions in Russia, the businessman reported. Russian fertiliser producers believe that the US decision will be an important signal, European countries will follow, and the global fertilizer supply chain will gradually resume.

• EU: solar manufacturing will be rebuilt at all costs

Kadri Simson, the EU's energy commissioner, said the European Commission would do whatever it takes to rebuild Europe's solar manufacturing industry. Simson announced the strategy at a solar summit in Brussels, a move aimed at helping Europe wean itself off Russian energy. The European Union needs to import about 40% of its natural gas from Russia. After the conflict between Russia and Ukraine escalated, the European Union decided to reduce Russia's natural gas use by 2% this year and stop importing all fossil fuels from Russia by 2027.

• The discount is up to $35! Russia sells crude oil to India cheaply

Bloomberg reported that Russia is offering to export Ural crude to India at a discount of $35 a barrel compared with the price before the Russian-Ukrainian military conflict. Considering the recent trend of oil prices, the actual discount quoted by Russia is even higher. As Europe and the United States imposed sanctions on Russian oil exports, Russia began to offer big discounts to India to maintain crude oil exports. Bloomberg reported that Russia is offering to export Ural crude to India at a discount of $35 a barrel compared with the price before the Russian-Ukrainian military conflict. The negotiations are taking place at the government level, and Russia wants India to start purchasing 15 million barrels under this year's contract.

• Will the enterprises listed on the delisting risk list by SEC really delist? SFC responded

Today, in response to a reporter's question, the head of the International Department of the Securities Regulatory Commission said that it has been learned from the US SEC that this is a normal procedure for US regulatory authorities to implement the "Foreign Company Accountability Law," and whether the listed companies will really be delisted in the next two years will ultimately depend on the progress and results of Sino-US audit regulatory cooperation.

Hot news

• $Apple Inc (AAPL.US) $Landing of major concessions: app such as Netflix Inc can provide users with third-party payment chains.

Apple Inc said on its website on Wednesday that the latest update will allow reader app to provide users with external links to pay for registration. This means including$Spotify Technology (SPOT.US) $和$Netflix Inc (NFLX.US) $App can bypass the commission mechanism and no longer need to pay 15% of the income cut of 30% to Apple Inc. Apple Inc said the new policy was available globally as part of a settlement with the Japan Fair Trade Commission last year. Previously, Apple Inc required all app on App Store to use Apple Inc's own payment system, which charges 15 to 30 per cent of sales from transactions.

• $Apple Inc (AAPL.US) $It is reported that we are considering expanding the list of memory chip suppliers.

According to people familiar with the matter, Apple Inc is considering expanding the list of suppliers after Kioxia Holdings of Japan lost a batch of products due to contamination in February, which already includes$Micron Technology Inc (MU.US) $And Samsung Electronics. While Samsung and SK Hynix, the world's largest flash memory maker, may fill the gap, Apple Inc hopes to diversify the supply network and offset the risk of further disruptions caused by the epidemic and transport chaos. In addition, it is reported that Apple Inc is developing payment processing technologies and tools to explore ways to participate more directly in the financial services industry. Eventually, Apple Inc may reduce its reliance on partners that support current fintech products such as Apple Pay, Apple Card and Apple Cash.

• $Tesla, Inc. (TSLA.US) $The super factory in Berlin, Germany can produce a Model Y every 10 hours, while Volkswagen needs 30 hours.

According to the news on March 31, after the opening ceremony on March 22 and the delivery of 30 vehicles to users on site (these customers are actually local employees), the Mode Y produced by Tesla, Inc. 's Berlin Super Factory is also ready to be delivered through the service center outside the factory. With the help of drones, @ Tobias Lindh recently flew over the Tesla, Inc. super factory in Berlin and found truckloads of Model Y being transported out of the factory. As Tesla, Inc. 's German factory speeds up production and delivery of Model Y, and there will be more information about Model Y. According to netizens' feedback, German-made Model Y has been sold and delivered to European countries such as Belgium, Italy, Denmark and the Netherlands. Volkswagen is only weeks away from finalizing plans for its 2 billion euro ($2.2 billion) electric-car plant, which it hopes will enable it to catch up with its American rivals. Tesla, Inc. said that at the new factory in Glenn Hyde, near the German capital, it takes only 10 hours to produce a Model Y, while$ADR (VWAGY.US) $It takes three times as long to produce an ID.3 electric car.

• Buffett blessed, the share price has doubled this year!$Western Oil (OXY.US) $Be bought by your own CEO

Western oil has attracted a lot of market attention because of Warren Buffett, the god of stock, and the stock has risen 85.06% so far this year. On March 28th, CEO Vicki Hollub, a western oil company, bought 14191 shares of the company on the open market, paid a total of $798100, or an average of $56.24 per share, and now holds 467282 shares of Western Oil and 23390 shares through a savings plan, according to SEC filings.

• $Intel Corp (INTC.US) $CEO earned $178.6 million last year, 1711 times that of the average employee.

According to reports, Intel Corp CEO Pat Kirsingh (Pat Gelsinger) earned a salary of US $178.6 million in 2021, with stock awards accounting for nearly 79% of the total salary, which is 1711 times the salary of Intel Corp's average employee.

• The Department of Justice of the United States$Alphabet Inc-CL C-C (GOOG.US) $Acceleration of antitrust investigation on maps

The Justice Department has refocused its investigation into Alphabet Inc-CL C Maps to determine whether illegal bundling of the service with other Alphabet Inc-CL C software will stifle competition, according to two people familiar with the matter. The investigation of Alphabet Inc-CL C was first exposed at the end of 2020 and has been quiet since then, until investigators began asking questions again in recent months, sources said.

