report summary
● the steady growth policy continued to be implemented this week. At present, this round of steady growth cycle has transitioned to T1 “policy implementation” stage. from the perspective of excess returns, the time point for adding “steady growth” chains is after t0’s “setting tone and turning”. Most of the “steady growth” chains under the low peg clue this week have obtained significant excess returns (see 1.16 “steady growth callback, good opportunity to increase Holdings”).
● this week, the loose monetary policy exceeded market expectations. Why did A-Shares still fall? The core reasons are: 1) the profit expectation has not reached the bottom; 2) US bond interest rates continued to rise. (1) we reiterate our judgment that US stocks are peaking. The stagflation seen in the United States in the past 30 years has led to a major shift of the Federal Reserve within one and a half months, from doubting interest rate hike to implementing table contraction (see 1.6 switching between high and low areas, how to evaluate time and space); 2) the window for further easing of China’s monetary policy (time / space) will be reduced in the future; (3) Structurally, the range growth performance of US bond interest rate and Chinese bond interest rate is poor; (4) “Setting the tone” and “policy implementation” are not sufficient conditions for the market to stabilize or rise.
● “double carbon new cycle” current short-term doubts vs medium-term prosperity? (1) the biggest concern of the “Xianli” new energy short-term market is the weakening of the “double carbon” policy under the increasing pressure of steady growth, but we believe that the “double carbon” goal and steady growth are not “either or”, and the tone and goal of the “double carbon” policy have not changed significantly. Combined with our “high-frequency expected prosperity observation model”, the medium-term prosperity expectation is still better. (2) The biggest doubt in the “post breaking” short-term market is whether the “low-carbon upgrading and transformation” can be confirmed. We found that recently, the “low-carbon transformation and upgrading” of traditional industries has been recognized by the market, and the “high-frequency expected prosperity observation model” also confirmed that the medium-term prosperity expectations of “post breaking” related industries have been significantly improved.
● how to combine peg and “high-frequency expected prosperity observation model” for “high-low” area balanced configuration? 22 is a year of downward profit and central rise of US bond interest rate. There are constraints on both ends of growth g and valuation. Therefore, peg is dominant this year. At present, the secondary industries with low peg in the “steady growth” chain in the low area for 22 years are infrastructure construction, insurance, decoration and consumer building materials. Emerging industries dominated by PEG are new energy vehicles (commercial + passenger), optical fiber and optical cable, pet base film, etc. At the same time, we combine the “high-frequency expected prosperity observation model” to observe the latest marginal changes of prosperity expectations in various industries, and find the industries with the most obvious improvement in current prosperity expectations (see the text for details).
● the short-term risk comes from the passive position reduction of absolute return “negative feedback “, and peg is configured with high-low area balance. A shares still have the risk of “negative feedback” in the short term. The passive fall of negative feedback is an opportunity to see the bottom at different stages and provides a good opportunity for layout. On the right side of stable growth in history, “setting the tone and turning” is the opportunity to increase holdings in the “stable growth” chain. In the short term, as the hawkish interest rate hike expectation of the Federal Reserve has been digested by the market, the round of equity adjustment of the track may be close to the end of the stage, and the “negative feedback” adjustment can also be used to screen the layout. Combined with PEG and the idea of marginal change of high-frequency boom, the equilibrium configuration of high-low area: 1. “Steady growth” in low areas (securities companies / white power / consumer building materials); 2。 Double carbon wide credit + peg desirable track shares (new energy vehicle / power battery / motor); 3。 Ppi-cpi scissors difference convergence (Agriculture / food).
● risk tips:
Repeated epidemic control, the global economic downturn exceeded expectations, and overseas uncertainty.
report body
1, core viewpoint express
(I) the steady growth policy continued to be implemented this week and is currently in the stage of “policy implementation”. in the correction of steady growth and good opportunities for increasing holdings released on January 16, we proposed that “each round of” steady growth “cycle of the market will have three important time points: clear tone steering (T0), initial policy landing (T1) and intensive policy verification (T2).” The steady growth policy was introduced frequently this week, and this round of steady growth cycle has been in T1 stage. On the right side of “steady growth” in history, “setting the tone” and “policy landing” are not sufficient conditions for market stabilization or rise, but often need to wait for “intensive verification” (that is, the bottom of profit expectation); However, from the perspective of industry excess returns, the opportunity to increase holdings in the “stable growth” chain is after the “tone setting shift”. on the other hand, we reiterate that one of the two core Expectation Differences of A-Shares in 22 years will be that the verification effect in March may be lower than that expected by optimistic investors (the other expectation difference is the “phantom of stagflation” in the United States, see 12.5 “prudent thinking and practice”.
