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Yellen sticks to the $1.9 trillion stimulus plan, and U.S. timber prices hit a record high

Release date: 2021-02-20 14:56     Source: unknown     Author: admin     Click:

Abstract: 1. The three major U.S. stock indexes fell, while hemp shares, hydrogen energy stocks, photovoltaic stocks and technology stocks fell one after another; 2. Yellen insisted on the $1.9 trillion stimulus plan, believing that too little is more costly; 3. Timber prices in the United States doubled in three months, setting a record high; 4. The U.S. labor market recovery has suffered setbacks, and the number of new jobless claims reached a one month high last week.

Global stock market

Most of the world's major stock indexes fell on Thursday, with employment data and Wal Mart's financial results dragging down market sentiment. The three major U.S. stock indexes fell collectively, while the Dow fell to a record high. Hemp stocks, hydrogen energy stocks, photovoltaic stocks and technology stocks fell one after another.

Adam crisafulli, founder of vital knowledge, said growth stocks were hit hardest by the rapid rise in Treasury yields. In addition, Thursday's earnings report was also poor, Wal Mart's earnings per share was lower than expected, and the performance guidance was also disappointing.

Although the U.S. initial employment data are worse than expected, Mike loewengart, chief investment officer of e-trade financial, is still optimistic: "the initial jobless claims data are not moving in the direction we would like to see, but please remember that with the continuous acceleration of new coronal vaccination and the reduction of new cases in the country, Today's jobless claims data may just be a small surprise. "

commodity market

Oil prices fell on Thursday after a series of higher prices, and rumors of OPEC + production increase also caused some pressure. Light crude oil futures for March delivery on the New York Mercantile Exchange fell $0.62, or 1.01%, to $60.52 a barrel; London Brent crude for April delivery fell $0.41, or 0.64%, to $63.93 a barrel.

Artem Abramov, head of shale oil research at rystad energy, said crude oil prices rose to their highest level since January 2020 this week, which could stimulate OPEC + to increase crude oil production from April.

Gold futures rebounded slightly on Thursday after five consecutive days of losses. April gold futures, the most actively traded gold futures market on the New York Mercantile Exchange, rose $2.2 on the 18th from the previous day to close at $1775 an ounce, or 0.12%. Silver futures for March delivery fell 23.7 cents, or 0.87%, to $27.078 an ounce.

Market news

[Yellen sticks to $1.9 trillion stimulus plan]

In an interview with the media on Thursday, U.S. Treasury Secretary Yellen said the economy still needs a $1.9 trillion rescue plan, despite the recent positive retail sales and record high US stock markets“ It's very important to have a large stimulus package that can deal with the epidemic, and the cost of doing too little is much higher than the cost of implementing a large one. "

[Pelosi: house plans to vote on stimulus next week]

House Speaker Nancy Pelosi said Thursday the house's goal is to pass a $1.9 trillion stimulus plan by the end of February, and she hopes to vote "some time before the end of next week.". Earlier this month, the house and Senate approved a budget coordination plan that would allow Congress to pass a $1.9 trillion stimulus without Republican support.

[hot demand drives us timber prices to double in three months]

U.S. timber prices broke through $1000 a thousand board feet on Thursday, double the price three months ago and set a record high, driven by new building demand and housing renovation boom. Weather factors are also contributing, CIBC analyst hamir Patel said, "due to heavy snow and low temperatures, it is also difficult to transport timber, and heavy rain has hindered logging in some areas.

[semiconductor industry calls on Biden to provide subsidies]

On Thursday, the board of directors of the American Semiconductor Industry Association (SIA) sent a letter to Biden on behalf of a series of companies, calling on him to cooperate with U.S. lawmakers to provide substantial funds for semiconductor manufacturing and research. "In order to enhance competitiveness and enhance the resilience of key supply chains, we believe that the United States needs to stimulate the construction of new and modern semiconductor manufacturing facilities and provide funding for upgrading research," the business group wrote in the letter

[U.S. labor market recovery falters]

Despite signs of easing the new crown, employment data released on Thursday indicate a setback in the U.S. labor market recovery. The number of new jobless claims in the United States last week was 861000, the highest level in a month, higher than the market forecast of 773000, and the previous value was revised from 793000 to 848000.

[Italy's new government passes a vote of confidence in the house of Representatives]

On Thursday night local time, Italy's house of Representatives passed a vote of confidence in the country's new government, with 535 votes in favor, 56 against and 5 abstention. The vote of confidence in both the Senate and the house of Representatives was passed, which also shows that the new Italian government has officially begun to perform its duties, and the political crisis that lasted for more than a month has come to an end.

[Hong Kong to launch new crown vaccination on February 26]

The food and Health Bureau and the Civil Service Bureau of the Hong Kong Special Administrative Region Government jointly announced on the 18th that with the arrival of the first 1 million doses of new coronavirus vaccine (Kexing vaccine) from Kexing Holdings (Hong Kong) Co., Ltd., the government of the special administrative region is about to launch the new coronal vaccination program. The five groups who can receive priority vaccination in the near future can make voluntary appointment from February 23 and start vaccination on February 26. The chief executive of the Hong Kong Special Administrative Region, Mrs Carrie Lam, said on the 18th that she would be vaccinated with the first Chinese version of the new cap vaccine.

[Robin Hood denies helping hedge funds]

The chief executive of Robin Hood apologized to users for the confusion in stock trading, but denied helping hedge funds. Tenev also revealed that only 2% of users are short-term traders.

[Visteon warns that the "lack of core" problem may continue to worsen]

Auto parts supplier Visteon Corp said on Thursday that global auto production could fall by 10% - 15% in the first half of 2021, driven by a global chip shortage, with more factories likely to close. Visteon currently forecasts revenue of $2.88 billion to $3.03 billion in 2021, lower than analysts' $3.14 billion.

[Apple recruits 6G system developers]

Apple, which launched its first 5g mobile phone only a few months ago, is preparing for 6G development and hopes to become a leader in new technologies, media reported on Thursday. Apple this week launched an ad seeking wireless system development engineers for current and next-generation networks from Apple offices in Silicon Valley and San Diego. It is expected that 6G will not be launched until around 2030.

[VW considers to launch Porsche separately]

On Thursday, media quoted people familiar with the matter as saying that VW is considering listing its sports car brand separately, and the various options it is exploring are expected to significantly increase the company's valuation and bring in a lot of cash. With an IPO likely next year, VW plans to retain a majority stake in the company.

[Wal Mart's performance guidance falls short of expectations]

On Thursday, Wal Mart reported revenue of $152.1 billion in Q4 (as of January 31), better than the expected $148.47 billion; But the adjusted EPS was only $1.39, less than the expected value of $1.50. In addition, Wal Mart's fiscal year 2022 performance guidance is lower than expected, and sales growth is expected to slow this year.

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