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尼克欢

尼克欢

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2023-07-14

2022-08-06

🐮

Opening | US stocks open low, speculative stock Shangcheng Digital Technology surges again

2022-08-03

$尚乘数科(HKD)$mark

2021-06-28

？？？？

The Hong Kong Stock Exchange will resume trading at 1:30 p.m.

2021-06-08

？

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2021-05-07

$Square, Inc(SQ)$?

Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.

2021-04-30

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2021-04-16

Mark 16 May

@小虎投资狮城:新加坡航空3月旅客運輸量跌了91%

2021-03-10

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"Sister Wood" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.

2021-03-08

?️

This week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is finally underway.

2021-03-03

mark

Sorry, the original content has been removed

2021-02-26

Mark

What happened during the last sharp rise in US Treasury yields?

2021-02-16

interesting

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2021-02-16

mark

Sorry, the original content has been removed

2021-02-12

GG

Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.

Go to Tiger App to see more news

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21:29","market":"us","language":"zh","title":"Opening | US stocks open low, speculative stock Shangcheng Digital Technology surges again","url":"https://stock-news.laohu8.com/highlight/detail?id=1193372540","media":"老虎资讯综合","summary":"道琼斯指数开盘下跌215.87点，跌幅0.66%，报32510.95点。","content":"<p><html><head></head><body>On Friday, August 5, the Dow Jones Industrial Average opened down 215.87 points, or 0.66%, at 32,510.95. The S&P 500 opened down 40.79 points, or 0.98%, at 4111.15. The Nasdaq Composite Index opened down 160.68 points, or 1.26%, at 12,559.90.</p><p><img src=\"https://static.tigerbbs.com/1128cfea83012beb0d839f83183b33c6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Alibaba fell 3% after releasing its first-quarter financial report on Thursday, with revenue exceeding expectations, and rose 1.79% on the day.</p><p>\"Demon Stocks\"<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It opened higher and rose more than 12%, but fell more than 27% on Thursday.</p><p><img src=\"https://static.tigerbbs.com/15572a94b3f0f50b96c4b0a3cbf17a83\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholders' meeting approved the stock split transaction plan of 1 share split into 3 shares. Musk stated that he will continue to conduct stock buybacks based on cash flow considerations in the future.</p><p>DoorDash, the \"US version of Ele.me,\" rose more than 4%, with Q2 revenue increasing by 30% year-on-year to $1.6 billion and total order value (GOV) increasing by 25% year-on-year to $13.1 billion, exceeding expectations.</p><p>Ride-hailing giant Lyft rose more than 6%, with Q2 revenue increasing by 30% year-over-year to $991 million and active passengers increasing by 16% year-over-year to 19.9 million, the highest level since the start of the pandemic.</p><p>Cloudflare rose 14%, with Q2 revenue up 54% year-over-year to $235 million, and raised its full-year revenue guidance to $968 million to $972 million, exceeding expectations.</p><p>Beyond Meat rose 1.78% after its Q2 net loss widened nearly fourfold year-over-year to $971.3 billion, and it lowered its full-year revenue to $470 million to $520 million.</p><p><a href=\"https://laohu8.com/S/SQ\">Block</a>The company fell more than 3%, reporting a net loss of $208 million in Q2, worse than expected, turning from a profit to a loss year-on-year.</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Amazon, down 0.88%, will acquire iRobot for $61 per share in cash.</p><p>Western Digital fell more than 8%, with Q2 revenue of $4.528 billion and net profit of $301 million, both missing market expectations.