Global macro

• Before Monday's trading, the futures of the three major US stock indexes were all lower.

Major European markets such as Germany and the UK are closed today for Easter Monday.

• The anchor of asset pricing hits the most important trend line in history, and the 40-year bull market is coming to an end.

The 40-year bull market in the bond market is under pressure as Treasury yields hit the "most important trend line in history". The 40-year downward trend in interest rates may be coming to an end as 10-year Treasury yields hit the resistance level of "the most important trend line in history," said Carter Braxton Worth, a technical analyst at Worth charting.

• The geopolitical standoff continues, with spot gold approaching $2000.

On Monday, spot gold rose nearly 1%, reaching a new high of $1993.83 an ounce since March 11. The war in Ukraine continues, strengthening risk aversion in the market and further exacerbating high inflation. The Fed is forced to speed up water collection to fight inflation, which may also accelerate the arrival of a recession.

• Putin: Russia has withstood unprecedented pressure from the West

On the 18th local time, Russian President Vladimir Putin said that Russia has withstood unprecedented pressure from the West. Putin said that Western countries tried to disrupt Russia's banking system through economic sanctions, resulting in a shortage of domestic goods, but their attempt failed. Nabi Ulina, governor of Russia's central bank, said 52 foreign organizations from 12 countries had joined Russia's SWIFT-like system.

• Zelansky calls on the West to impose sanctions on Russia's entire banking system

Ukrainian President Zelansky said in a speech on the 17th local time that the West must impose sanctions on the entire Russian banking system in response to Russia's attempt to establish a ruble payment system in the states of Helsson and Zaporge. At present, the Russian side has not responded to this temporarily. Local time 18, Lviv, Ukraine once again sounded the air defense alarm.

Hot news

• Twitter uses "poison pill defense" strategy to stop Musk's acquisition plan.

Friday local time$Twitter (TWTR.US) $The company's board of directors unanimously approved a time-limited shareholder rights plan to reduce the likelihood that other entities will gain control of the company through open market accumulation, it was announced in a press release. The right will take effect if an entity, individual or group acquires a 15% or more stake in Twitter's issued common shares in a transaction that is not approved by the board of directors, according to the press release. Under the entitlement plan, other shareholders will be allowed to buy additional common shares at 50% of the market price. The entitlement plan will last for one year and expire on April 14, 2023. More details about the plan will be submitted to the Securities and Exchange Commission, and the 8murk document has not yet been made public.

• Tesla, Inc. Shanghai factory is reported to be ready to resume production, providing employees with three meals and allowances.

Tesla, Inc. 's Shanghai plant has resumed production and has put in place strict epidemic prevention measures for employees working in the closed-loop system, according to people familiar with the matter. According to a memo sent to employees by Tesla, Inc., each employee will be provided with a sleeping bag and mattress. In the absence of specially built dormitories, employees will be required to sleep in designated areas and there will be other space for showers, entertainment (two facilities have not yet been completed) and dining, according to the memo. The company will provide employees with three meals and a daily allowance of about 400 yuan ($63), but the actual amount will depend on position and level, according to a person familiar with the matter.

• The US court ruled that Musk deliberately published false information.

The Federal District Court for the Northern District of California ruled in early April that Musk, then Tesla, Inc. CEO, made a public statement about "ensuring privatization funds" in 2018 as "false and misleading", according to local media reports. The court found that Musk made these statements recklessly in the knowledge that he was false. It is reported that the court is scheduled to hear claims for investor damages in May, and the plaintiff has filed a motion to restrict Musk from continuing to talk about the issue in public.

• The factory continues to stop production, and the output of Tesla, Inc. electric vehicles is likely to be nearly 40, 000 units less than planned.

Be affected by the epidemic situation$Tesla, Inc. (TSLA.US) $The Shanghai factory has stopped production for nearly three weeks. Based on a productivity of about 2100 cars a day, the plant has reduced production by about 39900 vehicles than planned since the shutdown on March 28. Junheng Li, founder and CEO of JL Warren Capital, a New York-based research firm, said: "our basic expectation for a resumption of work is in the first week of May. In this expectation, Li estimates that Tesla, Inc. 's car production may be about 84000 fewer than planned. Li added that if the surrounding cities also impose blockades, this may affect the supply of auto parts at the plant, and Tesla, Inc. 's production may be further reduced. However, the reopening of the plant may also be carried out sequentially, and the restored capacity will "depend on the supply of spare parts available to Tesla, Inc.".

• Musk confirmed that Tesla, Inc. will no longer give away mobile chargers in the car.

