Hot spot information
LPR quotation released in May: unchanged for 1 year and reduced by 15 basis points for 5 years
In May, LPR ushered in a higher-than-expected interest rate cut. On May 20, the people's Bank of China authorized the National Interbank lending Center to announce that the quoted interest rate (LPR) of the latest loan market is 3.7% for one-year LPR, unchanged, and 4.45% for more than five-year LPR, which is lower than that of April. The analysis points out that the quotation of LPR in May has obviously exceeded market expectations: first, among the two maturity LPR, only the five-year LPR linked to housing loans has declined, showing an obvious direction; second, the decline has exceeded expectations, and more than five-year LPR has fallen by 15 basis points for the first time since the LPR reform in August 2019.
Liu he: supporting the sustained and healthy development of platform economy and private economy
The CPPCC National Committee held a special consultation on "promoting the sustained and healthy Development of the Digital economy" in Beijing on the 17th. Among them, Liu he, member of the political Bureau of the CPC Central Committee and vice premier of the State Council, attended the meeting and delivered a speech. He pointed out that the global digital economy is showing new features such as intelligence, quantization and cross-border integration. We should strive to adapt to the omni-directional changes brought about by the digital economy, do a good job in the battle of key core technologies, support the sustained and healthy development of the platform economy and the private economy, properly handle the relationship between the government and the market, and support the listing of digital enterprises in domestic and foreign capital markets. Open to promote competition, competition to promote innovation.
The growth rate of the main indicators of the economy changed from rising to falling or declined somewhat in April.
China's main economic data were released in April, and due to the impact of the domestic epidemic that was significantly higher than expected, the growth rate of the main economic indicators changed from rising to falling or declined somewhat in April. Of this total, investment in fixed assets fell by 0.82% month-on-month, retail sales of consumer goods decreased by 11.1%, and the added value of industries above scale dropped 2.9% from the same period last year. Fu Linghui, spokesman for the National Bureau of Statistics, said that the epidemic in April had a great impact on economic operation, but the impact was short-term and external, and the fundamentals of China's economic stability and long-term improvement remained unchanged. China's economy can overcome the impact of the epidemic and gradually stabilize and pick up.
Powell reiterated the possibility of raising interest rates by 50 basis points, stressed continued action to combat inflation, and admitted that the rate increase may be too late.
Federal Reserve Chairman Powell reiterated that the Fed may continue to raise interest rates by 50 basis points in the future, and stressed its determination to continue to raise interest rates to combat high inflation. It said the Fed would continue to act until inflation fell significantly and would not hesitate to raise interest rates above neutral rates if necessary. After Thursday, Powell again acknowledged the pain of reducing inflation, saying that interest rates might have been raised earlier, but that the economy could withstand the effects of tighter money, even if unemployment rose in the short term.
Gasoline prices in all states in the United States exceeded $4 per gallon for the first time.
Retail gasoline prices in all states have risen above $4 a gallon for the first time in history, according to AAA. California is the most expensive, with an average of $6.021 a gallon, an all-time high, with prices above $5 in five other states.
The default rate of subprime loans in the United States continues to rise
Ai Kefei, a US consumer credit reporting agency, says the proportion of US subprime credit cards and personal loans overdue for more than 60 days is rising faster than normal. The subprime default rate rose for the eighth month in a row in the year to March, reflecting the end of the healthiest period of consumer finance in the United States.
Global economic growth will fall to 3.1% in 2022.
The United Nations released the World Economic situation and prospects for the year 2022. Global economic growth slowed to 3.1 per cent in 2022, down from the 4 per cent forecast released in January 2022, according to the report. The report expects global inflation to rise to 6.7 per cent in 2022, double the average of 2.9 per cent between 2010 and 2020, and food and energy prices will rise sharply.
JPMorgan Chase & Co collectively upgraded the ratings of a number of Chinese Internet companies
JPMorgan Chase & Co collectively upgraded the ratings of a number of Chinese Internet companies and sharply raised their target prices. Among them, Tencent, BABA, Meituan, Pinduoduo, NetEase, Inc, as well as iQIYI, Inc., Dada, Dingdong and other ratings were upgraded to overmatch, and JD.com, Baidu, KE Holdings Inc, Bilibili, Zhihu Inc. and other ratings were upgraded to neutral.
