Archives of “Li Li (badminton)” tag

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Brazil’s central bank hiked its benchmark rate more than was expected

  
  Analysis
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A 75bp hike vs. the 50 that was widely expected from the Banco Central do Brasil.

  • BCB add that they expect to hike another 75bps at the following meeting
  • says it has initiated a partial normalisation process, reducing its extraordinary degree of monetary stimulus
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Despite with the FOMC and Powell tell us I think perhaps the BCB is providing a sneak preview of what is to come from the Fed prior to 2024. We’ll see.

Dow and S&P close at record levels. NASDAQ erased its earlier declines

  
Analysis, US Market
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Major indices off highs as well

The Dow and S&P indices both closed at record highs after Fed Chair Powell and Fed continue to steer the soft policy course with not a lot of concern for inflation and expectations for stronger growth.

The final numbers are showing:
  • S&P index up 11.41 points or 0.29% at 3974.12. The high reached 3983.87. The low extended to 3935.74.
  • Nasdaq up 53.63 points or 0.4% at 13525.20. The high reached 13595. The low extended to 13272.69
  • Dow rose 189.42 points or 0.58% at 33015.37.  The high reached 33047.58. The low extended to 32782.18
some big gainers today included:
  • Alcoa, +7.72%
  • Celsius, +6.37%
  • Crowdstrike holdings, +6.18%
  • Transmedic, +5.91%
  • Draft Kings, +5.21%
  • General Motors, +5.15%
  • United Airlines, +4.43%
  • Roku, +4.31%
  • AMC, +3.92%
  • Micron, +3.72%
  • Tesla, +3.71%
  • Marriott, +3.56%
  • General Electric, +3.5%
  • Rackspace, +3.5%
  • Boeing, +3.26%
  • Caterpillar, +3.16%
  • American Airlines, +2.82%

big losers today included:

  • Uber, -4.25%
  • First Solar, -2.81%
  • Black Knight, -2.06%
  • Rocket, -2.0%
  • Under Armour, -1.71%
  • Palantir, -1.56%
  • FireEye, -1.49%
  • Rite Aid, -1.46%
  • CVS, -1.35%
  • Dollar Tree, -1.27%
  • Walgreens, -1.08%
  • target, -1.03%
  • Chewy, -1.0%
  • Mastercard, -1.0%
  • Intuit, -0.94%
  • Stryker, -0.93%
  • Snowflake, -0.78%
  • HomeDepot, -0.77%

Major European indices end the day with mixed results.

  
Analysis, Global Indices
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A good week for European equities as they benefit from flow of funds

The major European indices are ending the week with mixed results.  The German Dax broke its four day streak that also saw new all time highs being made.
The provisional closes are showing:
  • German DAX, -0.5%
  • France’s CAC, +0.2%
  • UK’s FTSE 100, +0.4%
  • Spain’s Ibex, +0.45%
  • Italy’s FTSE MIB, unchanged
For the week, the major indices are all solidly higher:
  • German Dax, +4.18%
  • France’s CAC, +4.5%
  • UK’s FTSE 100, +1.9%
  • Spain’s Ibex, +4.1%
  • Italy’s 4.9%

Year to date, all the indices are also higher:

  • German Dax, +5.71%
  • France’s CAC, +8.87%
  • UK’s FTSE 100, +4.62%
  • Spain’s Ibex, +6.9%
  • Italy’s footsie MIB, +8.4%
In the European debt market, the benchmark 10 year yields are ending the day higher across the board

European yields are higher across the board
In the forex, the snapshot of the strongest weakest as London/European traders look to exit shows the CAD is extending its lead to the upside after a trauma than expected jobs report today. The NZD and GBP remain the weakest. The USD is stronger but losing ground vs the CAD.

Overnight US Market : The stock rotation continues out of high-tech and into cyclicals

  
Analysis, US Market
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Higher yields remain the catalyst

The longs in the technology stocks continue to get hammered and the rotation into the cyclical continues as fears of interest rates have traders repricing the high flyers of 2020.

The final numbers are showing:
  • S&P index -20.72 points or -0.54% at 3821.23
  • NASDAQ index -310.98 points or -2.41% at 12609.16
  • Dow industrial average rose 306.21 points or +0.97% at 31802.51
The NASDAQ index closed below its 100 day moving average for the 1st time since October 30.
Some of the oversized decliners today included:
  • Doordash -11.92%
  • Snowflake, -10.74%
  • Chewy, -8.01%
  • Zoom, -7.91%
  • Nio, -7.66%
  • Nvidia, -6.99%
  • Square, -6.74%
  • Broadcom, -6.57%
  • Palantir, -5.91%
  • Tesla, -5.86%
On the positive side, some of the Reddit meme stocks were in the big gainers:
  • Express, +62.6%
  • Gamestop, +40.1%
  • Koss, +26.79%
  • AMC, +15.52%
  • Bed Bath and Beyond, +10.32%
Airlines also rose sharply:
  • United airlines, +7.03%
  • Southwest Airlines, +6.41%
  • American Airlines, +4.94%
  • Delta Air Lines, +3.61%
Big cap high flying names of 2020 had a tough time of it today as well:
  • Facebook -3.35%
  • Amazon -1.58%
  • Apple, -4.13%
  • Netflix, -4.48%
  • Microsoft -1.79%
  • Alphabet -4.3%
Other winners included:
  • Walt Disney, +6.27%
  • Whirlpool, +3.46%
  • Ford, +3.10%
  • MasterCard, +2.9%
  • Citigroup, +2.82%
  • Cisco Systems, +2.79%
  • Exxon, +2.39%
  • General Motors, +2.29%
  • Home Depot, +2.16%

