Unilaterally hated Tesla // The recent U.S. Arctic cold wave (minus 20-30 degrees Celsius) sent provocative news that Tesla’s electric car failed to start and became a grave.
However, not only electric vehicles but also internal combustion locomotives will not start with this cold spell.
Usually, internal combustion vehicles do not start and cannot move at minus 15 degrees Celsius or lower. The ignition of the internal combustion vehicle must be operated by the start motor at the same time as the ignition plug, and it is a 12V lead-acid battery that operates it.
At minus 15 degrees Celsius or lower, the lead-acid battery does not operate smoothly, and at 20 degrees Celsius or lower, it stops operating at all and does not even start.
Still, what is the purpose of the Korean media, which plastered provocative articles about Tesla’s electric vehicles as tombs?
If Apple announces new smartphone products, the news that there is no innovation will be the same as the reason why it is plastered.
The media has long lost its function as a media outlet. There are many parts that I don’t understand why so many people hate and hate Tesla, but it seems that it is probably a rough idea that existing internal combustion engine vehicle companies are serious about being jealous of the electric vehicle market.
02/02 U.S. stocks rise on weak dollar, interest rates and big tech earnings expectations despite regional bank concerns
The U.S. stock market started higher as technology stocks, which fell in the aftermath of the FOMC the previous day, rebounded as interest rates on government bonds fell due to sluggish employment indicators and the dollar weakened. However, it returned higher as financial stocks weakened due to the re-emergence of local bank risks from the New York Community Bank (-11.13%), which plunged the previous day. However, it rose again, reflecting the fact that regional bank concerns are unlikely to expand later in the market and the weak dollar and falling interest rates. In particular, it is also positive that related stocks expanded their strength ahead of the announcement of large technology earnings (Dow +0.97%, Nasdaq +1.30%, S&P 500 +1.25%, Russell 2000 +1.39% and Philadelphia Semiconductor Index +0.46%)
At the FOMC the day before, Powell said that he would not have “confidence” in slowing inflation in March, weakening the possibility of a rate cut in March. But before that, Powell said that employment was solid but that if employment weakened, he would cut interest rates, arguing that “a little more” of “continuous” inflation reduction data was needed and that interest rates would be cut based on this. The importance of employment and price indicators will expand
Meanwhile, the number of mass layoffs in January surged from 34,817 to 82,307. In addition, the number of new unemployment benefits claims increased from 215,000 to 224,000. After the announcement of related indicators, the decline in government bond rates widened and the dollar weakened. Of course, the ISM manufacturing index improved significantly from 47.1 to 49.1. New orders were announced from 47.0 to 52.5, and the price index was also announced from 45.2 to 52.9. However, although the weak dollar and interest rates were briefly reduced in the announcement of the results, the impact was limited. The market is more sensitive to interest rate cut issues such as employment than the economy
Meanwhile, the New York Community Bank (-11.13%) that acquired the bankrupt Signature Bank plunged 38% in its earnings report, confirming a larger-than-expected loss due to an increase in provision for bad debt. The news re-emphasized the risk of regional banks last year, triggering a slump in financial stocks. However, as interest rates on government bonds continue to fall, regional banks’ risks are limited. This is because the market’s attention is focused on employment, price indicators, and corporate earnings.
Apple (+1.33%) announced earnings after the market closed, which exceeded expectations. In particular, iPhone sales increased. However, service sales slowed, and sales in China fell 11%. Due to this, it fell 1% after hours. On the other hand, Meta Platforms (+1.19%) surged 14% as its first dividend payment, $50 billion in treasury stock purchases, and its performance exceeded expectations. Amazon (+2.88%) saw its better-than-expected earnings and margin rise significantly. However, despite sluggish cloud services and sluggish guidance, it is up 5% after hours. Microchips (+0.55%) are down 3% after hours as guidance fell short of expectations. Tesla (+0.84%) is sluggish in the market due to news of free self-driving hardware for customers purchasing Model Y in China. It means intensifying competition, which generally means the process of digesting the property for sale
Qualcomm (-4.98%) fell on sale due to mixed performance and weak guidance. On top of that, Citigroup downgraded its investment opinion. On the other hand, Qubo (+6.03%) rose as it announced better-than-expected earnings. ASML (+2.38%) rose when Jefferies chose it as its TOP Pick, saying that concerns over restrictions on sales in China were exaggerated. Other semiconductor industries, such as Nvidia (+2.44%), AMD (+1.66%), and Intel (+0.65%) showed sluggish performance in the market, but they changed due to the influx of rebound buying due to falling government bond rates. The Philadelphia Semiconductor Index, which had been falling due to the impact, rose 0.46%.
