Follow up comments
On Tuesday, European and American stock markets fell collectively, and all three major stock indexes in the United States fell. The Dow Jones Industrial Average closed at 3263264, down 0.72%; The S & P 500 index closed at 4170.7, down 0.72%; The Nasdaq composite index closed at 1279555, down 0.28%. In terms of industry, large technology stocks rose or fell, with Naifei down 2.43% and Facebook up 1.5%; The aviation sector rose collectively, and Southwest Airlines rose 5.38%; Most popular Chinese stocks fell, Aluminum Corporation Of China Limited(601600) down 12.16%. On the news, on March 8 local time, US President Biden officially signed an executive order banning the United States from importing energy from Russia, including banning the import of Russian crude oil and some petroleum products, liquefied natural gas and coal; Banning new U.S. investment in Russia’s energy sector; Americans are prohibited from financing or supporting investment in energy companies in Russia. The market’s concern about the tightening of crude oil supply rose again, and the international oil price rose sharply on Tuesday. The contract of us oil in April 2022 closed at US $124.77/barrel, up 4.5%, reaching a new high since July 2008; The oil distribution contract closed at US $129.2/barrel in May 2022, up 4.86%. Recently, the sharp rise in the price of bulk commodities dominated by oil has increased the pressure of global inflation and the pressure of the Federal Reserve to raise interest rates. It is expected that the overseas market will still show a volatile trend in the short term.
In Hong Kong, the three major stock indexes in Hong Kong fell collectively on Wednesday. Hang Seng Index closed at 2062771, down 0.67%; Hang Seng China enterprise index closed at 718958, down 0.67%; The Hang Seng Index of Chinese enterprises closed at 391.52% down. In terms of industry, the pharmaceutical and consumer sectors fell sharply today, with Li Ning down 9.36%, Anta Sports down 7.41% and Yaoming biology down 6.98%.
Policy highlights
\u3000\u30001. Central Bank of Russia: customers with foreign currency accounts can withdraw up to US $10000, which will continue until September 9; If the customer wants to withdraw more than 10000 US dollars, he must change the balance into rubles; Banks will not be allowed to sell foreign currencies to Citizens until the Interim Provisions expire. （Wind）
\u3000\u30002. Bank of Japan: senior officials of the Bank of Japan said that due to the rising cost of energy and raw materials, consumer inflation in Japan may accelerate significantly; Similar stagflation is unlikely to occur in Japan, that is, the rise of prices is synchronized with the contraction of economic growth. （Wind）
Company dynamics
\u3000\u30001. Shell (shell. N): the company said it would not launch new purchases of Russian oil and gas, but it could not immediately decouple from Russia due to long-term contracts and the possibility of finding alternative supplies. （Wind）
\u3000\u30002. General Motors (GM.N): the company and South Korean enterprise POSCO chemical announced that they would spend $400 million to build a battery material production base in Canada. The new plant will be built in beikenko, Quebec, Canada, and will be responsible for the production of cathode active materials for automotive batteries. （Wind）
Risk tips
Economic growth was less than expected
The spread of trade protectionism
Fed policy exceeded expectations
