Global macro

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

  

• The market is holding its breath! Federal Reserve Chairman Powell and Vice Chairman Brainard will speak tonight.

According to the schedule, Federal Reserve Chairman Powell will deliver an opening speech at the event "Fed listens: transition to a backward epidemic economy" at 2 a.m. Beijing time on Saturday. At 02:05 Beijing time on Saturday, Federal Reserve Vice Chairman Brainard and Federal Reserve Governor Bowman will also host a dialogue with leaders of a number of industry organizations. Although Mr Powell's wording is not expected to change much after just two days, any move is undoubtedly likely to attract market attention at a time when the world is highly sensitive to central bank policy.

• Goldman Sachs Group finally emptied more! Sharply lower the target price of US stocks, which is expected to fall by another 4% by the end of the year.

At a time when US inflation is cooling less than expected and the Federal Reserve continues to raise interest rates, Goldman Sachs Group, who had been optimistic about US stocks, also had to bow his head and admit his mistake and sharply cut the target price of US stocks. On Thursday, Goldman Sachs Group lowered the year-end target price of the S & P to 3600 from a previous forecast of 4300, saying a sharp shift in the upside outlook for interest rates would weigh on US stock valuations. That means Goldman Sachs Group expects US stocks to continue to fall by more than 4 per cent for the rest of the year.

• Still cheering for Powell? Yellen: the Fed can curb inflation without crushing jobs

Us Treasury Secretary Yellen said on Thursday that despite growing concerns about the economic outlook, she believed the Fed could contain inflation without crushing the US labour market. Yellen said at an event in Washington that day, "I believe there is a way to successfully reduce inflation while maintaining a strong labor market." And I very much expect the Fed to succeed in doing so. "

• IEA: electric vehicle sales are expected to hit a record high this year, but efforts need to be made to achieve zero emissions in other areas

In terms of electric vehicles, IEA says global sales of electric vehicles doubled in 2021, accounting for nearly 9 per cent of the car market. Looking ahead, electric vehicle sales are expected to hit another all-time high in 2022, accounting for 13% of global light vehicle sales. But more needs to be done in other areas to achieve net zero emissions by 2050.

• Coal fever is coming! Indian Minister of Electric Power: plans to expand coal generation capacity by 25% by 2030

India plans to expand coal-fired power generation by about 1/4 by 2030, media reported on Friday. Until the cost of storing clean energy falls, India will continue to rely on coal to meet growing demand. Although India is the world's third-largest emitter of greenhouse gases, Indian Power Minister Manmohan Singh said in an interview that it will still increase its coal-fired capacity by nearly 56 gigawatts unless the cost of energy storage falls sharply.

Hot news

• Star technology stocks fell collectively before the market.

• Qualcomm Inc: be optimistic about the automotive chip market, and the future business scale will expand to 30 billion US dollars.

$Qualcomm (QCOM.US)$Investors in the auto business said this week that the "revenue reserve" of the auto business had expanded to $30 billion, up more than $10 billion from the end of July. Qualcomm Inc said that the significant improvement in future performance will be due to the use of Snapdragon Digital chassis (Snapdragon Digital Chassis) by carmakers and their suppliers. Qualcomm Inc predicts that revenue from the auto business will grow from $975 million in the previous fiscal year to about $1.3 billion in fiscal year 2022, more than $4 billion in fiscal year 2026 and $9 billion in fiscal year 2031.

• Meta faces class action on suspicion of circumventing Apple Inc's privacy policy

According to foreign media reports,$Meta Platforms (META.US)$After its Facebook Inc and Instagram apps were revealed to have tracked users across websites, two class action lawsuits have been filed in court, accusing the company of violating Apple Inc's "app tracking transparency" policy and related laws. Meta refuted the accusation in a statement. The company said both lawsuits were "groundless" and that they would actively defend them. Meta also said that its in-app browsers respect privacy decisions, including those related to advertising.

• Costco Wholesale Corp fell more than 3% before trading, and his gross profit margin in the fourth quarter was lower than that in the same period last year.

Costco Wholesale Corp (COST.US) $fourth quarter revenue and net profit were better than expected, but the gross profit margin for the quarter was lower than the same period last year. As of press time, Costco Wholesale Corp was down more than 3 per cent before trading.

• Petroleo Brasileiro SA Petrobras fell more than 2% before the trading, and the international oil price fell and the company cut gas prices.

On the face of the news, WTI crude oil and Brent crude oil futures fell more than 2% at one point in intraday trading. Previously, starting from the 23rd, the household LNG price sold by the company to distributors dropped from 4.03 reais per kilogram to 3.78 reais per kilogram. As of the press release$Petroleo Brasileiro SA Petrobras (PBR.US)$It was down more than 2% before trading.

• Morgan Stanley: Meta slashing costs will boost profits and give "overweight" rating

According to reports,$Meta Platforms (META.US)$It plans to cut spending by at least 10% in the coming months. Brian Nowak, an analyst at Morgan Stanley, said Meta's sharp cost-cutting measures could boost the company's earnings in the third quarter and push its earnings per share to more than $11 in 2023. Analysts gave Meta an "overweight" rating, with a target price of $225.

Focus on China-listed stocks

• Hot Chinese stocks fell collectively before the day of trading.

• XPeng Inc. fell more than 4% before trading. G9 adjusts price configuration.

$XPeng (XPEV.US)$According to a notice, in view of the complex product configuration reported by users after the launch of the G9, XPeng Inc. adjusted the naming and configuration of the G9 version from now on, and equipped the functions with high selection rate directly. As of press time, XPeng Inc. was down more than 4 per cent before trading.

• The number of Baidu, Inc. 's online disk users exceeded 800 million.

At the 20.22 million elephant conference, the number of users of $Baidu, Inc. (BIDU.US) $network disk has exceeded 800 million, and the total amount of stored data has exceeded 100 billion GB, with an average annual growth rate of 60%. Baidu, Inc. network disk also announced a comprehensive upgrade of the intelligent open platform, opening up more than 100 platform capabilities, more than 30 AI capabilities, and 10 million-level training framework to the whole industry, realizing full coverage of software and hardware scenarios. At present, Baidu, Inc. has nearly 100000 developers, covering 150 million consumer-grade IoT devices, 6800 ecological partners, and an average annual growth rate of more than 30% in the number of developers and the number of devices with monthly active users.

• Wang Yuan, Vice President of NetEase, Inc: at the level of meta-cosmic software, NetEase, Inc's products are the most promising in the industry.

NetEase, Inc (NTES.US) $Vice President, Executive Dean of the Research Institute, and General Manager of NetEase, Inc Jiefan said that NetEase, Inc has accumulated technology in the game field. Through the game engine ability and product construction ability, NetEase, Inc has a great opportunity in the meta-universe field. At the software level of meta-universe, NetEase, Inc has accumulated deeply, and his products are the most likely to land in the industry.

Pre-market turnover of US stocks TOP20

Reminder of the macro calendar of US stocks

September twenty _ third

21:45 preliminary value of Markit manufacturing PMI in the United States in September

September twenty _ fourth

Total number of oil rigs in the United States for the week from 01:00 to 23 September

At 02:00, Federal Reserve Chairman Powell delivered the opening speech at the "Federal Reserve listening: transition to a Post-epidemic economy."

02:05, Federal Reserve Vice Chairman Brainard and Federal Reserve Governor Bowman respectively presided over the dialogue with the leaders of a number of industry organizations.

03:30 the Commodity Futures Trading Commission (CFTC) released its weekly position report.