Hot news

• US debt has endured a difficult test! The bid for 20-year treasury bonds was better than expected

The US Treasury bid for 20-year US bonds worth 16 billion US dollars and won an interest rate of 4.780%, a marked decline from a record high of 5.245% on October 19 last month. The bid multiplier was 2.58, compared to 2.59 previously. The allocation ratio for indirect buyers, including official institutions such as overseas central banks and private investors, was 74%, the highest since June. After the latest US bond bidding data was released, US stocks received a clear boost, and the NASDAQ rose more than 1%.

• Is there hope for a “soft landing” for the US economy? Business concerns about the recession have cooled

According to a report by DataTrek Research, the proportion of companies in the S&P 500 index referring to a “recession” in third-quarter earnings calls fell to 11%, far below the peak of more than 40% last year and 2020. This shows that although investors are still concerned about whether the US economy can achieve a “soft landing,” the stock market has rebounded sharply in the past three weeks, and the company's concerns about the impending recession seem to have abated.

• The S&P 500 index has not reached a new high for 471 days, making it the seventh-longest record in history

Although the S&P 500 index rose in November, the index is still about 5% below its historic high of 4,818 points. According to the Daily Chartbook, the S&P 500 index has been below its all-time high for 471 consecutive days, which is the seventh longest period since 1950 when the index has not reached a new high.

• Is the “decline in earnings” in US stocks over? Komo and Citi have different opinions

When it comes to the profit prospects of US companies next year, some top Wall Street strategists disagree. Citi strategist Scott Chronert predicts that even if the US economy falls into recession, corporate profits will remain unchanged; while J.P. Morgan strategist Mislav Matejka said that regardless of whether the economy shrinks or not, the decline in pricing capacity will affect the company's overall revenue and profit margin.

• UAE plans to increase crude oil production next year, markets await OPEC's final decision

According to media reports on Monday, the UAE, one of OPEC's major member countries, plans to increase production in January next year. This weekend, “OPEC+” composed of OPEC member countries and non-OPEC oil producers will hold a ministerial meeting. At that time, the share of oil production in 2024 will be discussed. Due to the recent increase in fluctuations in international oil prices, traders are closely watching whether the alliance will extend the current production cuts to the new year.

Resumption of US stock trading

• The three major indices rose collectively, technology stocks rose across the board, and Microsoft and Nvidia stock prices all reached record highs

The three major indices collectively closed higher. Driven by rising Microsoft and Nvidia stock prices, the NASDAQ rose more than 1%.

Major technology stocks rose across the board. Apple rose 0.93%, Microsoft rose 2.05%, Tesla rose 0.55%, Google rose 0.69%, Amazon rose 0.65%, Meta rose 1.47%, Nvidia rose 2.25%, and Netflix rose 1.84%.

Popular Chinese securities stocks generally rose. The Nasdaq China Golden Dragon Index rose 3.55%, Xiaopeng Motor rose more than 8%, NIO rose more than 5%, JD and Pinduoduo rose more than 3%, and Alibaba rose more than 1%.

• Microsoft's stock price rose to a record high! “Editor” Altman decided to give Nadella a lot of points

Overnight, tech giants$Microsoft (MSFT.US)$The increase of more than 2% reached 377.44 US dollars per share, a new record high. Market analysis points out that the stock market's reaction stemmed from Microsoft's rapid response to the “OpenAI personnel earthquake.” Earlier in the day, Microsoft CEO Satya Nadella (Satya Nadella) announced that two major figures in the field of artificial intelligence, who had just been fired by OpenAI, would lead the team to join Microsoft.

• Earnings expectations are high! Can Nvidia once again carry the “hope of the whole village”?

$NVIDIA (NVDA.US)$The earnings report will be announced after the market on Tuesday EST. The data shows that out of the past 20 fiscal quarters, Nvidia's performance has exceeded expectations for 19 consecutive fiscal quarters. If the results of the previous quarter continue to exceed expectations, it is expected to bring a double frenzy between investors and the market. Notably, Nvidia rose more than 2% overnight, and its stock price reached a record high.

