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Macquarie commented in a report that it identified supportive valuations in China's capital markets in light of the recent uptick in technical investment sentiment. The broker listed its near-term recommendations for a "conviction portfolio" of Chinese stocks:
Morgan Stanley commented in a report that NEW ORIENTAL-S (09901.HK) +6.450 (+10.370%) Short selling $356.58M; Ratio 42.735% 's increased investment in EAST BUY (01797.HK) +1.280 (+8.020%) Short selling $17.87M; Ratio 4.712% has led to margin compression in 3FQ24, which will continue to affect 4FQ24 and FY25. However, the broker expected NEW ORIENTAL's education business to maintain strong growth and profit expansion in the next financial year.
BOCI noted in a report that New Oriental Education & Technology (EDU.US) logged a 60% YoY hike in sales and a 60.3% YoY rise in non-GAAP operating profit in 3FQ24, but non-GAAP net profit elevated only 9.8% YoY during the quarter. Both sales and operating profit beat market expectations, but net profit slightly missed.
Core PCE Price Index MoM for Mar in United States is 0.3%, unchanged from its last period. The forecast was 0.3%.AAStocks Financial News
Financial Times reported that the United States is urging its allies in Europe and Asia to tighten restrictions on exports of chip-related technology and equipment towards China, amid mounting concerns about the development of advanced Chips by Huawei.
Goldman Sachs reinstated JD-SW (09618.HK) +6.400 (+5.750%) Short selling $602.09M; Ratio 29.397% (JD.US) at Buy in a recent report, citing positiveness about the re-acceleration of its revenue growth. After going through the business structure and strategic adjustments from 4Q22 to 4Q23, the broker believed that this year would be a year of normalisation for the company's business, with growth expected to accelerate again.
In response to U.S. President Joe Biden's signing of a bill mandating the divestment of TikTok from ByteDance, Reuters cited sources as reporting that TikTok said it will use all legal means to counter the move, preferring to shut it down rather than selling.
US GDP growth in 1Q was just 1.6%, far weaker than expected and logged the lowest growth level in nearly two years, while personal consumption expenditures (PCE) inflation remained high. The three major US stock indexes crashed early on Thursday, but the decline narrowed significantly in the afternoon.
ByteDance issued a statement saying that the news about exploring the disposal of its short-form video platform TikTok is untrue and that the company does not have any plans to sell it.
According to Reuters, US Secretary of the Treasury Janet Yellen commented that China's overcapacity has been hurting manufacturers in many countries and threatening the US economy. The US would not rule out any countermeasures, including new tariffs.