Overnight weight
Israel Lowers Its Economic Growth Expectations
According to the Israeli Times on October 23, due to the continued weakness of the Israeli currency, the New Shekel, and the economic burden of the new round of Israeli-Palestinian conflict on local households and businesses, the Bank of Israel has decided to maintain current interest rates and lowered its economic growth forecast for 2023.
The decision of the Bank of Israel to maintain its benchmark interest rate at 4.75% is in line with the predictions of most economists.
The Bank of Israel predicts that the country's economy will grow by 2.3% in 2023 and 2.8% in 2024. This is lower than the Bank of Israel's forecast of 3% economic growth for this year and the next two years released last month.
The central bank stated in a statement that the conflict has had various economic impacts on both real economic activity and financial markets. In addition, the central bank predicts that the government's fiscal deficit will increase to 2.3% of Gross Domestic Product (GDP) by 2023 and 3.5% of GDP by 2024.
IMF predicts that Japan's GDP will fall to the fourth place in the world
According to Kyodo News Agency, the International Monetary Fund (IMF) recently predicted that Japan's nominal gross domestic product (GDP) will drop from third to fourth in the world in 2023, which will be surpassed by Germany. The depreciation of the Japanese yen has led to a decrease in GDP converted into US dollars, and in addition, nominal GDP is affected by price changes, thus Germany's higher price increase compared to Japan is also reflected.
The report states that GDP is greatly affected by exchange rates, and the actual ranking will be influenced by exchange rate movements before the end of the year. But Japan's low economic growth has persisted for a long time. The economic scale is linked to international influence, and once overtaken by Germany, Japan's sense of presence will further decrease.
The economic forecast data released by the IMF shows that Japan's nominal GDP in 2023 is approximately $4.2308 trillion (approximately RMB 30.95 trillion), a decrease of 0.2% compared to the previous year. On the other hand, Germany grew by 8.4% to approximately $4.4298 trillion.
According to the Bank of Japan, the average exchange rate of the Japanese yen against the US dollar in the Tokyo foreign exchange market was around 131.5 yen per dollar in 2022, and has recently depreciated significantly to around 150 yen. On the other hand, the exchange rate between the euro and the US dollar has not changed as much as the Japanese yen.
On a monthly basis, the price increase in Japan will remain roughly above 3% year-on-year in 2023. On the other hand, Germany reached around 9% at the beginning of the year and gradually slowed down to over 4% in September.
The Dow closed 0.58% lower
On Monday Eastern Time, the three major US stock indices ended mixed. The Dow Jones Industrial Average fell 190.87 points, or 0.58%, to 32936.41. The Nasdaq Composite Index closed up 34.52 points, or 0.27%, at 13018.33. The S&P 500 index fell 7.12 points, or 0.17%, to 4217.04.
Large technology stocks collectively rose, with Apple up 0.07%, Amazon up 1.11%, Netflix up 1.47%, Google up 0.66%, Facebook up 1.74%, and Microsoft up 0.81%.
In terms of other popular technology stocks, NVIDIA rose 3.84% and ARM rose 4.89%. There are reports that NVIDIA is using ARM technology to design new PC chips. NVIDIA's main competitor, Intel, closed down more than 3%.
Bank stocks generally fell, with JPMorgan Chase down 1.39%, Goldman Sachs down 0.27%, Citigroup down 2.02%, Morgan Stanley down 1.94%, Bank of America down 2.83%, and Wells Fargo down 1.96%.
Energy stocks fell overall, with ExxonMobil down 1.47%, Chevron down 3.7%, ConocoPhillips down 2.2%, and Western Petroleum down 3.62%.
Most popular Chinese concept stocks rose, with Xiaopeng Automobile up more than 3%, Ideal Automobile and Tencent Music up more than 2%, JD.com up more than 1%, and Bilibili, Baidu, Alibaba, candylake.com, and NIO slightly rising. IQiyi fell more than 1%, while Vipshop and Futu Holdings slightly declined.
In terms of economic data, the Markit manufacturing and service industry PMI for October in the United States, the third quarter GDP report, and personal consumption expenditure (PCE) inflation index will be released this week. Market analysis suggests that if these data are strong, the Federal Reserve may still raise interest rates again this year.
International oil prices plummeted late at night
On Monday, external trading time, international oil prices fell by more than 2%. WTI December crude oil futures closed down $2.59, or 2.94%, at $85.49 per barrel. Brent December crude oil futures closed down $2.33, or 2.53%, at $89.83 per barrel.
Reuters reported that investors' concerns about potential supply disruptions have been alleviated by increased diplomatic efforts by various parties in the Middle East to try to contain the conflict between Israel and Hamas.
More than 40000 strikes by American car companies
According to CNBC and The Wall Street Journal, on October 23rd local time, the United Auto Workers (UAW) extended the strike to a factory near Detroit at automaker Stellantis, with a total of approximately 6800 employees starting the strike that day.
