Hot news

• Halve the scale! Biden Announces $1.75 trillion Social and Environmental Expenditure Framework

President Joe Biden officially announced "rebuilding a better bill framework" on Thursday, October 28th, which is substantially halved from the $3.5 trillion proposed by Democrats in August this year. $555 billion of that will be spent on climate-related projects: $320 billion for clean energy tax credits; $105 billion for flexible investments; and $110 billion for investments and incentives in clean energy technologies, manufacturing and supply chains. 20 billion US dollars for clean energy procurement. After the news was announced, the U. S. stock new energy vehicle plate pulled up, the charging pile plate rose.

The framework can generate $2 trillion in income over the next decade by imposing a 15 per cent minimum profit tax on large companies with profits of more than $1 billion, raising taxes on share buybacks, raising taxes on the rich earning more than $10 million a year, and strengthening law enforcement to prevent tax evasion by the rich. Not only does it cover total spending but also reduce the deficit, and Americans earning less than $400000 a year will not be taxed.

• The vote on US spending plans has been postponed until next week

Biden held a meeting of the House Democratic caucus on Thursday in an attempt to persuade all members of his party to support his latest spending bill before he travels to Europe for the G20 summit. However, because the spending bill was not finalized on Thursday, the vote on the $1.75 trillion bill in the U.S. House of Representatives was postponed until next week.

• Us GDP grew at an annualised rate of 2 per cent in the third quarter, slowing faster than expected

According to preliminary estimates released by the U.S. Department of Commerce on Oct. 28, U.S. gross domestic product (GDP) grew at an annualised rate of 2% in the third quarter, compared with 6.7% in the previous quarter, slowing faster than expected and the slowest increase during the recovery of COVID-19 's epidemic. The latest report points out that the data reflect the decline in consumption power in the United States. After a rapid increase of 12% in the previous period, the personal consumption index only increased by 1.6% in the recent period due to material shortages, transportation difficulties, rising prices and other factors.

• The whistle of the American recession? Us Treasury yields hang upside down for the first time in 20-30 years

The 20-30-year Treasury yield curve was inverted on Thursday for the first time since the US government reintroduced 20-year Treasuries in 2020. The upside down of the yield curve will make the market feel "a little nervous", because from past experience, it may be a harbinger of a recession.

"this is a crazy market," according to Priya Misra, global head of interest rate strategy at TD Securities, quoted by Bloomberg News. The 20-30 curve only reflects the overall flattening of the market, with central banks forced to deal with inflation, which will significantly slow economic growth. "

• Wells Fargo & Co called the scarcity of short positions in the S & P 500 a "worrying phenomenon"

As the S & P 500 climbed to a record high, short positions in the benchmark US stock index remained near record lows for much of 2021. A team of strategists, including Christoper Harvey, said in a report to clients on Thursday that this is worrying in the long run, as higher short positions usually help to mitigate market volatility in the event of unexpected risks or shocks.

Strategists said, "the current short position shows that there is a lot of room for short, which we think is a risk." "

Review of US stocks

• The three major indexes rose across the board, with the S & P 500 and the Nasdaq hitting new closing highs.

Most large technology stocks closed up. Apple Inc closed up 2.50%, Netflix Inc 1.68%, Amazon.Com Inc 1.59%. Facebook rose 1.51%, Microsoft Corp rose 0.37%, and Alphabet Inc-CL A fell 0.25%.

• Apple Inc's revenue in the fourth quarter fell short of expectations and fell by more than 5% after trading.

Apple Inc (AAPL.US) $fourth quarter revenue of $83.36 billion, estimated $84.69 billion; earnings per share of $1.24, estimated $1.24. Apple Inc's fourth-quarter iPhone revenue is $38.87 billion and is expected to be $41.6 billion.

Apple Inc US stocks once fell more than 5 per cent after trading, but now the decline has narrowed to 3.5 per cent.

• Supply factors caused Apple Inc's sales to fall short of expectations, and Cook revealed that the negative impact was as high as 6 billion US dollars.

