Global macro

• Biden may have a bigger move: more than 3 trillion infrastructure gift bags + tax increases.
  

White House press secretary Jen Psaki has previously revealed that President Joe Biden will unveil a $3,000bn infrastructure plan on Wednesday, with the first part expected to focus on rebuilding "roads and railways" and the second to be released "within weeks", focusing on "social infrastructure", including child care and health care. According to other media reports, Biden's infrastructure plan is expected to exceed $3 trillion. The final size is expected to be between $3, 000bn and $4, 000bn, including $3.5 trillion in tax increases.

• Institutions: us stocks have hidden dangers, microstructure may deteriorate, and prices may not be far from peaking.

According to the Guojun fixed income research, there may be hidden dangers in US stocks at present, that is, the deterioration of microstructure. In an environment of excessive liquidity and low volatility, the market is overleveraged and chips are constantly concentrated on optimists. However, as the chips are too concentrated in the hands of the most optimists, expectations reach the highest point of the pendulum, trading directions are too consistent and crowded, and any change in the macro environment will lead to a large sell-off once the macro environment is reversed. So prices will not be far from the peak.

• Federal Reserve Governor Waller: "there is still a long way to go" to raise interest rates.

Waller, the Fed governor, said he did not see any evidence that US inflation expectations were rising in worrying ways or that bond yields or asset prices were raising concerns about financial instability. In his first speech since joining the Fed board in December, he echoed the views of some of the Fed's core figures who are prepared to maintain support policies until the economy fully recovers from the pandemic. He believes that there is still a long way to go before raising interest rates.

• What is the impact of the explosion of hedge funds in the United States? Global banking may lose more than $6 billion

The explosion of Archegos, a US hedge fund, has recently attracted the attention of investors and regulators around the world. Analysts said that although the incident caused heavy losses to many financial institutions and triggered stock market volatility, it should not trigger a large-scale financial crisis. However, as the incident continues, global banks are expected to lose more than $6 billion as a result, Reuters reported. Analysts say the incident could lead financial institutions to cut funding quotas to funds and other investors, deleveraging capital markets and exacerbating market volatility.

• FTSE Russell: Chinese bonds will be included in the FTSE Global Government Bond Index

FTSE Russell announced on its website that it will include Chinese government bonds in its flagship World Bond Index (WGBI) from October 29, which will be gradually included for a period of 36 months, with a weighting of 5.25%. In the short term, the impact of "getting rich" of Chinese government bonds on domestic bonds is limited, while in the medium to long term, it will help to improve the financing efficiency of domestic enterprises and promote the internationalization of the RMB.

• The US auto industry jointly urges Biden to support a "comprehensive" electric vehicle plan.

Major U.S. automakers, parts companies and the United Auto Workers (UAW) urged President Joe Biden to support a "comprehensive plan" for electric vehicles and called on the government to provide high tax credits and many other fiscal incentives. UAW and two major automotive industry organizations pointed out in a joint letter: "neither the current trend of consumer adoption of electric vehicles, nor the existing level of federal support for supply-and demand-side policies, is sufficient to achieve our future transportation net zero carbon goal. "

• Us stock index futures fell before the session.

The futures of the three major US stock indexes fell before the day. As of press time, Dow Jones Index futures fell 0.03%, NASDAQ 100 Index futures fell 0.69%, and S & P 500 index futures fell 0.29%.

• A number of economic data from European countries exceeded expectations, and the economic climate index rose to an one-year high
  

The latest data show that France's consumer confidence index rose unexpectedly in March, with statistics agency INSEE saying its monthly consumer confidence index rose to its highest level since December, rising to 94 points from 91 points in February. The euro zone's economic climate index also rose to 101.0 in March from 93.4 in February, well above market expectations of 96.0 and breaking the long-term average for the first time since the public health crisis swept through Europe in 12 months.

• Us Trade Representative Dai Qi: strongly hopes to develop a "corrected" trade relationship with the European Union

Daiqi told EU Competition Executive Committee Vestager that she strongly hopes to develop a more positive and constructive trade relationship with the EU. The Office of the United States Trade Representative (USTR) said in a statement that Daiqi and Vestager agreed to cooperate on priorities such as climate change, the digital economy and strengthening cooperation between the United States and the European Union to deal with large non-market economies such as China.

• European stocks rose across the board.

As of press time, European stocks rose across the board, with Germany's DAX30 index up 0.72%, Europe's Stoxx 50 index up 0.43% and Italy's FTSE MIB index up 0.25%.

Hot news

• Foreign media: despite the rising prices, the demand of Tesla, Inc. Model Y in China remains stable.
  

According to foreign media reports, last week, electric car manufacturers$Tesla, Inc. (TSLA.US) $The price of different versions of domestic Model Y has been raised by 8000 yuan. According to media reports, although Tesla, Inc. raised the price of domestic Model Y last week, the demand for Model Y in the Chinese market has not changed much, and the passenger flow in Tesla, Inc. 's showroom remains stable. Tesla, Inc. CEO Elon Musk has said that in the long run, China will be Tesla, Inc. 's biggest market.

• IPhone 13 will not be postponed, Apple Inc A15 processor exposed that it will be put into production by the end of May.

According to market news, for$Apple Inc (AAPL.US) $The iPhone 13 series of A15 processors will be upgraded to the N5P process, the second generation of 5nm, which will further increase the performance at the process level and further reduce power consumption. At present, everything is going well for N5P, and production of the A15 chip is expected to start at the end of May to ensure that the iPhone will not be delayed.