</p><p>AMC Cinemas fell more than 10% after Q2 revenue of $1.166 billion slightly missed expectations. The company plans to issue approximately 517 million shares of preferred shares.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock plummeted by more than 16% after announcing another postponement of commercial space flight services until the second quarter of 2023.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening | US stocks open low, speculative stock Shangcheng Digital Technology surges again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening | US stocks open low, speculative stock Shangcheng Digital Technology surges again\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-08-05 21:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Friday, August 5, the Dow Jones Industrial Average opened down 215.87 points, or 0.66%, at 32,510.95. The S&P 500 opened down 40.79 points, or 0.98%, at 4111.15. The Nasdaq Composite Index opened down 160.68 points, or 1.26%, at 12,559.90.</p><p><img src=\"https://static.tigerbbs.com/1128cfea83012beb0d839f83183b33c6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Alibaba fell 3% after releasing its first-quarter financial report on Thursday, with revenue exceeding expectations, and rose 1.79% on the day.</p><p>\"Demon Stocks\"<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It opened higher and rose more than 12%, but fell more than 27% on Thursday.</p><p><img src=\"https://static.tigerbbs.com/15572a94b3f0f50b96c4b0a3cbf17a83\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholders' meeting approved the stock split transaction plan of 1 share split into 3 shares. Musk stated that he will continue to conduct stock buybacks based on cash flow considerations in the future.</p><p>DoorDash, the \"US version of Ele.me,\" rose more than 4%, with Q2 revenue increasing by 30% year-on-year to $1.6 billion and total order value (GOV) increasing by 25% year-on-year to $13.1 billion, exceeding expectations.</p><p>Ride-hailing giant Lyft rose more than 6%, with Q2 revenue increasing by 30% year-over-year to $991 million and active passengers increasing by 16% year-over-year to 19.9 million, the highest level since the start of the pandemic.</p><p>Cloudflare rose 14%, with Q2 revenue up 54% year-over-year to $235 million, and raised its full-year revenue guidance to $968 million to $972 million, exceeding expectations.</p><p>Beyond Meat rose 1.78% after its Q2 net loss widened nearly fourfold year-over-year to $971.3 billion, and it lowered its full-year revenue to $470 million to $520 million.</p><p><a href=\"https://laohu8.com/S/SQ\">Block</a>The company fell more than 3%, reporting a net loss of $208 million in Q2, worse than expected, turning from a profit to a loss year-on-year.</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Amazon, down 0.88%, will acquire iRobot for $61 per share in cash.</p><p>Western Digital fell more than 8%, with Q2 revenue of $4.528 billion and net profit of $301 million, both missing market expectations.</p><p>AMC Cinemas fell more than 10% after Q2 revenue of $1.166 billion slightly missed expectations. The company plans to issue approximately 517 million shares of preferred shares.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock plummeted by more than 16% after announcing another postponement of commercial space flight services until the second quarter of 2023.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193372540","content_text":"8月5日周五，道琼斯指数开盘下跌215.87点，跌幅0.66%，报32510.95点；标普500指数开盘下跌40.79点，跌幅0.98%，报4111.15点；纳斯达克综合指数开盘下跌160.68点，跌幅1.26%，报12559.90点。阿里巴巴跌3%，阿里周四公布一季度财报，营收超过预期，当日涨1.79%。“妖股”尚乘数科高开涨超12%，周四跌超27%。特斯拉跌近2%。特斯拉股东大会批准1股拆3股的拆股交易方案。马斯克称未来仍将根据现金流考虑进行股票回购。“美版饿了么”DoorDash涨超4%，Q2营收同比增长30%至16亿美元，订单总价值(GOV)同比增长25%至131亿美元超预期。网约车巨头Lyft涨超6%，Q2营收同比增长30%至9.91亿美元，活跃乘客数同比增加16%达1990万，创新冠疫情开始以来的最高水平。Cloudflare涨14%，Q2营收同比增长54%至2.35亿美元，并上调全年营收指引至9.68亿-9.72亿美元超预期。Beyond Meat涨1.78%，Q2净亏损同比扩大近4倍至9713亿美元，并下调全年营收至4.7亿-5.2亿美元。