Global macro

• Before Wednesday's trading, the three major stock index futures groups of US stocksPull up

• European stocks strengthened collectively on Wednesday, with most of the major stock indexes rising more than 1%.

• The average mortgage rate in the United States rose to 5.2% in the last week, a 12-year high.

Us mortgage applications fell for the sixth straight week, with mortgage rates climbing to 12-year highs, putting pressure on home purchases and refinancing. The mortgage bankers association (MBA) said on Wednesday that the mortgage application index fell 5 per cent to 374 in the week ended April 15, the lowest level since February 2019. The average contract rate on 30-year fixed-rate mortgages rose 7 basis points to 5.2 per cent, the highest level since April 2010, MBA said. Over the past eight weeks, the interest rate has climbed 1.14 percentage points, the fastest pace since 2003. The real interest rate, including the compound interest effect, rose to 5.39%.

• Putin: with the help of Russia, peace can be achieved in the Donbass region.

Russian President Vladimir Putin, presiding over a meeting of representatives of the non-profit organization Russia-A country of opportunity, said that the tragic events in the Donbass region forced Russia to carry out special military operations in Ukraine so that the lives of the people of Donbass could return to normal. Putin believes that with the help of Russia, peace can be achieved in the Donbass region.

• The relevant committee of the Russian State Duma will study the necessity for Russia to remain in international organizations such as the World Trade Organization.

Volodin, chairman of the Russian State Duma, ordered the relevant committees of the Russian State Duma to study the need for Russia to remain in the World Trade Organization (WTO), the International Monetary Fund (IMF) and the World Health Organization (WHO). Volodin said a decision needs to be made after a professional assessment of the benefits and losses of Russia's continued presence in these organizations.

• Bank of America strategist: recommends long 10-year US Treasuries with a yield target of 2.25%

Bank of America Corporation, a strategist including Ralph Axel, wrote in a note to clients that the current 10-year yield level is "an eye-catching position, recommending long 10-year Treasuries within three months". Analysts say forecasts show that inflation will peak this quarter and fall steadily by 2023. We believe this will reduce the panic over inflation and allow interest rates to fall. It is recommended to establish bulls at 2.83%, with a target of 2.25% and a stop at 3.10%; the current level is about 2.89%.

• Interest rate analyst Garfield Reynolds: continue to be bullish on Dollar and Treasury yields

The rapid rise of USD/JPY against the yen has attracted market attention, but this is only the appearance that the rapid rise in US bond yields has led to the strengthening of the dollar. The dollar is expected to continue to rise until Fed hawks begin to hint that the phase of rapid rate hikes is coming to an end. The 10-year yield premium over G7 bonds jumped this month to its highest level since 2019, and given that the recent rise has been driven by higher real yields rather than inflationary expectations, yields are unlikely to stabilize. Swap traders are almost certain that the Fed will raise interest rates by at least 50 basis points in a row for the first time since 1984, so they continue to be bullish on dollar and Treasury yields.

• The war between Russia and Ukraine aggravated the shortage of parts and chips, and car sales in Europe fell for nine months in a row.

European car sales fell for the ninth month in a row year-on-year in March, according to figures released by the European Association of Automobile Manufacturers. Against a backdrop of already tight supply chains, the war between Russia and Ukraine further weakened the supply chain and triggered record inflation, limiting the capacity of car companies and dampening market demand. New car registrations in Europe fell 19% year-on-year to 1.13 million in March due to underproduction of semiconductors and other parts, the Association of European Automobile Manufacturers said.

Hot news

• Tesla, Inc. responded that used cars are more expensive: you have to wait at least three months for a new car.

据$Tesla, Inc. (TSLA.US) $According to the official website, Tesla, Inc. 's official used car is more expensive than the new car: a Tesla, Inc. 2021 Model3 second-hand certified price of 287400 in Shenyang, while the new 2022 Model3 sold on Tesla, Inc. 's official website costs 279900. Tesla, Inc. (TSLA.O) customer service said that it is indeed the official website pricing, for the current market prices, new cars now have to wait at least three months.

