Chinese equities rally, Meta announced a plan to roll out paid subscriptions
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Chinese equities were boosted on Monday by a report from Goldman Sachs predicting that the MSCI China index could rally as much as 24% by the end of the year.
BHP
And mining stocks hope they are right because BHP announced a 32% drop in half-year profit as a result of rising costs and soft commodity prices, mostly hit by subdued activity in China.
However, rising commodity prices is a scenario of catastrophe for global inflation, and the central bank expectations.
The RBA
The latest minutes from the Reserve Bank of Australia (RBA) showed that the Australian policymakers considered a 50bp hike at the latest meeting, before agreeing on a 25bp hike.
Oil
For now, though, oil bears defy all news of Chinese reopening. Yesterday’s rebound in US crude remained capped into the 50-DMA, a touch below the $78pb mark.
Meta
In the corporate space, Facebook’s Meta announced a plan to roll out paid subscriptions to compensate for the revenue loss from advertisements – which topped $10 billion last year after Apple changed its security settings.
The latter could give some boost to the revenues in the short run but it’s certainly a sign that Facebook is running out of ideas, and that’s not good for the longer-run perspective!
Watch the full episode to find out more!
- 0:00 Intro
- 0:42 Chinese equities rally as Goldman predicts 24% rally this year
- 3:16 BHP hopes Chinese reopening will boost energy, commodity prices
- 4:02 But higher energy prices is bad news for most stocks
- 4:22 … and for central bank doves!
- 5:26 BoFA & JP Morgan bet against European stocks
- 6:38 Meta is like watching trainwreck in slow motion
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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