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Real-time News
March 20 news, on March 20, Pinduoduo released its 2024 fourth quarter and full-year financial report. In the earnings call, Zhao Jiazhen, executive director and co-CEO of Pinduoduo Group, said that in early January this year, Pinduoduo established a merchant rights protection committee to collect merchant feedback, optimize merchant business experience and service mechanisms, and further improve the platform ecosystem construction. "We have successively launched a number of initiatives such as abnormal order warnings and low-price risk warnings, and launched upgraded services to promote merchants net transactions, providing merchants with more refined data support, and continuously helping merchants to improve their investment-output ratio. Recently, we have also established a normalized communication mechanism with merchants and held the first merchant symposium. After full communication, we launched four major upgraded measures, including the illegal operation warning function, to continue to increase the protection of merchant rights." Zhao Jiazhen said.On March 20, Jefferies Group believes that the Bank of England will resume its gradual easing process. The bank expects the Bank of England to cut interest rates three more times this year, each time by 25 basis points. Economist Modupe Adegbembo said: "The 4.50% interest rate is still restrictive and continues to put pressure on economic activity. GDP continues to slow, and we still expect the Bank of England to cut interest rates again in May." The agency also expects the Bank of England to cut interest rates further in August and November, and the bank rate will fall to 3.75% by the end of 2025. This exceeded market expectations, and traders are currently betting only slightly more than two 25 basis point interest rate cuts.March 20th, uncertainty is the main theme of the Bank of Englands meeting today, whether it is global uncertainty or uncertainty about the outlook for the interest rate path. Hussain Mehdi, an analyst at HSBC Asset Management, said that todays decision was "affected by uncertainty." "We believe that this is a challenging meeting for the Bank of England as increasingly uncertain and complex macroeconomic realities cast a shadow over the outlook." Economists at ING said that the Bank of England "was vague about its next move amid obvious tensions around the inflation outlook." However, ING added: "We suspect that this anxiety is excessive and believe that the Bank of England will continue to cut interest rates at a gradual pace this year and next year."The Dow Jones Industrial Average opened on March 20 (Thursday) down 239.85 points, or 0.57%, to 41,724.78 points; the S&P 500 opened on March 20 (Thursday) down 40.79 points, or 0.72%, to 5,634.50 points; and the Nasdaq Composite opened on March 20 (Thursday) down 166.83 points, or 0.94%, to 17,583.96 points.March 20, Aberdeen deputy chief economist Luke Bartholomew said that the Bank of Englands decision to keep interest rates unchanged was not surprising, but the difference in voting results was shocking. Among the 9 members of the Monetary Policy Committee, only Swati Dingra voted in favor of a 25 basis point rate cut, while Mann voted to keep interest rates unchanged this month, switching from voting for a sharp 50 basis point rate cut last month. Bartholomew said that the Bank of England faces a very challenging economic environment, where economic growth has slowed, but inflationary pressures remain high. "This will keep the Bank of England on a gradual and cautious rate cut path for now, with the possibility of another rate cut in May."