most of the “steady growth” chains under the low peg clue this week obtained significant excess returns. from the perspective of industry performance, steady growth is the time for additional allocation after the “tone setting shift” of t0. The excess return of the steady growth chain industry from t0 to T1 is significant, and the industry performance is more concentrated after the policy lines of T1 and T2 are clearer. On the other hand, although the overall profit growth rate of A-Shares fell in 22 years, there are still a small number of industries with medium and high performance growth, and the Federal Reserve turned to rapid tightening, so the low peg idea will be more dominant this year. Based on the peg measured by the PE in 21 years and the compound profit growth rate in 22-23 years, we recommended last week to focus on the industries with low peg in the “steady growth” chain in 22 years – construction (0.51), real estate (0.52), banking (0.61), non banking (0.62), chemical industry (0.9), and the secondary industries are infrastructure (0.47), insurance (0.49), decoration (0.59) and consumer building materials (0.87).
(II) the steady growth policy dominated by monetary policy continued to advance this week. Why did A-Shares still fall? The core reasons are: first, the profit expectation of A-share enterprises has not reached the bottom. Second, the US bond interest rate continues to rise, squeezing the valuation of overvalued A-share stocks. That is, the denominator end proposed in our annual strategic outlook “careful thinking and practice” is still difficult to hedge the downward force of the numerator end.
(1) we reiterate our judgment that US stocks are peaking. in the strategic outlook for the year of 21.12.5, we put forward that one of the core expectations of the market in 22 years is that the cloud of “stagflation” in the United States is difficult to disappear, which forces the Federal Reserve to accelerate the pace of tightening. as stated in 1.6 switching between high and low areas, how to evaluate time and space – careful thinking and Practice Series (II): “we judge that US stocks are at the top, and we need to pay attention to the risk of shrinking the table in advance.
In the last round of the Fed’s table contraction cycle, US stocks ushered in a decline of 20% + in 18q4. Compared with the current, US stock profits are also in a “downward cycle”.
(2) the window (time / space) for further easing of China’s monetary policy will be reduced in the future. after the opening of the Shanghai Hong Kong stock connect on 14.11.17 and the RMB exchange rate reform on 15.8.11, the linkage of China US monetary policy and asset prices increased significantly. After the “811” foreign exchange reform in 15 years, the interest rate difference between China and the United States has only been short below 100bp in three ranges: October 15-march 16, October 16-april 17, February 18-may 19. After MLF and LPR cut interest rates successively this week, the interest rate difference between China and the United States quickly broke 100bp and once fell to 87bp. On the other hand, the minutes of the December meeting released by the Federal Reserve earlier this month show that various tightening operations of the Federal Reserve may be advanced.
(3) structurally, the range growth performance of US bond interest rate and Chinese bond interest rate is poor. ① after the “811” foreign exchange reform in 15 years, the sensitivity of A-share growth stocks to US bond interest rate is stronger than that of government bonds: the correlation between gem and 10-year US bond interest rate reaches -0.63, which is much higher than that with 10-year medium-term bond interest rate of -0.44; ② In addition to this round, there have been four times in the history of the relatively continuous range between the US bond interest rate and the Chinese bond interest rate. During this period, the growth performance of the four styles was poor (the worst for two times and the third for two times), and the overvalued stocks were significantly suppressed.
(4) “setting the tone and turning” and “policy implementation” are not sufficient conditions for the market to stabilize or rise. we mentioned in 1.16 steady growth callback, good opportunity to increase holdings that on the right side of “steady growth” in history, “setting the tone and turning” and “policy landing” are not sufficient conditions for market stabilization or rise. Therefore, frequent policy landing this week does not necessarily correspond to market rise.