• $International Business Machines Corp (IBM.US) $Announced a partnership with HSBC to speed up the exploration of quantum computing financial applications

IBM and HSBC have announced that they will work together to explore the application of quantum computing in financial services. The three-year partnership aims to strengthen HSBC's expertise in quantum computing so that it can make full use of quantum computing technology.

• Bain Capital intends to acquire and privatize it

It is reported that US private equity group Bain Capital is preparing to buy Toshiba, which will make the Japanese conglomerate a private company. Effissimo Capital Management, Toshiba's largest shareholder, said in a regulatory filing that Effissimo would sell all of its Toshiba shares if Bain Capital launched an acquisition, Reuters reported. Effissimo owns about 9.9% of Toshiba. Asked about the document, an Effissimo spokesman said he planned to announce his position in due course. 'no decision has been made on the acquisition of Toshiba, 'Bain Capital said in a statement.' there are still many problems that need to be resolved to initiate the privatization of Toshiba, 'Bain Capital said in a statement.

• Due to excess inventory, Russia's four major refineries are said to be further reducing their refining capacity.

Russia's big four refiners are understood to have told the country's energy ministry that they expect to cut refining more sharply in the coming weeks as a sharp drop in European purchases has led to a glut of inventories. The big four refiners-Rosneft, Surgutneftegaz, Lukoil and Gazprom Neft-put forward the plan at a meeting with government officials on Friday, according to sources. Russia's idle primary refining capacity in March more than doubled from initial plans to 3.753 million tonnes, the highest on record, according to Refinitiv. It is reported that some large refineries, such as Rosneft's Tuapsier refinery, which produces 240000 barrels a day, stopped operations in mid-March. Further refinery cuts in April were not specified, but refiners are expected to be significantly higher than the 3.243 million tonnes recommended in the initial spring maintenance plan.

Focus on China-listed stocks

• IQIYI, Inc.: temporary list does not mean forced delisting and delisting. A solution will be sought.

On March 31st, Beijing time, the Securities and Exchange Commission (SEC) will$iQIYI, Inc. (IQ.US) $To join the "pre-picked list", iQIYI, Inc. said in response to thepaper.cn that this is a routine procedure for US regulators to implement the previously published Foreign Company Accountability Law (HFCAA) and relevant implementation rules, and we have been paying close attention to this. "being on the provisional list does not mean that the company's American depositary shares will be forced to be delisted and delisted in the near future. We will actively seek solutions to protect the interests of shareholders. "

• $Baidu, Inc. (BIDU.US) $Will continue to ensure compliance with the relevant laws and regulations of China and the United States to keep listing in Hong Kong and the United States

Baidu, Inc. announced on Thursday that he had learned that the US Securities and Exchange Regulatory Commission had added Baidu, Inc. to the list based on the Foreign Company Accountability Act on March 30, 2022. According to HFCAA regulations, listed companies will be delisted in the United States only if audit institutions that have been determined by SEC to use audit manuscripts that have not been reviewed by PCAOB for three consecutive years issue annual audit reports. The company has been actively looking for possible solutions. The company will continue to ensure compliance with the relevant laws and regulations of China and the United States and, where conditions permit, keep the company listed on the NASDAQ market and the Stock Exchange of Hong Kong Limited.

• $NIO Inc. (NIO.US) $CEO Li Bin responded to NIO Inc. 's rumor of building a mobile phone: it is in the stage of research.

When participating in an interview, NIO Inc. CEO Li Bin responded to the rumors that NIO Inc. was building a mobile phone, claiming that NIO Inc. 's mobile phone is still in the research stage. Li Bin said bluntly that NIO Inc. users' feedback on whether there could be a mobile phone that could better connect with cars prompted NIO Inc. to study the industry. "We will actively look in this direction, and we know that it is easy to make a mobile phone, but it is very challenging to make a good mobile phone. Li Bin said that even if NIO Inc. wants to build a mobile phone, he is not thinking from the perspective of commercial success, but whether users need a NIO Inc. mobile phone and whether this mobile phone can enhance the experience of NIO Inc. car owners.

• $Vipshop Holdings Limited (VIPS.US) $Push the $1 billion share buyback plan

In the pre-market session of today's US stock market, a number of Chinese stocks have intensively disclosed their share buyback plans, among which Vipshop Holdings Limited's board of directors has approved a plan to buy back up to $1 billion of American depositary shares or Class A common shares in the next two years.

• Weibo Corp announces a $500m share buyback plan

$Weibo Corp (WB.US) $The announcement of a $500 million share buyback plan went straight up before trading, up nearly 7%.

• Xunlei Ltd announced to buy back 20 million US dollars of shares.

$Xunlei Ltd (XNET.US) $It rose 11% before trading, and the company announced that it would buy back $20 million of shares.

• MINISO Group submits an application for listing to the HKEx

According to HKEx documents:$MINISO Group (MNSO.US) $The Group Holdings Limited submitted an application for listing to the HKEx.

• Most of the popular US-listed stocks fell before the day.

Pre-market turnover of US stocks TOP20

Reminder of American Macro Calendar

20:30 PCE Price Index of the United States for February

20:30 US personal consumption Expenditure in February

20:30 the number of Americans applying for unemployment benefits for the first time last week

21:00 New York Fed President Williams delivered an opening speech at an event.

21:45 March Chicago PMI, USA

EIA natural gas inventory in the United States for the week from 22:30 to March 25

00:00 the United States Department of Agriculture (USDA) released the planting intention report and quarterly inventory report.

Foreign central banks hold Treasuries in the week from 04:30 to March 26th