• ARKK has plummeted more than 60% from its peak, leaving only one stock up

According to a report released on Tuesday by Bespoke Investment Group, a New York investment firm, Cathy Wood's flagship fund$ARK Innovation ETF (ARKK.US) $It has fallen by more than 60 per cent since its all-time high in February 2021. Shares held by the fund are down an average of 40.8% this year, down an average of 70% from their five-year highs. So far, only one stock has recorded an increase this year.$Signify Health (SGFY.US) $. The largest position of the fund is$Tesla, Inc. (TSLA.US) $Down 18.4% since its peak on November 4, 2021 and 5% so far this year; the second largest stock$Zoom Video Communications Inc (ZM.US) $It has fallen nearly 82 per cent since its five-year high and 43 per cent so far this year. The team points out that ARKK's holdings need to climb an average of 348% to return to their previous highs.

• Netflix Inc's US stock fell more than 27% before trading, and the financial report showed that its first-quarter results were lower than expected.

$Netflix Inc (NFLX.US) $In the first quarter, revenue was $7.87 billion and net profit was $1.597 billion. The number of paying users of streaming media decreased by 200000, while the market is expected to increase by 2.5 million. The number of paying users of streaming media is expected to decrease by 2 million in the second quarter, while the market is expected to increase by 2.4 million. After two consecutive quarters of thunderous results, there was a 25% leak after the release of the four Seasons report last year. The net loss of subscribers in the first quarter for the first time since 2011 worried that it would continue to decline by 2 million in the second quarter and fell to its lowest level since the end of 2018, dragging down streaming and technology stocks. First-quarter revenue was lower than expected, EPS fell year-on-year, company "pot" epidemic, inflation, increased competition, more than 100m households shared accounts and pulled out of Russia.

• Asmai rose nearly 6% before the market. Q1 revenue and profit exceeded expectations, and CEO expects annual revenue to grow by 20%.

$ASML Holding NV (ASML.US) $Net bookings for the first quarter were 7 billion euros, including 2.5 billion euros from 0.33NA and 0.55NA EUV systems, as well as very strong DUV bookings, reflecting the continued high demand for advanced and mature nodes.

• IBM's revenue grew by nearly 8% in the first quarter.

After Tuesday's trading, technology services company IBM reported quarterly revenue of $14.2 billion, up 7.7% from $13.187 billion in the same period last year, higher than analysts' expectations of $13.85 billion, and adjusted earnings per share (EPS) of $1.40, higher than analysts' expectations of $1.38. As of press time, the company was up 2.10% before trading. IBM said that the first quarter was the first full quarter since the company spun off Kyndryl. More than 8 percent of the increase in software sales came from selling software to Kyndryl, and more than 5 percent of the total revenue came from sales to Kyndryl.

• Industry insiders: demand for iPhone 13 is still higher than that of previous generations, but iPhone SE is lower than expected

According to the latest operator data, although the market demand for iPhone SE is weaker than expected,$Apple Inc (AAPL.US) $Sales of its iPhone 13 are still better than in past cycles. A survey of US carrier channels by JPMorgan Chase & Co analyst Samik Chatterjee shows that iPhone's share improved in March$Verizon Communications Inc (VZ.US) $、$AT&T Inc (T.US) $和$T-Mobile US (TMUS.US) $IPhone accounted for at least 60 per cent of shipments by the big three operators in March. But analysts' surveys show that demand for iPhoneSE is lower than expected, and representatives of some operators even believe that demand is not as good as the second-generation iPhoneSE launched in 2020.