(III) current short-term doubts of “double carbon new cycle” vs medium-term prosperity
(1) “first establish” new energy: from a fundamental point of view, the biggest concern of the current market for new energy vehicles and new energy sectors is that the market is worried about the weakening of the “double carbon” policy under the increasing pressure of steady growth. we believe that the tone and goal of the “double carbon” goal proposed by the state have not changed significantly so far. under the background of increasing pressure on steady growth, the main changes are – in the past 21 years, we have focused on “new energy”, and now we are walking on two legs of “new energy” and “major projects”, not “either or” : ① due to uneven local development, many regions are not enough to support the elements of emerging industries, so under the pressure of steady growth, In the short term, these regions still need traditional stimulus, but they are not an “either or” alternative to new energy; ② In the year of 21, due to the strict requirements of “energy dual control”, some places directly stopped the new projects that did not meet the procedures of “energy dual control”. After a number of adjustments of energy dual control at the end of 21 and the beginning of 22, the approval environment of new projects was more friendly, that is, the policy deviation of “long-term objectives can not be achieved in the short term” was corrected, However, under the policy correction, the medium and long-term goal of “dual control of energy” has not changed.
from the perspective of medium-term prosperity, the prosperity expectation of new energy vehicles and new energy related industrial chains is still good. based on our report on 8.29, how to layout the market value sinking in the interim report quarter The “high-frequency expected prosperity observation model” proposed in this paper predicts the growth rate according to the FY1 profit of the subdivided industries, and the expected improvement range of the industry’s future prosperity. It can be seen that the current FY1 profit forecast growth rate of power battery is more than 100%, and the FY1 profit forecast growth rate of photovoltaic is close to 60%. In the medium term, the high prosperity trend of “breaking first” related industries remains unchanged.
(2) “post breaking” low-carbon transformation of traditional industries: in the short term, the “low-carbon transformation and upgrading” of traditional industries has been recognized by the market. since the central bank launched the “special refinancing for clean and efficient utilization of coal” on November 17, 21, the policy of “low-carbon transformation and upgrading” of traditional industries is expected to gradually rise. The coal and steel industries with the most significant “late breaking” characteristics in the early stage have increased by 17.3% and 6.7% respectively from November 17, 21, 21 to January 21, 22, Compared with wandequan a, it achieved 18.8% and 8.3% excess returns respectively.
on the other hand, the “high-frequency expected prosperity observation model” also confirms that the medium-term prosperity expectations of “post breaking” related industries have also been significantly improved. from the perspective of FY1 profit forecast growth industry, the expected improvement range of future prosperity. The FY1 profit forecast growth rate of typical subdivided industries in the “post breaking” logic, such as aluminum, coal chemical industry and other industries, has exceeded 100%, which confirms that the medium-term prosperity of “post breaking” has also been gradually recognized by the market.
(IV) how to combine peg and “high frequency expected prosperity observation model” to carry out the balanced allocation of “high-low” areas?
(1) use the peg idea to carry out the balanced allocation of high and low areas – 22 years is a year of downward profit and central rise of US bond interest rate. There are constraints on both ends of growth g and valuation PE, so the peg idea will be more dominant this year.
first of all, the tone of this round of “steady growth” has been clear. The gap between T1 and T2 is equipped with the “steady growth” chain in the low area: according to the peg measured by the PE in 21 years and the compound profit growth in 22-23 years, the industries with low peg in the “steady growth” chain in the low area in 22 years are construction (0.51), real estate (0.52), banking (0.61), non bank (0.62) and chemical industry (0.9), The secondary industries are infrastructure (0.47), insurance (0.49), decoration (0.59) and consumer building materials (0.87).
secondly, the current round of high-tech track stocks can also be subdivided by PEG. in the 0% – 20% penetration stage of emerging industries in history, it is not uncommon for the stock price of the track leader to fall in a non significant negative manner. It takes 1-2 months, with a range of 20-30pct. The adjustment range of the track leader in this round is close to the end of the stage. Similarly, PEG measured by PE in 21 years and compound profit growth in 22-23 years shows that the first-class industries are dominated by 5g (1.1), photovoltaic (1.24) and new energy vehicles (1.33); The second level is dominated by new energy vehicles (commercial + passenger), optical fiber cables (0.66), Internet of things (0.82), pet base film (0.88), etc.