The trend became dramatic, and the Dow recorded the longest consecutive decline in nearly a century.
As fears of a US recession persist and options expire, US stocks acted like a roller coaster on Friday. At the start of the session, the S & P 500 fell into a bear market, the Dow fell more than 600 points, and the Nasdaq fell more than 2% at one point. However, there was a dramatic reversal in late trading, and the three major stock indexes rose one after another.
By the close, the Dow was up 0.03%, down 2.9% this week, the longest losing streak since 1923; the Nasdaq closed down 0.3%, down 3.82% this week, making the weekly line seven consecutive declines; the S & P 500 rose 0.01%, down 3.04% this week, making it the longest weekly decline since 2001.
Review of the market
Daxing looks at the market
Blackrock: the Federal Reserve is facing a dilemma, and US stocks are still a better choice than US bonds.
Blackrock, the world's largest asset management company, said in his weekly reportWe have recently reduced our position in risky assets, but we are still choosing stocks over bonds. In Blackrock's view, current share prices largely reflect the deteriorating US macro outlook and the tough stance of the Federal Reserve.
look into the future,Blackrock said that he would continue to increase his holdings of stocks and reduce his holdings of bonds, but has now reduced his position in risky assets.. The resumption of economic activity remains strong, especially in the US. As a result, Blackrock believes that there will be no recession in the future, preferring stocks in developed markets, especially those in the United States and Japan. Blackrock especially likes companies with strong cash flow and balance sheets. If the risk of the Fed putting on the brakes on the economy becomes a reality and triggers a substantial slowdown, Blackrock will be more pessimistic about the stock market.
Many familiesWell-known sovereign fundOverweight Internet Technology Company
It is reported that the well-known sovereign fund Saudi Arabia Public Investment Fund (PIF) released 13F position report.PIF increased its positions in a number of Internet technology companies, such as BABA, in the first quarter of this year.In addition, giants such as Goldman Sachs Group, Qiaoshui, Fidelity International and Jinglin assets also significantly increased their positions in the Chinese Internet company in the first quarter. There are more and more signs that foreign interest in China's core assets has not waned, and the phased market adjustment gives a rare opportunity to increase positions.
According to the latest position report submitted by the Bridge Water Fund to the Securities and Exchange Commission (SEC), the Bridge Water Fund increased its holdings of BABA by 3.2122 million shares in the first quarter of 2022, the highest increase in a single quarter, with an increase of 75%, the number of shares rose to 7.48 million shares, and the market value of the position reached $814 million, making it the sixth largest stock. Increase the holding of 2.2775 million shares of Pinduoduo, an increase of more than 85%, the number of shares increased to 4.9394 million shares, with a market value of $198 million; and the holding of 376600 shares of Baidu, Inc., an increase of 50%, with a market value of $149 million.
But Qiaoshui reduced its stake in JD.com by 19% in the first quarter, reducing its market capitalization to $124 million. In addition, the Bridge Water Fund directly cleared Tesla, Inc. in the first quarter.
In March, Fidelity's China Consumer Power Fund significantly increased its holdings in Internet stocks such as Meituan and JD.com by 20.27% and 10.22%, respectively, with a market capitalization of $180 million and $139 million, respectively, according to Morningstar.
The fund's first and second largest stocks are Tencent and BABA, which also increased their positions slightly in March by 4.26% and 0.96%, respectively.
In the first quarter of 2022, hundreds of billions of private equity giants-Jinglin assets also substantially increased the position of US-listed stocks. Specifically, it increased its positions in NetEase, Inc, KE Holdings Inc., JD.com and KANZHUN LIMITED, and the number of positions increased to 827000 shares, 10.88 million shares, 3.087 million shares and 1.521 million shares respectively, and NetEase, Inc, KE Holdings Inc. and JD.com rose to the first, second and third largest positions respectively.