Global macro

• Before Thursday's trading, the futures of the three major US stock indexes were all down more than 1%.

As of press time, Nasdaq futures are down 1.19%, S & P 500 futures are down 1.17%, and Dow futures are down 1.14%.

European stocks fell collectively. As of press time, Germany's DAX30 index fell 1.61%, Britain's FTSE 100 index fell 2.16%, France's CAC40 index fell 1.8%, and the European Stoxx 50 index fell 2%.

• Wall Street boss's astonishing prediction: the Nasdaq has plummeted 75% from its peak

Scott Minerd, chief investment officer of asset management giant Guggenheim, said investors were expected to experience "a terrible summer and autumn". In the second half of the year, the Nasdaq composite index will collapse, down 75 per cent from its peak on November 19 last year (down about 28 per cent now), while the S & P 500 is down 45 per cent from its peak on January 3, 2022 (down 18 per cent now).

Jeremy Grantham, a legendary investor and co-founder and chief strategist at GMO who successfully predicted two market crashes, takes a similar view. He believes that the collapse of US stocks is ostensibly similar to the bursting of the dotcom bubble in 2000, and the S & P 500 is expected to continue to fall, or 40 per cent below its peak.

• Warnings come one after another! Goldman Sachs Group CEO said that the United States is at risk of recession, and Xiaomo also lowered its forecast.

Goldman CEO Solomon said the bank's customers were preparing for slowing economic growth and falling asset prices, all because of the burden placed on the economy by "extremely punitive" inflation. "the economy is likely to fall into recession," he said, citing estimates by economists such as his company JanHatzius that the risk of a recession over the next 12 to 24 months is at least 30 per cent.

Xiaomo's economists also lowered their forecasts for the US economy this year and next, lowering their growth forecast for the second half of 2022 from 3 per cent to 2.4 per cent, from 2.1 per cent to 1.5 per cent for the first half of 2023, and from 1.4 per cent to 1 per cent for the second half of 2023.

• "wooden Sister": Walmart Inc's inventory soars and consumer confidence weakens, indicating that inflation will slow down.

Cathy Wood, founder of Ark Investment Management, said on Thursday that "explosive" growth in inventories at major retailers such as Walmart Inc and Target Corp, coupled with falling US consumer confidence, heralded an imminent slowdown in inflation.

Mr Wood believes consumers are "resisting a decline in purchasing power" by reducing spending, adding that supply chain bottlenecks associated with rising inflation may be caused by too many orders from companies.

• Does the price of gold still fall? There are signs that the central bank is selling gold.

Gold stored in the Bank of England has been traded at a low price in recent days, suggesting that central banks may be reducing some of their gold holdings, according to Bloomberg. London and New York are the most important cities for gold trading in the world. Because it is not easy to transport and reserve large quantities of gold, the central banks of some countries deposit their gold reserves in the vaults of the Federal Reserve or the Bank of England. Traders say such a large discount usually indicates that large financial institutions such as the central bank are selling a significant amount of gold reserves to raise dollars or other currencies.

• JPMorgan Chase & Co Asset Management said: the most serious slaughter of US debt may be over at present.

Seamus Mac Gorain, head of global interest rates at JPMorgan Chase & Co Asset Management, said the worst part of the slaughter that enveloped the world's largest bond market may have come to an end. He said the market had now largely digested expectations of a sharp rise in US interest rates to combat the highest inflation in 40 years. Even if yields continue to climb, he says, most of the painful losses are over. Treasury yields may continue to rise, perhaps as high as 3.25%. But he believes that considerable corrections have taken place.

• The Indian state-owned oil company intends to "take over" some of the shares of Shell and BP in Russia.

ONGC, an Indian state-owned company, is still considering whether to bid and acquire stakes in several Russian oil and gas fields by western companies after its first bid for a 50 per cent stake in shell's Salym field in Siberia was rejected, according to sources quoted by the Economic Times. ONGC said it was evaluating a bid for 27.5 per cent of Shell's stake in Sakhalin-II and 30 per cent of Exxon Mobil Corp's stake in Sakhalin-I, which it hopes to buy at a lower price.

Hot news

• Star technology stocks fell before the market.
  

• Tesla, Inc. fell nearly 2% before trading and was removed from the S & P 500 ESG index.

$Tesla, Inc. (TSLA.US) $It fell 1.76% to $697.35 in pre-market trading. In news, Tesla, Inc. was removed from the S & P 500 ESG index. Mararet Dorn, senior director of S & P Jones North American ESG Index, said: "while Tesla, Inc. may have played his own role in driving the exit of fuel vehicles, from a broader ESG (environmental, social and governance) perspective, it has lagged behind its peers. "

In response, Musk tweeted: "Exxon Mobil Corp has been ranked by the S & P 500 in the top 10 of the global ESG, but Tesla, Inc. has not been on the list!" and called ESG a hoax.

• Tesla, Inc., "the best retail investor", called for a huge repurchase plan to be announced immediately.

