Hot News

• Immediately after the Federal Reserve's meeting, Trump called out to Powell: tariffs are coming, hurry up and cut interest rates!

Recently, Trump's call to the Federal Reserve seems to have brought bad news for the US stock market. According to Xinhua News Agency, President Trump publicly urged the Federal Reserve to cut interest rates, acknowledging that tariffs would impact the US economy, and that the Fed needs to "do the right thing." The tariff plan from the Trump administration has led to significant declines in the stock market this past month, to the extent that Ed Yardeni, president of Yardeni Research, stated this week: "Every day that Trump does not talk about tariffs is a good day for the market."

• The EU has postponed the implementation of its first round of retaliatory tariffs against the US until mid-April, and will assess US actions on April 2.

An EU spokesperson stated that this move is intended to provide EU officials with time to refine the list of US products to target, and will also allow more time for discussions with the US government. The EU Trade Commissioner stated that negotiations with the United States will continue, and on April 2, US actions will be assessed to adjust the EU's response. The retaliatory measures postponed by the EU reportedly include a 50% tariff on American whiskey. The White House Press Secretary stated that the delay in the whiskey tariff indicates the EU's serious stance towards Trump.

• The Bank of England kept interest rates unchanged, warning of increasing global trade uncertainty.

On Thursday local time, the Bank of England, as expected, maintained interest rates at 4.5%, assessing the impact of US tariffs on the global economy. The Monetary Policy Committee (MPC) approved this interest rate decision by a vote of 8 to 1, with only member Dhingra voting in favor of a 25 basis point cut. The Bank of England's statement noted that since the last interest rate decision, global trade policy uncertainty has intensified, and the US government has announced a series of tariff measures, to which some countries have responded. "Other geopolitical uncertainties have also increased, and indicators of volatility in global financial markets have risen."

• Multiple investors: Overseas long-term funds are rekindling interest in the China Stocks market.

At the beginning of this month, a report from Goldman Sachs stated that nearly half (with total assets of 400 billion USD) of the entities tracked in its MSCI Global Index database have no exposure to China.Mutual FundThe report noted that nearly 40% of funds had previously reduced their holdings in Chinese Stocks, with an average reduction rate of 3.3%. Frederic Neumann, Chief Asian Economist at HSBC in Hong Kong, indicated that he has noticed increasing interest from long-term investors in China. He stated, 'The interest from Asian investors is particularly strong, and European investors are also relatively positive... The sentiment among US investors may be more cautious.'

Post-Market Trading

• The three major indexes collectively closed slightly lower, with the shadow of US policy looming.

The three major US indexes collectively closed slightly lower, as the uncertainty of the US economy continues to hinder market rebound efforts. By the close, the Dow Jones Industrial Average fell by 0.03% to 41,953.32 points; the S&P 500 Index fell by 0.22% to 5,662.89 points; and the Nasdaq Composite Index fell by 0.33% to 17,691.63 points.

Most large tech stocks fell, with Apple down by 0.53%, NVIDIA up by 0.86%, Microsoft down by 0.25%, Amazon down by 0.3%, Google C down by 0.74%, Meta up by 0.33%, Broadcom down by 2.28%, and Tesla up by 0.17%.

Most popular China Concept Stocks closed lower, with Kingsoft Cloud down by 10.63%, NIO down by 8.9%, Xpeng Motors down by 7.27%, Alibaba down by 4.39%, JD.com down by 4.13%, Baidu down by 4.04%, TAL Education down by 3.05%, Tencent Music down by 2.92%, Li Auto down by 2.74%, and New Oriental down by 1.41%. PDD Holdings rose by 3.97%.

Jensen Huang admitted he was unaware that quantum computing companies are already listed, as related concept stocks fell sharply: Quantum Computing closed down over 11%, D-Wave Quantum down 18%, and Quantum down over 16%.

• Musk: Tesla has strengthened security in several stores across the USA.

$Tesla (TSLA.US)$ CEO Musk declared that Tesla (USA) stores have strengthened security measures, and all vehicles in the stores have activated 'Sentry' mode. Recently, it was reported that Musk's political stance has led to a global boycott of his brand, compounded by large-scale executive sell-offs and intensified competition, resulting in Tesla's stock price being 'halved' this year. Musk complained in a post: 'My company makes high-quality products that people love; I have never harmed anyone, so why the hatred and violence towards me?'