• After rising more than 5% in pre-school trading, founder Chen Xiangdong announced plans to increase his stock holdings by 50 million US dollars.

From whom to learn (GSX.US) $After the collapse, company founder Chen Xiangdong released an internal letter, saying: the rise and fall of stocks is a kind of market behavior, and sometimes there are market sentiments. in a larger sense, we should ignore the sharp fluctuations and changes of these stocks; in the long run, only when the intrinsic value of the company continues to improve, will there be long-term value of the company and room for the company's stock price to rise. The core is to look at the intrinsic value of your business.

Chen Xiangdong also announced that he plans to increase the company's stock holdings of no more than 50 million US dollars with personal funds in the next 12 months. As of press time, it was up 5.07% before the start of the school session.

• Source: Tesla, Inc. electric pickup will start production as soon as June.
  

Foreign media quoted sources as saying$Tesla, Inc. (TSLA.US) $Production of the electric pickup truck Cybertruck will start as soon as June this year. The source said that his neighbor who works in Tesla, Inc. revealed that he would go to the Austin super factory to work on electric pickups. Another source said on social media that Tesla, Inc. had set up a pilot production line for the Cybertruck of electric pickups at the Fremont factory, which would eventually be produced at the Austin super factory.

• Qualcomm Inc responded to the US government's abandonment of antitrust litigation: he is happy and needs to protect the innovation incentive mechanism.

In January 2017, the FTC of the United States$Qualcomm Inc (QCOM.US) $An antitrust lawsuit was filed, and FTC won the grass-roots court trial, but an appeals court in San Francisco, California, overturned the previous decision. With regard to the suspension of the antitrust lawsuit against Qualcomm Inc by the United States, Qualcomm Inc said that he was pleased with the decision and must protect the fundamental incentive mechanism for innovation and competition.

• Credit Suisse fell more than 3% before trading, and the company expects Archegos-related losses to reach billions of dollars.

Credit Suisse (CS.US) $Archegos-related losses are expected to reach billions of dollars, far exceeding the market rumored loss of $3 billion to $4 billion, it said. As of press time, US stocks were down 3.07% at $11.04 before trading.

• The 3nm process of Chuantai SMC has been put into trial production this month, and the schedule of mass production will be advanced.

The news of supply chain comes out.$Taiwan Semiconductor Manufacturing Co Ltd (TSM.US) $The 3nm process is progressing smoothly and the trial production is better than expected. It has started risky trial production and delivered in small quantities in March. Liu Deyin, chairman of Taiwan Semiconductor Manufacturing Co Ltd, revealed that 3nm developed according to the planned schedule, and the progress was even ahead of expectations. This means that the 3nm mass production schedule is expected to be ahead of schedule for the second half of 2022. Taiwan Semiconductor Manufacturing Co Ltd responded to the news by not commenting on market rumors.

• The9 Ltd rose nearly 8% before trading, and the company turned from losses to profits in 2020 compared with the same period last year.

$The9 Ltd (NCTY.US) $According to the 2020 annual performance report, the company's revenue in 2020 was 625000 yuan, compared with 343000 yuan in the same period last year; net profit was 393 million yuan, with a net loss of 196 million yuan in the same period last year, turning a profit from the same period last year; net profit belonging to common shareholders was 397 million yuan, net loss in the same period last year was 191 million yuan; basic and diluted earnings per share were 2.42 yuan, loss 1.79 yuan in the same period last year.

As of press time, The9 Ltd was up 7.96% before trading.

• Facebook Inc and Alphabet Inc-CL C will build a 15000 km submarine cable to connect Southeast Asia and North America.
  

Recently, the Internet giant$Facebook Inc (FB.US) $和$Alphabet Inc-CL C (GOOG.US) $It said it plans to build the first undersea cable that can connect Southeast Asia to North America. It is understood that the total length of the submarine cable system connecting Southeast Asia and North America will reach 15000 kilometers, spanning from Singapore to the west coast of North America, via Indonesia, the Philippines, and Guam, and is expected to be completed between 2023 and 2024.

• BioNtech rose more than 5% before trading, and net profit turned into profit in 2020 compared with the same period last year.

The whole year 2020$BioNTech SE (BNTX.US) $Total revenue was 482 million euros, up 434% from the same period last year; net profit was 15.2 million euros, compared with a net loss of 179 million euros in the same period last year; and earnings per share were 0.06 euros. The company's research and development of COVID-19 vaccine has now been authorized or approved for emergency use or temporary use in more than 65 countries around the world, including the United States, the United Kingdom and the European Union. The total revenue of COVID-19 vaccine in 2020 was 270.5 million euros.

As of press time, BioNtech was up 5.19% before trading.

• Vipshop rose more than 5% before trading and announced plans to buy back up to 500 million US dollars of shares.
  

$Vipshop Holdings Limited (VIPS.US) $Share prices rose before trading, up% as of press time. The company announced that its board of directors had approved a share buyback plan that could buy back up to $500m of Class A common shares within 24 months. Vipshop Holdings Limited plans to fund buybacks from the existing cash balance.

As of press time, Vipshop was up 5.73% before trading.

• Bilibili Inc. rose more than 2% before trading, and the company's H shares will be included in the Hang Seng Composite Index and Hang Seng Technology Index.
  

Today, before the US stock market,$Bilibili Inc. (BILI.US) $At one point, the share price rose by more than 2%. Bilibili Inc. 's H shares will be included in the Hang Seng Composite Index and Hang Seng Technology Index on April 14, according to the Hang Seng Index.