pokerlivepro| Technology giant's earnings season is coming, focusing on first-quarter GDP and earnings data

On the macroeconomic front, US retail sales data in March were overall strong, but structurally differentiated, gas stations and daily necessities grew rapidly, but most other industries declined month-on-month. U.S. retail sales rose 0.7% month-on-month in March, higher than expected of 0.4%, while the previous figure was revised up from 0.6% to 0.9%.PokerliveproRetail sales excluding cars rose 1.1 per cent, exceeding expectations of 0.5 per cent; retail sales excluding cars and natural gas rose 1 per cent, also exceeding expectations of 0.3 per cent; core retail sales (excluding cars, gasoline, building materials and food services) rose 1.1 per cent month-on-month, the biggest increase since February 2023. In the main sub-items, gas stations, daily necessities, health care and other rings increased rapidly, but sports and entertainment, clothing accessories, electronic household appliances and other month-on-month decreased significantly.

U. S. housing starts and construction permits fell more than expected in March. Us housing starts fell significantly in March, falling 14.7 per cent from a month earlier, the biggest monthly decline since the outbreak and well below market expectations of a 2.4 per cent decline. At the same time, the issuance of construction permits also fell by 4.3%, exceeding the 0.9% decline expected by the market. Rental housing starts plunged 20.8% month-on-month, causing the total number of multi-family housing starts to fall to the lowest level since the blockade of the epidemic. In addition, construction permits for single-family homes fell 5.7 per cent to the lowest level since October.

Sales of existing homes in the United States fell in March, but are still at their highest level in nearly 10 months. Total sales of existing homes in the US fell to an annualised 4.19 million in March, down 4.3 per cent from the previous month. Meanwhile, the median selling price of existing homes rose 5.7% from a year earlier to $384500, an all-time high in March. The number of homes for sale on the market increased by 14.4% year-on-year to 1.11 million, but at the current sales rate, it will take about 3.2 months for the market supply to be consumed, indicating that the market supply is still tight.

Correlation of major indices

1. Weekly index performance

Last week (April 15-19), the Nasdaq 100 index fell 5.36% and the S & P 500 index fell 3.05%. Eight of its 11 industry sectors fell, with information technology leading a decline of 7.26% and utilities leading a rise of 1.87%.

2. Configuration direction

Us stocks: us stocks made a big correction last week because of concerns about global tensions and concerns that the Fed might keep interest rates higher. At the same time, some large technology companies will report results this week, and the uncertainty about their earnings led some investors to sell riskier assets on Friday, with the Nasdaq down more than 2% in a single day. Retail sales data remained strong in March, with current CME rate cuts expected to show that the first rate cut is still in September, with about 1.5 interest rate cuts expected for the year, and the market continues to revise its rate cut expectations. Keep an eye on the first-quarter GDP and PCE data and earnings figures to be released this week.

Global markets: equity outflows continued, bond inflows continued and money markets turned to outflows; outflows from US stocks and developed Europe narrowed, while outflows from Japan and emerging markets expanded.

Cross-market and asset: outflows from US stocks and developed Europe narrowed, while outflows from Japan and emerging markets expanded. From the perspective of active foreign investment, US stocks continued to outflow last week, developed Europe continued to outflow, and Japan and emerging markets continued to expand. U.S. stocks continued to outflow $1.25 billion last week (vs. $1.58 billion the week before), developed Europe continued to outflow $2.06 billion (vs. $2.96 billion the previous week), Japanese stocks continued to outflow $180 million (vs. $130 million the previous week) and emerging markets continued to outflow $1.4 billion (vs. $1.28 billion the previous week). On the asset side, global equities continued to flow out, bonds continued to flow in and money markets turned to outflows.

Boshi S & P 500ETF (513500) is a domestic ETF product that tracks the S & P 500 index in the United States. Through ETF, an investment tool with low management costs and efficient foreclosure trading model, it helps domestic investors capture the growth gains of US stocks. You can also choose Boshi S & P 500ETF linked funds (A 050025 C 006075).

The US S & P 500 index is recognized as a weather vane for US stocks in the international market, covering more than 500 representative listed companies in 11 industries in the United States, focusing on large-cap stocks in the market, accounting for about 80% of the total market capitalization of the US stock market.

Bosch NASDAQ 100ETF (513390) is a domestic product that tracks the NASDAQ 100th index of the United States. According to the official website of the Nasdaq index, the information technology industry accounts for 57.87% of the industry distribution, which is the main component of the index. in addition, it is distributed in consumer services, consumer goods, health care and other industries. From the top ten stocks of the index, they are all high-quality high-tech enterprises.

Disclaimer:

The information in this report is derived from public information, and we do not guarantee the accuracy and completeness of such information. In any case, the information or opinions expressed in this report do not constitute the actual investment results of our company, nor do they constitute any investment recommendations to investors.

The sources of the data in this report, if not specified, are from Wind and are dated as of April 19, 2024.

The copyright of this report belongs to Bosh Fund Management Co., Ltd.

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