• Jensen Huang announced that in the next four years, he will inject "hundreds of billions of dollars" into the US chip industry.

Technology giant $NVIDIA (NVDA.US)$ Currently, efforts are being made to cope with the pressure brought by Trump's 'America First' trade policy. On the 20th, NVIDIA CEO and co-founder Jensen Huang stated that the company expects to purchase electronic products with a total value of about 500 billion dollars over the next four years, with 'hundreds of billions' to be manufactured in the USA. This strategic shift is not an isolated incident. Previously, tech giants like Apple also planned substantial investments in the USA. Analysts believe this reflects the ripples created in the global economy by the 'America First' trade policy.

• Micron Technology's stock surged more than 6% after hours, with adjusted revenue for the second quarter reaching 8.05 billion dollars, exceeding market expectations.

$Micron Technology (MU.US)$ In the second fiscal quarter, adjusted revenue was $8.05 billion, a year-on-year increase of 38%, against the forecast of $7.91 billion. Adjusted EPS in the second quarter was $1.56, compared to $0.42 in the same period last year, and an estimate of $1.43. The company expects adjusted revenue for the third fiscal quarter to be between $8.6 billion and $-9 billion, with analysts predicting $8.55 billion. Following the earnings report release, Micron Technology surged over 6% in after-hours trading, and as of the time of writing, it was up nearly 2% in after-hours trading.

• Nike fell nearly 5% in after-hours trading. Q4 profits exceeded expectations, but sales pace is decreasing, and the company will continue to clear inventory.

$Nike (NKE.US)$ In the third fiscal quarter, revenue was $11.27 billion, exceeding analysts' expectations of $11.03 billion; third-quarter EPS was $0.54, down from $0.77 in the same period last year; EBIT for the Greater China region in the third quarter was $0.421 billion, while analysts expected $0.5594 billion. Nike expects significant declines in sales this quarter as it continues to clear inventory to reset its business model. The company stated that its guidance reflects rising import tariffs from China and Mexico, adverse factors from foreign exchange, and the impact of uncertainty on consumer confidence. As of the time of writing, Nike was down nearly 5% in after-hours trading.

• Apple is restructuring its AI executive team in an effort to turn around the decline of Siri.

According to informed sources, $Apple (AAPL.US)$ The company is undergoing a rare major shakeup at the executive level aimed at getting its AI work back on track after months of delays and setbacks. CEO Tim Cook has lost confidence in the product development capabilities of AI head John Giannandrea, so he has brought in another executive to help: Mike Rockwell, the creator of Vision Pro. Rockwell will be responsible for the Siri virtual assistant and will report to software chief Craig Federighi. Apple is expected to announce staff changes this week.

• PDD Holdings opened lower and then closed up nearly 4%. Last year's revenue increased by 59% year-on-year, and the adjusted Net income surged by 80%.

$PDD Holdings (PDD.US)$ Yesterday, the performance for the fourth quarter and the full year of 2024 was announced. The total revenue for the fourth quarter was 110.61 billion yuan, a 24% increase year-on-year. According to non-GAAP, the Net income attributable to ordinary shareholders of PDD Holdings was 29.85 billion yuan, a 17% increase year-on-year. Chen Lei, Chairman and Co-CEO of PDD Holdings, stated that in 2025, PDD will focus on a high-quality development strategy, leverage the digital advantages of the platform, expand the upward scale of 'new quality supply', continuously promote the industrial belt to advance to a new quality stage, and fully build a win-win ecosystem for users, merchants, and the platform. By the end of trading, PDD Holdings closed up nearly 4%.

• United States Steel Corporation expects a loss of $0.49 to $0.53 per share in the first quarter, which is higher than market expectations.

$United States Steel (X.US)$ An adjusted loss per share of $0.49-$0.53 is expected for the first quarter, while analysts expect a loss of $0.32. The adjusted EBITDA for the first quarter is projected to be $0.125 billion, while analysts expect $0.12 billion. The company originally expected $0.1 billion-$-0.15 billion.

• Musk's firm budget cuts lead to consulting giant Accenture losing a major L, causing share prices to plummet.

