Hot news

• Big news broke before the “New Federal Reserve News Agency” meeting: Concerns about the economic recession have taken hold

The Federal Reserve's latest interest rate decision will be released tonight (early Thursday morning Beijing time). Nick Timiraos, a famous journalist known as the “New Federal Reserve News Agency,” published a lengthy article stating that the rules of the game have changed. He pointed out that as the risk balance shifts from containing inflation to maintaining growth, the Federal Reserve now has a different priority: that is, if it waits too long (in terms of interest rate cuts), the recession will inadvertently hit.

• On the eve of the Federal Reserve's decision, the 20-year US bond auction, which worries the market the most, was unexpectedly strong

On Tuesday local time in the US, the US Treasury auctioned off 13 billion US dollars of 20-year treasury bonds. Surprisingly, the auction results were quite strong, and US bond yields fell rapidly thereafter. The final bid interest rate for this 20-year US Treasury auction was 4.542%, lower than the previous auction rate of 4.595% on February 21. The pre-issue interest rate was 4.562%, 2 basis points higher than the final bid interest rate, the largest since January last year.

• Japan raised interest rates for the first time in 17 years! The global “era of negative interest rates” has completely come to an end

With the Bank of Japan raising interest rates for the first time in 17 years on Tuesday, the “era of negative interest rates” in the field of global monetary policy has also officially come to an end. The Bank of Japan announced during the day that it will raise the benchmark interest rate from -0.1% to 0-0.1%, in line with market expectations. In addition to ending negative interest rates, the Bank of Japan also announced that it would cancel the yield curve control (YCC) policy and stop buying risky assets such as exchange-traded funds (ETFs), thus officially ending the aggressive monetary easing tests carried out by former governor Haruhiko Kuroda since 2013.

• Want a share of the pie too? Saudi Arabia considers $40 billion to boost AI investment

On March 19, the media quoted people familiar with the matter as saying that the Saudi Arabian government plans to invest about 40 billion US dollars to establish a fund focused on artificial intelligence (AI) technology to become one of the largest investors in the global AI field. The program is expected to be launched in the second half of 2024.

• Big news in the coin industry continues: the world's largest pension fund explores Bitcoin, and Bitcoin falls below the $62,000 mark

Bitcoin recently retraced after hitting a record high of nearly $74,000 last week. As of press release, Bitcoin has fallen below the $62,000 mark, retreating more than $10,000 from its all-time high. Another big news in the Bitcoin market this week is that the Japanese Government Pension Investment Fund, the world's largest pension fund, announced that it will explore the possibility of diversifying part of its portfolio into the Bitcoin sector.

Resumption of US stock trading

• The S&P 500 closed at a new high, and Nvidia opened low and closed up more than 1%

On Tuesday, US stocks continued to rise in the intraday period, with the three major indices collectively closing higher. Among them, the S&P 500 index closed at a new high.

Major technology stocks had mixed ups and downs. Apple and Nvidia rose more than 1%, Google C fell 0.38%, Microsoft and Amazon rose nearly 1%, Meta fell slightly, and Tesla fell more than 1%.

Most popular Chinese securities fell, with NIO falling more than 6%, JD, Ideal Auto, and Pinduoduo falling nearly 1%, Alibaba falling slightly, and Xiaopeng Motors rising nearly 1%.

• Huang Renxun said confidently: the data center business is 250 billion dollars a year, and Nvidia will grab most of the “cake”

Hwang In-hoon said that the world will spend a total of 250 billion US dollars on data center equipment every year.$NVIDIA (NVDA.US)$The product share will exceed that of other chip makers, and he expects software to be a very big business. Nvidia shares, which fell nearly 4% in early trading, turned up and closed up more than 1%.

• The intraday plummeted 7%! AMD insiders sell stocks to draw market attention

$Advanced Micro Devices (AMD.US)$Recently, the stock price has not performed well, and overnight it plummeted by nearly 7% in the intraday period. The analysis indicates that AMD's poor performance may be related to the market's doubts about its prospects due to factors such as AMD insiders selling 16 million US dollars in the past year, not buying one share, the decline in the AI infrastructure boom, and stagnant PC sales.