At present, Stellantis has proposed the worst solution in terms of increasing wages, temporary workers' wages, converting to full-time workers, and adjusting living expenses, "UAW said in a press release
Although Stellantis has the highest revenue, profit margin, and cash reserves, it lags behind Ford and General Motors in meeting the requirements of UAW members, "said UAW
It is reported that as the strike approaches its sixth week, the shutdown of Sterling Heights factory under Stellantis has led to a total of over 40000 UAW members striking at the three major automakers, marking the first escalation of union strikes in a month.
Follow Today (Beijing Time)
09:30 Market price changes of important production materials in the circulation field
10: The New Office of the People's Republic of China held a press conference on the situation related to high-level security and high-quality development
15: The new National Office held a press conference on the relevant situation of the second Global Digital Trade Expo
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Siquan New Materials (301489)
Stock code: 301489
Issue price: 41.66 yuan/share
IPO P/E ratio: 46.6
Listing location: Shenzhen Stock Exchange
Main business: research and development, production and sales of thermal management materials, magnetic materials, nano protective materials, etc.
Financial hotspots
Domestic oil prices may face "two consecutive drops"
At 24:00 on the 24th, a new round of price adjustment window for domestic refined oil products will open. From a comprehensive institutional perspective, oil prices are expected to experience a "double dip". According to calculations by Zhuochuang Information, the reference crude oil change rate for the 9th working day in China was -1.40%, corresponding to a decrease of 60 yuan/ton for gasoline and diesel, and a decrease of 0.05 yuan for 92 # gasoline, 95 # gasoline, and 0 # diesel. If the retail price reduction of refined oil products in this round can be implemented, taking a family sedan with a fuel tank capacity of 50L as an example, filling up a box of 92 # gasoline will save 2.5 yuan.
25 trust company executives have changed since the beginning of this year
According to incomplete sorting, there have been 25 executive changes in trust companies since the beginning of this year, involving positions such as party committee secretary, chairman, general manager, and deputy general manager. And these 25 trust companies that have undergone executive changes since the beginning of this year account for 37.3% of the current total of 67 trust companies.
Shenzhen Airport: Inbound and outbound flights have resumed normal operation
On October 23rd, the official Weibo account of Shenzhen Airport announced that due to an unidentified object appearing around the airport on the evening of October 23rd, some flights at Shenzhen Airport were temporarily restricted to ensure flight safety. At present, the operation of inbound and outbound flights at Shenzhen Airport has returned to normal. We deeply apologize for any inconvenience caused to passengers' travel. It is strictly prohibited to lift and release various types of floating objects in the clearance area around the airport, and if serious impacts are caused, legal responsibility will be pursued in accordance with the law.
Huawei's statement that "10000 6G mobile low orbit satellites will be launched" is purely fabricated
On the evening of October 23rd, the official headline account of Huawei Group released a statement stating that the rumor that "Huawei will launch 10000 6G mobile low orbit satellites" is purely a rumor, and the rumor makers are baseless and unfounded. They have spread the same information on multiple platforms and accounts, please do not believe it or spread it, and report it decisively.
Property Zhongda: Net profit in the third quarter decreased by 28.78% year-on-year
On October 23, Zhongda disclosed its third quarter report for 2023. In the first three quarters, the company achieved a revenue of 438.615 billion yuan, a year-on-year increase of 3.41%; The net profit attributable to shareholders of the listed company was 2.728 billion yuan, a year-on-year decrease of 15.34%. Among them, the revenue in the third quarter was 148.539 billion yuan, a year-on-year increase of 2.4%; The net profit attributable to shareholders of the listed company was 850 million yuan, a year-on-year decrease of 28.78%.
12 Lianban Shenglong Shares Remind Stock Trading Risks Again
On the 23rd, Shenglong Co., Ltd., which has continuously raised its limit for 12 days, issued another announcement stating that the company's stock price seriously deviates from the reasonable valuation of listed companies in the same industry and deviates from the company's fundamentals. In addition, after the investor exchange meeting held on October 20th, on October 23rd, Luo Yulong, the chairman of Shenglong Group, and others participated in the meeting again, further reminding investors of the risks of stock trading and stating that the company currently has no plans to reduce its holdings.
Anti counterfeiting of energy-saving wind power: Never released private financial products
On the evening of October 23rd, Energy Saving Wind Power announced that the recent appearance of mobile wealth management apps such as "China Energy Saving" and "China Energy Saving" on the internet, as well as the login addresses for online investment and wealth management, were false information published by criminals. Among them, the so-called investment and wealth management products of wind power projects belonging to Energy Saving Wind Power were all fraudulent activities. Energy saving wind power is a listed company controlled by the central enterprise China Energy Conservation and Environmental Protection Group Co., Ltd. In its production and operation activities, the company's investment and financing activities are standardized through legal channels and will not engage in private fundraising activities. Energy saving wind power has never released private wealth management products, related apps, network links, and other information. It has not authorized any individual or unit to carry out the above business, and will not publish such information or authorize any individual or unit to carry out such business in the future.