Block跌超3%，Q2录得净亏损2.08亿美元差于预期，同比转盈为亏。亚马逊跌0.88%，亚马逊将以61美元/每股的价格现金收购iRobot公司。西部数据跌超8%，其Q2营收45.28亿美元，净利润3.01亿美元，均不达市场预期。AMC院线跌超10%，Q2营收11.66亿美元略不及预期，公司计划发行约5.17亿股优先股。维珍银河大跌超16%，此前宣布再次推迟太空商业飞行服务至2023年第二季度。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906026575,"gmtCreate":1659460353201,"gmtModify":1705980559564,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","listText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","text":"$尚乘数科(HKD)$mark","images":[{"img":"https://community-static.tradeup.com/news/0d8e4b40419a6e519fb4de17d0367b16","width":"1125","height":"3738"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906026575","isVote":1,"tweetType":1,"viewCount":7407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":127587835,"gmtCreate":1624856974427,"gmtModify":1703846344042,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？？？？","listText":"？？？？","text":"？？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127587835","repostId":"1115271775","repostType":4,"repost":{"id":"1115271775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624849752,"share":"https://ttm.financial/m/news/1115271775?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:09","market":"sh","language":"zh","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115271775","media":"老虎资讯综合","summary":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:","content":"<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Hong Kong Stock Exchange will resume trading at 1:30 p.m.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115271775","content_text":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:00解除黑色暴雨警告，下午2:00开市；12:00后解除黑色暴雨警告，则全天休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117129205,"gmtCreate":1623123884507,"gmtModify":1704196573410,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117129205","repostId":"2141253289","repostType":4,"isVote":1,"tweetType":1,"viewCount":8837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104022344,"gmtCreate":1620346467988,"gmtModify":1704342233480,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","listText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","text":"$Square, Inc(SQ)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/104022344","repostId":"2133766175","repostType":4,"repost":{"id":"2133766175","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620332100,"share":"https://ttm.financial/m/news/2133766175?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:15","market":"us","language":"zh","title":"Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133766175","media":"老虎资讯综合","summary":"5月7日，移动支付公司$Square$美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。Square第一季度调整后EBITDA为2.36亿美元，去年同期为900万美元。","content":"<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSquare reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-07 04:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26431c0734b181fb6bbdfb2d00bdf07c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133766175","content_text":"5月7日，移动支付公司Square美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。主要业绩：在截至3月31日的这一财季，Square的净利润为3900万美元，每股摊薄收益为0.08美元，这一业绩好于去年同期。在2020财年第一季度，Square的净亏损为1.06亿美元，每股摊薄亏损为0.24美元。不计入某些一次性项目（不按照美国通用会计准则），Square第一季度调整后每股摊薄收益为0.41美元，相比之下去年同期的调整后每股摊薄亏损为0.02美元，这一业绩超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期Square第一季度每股收益将达0.16美元。Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%，超出分析师预期。据雅虎财经频道提供的数据显示，31名分析师此前平均预期Square第一季度营收将达33.6亿美元。不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%。Square第一季度毛利润为9.64亿美元，与去年同期的5.39亿美元相比增长79%。Square第一季度调整后EBITDA（即未计入利息、税项、折旧及摊销的利润）为2.36亿美元，去年同期为900万美元。Square第一季度运营利润为6770万美元，相比之下去年同期的运营亏损为9030万美元。Square第一季度总运营支出为8.96亿美元，相比之下去年同期为6.29亿美元。其中，产品开发支出为3.09亿美元，相比之下去年同期为1.95亿美元；销售和营销支出为3.49亿美元，相比之下去年同期为1.95亿美元；总务和行政支出为1.96亿美元，相比之下去年同期为1.29亿美元；交易和贷款损失为2040万美元，相比之下去年同期为1.09亿美元；比特币减值损失为1990万美元，去年同期并无这项支出；已获得客户资产摊销支出为146万美元，相比之下去年同期为90万美元。