In the first week of 2024, global stock markets performed poorly. The European stock market fell across the board, with the French CAC40 index and the European STOXX50 index falling by over 1%. The three major US stock indexes fell across the board, with the Nasdaq index falling more than 3% and technology stocks falling across the board. Apple, Microsoft, Google's parent company Alphabet, Amazon, Nvidia, Facebook's parent company Meta, and Tesla lost $407.5 billion (equivalent to RMB 29100 million) in weekly market capitalization. This week, the US dollar index continued to rise, with a cumulative increase of 1.05%. Non US currencies collectively fell, and offshore renminbi fell over 400 basis points against the US dollar.
According to CCTV news, the Federal Aviation Administration of the United States has ordered the grounding of more than 170 Boeing 737 MAX 9 aircraft. Earlier, an Alaska Airlines passenger plane had an accident in the air shortly after takeoff on the 5th and immediately returned to the aircraft. At around 23:20 local time on January 6th, a 4.4 magnitude earthquake occurred again in Ishikawa Prefecture, Japan. Previously, Ishikawa Prefecture announced that due to the serious damage caused by the earthquake, it had issued a state of emergency declaration and entered a state of emergency.
The US stock market fell across the board
The stock market value of the seven major technologies has evaporated by nearly 3 trillion yuan
This week marks the first week of trading in 2024, with global stock markets falling across the board. Major European stock indices fell, with the FTSE 100 index in the UK falling 0.56%, the CAC40 index in France falling 1.62%, the DAX index in Germany falling 0.94%, and the STOXX50 index in Europe falling 1.29%.
The three major US stock indexes fell across the board, with the Dow Jones Industrial Average, NASDAQ Index, and S&P 500 Index falling 0.59%, 3.25%, and 1.52% respectively. The three major US stock indexes ended their previous nine consecutive weeks of gains.
This week, Apple, Microsoft, Google-A, Amazon, Nvidia, Facebook parent company Meta, and Tesla have cumulatively fallen by 5.90%, 2.20%, 2.83%, 4.41%, 0.86%, 0.57%, and 4.42%, respectively. The total weekly market value of the seven large technology stocks evaporated by 407.5 billion US dollars (equivalent to RMB 2.91 trillion).
Source: Choice
After 9 consecutive weeks of gains in the US stock market, in the first week of 2024, the entire US stock market fell, and the seven major technology stock markets evaporated nearly 3 trillion yuan, giving investors a head start. Guotai Junan International stated that the first window of interest rate cuts began to show signs of fatigue after two months. The fundamental reason for the market's race is that interest rate cuts would have brought about loose liquidity, but the congestion of "interest rate cut transactions" has brought new problems. Due to concerns about missing trading opportunities, the accumulation of a large number of positions has not only made the negative spread of long-term bond trading more significant, but also led to increasingly tight liquidity in the market.
Collective decline in non US currencies
This week, the US dollar index continued to rise, with a cumulative increase of 1.05% to 102.4395. Non US currencies collectively fell, with the euro falling 0.86% to 1.0942 against the US dollar this week; The pound fell 0.13% to 1.2718 against the US dollar; The Australian dollar fell 1.44% to 0.6716 against the US dollar; The US dollar rose 2.57% against the Japanese yen to 144.652; The US dollar rose 0.83% to 1.3365 against the Canadian dollar; The offshore renminbi fell over 400 basis points against the US dollar to close at 7.1657.
Open Source Securities stated that looking ahead to 2024, based on the economic fundamentals of the US and Europe, as well as the pace of monetary policy by the US and European central banks, it is unlikely that the US dollar index will significantly decline under the benchmark situation, and may remain at a relatively high level around 100, with a narrow range of fluctuations in the trend. Under the benchmark scenario, the RMB may appreciate moderately in 2024. In terms of specific rhythm, there may be a pattern of partial volatility and two-way fluctuations. In the first quarter, there may be a slight appreciation (seasonal), while in the second quarter, there may be partial pressure (monetary policy differentiation between European and American central banks), followed by a slow fluctuation and appreciation (landing of the Federal Reserve's interest rate cut).
The Federal Aviation Administration of the United States has ordered the grounding of over 170 Boeing 737 MAX 9 aircraft
According to local media reports on January 6th, the Federal Aviation Administration of the United States has ordered airlines to ground more than 170 Boeing 737 MAX 9 aircraft, following a side damage incident on the cabin of an Alaska Airlines Boeing 737 MAX 9 aircraft during flight. This emergency airworthiness directive will affect approximately 171 related aircraft models worldwide.
An American Airplane's Airframe Parts Fall from the Air and Urgently Returns
A passenger plane of Alaska Airlines in the United States experienced an accident in the air shortly after takeoff on the 5th, and immediately returned urgently without causing any casualties.
Alaska Airlines stated in a statement that its Boeing 737 MAX 9 aircraft, with flight number 1282, flew from Portland, Oregon to Ontario, California on the same day. Shortly after takeoff, the aircraft experienced an accident and immediately returned urgently. At that time, the plane was carrying 171 passengers and 6 crew members.
The Federal Aviation Administration of the United States stated that before the aircraft returned, the crew reported a loss of pressure on the aircraft. According to US media reports, a portion of the aircraft's fuselage fell into the air at the time of the incident. The report states that the dropped component is the rear emergency escape hatch, which is generally used during remote flight missions; But most American airlines do not use this emergency door position and instead arrange seats as regular window seats.
Alaska Airlines subsequently announced that after the incident on that day, as a preventive measure, 65 of its Boeing 737 MAX 9 aircraft will be temporarily grounded, and each aircraft will undergo a comprehensive inspection and maintenance. Boeing stated that it has been informed of the accident and is collecting more information to cooperate with the investigation.
A 4.4 magnitude earthquake has occurred again in Ishikawa Prefecture, Japan
According to the Japan Meteorological Agency, a 4.4 magnitude earthquake occurred in Ishikawa Prefecture, Japan at around 23:20 local time on January 6th, with a maximum magnitude of 6 weak. The epicenter was located near the Neden Peninsula at a depth of 10 kilometers. There is currently no tsunami risk.
Previously, Ishikawa Prefectural Governor Chihiro announced at the Ishikawa Prefectural Disaster Management Headquarters meeting on the 6th that due to the severe damage caused by the earthquake, the prefecture has issued a declaration of emergency and entered a state of emergency.
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