On Thursday before the market opened, American management and information consulting institutions. $Accenture (ACN.US)$ The reported quarterly revenue increased by 5.4% year-on-year, exceeding market expectations. However, the company stated that its new business connections with the USA government have sharply slowed down since Trump's inauguration, which accounted for about 8% of its global income in the last quarter. CEO Julie Sweet mentioned in a conference call, "The new government has a clear goal - to improve the operational efficiency of the federal government. During this process, many new procurement actions have slowed down, negatively impacting our sales and income." As of the time of writing, Accenture's shares have fallen over 7%.

Top 20 by trading volume in the U.S. stock market.

Hong Kong Market Outlook

• Northbound funds aggressively bought over 0.8 billion Hong Kong dollars of Alibaba, Buy over 0.7 billion Hong Kong dollars of CHINA MOBILE, and sold over 3.3 billion Hong Kong dollars of Tencent.

On March 20 (Thursday), the southbound funds net sold Hong Kong stocks worth 0.407 billion Hong Kong dollars.

$BABA-W (09988.HK)$、$CHINA MOBILE (00941.HK)$、$MEITUAN-W (03690.HK)$There was a net Buy of 0.854 billion HKD, 0.749 billion HKD, and 0.274 billion HKD respectively.

$TENCENT (00700.HK)$、$PING AN (02318.HK)$、$XIAOMI-W (01810.HK)$Net sales of 3.331 billion Hong Kong dollars, 0.842 billion Hong Kong dollars, and 0.808 billion Hong Kong dollars respectively.

• Latest progress on Xiaomi's auto factory in Peking: Phase II to be completed in June, multiple buildings have already been topped out, and new land plots have quietly started construction.

As orders continue to grow, $XIAOMI-W (01810.HK)$ Increasing automotive production capacity has become key at this time. Currently, the construction progress of the Phase II factory is rapid, with multiple buildings already topped out, and workers on site are conducting road leveling work; the majority of residential buildings in Fangxindian Village and Xiaozhangwan Village have been demolished, and the former command center for the Ma Ju Qiao Intelligent Manufacturing Base has now been incorporated into the Phase II factory construction site; to the east of the Phase II factory, a small area is undergoing leveling construction, which began about 3 to 4 days ago.

• China Mobile's capital expenditure slightly decreased, with computing power still being one of the main investment directions, which will promote the popularization of MaaS.

After the market on March 20, $CHINA MOBILE (00941.HK)$ China Mobile will release its full-year performance for 2024, with this year's capital expenditure and AI development plans becoming the focus of attention. According to China Mobile's 2024 annual report, the total capital expenditure for 2024 is approximately 164 billion yuan, accounting for 18.4% of the operating revenue, a year-on-year decrease of 2.5 percentage points. The company expects total capital expenditure of approximately 151.2 billion yuan in 2025, mainly used for optimizing connection infrastructure, upgrading computing power infrastructure, laying out long-term infrastructure, and supporting CHBN technological innovation and sensory enhancement, with the required funds mainly coming from operating cash flow.

Today's focus.

Keywords: Japan's February CPI data, Federal Reserve voting committee speeches, GTC conference's first Quantum Day, MEITUAN/NIO earnings.

On Friday, regarding economic data, investors should pay attention to Japan's February national core CPI year-on-year.

In terms of financial events, the FOMC permanent voting committee member, New York Fed President Williams will give a speech; in addition, from 1:00 to 3:00 AM Beijing time on March 21, NVIDIA will hold its first 'Quantum Day' event, where Jensen Huang will share the stage with executives from quantum industry companies to discuss the current state, potential, and future direction of quantum computing technology.

In terms of Earnings Reports, $MEITUAN-W (03690.HK)$ 、 $ZIJIN MINING (02899.HK)$ 、 $BLOKS (00325.HK)$ 、 $NIO Inc (NIO.US)$ 、 $MINISO (MNSO.US)$ Waiting for performance release.

Regarding new stocks, $VISEN PHARMA-B (02561.HK)$ Listed on the Hong Kong Stock Exchange.

Futubull Morning Reading:

The mistakes caused by the stock market will eventually be corrected by the stock market itself; the market cannot ignore obvious errors for a long time.
——Benjamin Graham

Editor/Rocky