The announcement of the Treasury bond issuance plan the previous day led to a drop in interest rates, and today’s decline in interest rates expanded due to sluggish employment indicators. Solar-related sectors such as First Solar (+1.09%), Sunpower (+22.11%), Solar Edge (+4.17%), Sunrun (+2.90%), and Infase Energy (+1.26%) are clearly strong. Pharmaceutical sector Merck (+4.64%) rose on less-than-expected losses and good guidance. Peloton (-24.28%) plunged due to sluggish earnings and guidance.
The previous day, New York Community Bank (-11.13%) saw its profits turn into net losses, and it plunged 38% as it announced a reduction in dividends due to a surge in bad debt amortization, and fell again today. In the aftermath, bank risks are highlighted, and regional banks such as Comerica (-2.89%), Western Alliance (-7.57%), and Zion Bankoff (-6.32%) as well as JPMorgan (-0.36%), BOA (-1.35%), and Wells Fargo (-2.21%) also fell. However, unlike last year, it is positively accepted that related concerns are unlikely to expand, and the market burden is eased by reducing the fall.
The MSCI Korea Index ETF rose 3.08 percent and the MSCI Emerging Index ETF rose 0.96 percent. The Philadelphia Semiconductor Index rose 0.46 percent, the Russell 2000 Index rose 1.39 percent, and the Dow Transportation Index rose 0.83 percent. Nighttime futures rose 0.48 percent, with the Korean stock market expected to start around 0.7 percent higher. The NDF dollar/won exchange rate for one month is 1,327 won, which is expected to fall 5 won.
On the previous day, the Korean stock market continued to face issues related to PBR 1x, expanding its gains mainly in related stocks. Expectations for shareholder return policy are also factors that strengthen related stocks. In particular, foreigners and institutions have been concentrating on supply and demand. In the meantime, the U.S. stock market has been in favor of the Korean stock market because of the excessive decline in the stock market. On top of that, the overtime surge is favorable to large-scale technology earnings improvement.
However, the key is whether or not the trend continues, and it is necessary to pay attention to related stocks as future profit improvement and shareholder return policies are needed. However, caution should be taken as companies whose cash flows have not improved are also shifting their focus like theme stocks. In addition, a surge in large technology stocks could lead to the influx of counter-buying of technology stocks, which have recently been weak in the Korean stock market. Eventually, the Korean stock market is expected to change after starting an upward of around 0.7 percent, focusing on foreign supply and demand.
International oil prices fell on a positive assessment of the efforts of Israel and Hamas to negotiate a ceasefire. Although volatility increased due to the influx of news of the settlement and the deletion of related news during the negotiations in Qatar, it fell on the back of attention to the details of the ceasefire. Natural gas in the U.S. and Europe fell on expectations of easing risks in the Middle East
Gold rises on falling interest rates and weaker dollar. Copper and other nonferrous metals mostly fell except for nickel on U.S. commercial real estate issues. Wheat rose on weak dollar, but soybean and corn fell on concerns about higher supply
The dollar is weak against other exchange rates as expectations for a rate cut remain low due to sluggish U.S. employment indicators. In addition, the BOE froze interest rates, but the market announced a 6:2:1 cut from seven freeze and two hike. However, the pound is strong as Governor Bailey insisted that a rate cut still requires a lot of data. At the same time, the Eurozone consumer price index slowed from 2.9% to 2.8%, but it is strong against the dollar in line with market expectations.
Treasury yields continued to fall following the previous day due to sluggish U.S. employment indicators. In particular, they are more sensitive to the factors of the decline in expectations on the Treasury Department’s bond issuance plan. The decline was partially reduced due to the inflow of reversals in the second half of the market.
2/2 Global Financial Market Trends
◆ the U.S. stock market
◆ Korea-related
◆ the foreign exchange market
◆ the U.S. government bond market
◆ Commodity Market ($, sweet grain, copper in cents)
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