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The head of Japans steel industry: As global protectionism grows, Japan should consider its trade policy from a new perspective.An executive at U.S. medical technology company Medtronic: (On the issue of U.S. tariffs) We are looking for ways to optimize our manufacturing layout.On February 25, people familiar with the matter said that Indonesia and Apple (AAPL.O) have reached an agreement to lift the countrys ban on iPhone16, paving the way for an end to a five-month tug-of-war that forced Apple to increase its promised investment in Indonesia to $1 billion. The Indonesian Ministry of Industry, which is responsible for maintaining the ban, will sign an agreement with Apple as early as this week. The two sides will also hold a press conference, and the Indonesian Ministry of Industry plans to issue a license allowing the sale of iPhone16 as soon as possible. People familiar with the matter added that in addition to the $1 billion investment, Apple will also be committed to training locals to work in the research and development of Apple products so that they can develop similar software and design their own products. The move is intended to appease the government, which has been pushing Apple to establish research and development facilities in the country. However, although both parties agreed to the terms of lifting the ban, Indonesia has previously reneged and the agreement may still fall through.On February 25, the DeepSeek API open platform showed that DeepSeek has reopened API recharge. The deepseek-chat model discount period has ended, and the call price has been changed to 2 yuan per million input tokens and 8 yuan per million output tokens. DeepSeek had previously stopped recharges due to resource constraints.On February 25, Morgan Stanley published a research report stating that due to the continued sales pressure of traditional drugs, it decided to further reduce the sales forecast of Shijiazhuang Pharmaceutical Group (01093.HK) by 2.1% in 2024; the sales forecast for 2025 was raised by 3.5%; and the sales forecast for 2026 was raised by 2.7%. Morgan Stanley mentioned that since Shijiazhuang Pharmaceutical attaches great importance to research and development, it has raised its forecast for its research and development expenses, which is partially offset by lower sales expenses. The bank adjusted its profit forecasts for fiscal years 2024 to 2026 by -14%, +10% and -4.3%, respectively. In addition, the bank lowered its capital expenditure forecast for Shijiazhuang Pharmaceutical in the next few years to 7% per year (originally 9%), and slightly raised its target price from HK$6.6 to HK$6.8, giving it an overweight rating.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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