(2) what are the guidelines for the marginal change of industry prosperity under the current “high frequency expected prosperity observation model”? we observe the marginal change of prosperity expectation of various industries on January 21 relative to the end of December last year, and look for the industries with the most obvious improvement in current prosperity expectation. As of the closing on January 21, the profit margin of agriculture, forestry, animal husbandry and fishery, public utilities and beauty care was the most significant, while the income margin of public utilities, agriculture, forestry, animal husbandry and fishery and power equipment was the most significant; Among the secondary industries, the top five industries with the most significant marginal improvement of profit boom expectation are aquaculture, sports, feed, airport and Internet e-commerce, and the top five industries with the most significant marginal improvement of income boom expectation are trade, games, sports, aquaculture and biological products.
(V) the short-term risk comes from the “negative feedback” of passive position reduction of absolute return, and the peg idea is used to configure the high-low area balance.
some investors wonder why the northward capital still flows rapidly under the combination of “upward US debt + A-share decline” this week? ① historically, the net inflow of northbound capital has a higher correlation with the RMB exchange rate than the US bond interest rate. Since January, the RMB has continued to appreciate under the background of strong export toughness and high willingness to settle foreign exchange. As of January 21, the net inflow of northbound capital this month has been 42.8 billion, only slightly lower than 50.9 billion in the same period of 20 years and 48.7 billion in the same period of 21 years; ② We split the net inflow structure of northbound capital this month in detail and found that northbound capital is also in the balanced allocation of “high area – low area” this month. The top five primary industries of northbound capital net inflow this month are banking, electrical equipment, non-ferrous metals, chemical industry and non-bank finance.
the short-term risk comes from the “negative feedback” of passive position reduction of absolute return, and the peg idea is used to configure the high-low area balance. the decline of the index at the beginning of the year lacks a “safety cushion” or triggers the passive position reduction of absolute return products. There is a risk of “negative feedback” in A-Shares in the short term. According to historical experience, the passive decline of negative feedback is an opportunity to see the bottom periodically and provides a good opportunity for layout. On the right side of “steady growth” in history, “setting the tone” and “policy landing” are not sufficient conditions for the market to stabilize or rise, but often need to wait for “intensive verification” (that is, the bottom of profit expectation); However, from the perspective of the industry’s excess return, the time to add the chain of “stable growth” is after the “tone setting shift”. In the short term, due to the hawkish expectation of raising interest rates has been digested by the market (there will be fermentation of table contraction expectation in the future), the US bond interest rate will rise and fall, and the round of equity adjustment of the track may be close to the end of the stage. Similarly, the impact of “negative feedback” can be used to screen the layout. In 22, under the background of declining profits (but there are still scarce medium and high-speed profit growth varieties) and the rise of the US debt Center, peg will dominate. Combined with the guidance of marginal changes in industry prosperity under the “high-frequency expected prosperity observation model”, continue the high-low region balanced allocation: 1. The chain of “steady growth” in low areas (securities companies, white power, consumer building materials); 2。 Double carbon wide credit + peg desirable track stocks (new energy vehicles, power batteries and motors); 3。 Ppi-cpi scissors difference convergence (food processing, agriculture).
2, important changes this week
2.1 meso industry
\u3000\u3000 1。 Downstream demand
Real estate: according to the transaction data of wind30 large and medium-sized cities, as of January 20, 2022, the cumulative real estate transaction area of 30 large and medium-sized cities has decreased by 25.74% year-on-year, down from – 24.95% last week. The real estate transaction area of 30 large and medium-sized cities has decreased by 49.28% month on month, 25.74% month on year and 10.75% week on week. According to the data of the National Bureau of statistics, the new construction area of real estate in 2021 was 1.989 billion square meters, with a cumulative year-on-year decrease of 11.38%.
Automobile: in the second week of January, the overall retail sales of narrow passenger car market reached 63000 vehicles per day, a year-on-year decrease of 2%, and the performance was relatively stable, an increase of 3% compared with the second week of December 2021.
\u3000\u3000 2。 Midstream manufacturing
Steel: steel prices rose and fell this week. The rebar price index rose 0.39% to 4815.71 yuan / ton this week, and the cold rolling price index fell 0.27% to 5398.39 yuan / ton. As of January 21, the closing price of rebar futures was 4711 yuan / ton, up 1.01% from last week. In December 2021, the crude steel output was 86.193 million tons, a year-on-year decrease of 6.8%; The cumulative output was 1632788000 tons, a year-on-year decrease of 3.0%.
Cement: the national cement market price fell by 0.3% month on month this week. The average price of cement with the national high standard of 42.5 fell by 0.32% to 517.7 yuan / ton last week. Among them, the average price in East China remained unchanged last week at 525.71 yuan / ton, central and South China fell 0.66% to 505.00 yuan / ton, and North China remained unchanged at 549.0 yuan / ton.
