China Fund News reporter Guo Wenjun
Good morning everyone! There were many big events happening last night and this morning.
The three major stock indexes in the United States have mixed ups and downs; The EU is rumored to approve Amazon's acquisition, and iRobot has surged by over 43%; The electric pickup truck Cybertruck is about to be delivered, and Tesla rose nearly 2% at one point.
The initial PMI of the US manufacturing industry hit a new low in three months. The collective increase in US bond yields; International oil prices have fallen across the board. Popular Chinese concept stocks generally rose.
The three major US stock indexes have mixed ups and downs
On November 24th Eastern Time, the three major US stock indexes experienced mixed gains and losses. Due to the impact of the Thanksgiving holiday, the US stock market closed three hours earlier on Friday with relatively low trading volume. As of the close, the Dow Jones index rose 117.12 points, or 0.33%. The Nasdaq index fell 15.00 points, a decrease of 0.11%. The S&P 500 index rose 2.72 points, or 0.06%.
Rumor that the European Union will approve Amazon's acquisition
IRobot surged by over 43%
On November 24th Eastern Time, iRobot, a robotic vacuum cleaner company, opened high and rose as high as 43.47%, ultimately closing at $41.48, up 39.08%. Previously, there were media reports that European regulatory agencies would approve Amazon's acquisition of iRobot.
In August 2022, Amazon announced that it would acquire iRobot in cash for $61 per share, with a total transaction price of approximately $1.7 billion, including iRobot's net debt. In late July 2023, both companies announced that they had agreed to reduce the acquisition price by approximately 15%. According to the revised agreement, Amazon will acquire iRobot for a total value of approximately $1.4 billion at a price of $51.75 per share.
In early July 2023, the European Commission officially announced that it would conduct an in-depth investigation into this transaction, citing the possibility of restricting competition in the robotic vacuum market and making it more difficult for competitors' market providers to compete with Amazon's online market services.
Electric pickup truck Cybertruck is about to be delivered
Tesla rose nearly 2% at one point
On November 24th, Eastern Time, Tesla opened low and rose high, rising 1.94% at one point to close at $235.45, up 0.53%. This week, it has accumulated a rise of 0.49%, barely continuing the performance of last week's 9.15% rise. The daily transaction volume was $15.29 billion, ranking first in US stock trading volume.
Last week, CEO Musk made some comments about Jews on social media, which sparked widespread attention and controversy. He has repeatedly expressed sympathy and support for the Palestinians, and criticized and opposed Israel's policies and actions. At present, this electric vehicle giant is increasing its discount efforts in the United States and Europe.
There is almost a week left until the Tesla electric pickup truck Cybertruck delivery event day. Musk provided the highly anticipated latest news on electric pickup trucks on Wednesday, raising people's expectations.
The field of intelligent driving in China's L3 and L4 has recently seen significant changes. Four ministries jointly issued a notice requiring L3 and L4 level intelligent connected vehicles with mass production conditions to be piloted on the road within a limited area. In this context, the landing of Tesla FSD in China is considered to have entered the countdown stage. Tesla China responded to this by stating that it is indeed progressing.
According to insiders, Tesla is in talks with the Indian government about the conditions for building a factory, and the investment scale will depend on the number of cars approved by India for import at a 15% preferential tariff.
On the European front, Musk described the escalating strike by Swedish unions against Tesla as "crazy," which could potentially disrupt Tesla's operations in other parts of Europe. Last month, about 130 mechanics from the IF Metal union in Sweden who provide services for Tesla electric vehicles went on strike due to Tesla's refusal to demand collective bargaining.
The initial PMI of the US manufacturing industry hit a 3-month low
On a macro level, a report released by S&P Global shows that the initial value of Markit's manufacturing PMI in the United States for November was 49.4, a three-month low, lower than the expected 49.8, and the previous value was 50.
The initial PMI for the Markit service industry in the United States in November was 50.8, reaching a four month high, higher than the expected 50.4, and the previous value was 50.6.
Economists at US mortgage giant Fannie Mae say that even if the US economy can avoid a recession next year, the real estate market will not quickly emerge from a deep freeze. Fannie Mae emphasized the stagnation of the US real estate market, with second-hand home sales falling by 18.9% year-on-year in June. Similarly, the number of mortgage applications has also dropped to the lowest level in 28 years.
According to a research report by Faxing Bank, global economic growth will generally slow down in 2024, and the US economy will experience a mild recession. It is believed that economic growth in 2024 will continue to show resilience, but it will still be quite slow and may be even weaker than in 2023; It is expected that the US economy will experience a recession around mid-2024, but the time is brief and the degree is relatively shallow.
Collective increase in US Treasury yields
On November 24th Eastern Time, US bond yields collectively rose. According to Wind News, the 2-year US Treasury yield increased by 4.9 basis points to 4.959%, the 3-year US Treasury yield increased by 4.4 basis points to 4.671%, the 5-year US Treasury yield increased by 5.4 basis points to 4.491%, the 10-year US Treasury yield increased by 6.1 basis points to 4.472%, and the 30-year US Treasury yield increased by 6.1 basis points to 4.602%.
International oil prices have fallen across the board
On November 24th Eastern Time, international oil prices quickly rose and eventually fell, closing lower across the board. According to Wind News, the January contract of American Oil fell 1.53% to $75.18 per barrel, a decrease of 1.13% for the entire week. The oil futures contract for February next year fell 1.35% to $80.15 per barrel, a decrease of 0.57% for the entire week.
The international benchmark oil price once rapidly rose, with a short-term increase of nearly 1%. Due to reports that OPEC+and African oil producing countries are reportedly reaching a compromise on approaching production levels in 2024.
Popular Chinese concept stocks generally rise
On November 24th Eastern Time, popular Chinese concept stocks generally rose.
FLJ rose 45.24%, Haichuan Securities rose 40.79%, and iClick rose 27.33%, leading the rise in Chinese concept stocks. Shangcheng Shuke rose 24.37%, Haomei rose 15.63%, Shanda Technology rose 13.04%, Yihang Intelligence rose 11.27%, Jianan Technology rose 7.45%, and Miniso rose 5.27%.
In terms of decline, Danei Education fell 21.43%, Carbon Doctor Holdings fell 17.80%, and Zhilin Group fell 14.38%, leading the decline in Chinese concept stocks. Tuniu fell 11.88%, Nenglian Zhidian fell 5.95%, and Genxi Biotechnology fell 4.72%.
The stock of Zhonggai New Energy Vehicles fluctuated, with NIO Automobile falling 0.94%, Xiaopeng Automobile rising 6.14%, and Ideal Automobile rising 1.43%.
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