20240222-农银国际证券-每天导读_4页_841kb

报告摘要

US Markets: Mixed yesterday, with the Nasdaq falling, indicating caution on tech stocks. The Dow Jones and S&P 500 closed with individual gains and losses.
European Markets: Variable performance; UK FTSE 100 declined, while others like Germany showed industrial slowdown.
Asian Markets: Chinese indices rose, with Hong Kong's Hang Seng Index and Shenzhen Component Index up due to real estate, financial, education, and alcoholic sectors. Taiwan's weighted index also improved.

Fed Concerns: US Federal Open Market Committee (FOMC) note from January suggests risks of slowing down too quickly, preferring steady inflation decline before rate cuts.
China Economy: Foreign holdings in Chinese stocks decreased by 13% year-on-year, but bond value growth was near 8%, reflecting capital shifts.
Germany: Growth forecast cut to 0.2% due to geopolitical tensions and high interest rates, amid weak consumer data.

China Focus: Draft of Private Economy Promotion Law aims to protect民企 rights and innovation; CNOOC plans HK$154.5 billion private deal for China Molybdenum, at 34.1% premium. Ideal calls for EV industry consolidation to avoid social losses.
Technology: US restricts semiconductor sales to Semiconductor Manufacturing International (SMIC), while Intel wins Microsoft deal for chip manufacturing using 18A technology.
Currency and Commodities: Weaker US dollar and rising人民币 boost Asian markets; CRB index mirrors commodity price changes, with gold at US$2,022/toz.

Today's releases include US/China economic indicators and Eurozone PMI, affecting market volatility.

High volatility likely due to rate policy uncertainties; China's stock market interventions are aimed at stabilizing the sector amid weakening demand.

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