• The largest pension fund in the United States opposes Buffett's continued tenure as chairman of Berkshire

The California Civil Service Retirement Fund (CalPERS), the largest US public pension fund, said on Tuesday that it would vote for a shareholder proposal by Berkshire Hathaway (Berkshire Hathaway Inc) that Buffett would no longer serve as chairman of Berkshire, but would remain as CEO of the company. It is reported that the starting point of the proposal is to avoid a person serving as chairman and CEO at the same time, thereby weakening corporate governance. Berkshire's board has previously expressed opposition to the proposal. The company has said that when Mr Buffett ceases to run the company in the future, someone other than management should serve as chairman, but as long as the billionaire remains in the company, he should remain chairman and CEO.

• People familiar with the matter: on Semet China factory goods will still be distributed through the Singapore distribution center.

A person familiar with the matter told reportersOn Semiconductor (ON.US) $There are three factories in China, which are located in Leshan, Suzhou and Shenzhen, Sichuan. CGDC (China Global Distribution Center), China's global distribution center in Shanghai, is responsible for collecting and distributing products from these three factories to the world, but it is not yet fully operational. Goods from the three major Chinese factories will still be sent to the distribution centre in SGDC for subsequent distribution. Today, on Senmei issued a notice saying that China's global distribution centers had to be closed due to the epidemic in Shanghai.

• Procter & Gamble Co raises revenue forecast for the whole year, but warns that inflation erodes profits

Before trading on Wednesday, consumer giant Procter & Gamble Co reported first-quarter results, with revenue rising 7 per cent to $19.38 billion, with analysts expecting $18.73 billion and earnings per share of $1.33, also higher than analysts' expectations. From the specific classification, even if affected by the price increase, Procter & Gamble Co's health care and cleaning products are still favored by consumers. Driven by strong demand, Procter & Gamble Co raised his forecast for revenue growth for fiscal 2022 by 1 to 4-5 per cent, but warned that profit growth would be at the lower end of the 3-6 per cent guidance.

• Rio Tinto PLC: iron ore shipments are expected to drop by 15% in the first quarter

$Rio Tinto PLC (RIO.US) $Iron ore production and sales fell in the first quarter compared with the previous quarter, but the company said production will increase in the second half of the year and full-year shipments are expected to remain unchanged. The total output of its iron ore business in the Pilbara region of western Australia in the three months ended March 31 was 71.7 million tons, down 6% from a year earlier, and total shipments were 71.5 million tons, down 15% from the previous quarter and 8% from a year earlier, the company said in a statement on Wednesday.

• Taiwan Semiconductor Manufacturing Co Ltd issues four kinds of US dollar bonds to raise US $3.5 billion

According to reports,$Taiwan Semiconductor Manufacturing Co Ltd (TSM.US) $Four bonds will be sold to raise $3.5 billion. This is Taiwan Semiconductor Manufacturing Co Ltd's first dollar bond issue since October last year. It is reported that the bonds range from five to 30 years, of which the five-year bonds are priced at 100 basis points plus the same-year Treasuries. 7 -, 10-and 30-year dollar bonds are priced at 120, 135 and 150 basis points, respectively.

Focus on China-listed stocks

• Hot Chinese stocks fluctuated before the session.

• Li Auto Inc.: supply chain affects April production, and delivery of some orders is delayed.

Since the end of March, due to the requirements of epidemic prevention and control, some of Li Auto Inc. 's supply chain enterprises located in Jiangsu, Zhejiang and Shanghai have been unable to supply. Li Auto Inc. responded: the situation had a great impact on Li Auto Inc. 's production in April, resulting in delays in the delivery of new cars for some users.

Pre-market turnover of US stocks TOP20

A reminder of macroscopic examples in the United States

April 20th

20:30 Total sales of existing homes in the United States in March

Evans, chairman of the Chicago Federal Reserve, delivered a speech on EIA crude Oil inventory in the week from 22:30 to April 15.

23:25 San Francisco Fed Chairman Daley delivered a speech

April 21

01:00, Atlanta Fed Chairman Bostick delivered a speech.

02:00 the Federal Reserve releases its beige book on the state of the economy

API crude Oil inventory for the week from 04:00 to 15 April