Apple Inc (AAPL.US) $fourth quarter iPhone and overall sales fell short of expectations, and Tim Cook estimated the negative impact of supply constraints at $6 billion. "We estimate the negative impact of supply constraints at about $6 billion," Cook said in the earnings report. This is mainly due to the 'shortage of semiconductors' that people often talk about, as well as the frequent interruption in chip manufacturing in Southeast Asia due to COVID-19 's restrictions. However, overall, our performance is still very strong. "

• Amazon.Com Inc's financial report was much lower than expected and fell by more than 4% in after-hours trading.

$Amazon.Com Inc (AMZN.US) $Announced third-quarter results and fourth-quarter guidance, revenue of $110.8 billion, net profit of $3.156 billion, earnings per share EPS of $6.12, the main financial indicators are lower than or even significantly lower than market expectations.

Amazon.Com Inc's shares fell 4 per cent in after-hours trading.

• Get rid of the social media hashtag and power the universe! Facebook Inc Guanxuan changed his name to Meta

Facebook Inc (FB.US) $will change its name to Meta to focus on shifting to emerging computing platforms based on virtual reality. Zuckerberg said that meta-universe is the next frontier, and from now on, we will give priority to meta-universe rather than Facebook Inc. In Facebook Inc's view, whether talking with colleagues in a conference room or hanging out with friends in distant places around the world, people will gather and communicate by entering a virtual environment.

• Semiconductor giant GE Core IPO broke on its first day, and its shares closed down more than 1%.

The third largest semiconductor foundry in the world$GlobalFoundries (GFS.US) $(grid core) officially launched on Nasdaq on Thursday, IPO fell below its offering price on the first day. The IPO opened flat on the first day at $47.00 and then broke, hitting as low as $44.48, a drop of more than 5 per cent. At the close, the stock was down 1.28% at $46.40, with a market capitalization of $24.809 billion.

• Lucid surged 31% to confirm delivery of the first batch of electric vehicles on Saturday

On Wednesday, $Lucid Group (LCID.US) $announced that its Air Dream Edition car, priced at $169000, would be delivered to its first customers on Saturday.LucidIt closed at $35.48 per share, up 31.31%.

• Hertz car rental: or increase Tesla, Inc. 's order to 200000.

HertzThe senior management said that if it is related to$UBER TECHNOLOGIES INC (UBER.US) $If the business performance of the joint venture is successful, it may be in the future$Tesla, Inc. (TSLA.US) $Orders for Model 3 increased to 200000. However, Hertz CEO said Tesla, Inc. 's expansion could be affected by chip shortages and other restrictions.

• Merck & Co Inc: if approved by the regulatory authorities, oral anti-COVID-19 drugs will be deployed quickly.

Merck & Co Inc (MRK.US) $CEO Robert Davis said Merck & Co Inc was ready to produce and distribute tens of millions of doses of Monopivir if the company's oral anti-COVID-19 drug was approved by regulators. Merck & Co Inc and his partner Ridgeback Biotherapeutics announced on Wednesday that they had reached a treatment licensing agreement with the United Nations to allow the drug to be shared among 105 low-and middle-income countries.

• Benchmark: raise Ford's target price from $18 to $20 and maintain its buy rating

Benchmark analyst Michael Ward raised his target price for $F.US $to $20 from $18 and maintained his buy rating on the stock after the company reported better-than-expected third-quarter earnings, positive cash flow and resumed dividends. Ward noted that after Ford released its quarterly results, he raised his overall performance expectations in 2021 and 2022.

The top 20 turnover of US stocks yesterday.

Related readings:Turnover of US stocks TOP20: Ford CEO says it will definitely catch up with Tesla, Inc. in 2025

The Prospect of Hong Kong City

• Beishui sold nearly HK $300m on the HKEx and HK $200m on XIAOMI on Thursday.

Southbound Capital sold a net HK $792 million yesterday. Hong Kong Exchanges and Clearing, XIAOMI Group and Dongyue Group received a net sale of HK $281 million, HK $181 million and HK $154 million respectively.

In terms of net purchases, Li Ning Co. Ltd., China Resources Power Holdings and China Mobile Limited received net purchases of HK $551 million, HK $418 million and HK $271 million respectively.

Focus today

Key words: American Core PCE Price Index,University of Michigan Consumer confidence Index and Exxon Mobil Corp Financial report in October

Niuniu morning reading:

A thing happens, and if it doesn't matter looking back three years later, it doesn't matter at this time.

-- Zhang Kun