According to reports,$Tesla, Inc. (TSLA.US) $It has stopped giving away free mobile chargers to customers who buy new cars. Then Tesla, Inc. CEO Musk said: "Statistics show that the utilization rate of mobile chargers is so low that it seems to be a waste." On the plus side, we will add more plug adapters to the mobile charger kit. Tesla, Inc. 's official website shows that the mobile charger is currently out of stock. Musk also said, "based on the feedback we have received, we will reduce the price of the mobile charger to $200 and make the ordering process easier. If the car owner owns a Tesla, Inc. wall-mounted charging pile or uses a super charging station, there is no need to move the charger. We recommend that Tesla, Inc. wall-mounted charging piles be installed before the vehicle is delivered. "

• The ARK fund gives Tesla, Inc. a target price of 4600 US dollars in 2026 and is optimistic about the self-driving taxi business.

Casey, founder of ARK fund. Wood set a target price of $4600 for Tesla, Inc. in 2026, after giving Tesla, Inc. a target price of $3000 in 2025. Mr Wood expects Tesla, Inc. 's sales to grow at an annual rate of 75 per cent, much higher than the 25 per cent widely expected on Wall Street. Tasha Keeney, an analyst at ARK, predicts that in the future, the self-driving taxi business will contribute more than half of Tesla, Inc. 's earnings before interest, tax, depreciation and amortization (Ebitda). Under this model, the ARK Fund predicts that Tesla, Inc. 's total sales will reach $843 billion by 2026, of which $284 billion will be in the future self-driving taxi business.

• IPhone 15 is expected to be equipped with periscope cameras, and relevant suppliers have announced investment in the plant.

According to foreign media reports, analysts had expected$Apple Inc (AAPL.US) $Some models of the iPhone 15 series of smartphones to be launched next year are expected to be equipped with periscope cameras and support 10x optical zoom. Magnetized Electronics, a South Korean supplier of camera module components, announced last week that it would invest 191 billion won (about 155 million) US dollars in a new factory to produce brand new optical stabilizers, according to the latest report. It is reported that the optical stabilizer produced by the new magnetized electronics factory will be used in the future iPhone. Apple Inc will decide whether to adopt it or not next year.

• Bank of America Corporation Q1 has revenue of US $23.2 billion and net profit of US $7.1 billion.

Before the US stock market opened on April 18th$Bank of America Corporation (BAC.US) $Announce results for the first quarter of 2022. According to the financial report, Bank of America Corporation's first-quarter revenue (excluding interest charges) was $23.2 billion, exceeding market expectations and up 2% year-on-year; net profit was $7.1 billion, compared with $8.1 billion in the same period last year; and diluted earnings per share was $0.80, exceeding market expectations. 86 dollars in the same period last year. Net interest income in the first quarter was $11.6 billion, up 13 per cent from a year earlier, while non-interest income was $11.7 billion, down 8 per cent from a year earlier, according to the financial report. A $362 million provision for credit losses was released in the quarter, compared with $2.7 billion in the same period last year. Average deposits rose by $240 billion, or 13%, to $2, 000bn in the first quarter. The common equity tier one capital ratio (CET1) was 10.4% in the first quarter.

• Uber will integrate Rakuten payment service into its Uber Eats app

According to foreign media reports$UBER TECHNOLOGIES INC (UBER.US) $Japan's Rakuten Group (Rakuten Group Inc.) Its payment services are integrated into its Uber Eats and other Uber mobile applications in Japan. The integration with Uber Eats will be phased out by the end of this month, which will allow Rakuten account holders to log into Uber Eats without an Uber account and earn and use their Rakuten Points when using the app, the companies said on Monday.

• Goldman Sachs Group: maintain the neutral rating of Wells Fargo & Co (WFC.N), and raise the target price to $56

After Wells Fargo & Co announced the Q1 financial results, Goldman Sachs Group analyst Richard Ramsden maintained$Wells Fargo & Co (WFC.US) $Neutral rating, target price raised to $56 from $54. Ramsden said Wells Fargo & Co's core pre-provision net income was 16 per cent worse than expected because core expense income was weak and expenditure increased, offsetting internal NII, but this was offset by more constructive forward-looking guidance, which was "much stronger than expected".

• Truist: maintain buy rating on DVN.N, raise target price to $80

Truist analyst Neal Dingmann maintains the right$Devon Energy (DVN.US) $The target price was raised to $80. Devon Energy showed operational and financial confidence in its meeting with Truist, the analyst said. "they have no change in their substantial return plans for shareholders and are likely to pay more than 90 per cent of adjusted free cash flow again", the analyst said. He said that even if oil field service prices were likely to rise in the second half of 2022, Devon Energy "seems to remain the industry leader and will ensure that there are no production bottlenecks or soaring costs". He also pointed out that Devon Energy is confident that production will rebound and remain stable in the second quarter after a possible decline in production in the first quarter.