Power generation: in December 2021, the power generation was 723.37 billion kw, a year-on-year decrease of 0.6% and an increase of 10.6% over November.
\u3000\u3000 3。 Upstream resources
Coal and iron ore: this week, iron ore prices rose, iron ore inventories increased, coal prices rose, and coal inventories increased. The average price of iron ore in China rose by 1.37% to 755.82 yuan / ton, the tax inclusive price of Taiyuan ancient delivery board was stable at 2720.00 yuan / ton, and the price of 5500 mixed and excellent warehouse in Shanxi, Qinhuangdao rose by 14.24% to 942.00 yuan / ton this week; In terms of inventory, Qinhuangdao coal inventory increased by 1.48% to 4.11 million tons this week, and port iron ore inventory increased by 0.59% to 1569719 million tons.
International Commodities: WTI rose 0.38% to USD 83.97/barrel this week, Brent rose 1.65% to USD 87.90/barrel, and commodity CRB index rose 1.24% to 248.48 this week; The BDI index fell 19.78% to 1415.00 this week.
2.2 stock market characteristics
Rise and fall of the stock market: the Shanghai Composite Index rose 0.04% this week. The top three gainers in the industry were computers (4.40%), banks (4.32%) and food and beverage (3.81%); The last three increases were pharmaceutical and biological (- 7.19%), national defense and military industry (- 5.61%) and chemical industry (- 4.32%).
Dynamic Valuation: the overall PE (TTM) of A-Shares decreased from 18.97 times last week to 18.82 times this week, and Pb (LF) decreased from 1.92 times last week to 1.91 times this week; Excluding the financial service industry as a whole, PE (TTM) of A-Shares decreased from 30.07 times last week to 29.66 times this week, and Pb (LF) decreased from 2.73 times last week to 2.69 times this week; PE (TTM) on GEM decreased from 94.97 times last week to 91.68 times this week, and Pb (LF) decreased from 5.44 times last week to 5.26 times this week; PE (TTM) of Kechuang board decreased from 61.62 times last week to 59.45 times this week, and Pb (LF) decreased from 5.93 times last week to 5.73 times this week; The overall market value of A-Shares fell by 0.60% compared with last week; The total market value of A-Shares excluding the financial services industry fell by 1.30% compared with last week; The relative Pb of required consumption relative to cyclical listed companies increased from 2.18 last week to 2.20 this week; The relative PE (TTM) of gem relative to CSI 300 decreased from 7.59 last week to 7.24 this week; The relative Pb (LF) of gem relative to CSI 300 decreased from 3.65 last week to 3.48 this week; The equity risk premium increased from 0.54% last week to 0.66% this week, and the stock market yield increased from 3.33% last week to 3.37% this week.
Balance of margin trading and securities lending: as of Thursday, January 20, the balance of margin trading and securities lending was 1795.756 billion yuan, compared with 1814.765 billion yuan last week.
Non reduction of large and small holdings: the overall non net reduction of A-Shares this week was 5.735 billion. The industries with the largest reduction of holdings this week were pharmaceutical and biological (- 1.994 billion), mechanical equipment (- 911 million), electrical equipment (- 759 million). The industries with the largest increase of holdings this week were banking (100 million), mining (00 million) and chemical industry (00 million).
Fund size: 33.138 billion new equity + hybrid fund shares were issued this week, compared with 16.38 billion last week; The cumulative market share of the fund decreased by 56.988 billion this week.
Lifting of restricted shares: 121.701 billion yuan of restricted shares will be lifted this week, and 194.735 billion yuan is expected to be lifted next week.
Capital going north: the net inflow of capital going north of land stock connect this week was 29.197 billion yuan, and the net inflow last week was 7.445 billion yuan.
Ah premium index: the A / H share premium index fell to 137.99 this week and 139.59 last week.
2.3 liquidity
As of January 22, the central bank had five reverse repos due this week, with a total amount of 50 billion yuan; Five reverse repos totaling 500 billion yuan; One MLF (365d) withdrawal, totaling 500 billion yuan; Put in one MLF (365d), totaling 700 billion yuan; The net investment in open market operations (including treasury cash) totaled 650 billion yuan.