按业务部门划分的业绩：按照业务部门划分，Square第一季度基于交易的营收为9.60亿美元，与去年同期的7.58亿美元相比增长27%；该部门的毛利润为4.35亿美元，与去年同期相比增长49%。Square在第一季度中处理的总支付交易量（GPV）为331亿美元，与去年同期相比增长29%。Square第一季度基于交易的毛利润在GPV中所占比例为1.31%，与去年同期相比上升17个基点，与上一季度相比上升8个基点。Square第一季度基于订阅和服务的营收为5.58亿美元，与去年同期的2.96亿美元相比增长88%；该部门的毛利润为4.69亿美元，与去年同期相比增长84%。Square第一季度硬件营收为2880万美元，相比之下去年同期为2070万美元。Square第一季度比特币营收为35.11亿美元，相比之下去年同期为3.06亿美元。资产负债表信息：截至2021年第一季度末，Square持有的可用流动资金为48亿美元，其中现金、现金等价物、限制性现金和可交易债务证券投资为43亿美元，可从循环信贷安排中提取的资金为5亿美元。2021年2月，Square在比特币上投资了1.7亿美元，原因是该公司相信加密货币是一种经济赋权的工具，而这与该公司的目标是一致的。Square表示，该公司希望长期持有这项投资。2021年4月，Square完成了对全球音乐和娱乐平台TIDAL的重大多数股权的收购交易，这项交易是总对价为3.02亿美元。业绩展望：Square在财报中表示，展望2021年剩余时间的前景，该公司相信，从2019年到2021年的两年复合年增长率将有助于反映每个生态系统的潜在毛利润趋势。在2021年第二季度，随着2020年4月美国政府开始支出，该公司旗下Cash App预计将可实现167%的毛利润同比强劲增长。另一方面，鉴于2020年第二季度中重大的地区限制措施影响了面对面的活动，导致该季度的毛利润同比下降9%，因此在2021年第二季度中，预计卖家毛利润的增长将会从中受益。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103920770,"gmtCreate":1619743911890,"gmtModify":1704271676328,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103920770","repostId":"2131343905","repostType":4,"isVote":1,"tweetType":1,"viewCount":5592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347729284,"gmtCreate":1618532099848,"gmtModify":1704712243835,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark 16 May","listText":"Mark 16 May","text":"Mark 16 May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347729284","repostId":"347819806","repostType":1,"repost":{"id":347819806,"gmtCreate":1618483125505,"gmtModify":1704711519756,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"小虎投资狮城","avatar":"https://static.tigerbbs.com/71787abf8925cc00babc5c74c39de37a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558937605407666","authorIdStr":"3558937605407666"},"themes":[],"title":"新加坡航空3月旅客運輸量跌了91%","htmlText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","listText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","text":"[噴血] [噴血] [噴血] 哇在海外疫情還是太嚴重了[難過] [難過] [難過] 國營的$新加坡航空公司(C6L.SI)$ 還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱] [心碎] 新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇] 在疫情期間公司還是面臨偉大的挑戰[汗顏] 現在公司的航班都是這樣[白眼] 公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒] 公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭] 2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉] 新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑] [笑哭] [暗中觀察] 有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意] $波音(BA)$ $維珍銀河(SPCE)$","images":[{"img":"https://static.tigerbbs.com/0237198f6642a2800c250fc50661d9e7","width":"492","height":"400"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347819806","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6385,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"content":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","text":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","html":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321063096,"gmtCreate":1615385832415,"gmtModify":1704782003456,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321063096","repostId":"1132443819","repostType":2,"repost":{"id":"1132443819","kind":"news","pubTimestamp":1615255748,"share":"https://ttm.financial/m/news/1132443819?lang=en_US&edition=fundamental","pubTime":"2021-03-09 10:09","market":"us","language":"zh","title":"\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.","url":"https://stock-news.laohu8.com/highlight/detail?id=1132443819","media":"华尔街见闻","summary":"Ark Investment Management创始人兼首席执行官Cathie Wood表示，她并不担心其基金近期的下跌。牛市只是在扩大范围。\n她说，随着时间的流逝，她的策略将获得回报，并且她会利用","content":"<p>Cathie Wood, founder and CEO of Ark Investment Management, said she is not worried about the recent decline in her fund. The bull market is just expanding.</p><p>She said her strategy will pay off over time, and she will take advantage of the recent decline to profit.