• Morgan Stanley: reiterate the increased rating of Tesla, Inc. and the target price of 1300 US dollars

Adam Jonas, an analyst at Morgan Stanley, reiterated his right$Tesla, Inc. (TSLA.US) $The overweight rating and the target price of $1300. Adam believes that Tesla, Inc. will play a key role in rebuilding the renewable energy / transport industry, while his traditional automotive business has natural advantages: 1) directly facing consumers 2) the multi-trillion-dollar battery capital expenditure cycle is estimated to cost as much as $2 billion to $40 trillion in cumulative capital expenditure and research and development costs over the next 20 years to move away from fossil fuels, while only 1 per cent of this amount has been spent and less than 3 per cent has been allocated. "We think Tesla, Inc. is the ultimate battery capex game," Adam said. "at a cost of $80m per gigawatt hour, the capital expenditure required for battery manufacturing alone could be between $1.5tn and $3,000bn, and with other related aspects, potential expenditure could reach $10 trillion to $20 trillion or more within 20 years."

Focus on China-listed stocks

• Most of the popular Chinese stocks fell before the day, and DiDi Global Inc. fell by more than 18%.

• DiDi Global Inc. 's total income fell 12.7% in the fourth quarter of 2021 compared with the same period last year.

DiDi Global Inc. released his results for the fourth quarter of 2021 on the evening of April 16. DiDi Global Inc. 's total income in the fourth quarter of 2021 was 40.78 billion yuan, down 12.7 percent from the same period last year; the net loss in the fourth quarter was 171 million yuan, compared with 7.23 billion yuan in the same period last year; and the total income of China's travel business in the fourth quarter was 37.47 billion yuan, down 15.1 percent from the same period last year. International business income in the fourth quarter was 1.05 billion yuan, up 51.2% from the same period last year. The company also announced that it would hold a general meeting on May 23 to vote on the delisting of American depositary shares. As of press time, DiDi Global Inc. was down 19.11% before trading.

• Zhang Chaoyang: Sohu.com Ltd does not want to withdraw from the market, it is not necessary to scold Sohu.com Ltd and ridicule the live broadcast of physics class.

$Sohu.com Ltd (SOHU.US) $Founder, Chairman and CEO Zhang Chaoyang posted on moments that Sohu.com Ltd did not want to be delisted. "some self-media writers know that they do not know the other, write articles to bad-mouth Sohu.com Ltd, and ridicule my live physics class. It's really not necessary. Sohu.com Ltd previously announced that the company had been added to the interim confirmation list by the Securities and Exchange Commission (SEC) based on the Foreign Company Accountability Act (HFCAA) on April 12, and the company did not intend to challenge the provisional recognition of SEC.

• NIO Inc. and Li Bin step down as director of Didi Travel.

According to App, recently, industrial and commercial changes have taken place in Beijing Changxing Information Technology Co., Ltd., an affiliated company of "tick-tock travel".$NIO Inc. (NIO.US) $CEO Li Bin stepped down as a director of the company after taking up his executive post in 2015. According to the official website, Didi Chuxing is an Internet travel platform, providing taxi and hitchhiking services.

• NIO Inc. has built a total of 900 power stations across the country.

On April 18, NIO Inc. changed the power station to Nanjing Jiangning Auchan, which was officially launched. It is reported that NIO Inc. has built a total of 900 power stations across the country, and NIO Inc. users have changed electricity more than 8 million times. NIO Inc. said that the layout will continue in the future, with 1300 + exchange power stations, 6000 + overcharged piles and 10,000 + destination charging piles will be built in the Chinese market in 2022.

• Bilibili Inc. responded to the layoffs in the live broadcast business: the future is one of the most important businesses and is actively recruiting.

On April 18th, according to the report of New Entropy, an anonymous person close to Bilibili Inc. said$Bilibili Inc. (BILI.US) $The live broadcast business unit plans to lay off staff, and the list has been initially drawn up, and there will be a layoff interview after the Shanghai area returns to normal. This layoff will affect the whole live broadcast department. In response to the above news, Bilibili Inc. said in response to the interface news, "the live broadcast business is very good. Gross profit has been improving for three years in a row. The future is one of Bilibili Inc. 's most important businesses and is currently actively recruiting." "

Pre-market turnover of US stocks TOP20

A reminder of macroscopic examples in the United States

22:00 NAHB real estate market index for April

At 04:00 the next day, Federal Reserve Chairman Brad of St. Louis talked about economic and monetary policy.