As of January 21, 2022, R007 rose 0.51bp to 2.35% this week, and shib0r overnight interest rate fell 14.60bp to 2.063%; The direct interest rates of bills in the Yangtze River Delta and the Pearl River Delta both fell this week, with the Yangtze River Delta falling 6.00bp to 2.40% and the Pearl River Delta falling 9.00bp to 2.41%; Term spreads rose 8.68bp to 0.71% this week; Credit spreads rose 9.36bp to 0.71%.
2.4 overseas
United States: it was announced on Wednesday that 1.702 million new homes were started in the United States in December, 165 higher than the expected value and 167.8 higher than the previous value; On Thursday, it was announced that the total number of existing home sales in the United States in December was 6.18 million, lower than the expected value of 643 and lower than the previous value of 648;
Euro zone: on Thursday, it was announced that the final year-on-year adjusted CPI of the euro zone in December was 5%, which was in line with the expected value, higher than the previous value of 4.9%;
UK: announced on Tuesday that the ILO unemployment rate in the UK for the three months of November was 4.1%, lower than the expected value and the previous value of 4.2%; On Tuesday, it was announced that the number of jobless claims in the UK in December changed (10000) – 43300, higher than the previous value of -9.51;
Overseas stock markets this week: the S & P 500 fell 5.68% this week to close at 4397.94; London FTSE fell 0.65% to close at 7494.13; Germany DAX fell 1.76% to 15603.88; Nikkei 225 fell 2.14% to close at 27522.26; Hang Seng rose 2.39% to close at 24965.55.
2.5 macro
GDP in 2021: according to preliminary accounting, China’s GDP in the whole year was 114367 billion yuan, an increase of 8.1% over the previous year and an average increase of 5.1% in the two years at constant prices. In 2021, the added value of industries above designated size increased by 9.6% over the previous year, with an average growth of 6.1% in the two years;
Per capita disposable income of residents in 2021: in 2021, the per capita disposable income of residents nationwide was 35128 yuan, a nominal increase of 9.1% over the previous year, and a real increase of 8.1% after deducting price factors; Compared with 2019, the nominal growth was 14.3%, the two-year average nominal growth was 6.9%, and the two-year average real growth was 5.1%.
Industrial added value in 2021: in 2021, the added value of industries above designated size increased by 9.6% over the previous year, with an average increase of 6.1% in the two years. In December 2021, the added value of industries above designated size increased by 4.3% year-on-year, 11.9% over the same period in 2019, and an average increase of 5.8% in two years;
Fixed asset investment in 2021: in 2021, the national fixed asset investment (excluding farmers) was 54454.7 billion yuan, an increase of 4.9% over the previous year; 8.0% higher than that from January to December 2019, with an average growth of 3.9% in the two years;
Investment in real estate development in 2021: in 2021, the national investment in real estate development was 14760.2 billion yuan, an increase of 4.4% over the previous year; An increase of 11.7% over 2019 and an average increase of 5.7% over the two years. Among them, the residential investment was 11117.3 billion yuan, an increase of 6.4% over the previous year;
Total retail sales of social consumer goods in 2021: in 2021, the total retail sales of social consumer goods was 44082.3 billion yuan, an increase of 12.5% over the previous year, and the average growth rate in the two years was 3.9%. In December 2021, the total retail sales of social consumer goods reached 4126.9 billion yuan, a year-on-year increase of 1.7%.
3. List of data released next week
Highlights of next week: us personal consumption expenditure (PCE) month on month in December; New home sales in the United States in December (10000 households); Initial annualized quarter on quarter (QoQ) value of real GDP of the United States in the fourth quarter; The initial value of manufacturing PMI in the euro zone in January.
Monday, January 24: the initial value of manufacturing PMI in the euro zone in January;
Tuesday, January 25: the consumer confidence index of the American Chamber of Commerce in January;
Wednesday, January 26: US December commodity trade account (US $100 million); New home sales in the United States in December (10000 households);
Thursday, January 27: initial annualized quarter on quarter (QoQ) value of real GDP of the United States in the fourth quarter; Initial month on month value of durable goods orders in the United States in December;
Friday, January 28: us personal consumption expenditure (PCE) month on month in December; Personal income in the United States in December compared with the previous month.
4, risk prompt
Repeated epidemic control, the global economic downturn exceeded expectations, and overseas uncertainty.
