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Jefferies: Lowered its price target for Boeing (BA.N) from $295 to $265.On September 22, Goldman Sachs issued a report expressing a positive view on Hua Hong Grace Semiconductor (01347.HK), forecasting revenue growth of 11% and 15% quarter-on-quarter in Q3 and Q4 of 2026, respectively, higher than the 9% quarter-on-quarter growth in Q2 of 2026. This growth is primarily driven by increased AI spending in China and customers domestic-first strategies to better secure supply. The report notes that Hua Hong continues to expand its capacity, maintaining high capacity utilization, driven by strong demand and technology node migration. Generative AI remains the main driver, boosting demand for embedded flash memory, NOR flash memory, and power management ICs. In September, Hua Hong completed the acquisition of a 97.5% stake in Huahong Microelectronics, which subsequently became a wholly-owned subsidiary and will be consolidated into the groups financial statements. The report anticipates that this acquisition will broaden Hua Hongs 12-inch manufacturing platform and support its long-term capacity and technology node expansion. The bank expects strong demand to support capacity utilization, average selling price, and gross margin. The company aims to increase 12-inch wafer capacity at Fab9A by approximately 40% by the end of Q3 2026 and reach full capacity in the first half of 2027. The bank maintains its "Buy" rating on Hua Hongs Hong Kong-listed shares with a 12-month target price of HK$335.The local governor stated that the Russian attack on Dnipro, Ukraine, resulted in three deaths.Russian Ministry of Defense: We attacked targets in Kyiv, Poltava, Odessa and Dnipropetrovsk.Russian Ministry of Defense: We have struck Ukrainian companies in the metallurgical, fuel, and energy sectors.

Crypto Market Daily Highlights: ETH and MATIC Lead the Top Ten

Skylar Shaw

Mar 02, 2023 15:47

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March got off to a positive start for the cryptocurrency market as data from China's private sector PMI drove early session demand for risky assets.


The top ten cryptocurrencies had a positive afternoon on Wednesday. The top ten crypto market rebound was headed by MATIC and ETH. The $24,000 mark was brought up by Bitcoin for the first time in five days.


China's economic statistics gave the month a positive start. Demand for risky assets increased as a result of February's private sector PMI figures that exceeded expectations. Contrary to expectations, the crucial Caixin Manufacturing PMI increased from 49.2 to 51.6. An important development was the industrial sector's first expansion since July 2022.


Gains from the early session were not rolled back by economic statistics from the US or the NASDAQ Composite Index. Although the ISM Manufacturing PMI showed that the manufacturing sector was still contracting, the sub-components backed up a more pessimistic view of Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased.


The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.


The NASDAQ Composite Index dropped by 0.66% on Wednesday, but the NASDAQ Mini gained 4.5 points this morning.

Bitcoin Industry Headlines

The impact of cryptocurrency market news on investor mood, however, was varied. As a result of heightened governmental monitoring, Visa (V) addressed reports that it was pausing its cryptocurrency plans.


Regarding the Reuters piece, Cuy Sheffield, Director of Crypto at Visa, stated, "This narrative is incorrect as it relates to Visa, here's the truth."


Sheffield added, "We continue to work with crypto businesses to better currency on and off transitions as well as advance on our product plan to develop new products that can enable stablecoin transfers in a safe, legal, and practical manner."


Sheffield added that Visa's opinion of the significance of blockchain-based, fiat-backed digital currencies has not changed.


Silvergate Bank reports, however, were negative for the market. The business disclosed that the submission of its yearly report had been postponed.


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