Follow up comments
On Wednesday, the yield of medium and long-term US bonds rose sharply. First, the yield of two-year US bonds exceeded 1%, a new high since the outbreak of the epidemic; The yield of 10-year US bonds exceeded 1.9% in the session, the highest since 2020. On the whole, with the upcoming interest rate meeting of the Federal Reserve in January, the market believes that the Federal Reserve may adopt a more radical monetary policy after this interest rate meeting, which has triggered a large-scale selling tide in the recent US bond market. The volatility of the US stock market has intensified in the short term, and the sectors with high overvalued value and high growth will continue to be under pressure. The three major stock indexes of the United States collectively fell on Wednesday. The S & P 500 index closed at 4532.76 points, down 0.97%; The Dow Jones Industrial Average closed at 35028.65, down 0.96%; The NASDAQ closed at 14340.25, down 1.15%. In terms of industry, the technology sector continued its decline, and apple fell 2.1%; Most anti epidemic stocks fell, and biontech fell 13.66%; Aviation sector fell, Boeing fell 3.52%; Most of the popular Chinese stocks fell, and Ding Dong's vegetable shopping fell 23.88%.
In Hong Kong, the three major stock indexes in Hong Kong rose and fell on Thursday. The Hang Seng Index closed at 24952.35, up 3.42%, the largest increase since July 2020; Hang Seng China enterprise index closed at 8761.56, up 3.79%; Hang Seng Hong Kong Chinese enterprises index closed at 4146.77, down 0.16%. In terms of industry, technology stocks rose sharply, Hang Seng technology index rose 4.5%, meituan rose 11.01% and mingyuanyun rose 10.93%. Since the implementation of regulatory measures for Internet enterprises in July 2021, the Hong Kong stock technology sector has made a sharp correction, the stock price has continued to decline, and the valuation of some companies with good performance growth is low. At present, the regulatory policy has been loosened, and the Hong Kong stock technology sector may usher in repair space.
Policy highlights
\u3000\u30001. European Central Bank: central bank governor Lagarde said that the inflation rate is expected to be 3.2% in 2022; Prices should stabilize and gradually ease in 2022; See signs of mitigation of supply chain problems; There is no reason to act like the Fed. （Wind）
\u3000\u30002. Central Bank of France: central bank governor Villeroy said that the European Central Bank would do its best to bring inflation back to 2%; France has a good economic growth and is less affected by the Omicron mutant. （Wind）
Company dynamics
\u3000\u30001. United Health Group (unh. N): the company made a profit of US $4.071 billion in the fourth quarter of 2021, a year-on-year increase of 84%, exceeding market expectations. In 2021, the profit was US $17.285 billion, with a year-on-year increase of 12.22%; The total operating revenue was US $287.597 billion, a year-on-year increase of 12%. （Wind）
\u3000\u30002. P & G (pg.n): the net profit in the second quarter of fiscal year 2022 was US $4.223 billion, and the market expected US $4.22 billion; Revenue of US $21 billion, expected to be US $20.339 billion; EPS is $1.66 and is expected to be $1.66. P & G plans to buy back US $9 billion to US $10 billion of shares in fiscal year 2022 and raise the sales guidance in fiscal year 2022
Risk tips
Economic growth was less than expected
The spread of trade protectionism
Fed policy exceeded expectations
