Global macro

• Before Monday's trading, the futures of the three major stock indexes of US stocks fell generally.

The futures of the three major stock indexes in the United States are mixed. As of press time, Nasdaq futures fell 0.18%, S & P 500 futures fell 0.08%, and Dow futures rose 0.07%.

Most European stocks fell. As of press time, Germany's DAX30 index fell 0.69%, Britain's FTSE 100 index fell 0.07%, France's CAC40 index fell 0.37%, and Europe's Stoxx 50 index fell 0.64%.

• Morgan Stanley: us stocks will continue to fall, but a bear market rebound is coming.

Morgan Stanley, a strategist led by Michael Wilson, wrote in a note on Monday: "with valuations now more attractive, the stock market so oversold and interest rates likely to stabilize below 3 per cent, stocks seem to have begun another substantial bear market rally. After that, we still think the lower price is still ahead. "

Although recession is not the basic assumption of Wilson, he points out that "the risk of recession has increased significantly." This is just another reason why the stock risk premium is too low, and in our view, the stock price is still too high. "

• Big retailers reported earnings this week.

In the coming week, investors will continue to look for clues to the Fed's path to raise interest rates from economic reports and comments from Fed officials. Federal Reserve Chairman Powell (Jerome Powell) is scheduled to give an interview with the media on Tuesday afternoon Eastern time. For now, the market expects interest rates to rise by 50 basis points at the June meeting and another 50 basis points in July.

Walmart Inc, The Home Depot Inc and Target Corp will report results this week, which could provide insight into the impact of inflation on consumer spending and attitudes.

• Bank of America: American companies are sitting on $7.1 trillion in cash, giving some to shareholders to save the stock market

Us companies can save the stock market by returning a large portion of their $7.1 trillion in cash reserves to investors through dividends and share buybacks, Bank of America Corporation said in a new report.

Share buybacks and dividend payouts by US companies are at a 12-year low, according to JPMorgan Chase & Co. Bank of America Corporation said, "for the first time since the COVID-19 outbreak, investors want more dividends / cash payments than capital expenditure, and our analysts are more concerned about free cash flow for payments than ever before. "

• JPMorgan Chase & Co upgraded the rating of Chinese stocks across the board.

JPMorgan Chase & Co analysts, who had previously released controversial research reports, began to be bullish on US-listed stocks, focusing on upgrading the ratings of large Internet companies such as JD.com Group, BABA and Baidu, Inc. today. China's Internet industry is emerging from rising uncertainty and will be driven by short-term and long-term fundamentals, so the company's share price may rise higher than expected, Alex Yao said in its latest research report on May 16.

• Still waiting for US stocks to rebound in the second quarter? More than half of the traders are pessimistic

A survey of traders by Charles Schwab Corp, a financial services company, found that more than half of the respondents expected a major correction in US stocks in the second quarter of this year, while fewer than 1/3 thought the stock market would perform well. The survey found that inflation is the biggest concern for traders. Most people (68%) expect inflation to ease by 2024, while 32% expect it to subside in or after 2024.

However, despite the pessimistic mood, these traders still see investment opportunities in the stock market. Respondents were most optimistic about energy (70%), utilities (54%), materials (51%) and health care (51%).

• After India and other countries impose export restrictions, the United States and Europe will cooperate to improve the food supply chain.

According to reports, EU Trade Commissioner Valdis Dombrovskis said in a recent interview that the United States and the European Union are studying how to improve the food supply chain as export restrictions from India and other countries exacerbate the global food problem.

It is understood that the foreign ministers of the Group of Seven warned over the weekend that the conflict between Russia and Ukraine was increasing the risk of a global food crisis because Ukraine had been unable to export grains, fertilizers and vegetable oils, and the conflict had also damaged farmland and interfered with the normal planting season. India announced a ban on wheat exports on Saturday, citing "to manage the country's overall food security".

• Affected by the war between Russia and Ukraine, the European Union falls into the euro zone and forecasts economic growth this year and next year.

The European Commission expects the conflict in Ukraine to slow eurozone economic growth to 2.7 per cent in 2022, compared with a forecast of 4.0 per cent in February. The European Commission also cut its forecast for eurozone economic growth in 2023 to 2.3% from 2.7% in February. The eurozone's total budget deficit is expected to fall to 3.7 per cent of GDP by 2022 from 5.1 per cent last year and further to 2.5 per cent by 2023. Inflation is expected to be 6.1 per cent this year, 3.5 per cent in February and 2.7 per cent next year, well above the ECB's target.

Hot news

• Most US star technology stocks fell before Monday's trading.

• Musk announced to shelve the acquisition for the time being, down more than 2% before Twitter.