FOMC responses coming in – “no surprises” #AnirudhSethi

  
  Analysis
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A summary of the main point Lloyds make about Wednesday’s Federal Open Market Committee

  • policy update contained no surprises.
  • left interest rates and its asset purchase target unchanged
  •  The Fed continues to promise that it stands ready to offer more support to the economy if warranted but there seems to be growing confidence that more action may not be needed. Nevertheless. any tightenng in monetary policy is still probably a very long way away and markets don’t expect an interest rate hike until 2024. 
More:
  • Recent US economic data has actually been mixed
  • the signs are that the vaccine rollout is increasing the Fed’s confidence that economic conditions will improve significantly later this year
  • Hopes of further fiscal stimulus from the Biden Administration probably have provided a further boost
On the ‘tapering’ of QE question, which some officials at the Fed have indicated may commence in 2021, Lloyds remind that Powell has been quick to “stamp on this idea” and reiterated the point again at his presser.
A summary of the main point Lloyds make about Wednesday's Federal Open Market Committee 

US Indices close the day with modest gains in down and up session.

  
Analysis, US Market
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Major indices rebounds off the lows into the close

The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of 0.19%
The final numbers are showing:
  • S&P index rose 1.58 points or 0.04% at 3801.19. The high price reached 3810.78. The low price extended to 3776.51
  • NASDAQ index rose 36 points or 0.28% at 13072.43.  The high price reached 13105.03. The low extended to 12963.91
  • Dow closed up 60 points or 0.19% at 31068.69.  The high price reached 31114.56. The low extended to 30888.76
  • The Russell 2000 mid-cap stocks also close higher with solid gain of 1.63%. The index closed at its highs for the day.

Some of the bigger winners today included:

  • Doordash, +14.96%
  • AirBNB, +8.55%
  • Chewy, +7.3%
  • Uber, +7.25%
  • Corsair, +7.09%
  • General Motors, +6.24%
  • Zoom, +5.65%
  • Ford, +5.11%
  • Lyft, +4.78%
  • Tesla, +4.73%
  • Schlumberger, +4.64%
  • Rite Aid, +3.94%
  • Lam research, +3.86%
  • Goodrx, +3.5%
  • Beyond Meat, +3.3%
  • Intel, +3.28%
  • United Airlines +3.26%
  • Goldman Sachs, +2.79%
Losers today included:
  • Western Digital, -3.28%
  • Intuitive Surgical, -3.12%
  • Boston Scientific, -3.10%
  • Comcast -2.93%
  • Twitter, -2.37%
  • Facebook, -2.32%
  • Merck at -2.27%
  • General Mills, -2.16%
  • AMD, -1.94%
  • Visa, -1.93%
  • Intuit, -1.87%
  • Disney, -1.73%
  • Pfizer, -1.59%
  • Box, -1.57%
  • Morris -1.54%
  • MasterCard, -1.52%
  • Black Knight -1.38%
  • Nike -1.35%
  • McDonald’s -1.23%
  • Nio, -1.21%

S&P and Dow close at record levels at year end

  
Analysis, US Market
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Nasdaq the big winner in 2020

