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On February 24, Goldman Sachs published a report stating that NIO (09866.HK) delivered 73,000 new energy vehicles in the last quarter of last year, up 45% year-on-year and 18% quarter-on-quarter. The companys market share in new energy vehicles in the mainland shrank from 2% in the third quarter of last year to 1.9% in the last quarter. The bank expects NIOs revenue to increase by 17% year-on-year to RMB 20 billion. Due to the increase in the sales proportion of Ledao L60, the bank expects NIOs automotive business to have a lower gross profit margin in the last quarter; but due to economies of scale and cooperation with partners, the gross profit margin of the battery replacement business is expected to improve. The bank expects NIO to have an EBIT loss of RMB 6 billion in the last quarter; non-GAAP net loss is expected to be RMB 4.9 billion. To reflect the latest sales and pricing trends, the non-GAAP net profit forecasts for this year and next year are reduced by 2% and 1% respectively, and the valuation basis is extended for one year. The target price of Hong Kong stocks is raised from HK$27 to HK$30, and the rating is sold.On February 24, according to the Financial Times, ECB board member Wensch said that the ECB faces the risk of unknowingly cutting interest rates too much and needs to be prepared to stop cutting interest rates as soon as possible. The market generally expects the ECB to cut its deposit rate from 2.75% to 2% by the end of the year due to signs of weak economic growth in Europe. Wensch said, I am not pleading for a pause in interest rate cuts in April, but we must not raise interest rates to 2% without thinking. Let us keep it open, and if the data proves that further interest rate cuts are justified, the ECB will cut interest rates; otherwise, we may have to suspend interest rate cuts. Schnabel, an influential member of the six-member ECB Executive Board, also hinted that the ECB may have almost completed the interest rate cut by cutting the deposit rate from 4% to 2.75% since June.Samsung Electronics Union: Samsung Electronics management and the union reached an agreement on a 5.1% salary increase.According to the Financial Times: ECB board member Martin Luther King said he was "relatively comfortable" with market expectations of interest rates around 2% at the end of the year, "with a fluctuation of 50 basis points".Futures February 24th, Economies.com analysts latest views today: Spot gold prices once again tried to break through the support line of the bullish channel, but we noticed that the price remained firmly above it as it received good positive support from EMA50.

USD/CHF Remains Low in the Mid-0.9300s Advance of the Swiss GDP

Alina Haynes

Feb 28, 2023 11:44

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The USD/CHF pair on Tuesday morning shows the pre-data nervousness as it nears 0.9350. However, the market's cautious optimism and wide US Dollar volatility allow the Swiss currency pair to consolidate its first monthly gain in four months.

 

US Treasury bond yields fell, lending credence to the White House's pro-trade narrative.

 

Despite its political differences with the nation of the dragon, the United States offers an olive branch to China's business community, enabling the S&P 500 Futures to track Wall Street's gains at the time of publication. Politico reported late on Monday that, "despite fraying relations with Beijing, US President Joe Biden is expected to forgo broad new restrictions on American investment in China," rejecting a drive by some "hawks" in his administration and Congress.

 

It's essential to remember that while the S&P 500 Futures print modest gains by mirroring Wall Street's upbeat closing, US Treasury bond yields continue to be subpar during the quiet hours of Tuesday's trading.

 

US Durable Goods Purchases dropped -4.5% in January, below the -4.0% forecast and 5.1% lower than in December, according to data released on Monday. However, the Nondefense Capital Goods Orders ex Aircraft rose by 0.8% compared to analysts' predictions of 0.0% growth and -0.3% in previous readings. In a similar manner, US Pending Home Purchases increased 8.0% MoM, exceeding expectations of 1.0% and prior levels of 1.1%.

 

On the other hand, Federal Reserve Governor Philip Jefferson said on Monday that a return to 2% inflation is crucial if such sustained economic development is to be possible. According to Reuters, "Economic data this month showed still tight labor markets and sticky inflation, leading Fed funds futures traders to wager on higher rates, which in the US are now seen peaking in September at 5.4%, up from presently 4.58%."

 

The GNP for Switzerland's fourth quarter (Q4) will be crucial for the future. According to projections, quarterly GDP grew by 0.3% from the previous quarter's 0.2%, but annualized GDP declined by 1.2% from the previous quarter's 0.5% growth.

 

The early US trade figures for January, consumer confidence from the Conference Board, the Chicago Purchasing Managers' Index, and the Richmond Fed Manufacturing Index for February will all be important for USD/CHF traders to monitor alongside the Swiss GDP.


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