Pre-market trend
1. Before the US stock market opened on Friday, May 17, the futures of the three major US stock indexes rose together. As of press time, Dow futures are up 0.04%, S & P 500 futures are up 0.05%, and Nasdaq futures are up 0.10%.
two。 As of press time, Germany's DAX index fell 0.25%, Britain's FTSE 100 index fell 0.35%, France's CAC40 index fell 0.37%, and Europe's Stoxx 50 index fell 0.35%.
3. As of press time, WTI crude fell 0.21% to $79.06 a barrel. Brent crude fell 0.16% to $83.14 a barrel.
Market news
JPMorgan Chase CEO once again warned: inflation is more serious than thought! Jamie Dimon, chief executive of JPMorgan Chase, said in an interview that the market underestimated the likely duration of inflation because a number of factors would keep prices rising. "I don't think the underlying inflation may disappear as people expect,"300signupbonuscasinoHe said at JPMorgan's global market conference. He added300signupbonuscasino"I think there are a lot of inflationary factors in front of us that may make inflation slightly higher than people expect." Looking ahead, Dimon cited worrying reasons for accelerating price rises, such as the transformation of green energy, infrastructure construction and geopolitical militarization. Possible upcoming policy changes in the United States also play a role, with rising trade restrictions or persistent fiscal overruns likely to push up prices. In addition, he added, a soft landing should be half as likely as the market now expects.
The hope of a "soft landing" of the US economy will heat up. UBS expects the Fed to cut interest rates twice this year. UBS strategists commented: "the federal fund futures market now expects the Fed to cut interest rates by about 51 basis points in 2024, which is in line with our own forecast that the Fed will cut interest rates by 25 basis points twice this year starting in September." Us retail sales in April were lower than expected (flat with 0.4 per cent growth expectations), coupled with downgrades in previous months, supporting our view of a soft landing. " UBS believes Federal Reserve Chairman Colin Powell's speech on Tuesday reaffirmed the Fed's reliance on data and expects the Fed to cut interest rates by 50 basis points this year if favorable data continue. "We expect the 10-year Treasury yield to fall to 3.85 per cent by the end of the year and maintain our optimistic outlook for high-quality bonds and equities," the agency said. "
"the most attractive investment opportunity" in 30 years! An in-depth analysis of the former head of Goldman Sachs. Global demand for copper is growing rapidly to meet everything from electric cars to grid upgrades to data centres. At the same time, the launch of the new copper mine is extremely slow, and political and environmental problems have made it more difficult. Rapid growth in demand and stagnant supply have pushed copper prices above the $10,000-a-tonne mark on the London Metal Exchange this week. Jeff Currie, a commodities veteran and chief strategist of Carlyle's investment energy path team, believes that there is still room for copper prices to rise further. Currie said long-term copper holdings were the "most attractive investment opportunity" he had seen in more than 30 years in the industry. In addition, a key difference between the current commodity rally cycle and the past is that the "gold cycle" replaces the "dollar cycle", "which explains why gold prices are so strong", he said.
UBS: OPEC + is expected to extend the production reduction agreement for at least three months, and cloth oil will rise to $91 in June. OPEC + will hold its next meeting on June 1, and UBS expects it to agree to extend the voluntary production reduction agreement to maintain the balance of the oil market. "Oil inventories have fallen less than we expected in recent weeks and US interest rates remain high for a longer period of time, which could have an impact on OPEC's proactive, pre-emptive and preventive policies," UBS analysts said. " "We now expect the eight member states that have voluntarily reduced production to extend the agreement for at least three months before the regular meeting in early June." UBS is moderately optimistic about the outlook for crude oil prices in the coming months, thanks to healthy demand and efforts by OPEC + countries to balance the oil market. The bank expects Brent crude to reach $91 a barrel in June and September and $87 a barrel in December.
Bank of America: the macroeconomic situation is weakening and long-term Treasuries will rebound in the second half of the year. Bank of America strategist Michael Hartnett said that as the macroeconomic situation weakens, long-term bonds will rebound later in 2024. A team led by the strategist said in a report that market positions, next moves in monetary policy and some economic signals weakening the risk to corporate earnings laid the foundation for a reversal of "all transactions except bonds" in the second half of the year. Michael Hartnett points out that investors are very bullish on cash, investment grade bonds and equities, but no one is bullish on 30-year Treasuries, which he sees as the best hedge against weaker nominal economic growth. While the outlook for monetary policy will be looser, US government spending is likely to tighten over the next 12 months, which is good for the bond market, he said.
Individual stock news
One of the largest OCIO mandates in history! GS.US was commissioned by UPS.US 's $43 billion pension fund. Goldman Sachs was entrusted with $43 billion in UPS pension fund assets, one of the largest of its kind. Goldman manages about $325 billion of such pension assets, and the investment authority announced on Thursday brings it closer to its goal of surpassing its competitors over the next three to five years. These competitors include Marsh McLennan's Mercer, BlackRock and Russell Investments. The trillions of dollars of global business responsible for investing large amounts of corporate pension funds-the outsourcing chief investment office (OCIO)-will grow by more than 10 per cent a year over the next five years, according to Cerulli Associates, a consultancy. This means that fund managers are seeing this area as a productive source of income.
Reddit(RDDT.US) rose more than 10% before the market! Announced a partnership with OpenAI. Reddit has entered into a partnership with OpenAI to bring its content to chatbot ChatGPT and other products, while also helping the social media company add new artificial intelligence features to its forums. The two companies said in a joint statement on Thursday that the agreement "will enable OpenAI's artificial intelligence tools to better understand and present Reddit content, especially on recent topics." The protocol allows OpenAI to display Reddit content and train artificial intelligence systems on data from its partners. Reddit will also provide its users with new artificial intelligence tools based on models created by OpenAI, which will serve ads on its partners 'websites. Financial terms of the transaction were not disclosed.
Wall Street's new favorite Amgen (AMGN.US) is working again: Lung cancer drug Imdelltra has been approved. The U.S. Food and Drug Administration announced a major approval on Thursday that has brought new hope to lung cancer patients: the approval of Amgen's Imdelltra(common name tarlatamab) as a second-line treatment for advanced small cell lung cancer (SCLC). The decision means that Imdelltra will become a new option for patients as their cancer continues to progress after receiving other treatments, usually chemotherapy. Imdelltra's approval is understood to be based on its performance in clinical trials that have shown the drug can slow tumor growth and significantly extend survival in patients with small cell lung cancer.
Boeing's core supplier Spirit's production declines and may lay off about 400 people. According to an internal corporate memorandum, Spirit AeroSystems, one of Boeing's important suppliers, is laying off hundreds of jobs in Wichita, Kansas, as the company deals with high debt and a significant slowdown in production for its key customer Boeing. Huge pressure. "The recent slowdown in commercial project delivery has forced a reduction in the size of our workforce in Wichita," spokesman Joe Buccino is understood to say. "In the coming weeks, we will notify affected employees. We are committed to implementing this transition phase in the most compassionate manner possible." It is understood that the memo, first reported by Wichita-based KSN, said about 400 employees would be affected.
Important economic data and event forecasts
At 00:15 the next day Beijing time, the 2024 FOMC voting committee and San Francisco Fed Chairman Daly delivered a speech