Billionaire Leo Koguan (Liao Kaiyuan), known as Tesla, Inc. 's "best retail investor", called on social media on Thursday that Tesla, Inc. should immediately announce plans to buy back $5 billion in shares this year and $10 billion next year, given the company's falling share price. Mr Liao also said Tesla, Inc. should use his free cash flow to invest in buybacks to avoid using the company's existing $18 billion cash reserves.

• Cisco Systems fell more than 11% before trading, and his performance in the first quarter was lower than expected.

Network equipment giant$Cisco Systems (CSCO.US) $It fell 11.68% before trading. The company reported earnings per share excluding income from one-time items and revenue of $12.8 billion for the quarter ended April 30. Analysts surveyed by Refinitiv had expected earnings of 86 cents a share on revenue of $13.34 billion. Cisco Systems expects fourth-quarter adjusted earnings per share of 76 cents to 84 cents, while revenue fell 1% to 5.5% from a year earlier. Analysts had expected earnings per share of 92 cents and revenue of $13.87 billion, up about 6 per cent from a year earlier.

• Target Corp continued yesterday's decline before the session, halving his profit in the first quarter.

$Target Corp (TGT.US) $It fell nearly 1% before trading, after the retail giant reported results for the first quarter of fiscal 2022 on Wednesday. The company's net profit fell more than 50% year-on-year. Target Corp also warned that profit margins for the whole of 2022 were expected to take a bigger hit because fuel and freight costs were higher than expected and there were clear signs that inflation would be difficult to ease in the short term. Target Corp shares fell 24.93% by the close of trading on May 18, the biggest one-day drop since the global stock market crash of 1987, Black Monday.

• Cole fell more than 8% before trading, and adjusted earnings per share of $0.11 in the first quarter were lower than expected.

$Cole department store (KSS.US) $It fell 8.46% to $39.48 in pre-market trading. The company reported pre-market results of adjusted earnings per share of $0.11 in the first quarter and an estimate of $0.71. Net sales for the first quarter were $3.47 billion, with an estimated $3.71 billion. Full-year adjusted earnings per share are expected to be $6.45 to $6.85, compared with an estimated $7.03.

• Chile's mining industry rose by more than 3% before trading. Q1 revenue increased by 282%.

$Chile Mining and Chemical Industry (SQM.US) $It rose 3.69% before trading, and the company announced its financial results for the first quarter of 2022. The company's Q1 revenue was $2.02 billion, up 282% from $529 million a year earlier, net profit was $796 million, compared with $68 million a year earlier, and earnings per share was $2.79, compared with $0.26 a year earlier, according to the results. Gross profit was $1.165 billion, compared with $137 million in the same period last year; gross profit margin was 57.7%, compared with 25.9% in the same period last year. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $1.186 billion, compared with $165 million in the same period last year.

• Faraday rose before the market, and the company announced the opening of its flagship brand experience center in California.

$Faraday Future Intelligent Electric Inc. (FFIE.US) $It rose nearly 5% to $3.27 in pre-market trading. Faraday will announce the opening of its flagship brand experience center in Beverly Hills, California, and will continue to deliver its flagship electric car FF 91 in the third quarter of 2022 as planned.

Focus on China-listed stocks

• Hot Chinese stocks fluctuated before the session.

• XIAOMI's Q1 revenue was 73.352 billion yuan, down 4.6% from the same period last year.

$XIAOMI Group (ADR) (XIACY.US) $According to the results for the three months ended March 31, 2022, the group earned an income of RMB 73.352 billion (the same as the unit below), down 4.6% from a year earlier; gross profit was 12.71 billion yuanDown 10.2% from the same period last yearThe R & D expenditure was 3.495 billion yuan, and the adjusted net profit was 2.859 billion yuan, down 52.9 percent from the same period last year.

• Canaan Inc's revenue rose by more than 11% before trading, and Q1 revenue increased by 236.7% compared with the same period last year.

$Canaan Inc (CAN.US) $It rose 11.15% to $3.49 in pre-market trading. The company previously announced its first-quarter results, with revenue of 1.36 billion yuan, an increase of 236.7% over the same period last year, and a net profit of 441.6 million yuan, compared with 1.2 million yuan in the same period last year.

• Only the price fell before the meeting, and the Q1 financial report fell short of expectations.

Only the market fell more than 6% before trading. According to the financial report, Vipshop Holdings Limited's revenue in the first quarter was 25.2 billion yuan, down 11.0% from the same period last year, lower than the market expectation of 25.74 billion yuan. The adjusted operating income in the first quarter was 1.5 billion yuan, lower than the market expectation of 1.4 billion yuan. The net profit in the first quarter was 1.096 billion yuan, down 29.1% from the same period last year.

Pre-market turnover of US stocks TOP20

Reminder of American Macro Calendar

Number of Americans claiming unemployment benefits in the week from 20:30 to May 14 (10,000)

20:30 Philadelphia Federal Reserve Manufacturing Index for May

22:00 Total annualized sales of existing homes in the United States in April (10,000 households)

EIA natural gas stocks in the United States for the week from 22:30 to 13 May (100 million cubic feet)