ADDX Go Market Morning Wrap - 11th Dec

Market Key Focus

US Market

- Markets

U.S. stocks fell across the board on Tuesday and closed near the session low, with investors accelerating their selling of chip stocks and AI concept stocks in the late trading.

U.S. small business optimism is high, unit labor cost growth slows, and the market is paying attention to U.S. November CPI inflation on Wednesday

- Stocks

Google A closed up nearly 6%, Google CEO announced the progress of quantum computing chip Willow.

Oracle closed down nearly 7%, the company's performance was lower than expected.

US stock industry ETFs generally closed down. Semiconductor ETF closed down 2.52%, technology industry ETF fell 1.39%, global technology index ETF fell 1.03%, biotech ETF fell more than 0.8%, banking ETF fell 0.37%, optional consumer ETF rose 0.2%, and global aviation industry ETF maintained a closing increase of more than 1%.

- Treasury

The market is closely awaiting the US CPI report and US Treasury auction, with the 2/10-year US Treasury yield rising by more than 2bp

- FX

The US dollar index rose to a one-week high, rising for the third consecutive day. The US dollar index DXY rose 0.25% to 106.407 points

Asian Market

- Markets

The Nasdaq Golden Dragon China Index closed down 4.34% at 7103.47 points. Among ETFs, the FTSE China 3x Long ETF (YINN) closed down 12.61%, the China Technology Index ETF (CQQQ) closed down 6.25%, and the China Internet Index ETF (KWEB) closed down 4.82%

- Stocks

- FX

The Japanese yen once fell below 152, and the offshore RMB once rose by more than 250 points to 7.24 yuan

European Market

- Markets

European stocks bid farewell to eight consecutive days of gains. The French stock index closed down more than 1.1%, and the pan-European STOXX 600 index closed down 0.52% at 518.49 points. The Eurozone STOXX 50 index closed down 0.68%. The FTSE pan-European blue chip 300 index closed down 0.54%.

- Stocks

Luxury goods stocks fell the most, with LVMH Group closing down 2.54%, the second largest decline.

Kering Group fell 2.21%, the fourth worst performance, Hermès fell 1.93%.

CATL and the world's fourth largest automaker Stellantis plan to jointly establish a joint venture in Spain and build a joint venture battery factory, Stellantis rose about 1%

- Treasury

The yield on two-year German bonds fell by more than 3bp, while the yield on 10-year British bonds rose by more than 5bp

- FX

It is expected that the ECB and the Bank of England will cut interest rates at different paces, and the pound is at its highest level against the euro in two and a half years.

The euro fell 0.27% against the dollar to 1.0528, and the pound rose 0.17% against the dollar to 1.2772

Cryptocurrency Market

1. Microsoft shareholders voted against allocating Bitcoin, and the price of the currency fell below $95,000 during the session. Bitcoin rose 0.84% ​​to $97,605.00 in late trading, and traded in the range of $94,785.00-98,985.00 during the day.
2. The second largest Ethereum fell 2.50% to $3,661.50 in late trading.

Macro

1. Mohammed al-Bashir said he had been appointed caretaker prime minister of Syria's transitional government. The Israeli Defense Forces said they had destroyed more than 70% of Syria's military
2. South Korea's National Assembly passed a resolution calling for the prompt arrest of Yoon Seok-yeol, and a South Korean court approved the arrest of former Defense Minister Kim Yong-hyun. Heightened geopolitical tensions supported gold prices to a two-week high, while oil prices rose during the session but ultimately stabilized

Earnings For Today

Market Events

Stocks to Focus

1. General Motors announced that it would suspend funding for Cruise's development of driverless taxis (RoboTaxi). It will merge the driverless business Cruise and GM Technical teams. General Motors once rose 3.9% after the market closed, and Morgan Stanley withdrew its sell rating
2. Pharmacy chain WBA closed up 18%, the largest single-day increase since at least 1980. The company is negotiating a sale to a private equity firm
3. Alaska Airlines closed up 13.16%. The company raised its fourth-quarter adjusted EPS guidance and disclosed many plans around its global expansion intentions. American Airlines closed up 1.92%. Brokerage firm Bernstein upgraded its rating and said that the stock price could still rise by about 40%
4. US President Biden sought to finally formally veto Nippon Steel's (Nippon Steel) acquisition of US Steel. US Steel triggered an intraday circuit breaker and eventually closed down 9.68%
5. According to reports, Apple plans to provide Globalstar's satellite communication function on smartwatch devices. Globalstar rose more than 29% and closed up more than 8%
6. Boeing rose 4.5% as production of its best-selling 737 aircraft resumed. Overall deliveries in November hit a four-year low after the strike.