• Joining Microsoft isn't a foregone conclusion? Altman is allegedly still working to return to OpenAI

According to the media, citing sources, although current public information indicates that Sam Altman (Sam Altman) will join$Microsoft (MSFT.US)$, leading a new advanced artificial intelligence (AI) research team, but this is not a foregone conclusion. People familiar with the matter say he and Brockman are still willing to return to OpenAI if Ultraman's board member leaves office. It is reported that Altman, Brockman, and OpenAI investors are trying to find a decent exit method for the board of directors. One source described Microsoft's job posting as a “waiting pattern.”

• Another bad news for AI companies: C3.ai revealed layoffs in multiple departments, and the stock price dived more than 6% in the intraday period

On Monday, November 20 EST, the media quoted people familiar with the matter as saying that US AI software companies last week$C3.ai (AI.US)$Employees were laid off in various departments. At a meeting with several hundred employees last Thursday, a C3.ai executive said that the company needed to cut costs. Spurred by this news, C3.ai once fell by more than 6% in the intraday period, and finally closed down 4.33%.

• The European Union opposes Adobe's acquisition of Figma

The European Commission statement said that the European Commission has sent$Adobe (ADBE.US)$It shared its initial view that Adobe's proposed acquisition of Figma may reduce competition in the global supply market for interactive product design software and other creative design software. The European Commission said that sending a statement of objection would not prejudge the outcome of the investigation, and Adobe now has an opportunity to respond to the Commission's objection.

Top 20 US stock turnover

Hong Kong Market Outlook

• Beishui sold Tencent over HK$1.3 billion, and added more than HK$300 million to Xiaopeng Motor

On November 20 (Monday), South China Capital sold a net sale of Hong Kong stocks of HK$6.108 billion.

$XPENG-W (09868.HK)$,$SMIC (00981.HK)$,$GOME RETAIL (00493.HK)$received net purchases of HK$346 million, HK$190 million and HK$44.76 million respectively;

$TRACKER FUND OF HONG KONG (02800.HK)$,$TENCENT (00700.HK)$,$CSOP Hang Seng TECH Index ETF (03033.HK)$Net sales were HK$2,298 million, HK$1,317 billion, and HK$1,004 billion, respectively.

• $Xiaomi Corp. (XIACF.US)$The adjusted net profit for the third quarter was 5.99 billion yuan, up 183% year on year

$XIAOMI-W (01810.HK)$Revenue for the third quarter was 70.89 billion yuan, up 0.6% year on year; adjusted net profit for the third quarter was 5.99 billion yuan, up 183% year on year. This quarter, the Group's overall gross margin reached 22.7%. In addition, the smartphone business revenue was 41.6 billion yuan. Global smartphone shipments were 41.8 million units, up 4.0% year on year and 27.0% month on month.

• Sunac China's overseas debt restructuring officially came into effect, reducing overall debt risk by about 90 billion yuan

$SUNAC (01918.HK)$An announcement was issued stating that all conditions for the company's overseas debt restructuring have been met, and it will officially take effect on November 20. Sunac said that with the completion of all domestic and foreign open market debt restructuring, Sunac has resolved the overall debt risk of about 90 billion yuan. There is no rigid debt repayment pressure in the overseas open market within 2-3 years, creating better conditions for business resumption.

Today's attention

Keywords: Hong Kong, China composite CPI annual rate;$Baidu (BIDU.US)$, Kuaishou, Ctrip financial reports

On Tuesday, in terms of economic data, data such as the CPI for October in Hong Kong, China and the total annualized total of existing home sales in the US for October will be released today.

In terms of financial reports, many popular stocks are on the list today, including Baidu, Kuaishou, Ctrip Group,$iQIYI (IQ.US)$etc. Furthermore,$NVIDIA (NVDA.US)$The third quarter earnings report will be unveiled during the post-market period for US stocks on November 21 (November 22, Beijing time in the morning). Investors need to pay close attention

Niu Niu Chen read:

Don't use news as a basis for transactions.

—Jesse Livermore

Editor/Somer