$Twitter (TWTR.US) $After falling more than 6 per cent before trading, it is now down more than 2 per cent. The stock closed down nearly 10% on Friday. Mr Musk tweeted on Friday that the Twitter deal was put on hold because it was waiting for details to prove that "spam / fake accounts do account for less than 5 per cent of users' calculations". He later added that he was still committed to acquisitions (Twitter). However, Musk later said, I haven't seen any analysis showing that the proportion of spam / fake accounts on Twitter is less than 5%.

• Tesla, Inc. recalls some domestic Model 3 and Model Y electric vehicles

$Tesla, Inc. (TSLA.US) $It was down 0.21 percent at $768 in pre-market trading. In the news, Tesla, Inc. (Shanghai) Co., Ltd. filed the recall plan with the State Administration of Market Supervision and Administration. Since May 23, 2022, a total of 107293 domestic Model 3 and Model Y electric vehicles with production dates from October 19, 2021 to April 26, 2022 have been recalled.

• Spirit rose sharply before the session, and JetBlue plans to make a cash offer of $30 per share.

$Spirit Airlines (SAVE.US) $It rose 14.25% to $19.4 in pre-market trading. According to the Wall Street Journal,$JetBlue (JBLU.US) $It plans to make a cash offer for Spirit Airlines at $30 a share.

• Faraday rose before the market in the future, and the company is still confident that Q3 will deliver FF 91.

$Faraday Future Intelligent Electric Inc. (FFIE.US) $rose more than 3% before trading.Faraday's full-year operating expenses for the next 2021 were $354 million, compared with $65 million the previous year, and a net loss of $517 million, compared with $147 million a year earlier, according to the results. In addition, Faraday's future cash balance was $505 million as at 31 December 2021 and $276 million as at 31 March 2022.In addition, Bifukang, the company's global CEO, said it was still confident that the FF 91 would be delivered in the third quarter of this year.

• McDonald's Corp decided to withdraw after operating in Russia for more than 30 years.

After more than 30 years of operation in Russia$McDonald's Corp (MCD.US) $Said it would withdraw from the Russian market and write off US $12-1.4 billion for this purpose. McDonald's Corp said he had started the process of selling his Russian business; local stores had been temporarily closed earlier. The company said the humanitarian crisis and unpredictable operating environment in Ukraine under the Russian-Ukrainian conflict meant that operating in Russia was no longer feasible and was not in line with McDonald's Corp's values.

• SoFi Technologies rose nearly 5% before trading and was increased by the company's directors.

It rose 19% in the last trading day.$SoFi Technologies (SOFI.US) $It rose another 4.89% to $7.08 before trading. Data show that the stock was bought 39000 shares by director Noto Anthony on May 13.

• EU plans to terminate VLA2001 purchase Agreement for Valneva COVID-19 Vaccine

$Valneva (VALN.US) $The European Commission (EC) intends to terminate its advance purchase Agreement (APA) for the company's inactivated Covid-19 whole virus vaccine VLA2001, it said. It is reported that in November 2021, Valneva signed a pre-purchase agreement with the European Commission to provide up to 60 million doses of vaccine within two years, including 24.3 million doses by 2022. Valneva said that under the terms of APA, the company has 30 days from May 13, 2022 to obtain listing permission or propose an acceptable remedial plan. The company added that it had submitted a response to EMA's latest request on May 2. The stock was down more than 20% before trading.

Focus on China-listed stocks

• Popular US-listed stocks rose before the session.

• NIO Inc. pulled up before the market, and the starting price of the ET7 model will be raised by 10, 000 yuan.

$NIO Inc. (NIO.US) $It rose 3.77% to $14.85 before trading. The company said on Friday that due to the recent continuous rise in global raw material prices, NIO Inc. will adjust the price of ET7 from May 23, 2022: the starting price of all ET7 models will be increased by 10000 yuan; users who pay ET7 deposit before May 22 and pick up the car within 2022 can buy according to the pre-adjustment price.

• The continuous layout of meta-universe, iQiyi rose nearly 4% in front of the market.

$iQIYI, Inc. (IQ.US) $It rose 3.7% to $3.08 before trading. The company will release the digital collection of members of the virtual idol brand RiCH   BOOM, which is also a strong signal that iQIYI, Inc. will continue to expand the value of IP and explore a new space in meta-universe. Today, the digital collection of PAPA is open for purchase and auction, and the digital collection of K-ONE and Rainbow will be launched on May 17 and May 18, respectively.

Pre-market turnover of US stocks TOP20

Reminder of American Macro Calendar

20:30 New York Federal Reserve Manufacturing Index for May

20:55 Williams, chairman of the FOMC permanent vote Committee and New York Federal Reserve, delivered a speech.

22:15 speeches were made by Bank of England Governor Pele, Deputy Governor Ramsden, members Haskell and Sanders