• The AI Weathervane Ultramicrocomputer is out! Stock prices have entered a pattern of continuous sharp decline

$Super Micro Computer (SMCI.US)$At one point, it fell more than 10% in the intraday period. The company's stock price had already plummeted continuously in the previous few days. The reason for the accelerated decline on Tuesday was that ultra-microcomputers planned to issue additional shares. According to reports, the company will issue 2 million additional shares of common stock at a price of 900-1000.68 US dollars per share, and is expected to obtain about 2 billion US dollars in capital.

• MicroStrategy Executive Chairman Saylor sells $3.09 million in shares

According to US Securities and Exchange documents, on March 18,$MicroStrategy (MSTR.US)$Executive Chairman Michael Saylor sold 1,848 company shares and cashed out $3.09 million. Overnight, MicroStrategy fell more than 5%, but the company's stock price more than doubled in the past month.

• A new round of strength! Tech giant Google ramps up layout on the “AI+ Healthcare” circuit

$Alphabet-C (GOOG.US)$On March 19, local time, a series of plans were announced to deploy artificial intelligence models in the healthcare industry. Google said that the Google research team and Fitbit, which it owns, are developing a new artificial intelligence feature that will extract data from the wristband to guide users' personal health. The tool is powered by Google's artificial intelligence model Gemini. Google also said it will cooperate with Apollo Radiology International, an Indian medical center, to provide AI-based screening for tuberculosis, lung cancer, and breast cancer in India.

Top 20 US stock turnover

Hong Kong Market Outlook

• Beishui raised more than HK$800 million for Tencent and bought more than HK$500 million from the Bank of China

On March 19 (Tuesday), Southbound made a net purchase of HK$6.923 billion in Hong Kong stocks.

$TENCENT (00700.HK)$,$BANK OF CHINA (03988.HK)$,$CNOOC (00883.HK)$Received net purchases of HK$804 million, HK$521 million and HK$284 million respectively;

$KUAISHOU-W (01024.HK)$,$MEITUAN-W (03690.HK)$,$CCB (00939.HK)$Net sales were HK$66.9 million, HK$37.49 million, and HK$22.66 million respectively.

• Xiaopeng Motor: 2023 Q4 revenue was RMB 13.05 billion, up 153.9% year on year

$XPENG-W (09868.HK)$2023 Q4 revenue was RMB 13.05 billion, up 153.9% year on year; adjusted net loss was RMB 1.77 billion, down 19.9% year on year.

• The adjusted net profit of Xiaomi Q4 was 4.91 billion yuan, up 236.1% year on year

$XIAOMI-W (01810.HK)$Revenue for the fourth quarter was RMB 73.244 billion, up 10.9% year on year; adjusted net profit for the fourth quarter was RMB 4.91 billion, up 236.1% year on year. The Xiaomi Group's annual revenue was RMB 270,97 billion, down 3.2% year on year; adjusted net profit for the whole year was RMB 19.273 billion, up 126.3% year on year. As of December 31, 2023, the Xiaomi Group's cash reserves reached a record high of RMB 136.3 billion.

Today's attention

Keywords：China March loan quoted interest rate (LPR) release; Tencent Holdings, Pinduoduo financial report

On Wednesday, in terms of major economic data, China will announce the March Loan Quotation Rate (LPR).

In terms of major financial reports, today's market focus$TENCENT (00700.HK)$Released during the pre-market session with US stocks$PDD Holdings (PDD.US)$Financial reports. Furthermore,$KUAISHOU-W (01024.HK)$,$CHINA RES POWER (00836.HK)$,$Micron Technology (MU.US)$Financial reports will also be announced on the same day.

In terms of major economic events, the world is watching the Federal Reserve's interest rate decision at 2 a.m. on Thursday, the latest interest rate bitmap, and Powell's upcoming press conference.

Today is Japan's national holiday “Spring Equinox Day,” and the Japanese stock market will be closed for one day.

Futubull Chen read:

Pursuing rationality is really useful, and is worth a lifetime of effort.
—Charlie Munger

Editor/Somer