Source: Zhitong Finance "Since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%)." With the rebound of the stock market, the old adage "Sell in May and Go Away" seems to have been a bad advice once again. Last month, the S&P 500 index rose 4.8%, the best May performance since 2009. The NASDAQ 100 index rose nearly 6.2%, and the NASDAQ Composite Index rose 6.9%. Goldman Sachs FICC & Equities Trading Division said: "History doesn't really support this saying. Don't sell, leave the market (go on vacation), and enjoy the good times." The rising trend is still to be continued? If history is any guide, it may indicate that the rise of the stock market is not over yet. Looking ahead to the rest of 2024, Scott Rubner, Managing Director of the Goldman Sachs Global Markets Division and tactical expert, pointed out the following historical background for investors. Rubner stated that the S&P 500 index has risen 10.7% year-to-date, and since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%). "Since 1950, the median return of the last 7 months of each year (June 1 to December 31) is 5.4%. In the aforementioned 21 cases, the average performance of the last 7 months increased to 8.1%." Rubner added. Rubner also pointed out that the NASDAQ index has risen for 16 consecutive Julys, with an average return of about 4.64%.
$BYD COMPANY (01211.HK)$With a surge of over 7%, as of press time, it has risen 7.09% to HK$235.6, with a turnover of HK$1.157 billion.
On the news front, the European Commission announced that it intends to impose temporary anti-subsidy duties on imported electric vehicles from China. The European Commission stated that it plans to impose tariffs of 17.4%, 20%, and 38.1% on BYD, Geely Auto, and SAIC Motor, respectively, and will impose tariffs of 21% on other manufacturers. BOCOM International pointed out that BYD, Geely, and Great Wall have improved their overseas layout of exports and are expected to maintain growth in overseas sales. Citigroup stated that compared to the 30% tariff rate previously predicted by the bank, the actual tariff rate announced by the European Union is slightly favorable to BYD. Citigroup believes that BYD's lower tariff rate than its competitors will help BYD increase its market share in the European Union. It is expected that BYD's export volume to the European Union will account for 1/4 to 1/3 of the target total for the 2024 fiscal year.
Citigroup says that compared to the previously predicted 30% tax rate, the actual tariff rate announced by the European Union is slightly favorable to BYD. Citigroup believes that the lower tariff rates of BYD compared to other competitors will help the company achieve an increase in market share in the European Union, and it is expected that BYD's export volume to the European Union will account for 1/4 to 1/3 of the total target for the fiscal year 2024.
Editor/tolk