The S&P and Dow are closing at record levels at the year end.
  • The Nasdaq led the charge in 2020 with a gain of 43.64% That was the largest gain since 2009
  • S&P was up 16.26%.  Since 2010 the S&P is up 240%
  • 57% of the gain in the S&P was from Microsoft, Amazon and Apple
  • The Dow is closing up 7.25% after spending most of the year in the negative. It wasn’t until the gap break higher on November 9th, that the index moved above and stayed above the closing level from 2019 at 28538.44. The Dow was down over -36% at the March low
The final numbers today are showing:
  • S&P index rose 24.03 points or +0.64% to 3756.07
  • NASDAQ index rose 18.279 points or 0.14% at 12888.28
  • Dow industrial average rose 196.92 points or 0.65% to 30606.48
Some of the big gainers for the year include:
  • Nio, +1112.94%
  • Tesla, +743.03%
  • Zoom, +395.71%
  • Crowdstrike, +324.74%
  • Square, +247.89%
  • Chewy, +209.97
  • Nvidia, +121.93%
  • Paypal, +116.51%
  • Albemarle, +101.97%
  • AMD, +99.98%
  • US steel, +88.93%
  • Slack, +88.03%
  • Apple, +80.75%
  • First Solar, +76.77%
  • Amazon, +76.26%
Some big losers for the year include:
  • United Airlines, -50.9%
  • Raytheon, -46.77%
  • Exxon Mobil, -46.03%
  • Schlumberger, -45.7%
  • American Airlines, -45.01%
  • Wells Fargo, -43.9%
  • Boeing, -34.29%
  • Walgreens, -32.36%
  • Delta Air Lines, -31.24%
  • Chevron, -29.92%
  • AT&T, -26.41%
  • Raytheon technologies, -24.12%
  • Citigroup, -22.82%
  • under armor, -22.42%
  • Boston Scientific -20.50%
  • Intel, -16.76%
  • General Dynamics, -15.61%
  • Southwest air, -13.65%
For the Dow 30, the biggest winners included:
  • Apple, +80.75%
  • Microsoft, +41.04%
  • Nike, +39.64%
  • Salesforce, +36.82%
  • Walt Disney, +25.27%
  • Home Depot, +21.63%
  • Walmart, +21.3%
  • Honeywell, +20.17%
The biggest losers from the Dow 30 include:
  • Boeing, -34.29%
  • Walgreens, -32.36%
  • Chevron, -29.92%
  • Intel, -16.76%
  • Bank of America, -13.94%
  • Merck, -10.06%
  • J.P. Morgan, -8.85%
  • Cisco, -6.69%

Disney boosts Dow into positive territory. The NASDAQ and S&P close lower

  
Analysis, US Market
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Major indices decline for the week

The shares of Disney rose by over 13% and boosted the Dow up by over hundred points alone. That was enough to lift the Dow to a near 50 point gain on the day. However, all the major indices had declines for the week with the S&P leading the way to the downside.

  • S&P posts 3 day losing streak
  • Dow industrial average closes higher for the 1st time in 3 days
  • Russell 2000 has its 6 straight weekly gain as money flows from high cap,to low cap stocks
the final numbers are showing:
  • S&P index fell -4.65 points or -0.13% to 3663.46
  • NASDAQ index fell -27.938 points or -0.23% to 12377.82
  • Dow industrial average rose 46.95 points or 0.16% to 30046.23
for the week:
  • S&P index fell -0.96%
  • NASDAQ index fell -0.69%
  • Dow industrial average fell -0.57%
  • The Russell 2000 gain 0.96% after falling -0.63% today
Some winners today included
  • Disney, +13.59%
  • Goodrx, +9.51%
  • chewy, +9.03%
  • Rackspace, +3.84%
  • Lockheed Martin, +1.78%
  • Microsoft, +1.32%
  • Emerson, +1.3%,
  • Honeywell, +1.25%
Some losers today included:
  • Qualcomm, -7.37%
  • Nio -7.19%
  • Doordash, -6.0%
  • Snowflake, -5.34%
  • American Airlines, -5.17%
  • Corsair, -4.65%
  • Corning, -4.15%
  • Airbnb, -3.93%
Although Doordash and Airbnb make the list of some of the big losers today, their IPOs this week were nothing short of spectacular.
Doordash was priced at $102 and is ending the week at $178.84, while Airbnb was priced at $68 a share and is closing at $139.03.
With all the IPOs being smash before the end of the year, Wall Street is reaping huge rewards. There is no recession there. Meanwhile, there is still no progress on Covid relief today.

Brazil central bank holds rates at 2.00%, says believes inflation is temporary

  
  Analysis
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Comments from Brazil’s central bank

  • Reaffirms forward guidance that it doesn’t intent to reduce monetary stimulus as long as specified conditions met
  • Latest readings in inflation were above expectations
  • Despite the expected cooling in food prices, inflation is still expected to be high
  • Inflation expectations and baseline forecasts remain below target for relevant policy horizon
  • Continues to monitor inflation developments carefully, in particular, underlying inflation
  • Soon the conditions for maintaining forward guidance may not be satisfied
  • Forward guidance removal doesn’t mean rate hike
The drop in BRL this year has certainly been inflationary and that’s unwinding now. At the same time, you can see the growing concerns about inflation.

China November PMIs: Manufacturing 52.1 (expected 51.5) & Non-manufacturing 56.4 (expected 56.0)

  
Analysis, Economy
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These are the official China PMIs for the month, from the country’s National Bureau of Statistics.

Manufacturing 52.1 big beat and at its highest since September 2017

  • expected 51.5, prior 51.4

Non-manufacturing 56.4 also for a beat, expanded for the ninth straight month, best since June 2012

  • expected 56.0, prior 56.2

Composite 55.7

  • prior 55.3
Via Citi:
  • overall production should carry on the momentum
  • export orders were most likely still robust ahead of Western holiday seasons, and domestic demand may continue to hold up
(Citi comments from a pre-releases note)
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