</p><p>Wood said, \"The bull market is currently expanding, and we believe that in a sense, the bull market is strengthening, which will be beneficial to us in the long run.\"</p><p>Wood's Ark Innovation Fund returned nearly 150% in 2020 and currently has net assets exceeding $17 billion. However, the fund has fallen more than 11% this year due to recent weakness in technology stocks due to pressure from rising interest rates.</p><p>Wood said that \"we are getting a huge opportunity\" in the sell-off. She added, \"We are becoming increasingly optimistic about our portfolio during this sell-off.\"</p><p>Wood sees the recent weakness in tech stocks as a buying opportunity. She revealed that she had recently made large purchases.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Teladoc,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video and Palantir. In addition, the Ark Innovation Fund recently acquired shares in Square, Roku,<a href=\"https://laohu8.com/S/Z\">Zillow</a>And shares in Shopify.</p><p>Because bond yields have risen in recent weeks. In response, Wood stated, \"We do think the pace of interest rate increases is frightening. But the market hasn't changed much, and the Federal Reserve continues to support the market.\"</p><p>She said, \"The bull market is expanding to include value stocks or more cyclical sectors, and I think that would be very good news for our long-term strategy.\"</p><p>The Ark Innovation Fund has fallen more than 30% from its recent high. On Monday, the ETF closed down 5.8%.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-03-09 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cathie Wood, founder and CEO of Ark Investment Management, said she is not worried about the recent decline in her fund. The bull market is just expanding.</p><p>She said her strategy will pay off over time, and she will take advantage of the recent decline to profit.</p><p>Wood said, \"The bull market is currently expanding, and we believe that in a sense, the bull market is strengthening, which will be beneficial to us in the long run.\"</p><p>Wood's Ark Innovation Fund returned nearly 150% in 2020 and currently has net assets exceeding $17 billion. However, the fund has fallen more than 11% this year due to recent weakness in technology stocks due to pressure from rising interest rates.</p><p>Wood said that \"we are getting a huge opportunity\" in the sell-off. She added, \"We are becoming increasingly optimistic about our portfolio during this sell-off.\"</p><p>Wood sees the recent weakness in tech stocks as a buying opportunity. She revealed that she had recently made large purchases.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Teladoc,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video and Palantir. In addition, the Ark Innovation Fund recently acquired shares in Square, Roku,<a href=\"https://laohu8.com/S/Z\">Zillow</a>And shares in Shopify.</p><p>Because bond yields have risen in recent weeks. In response, Wood stated, \"We do think the pace of interest rate increases is frightening. But the market hasn't changed much, and the Federal Reserve continues to support the market.\"</p><p>She said, \"The bull market is expanding to include value stocks or more cyclical sectors, and I think that would be very good news for our long-term strategy.\"</p><p>The Ark Innovation Fund has fallen more than 30% from its recent high. On Monday, the ETF closed down 5.8%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3622890\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc6264fca4424975bd73bf84005bdc46","relate_stocks":{"GOOGL":"谷歌A","AAPL":"苹果","AMZN":"亚马逊","MSFT":"微软",".IXIC":"NASDAQ Composite","GOOG":"谷歌","TSLA":"特斯拉"},"source_url":"https://wallstreetcn.com/articles/3622890","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1132443819","content_text":"Ark Investment Management创始人兼首席执行官Cathie Wood表示，她并不担心其基金近期的下跌。牛市只是在扩大范围。\n她说，随着时间的流逝，她的策略将获得回报，并且她会利用近期的下跌来获利。\nWood说：“目前牛市正在扩大，我们认为从某种意义上说，牛市正在加强，从长远来看，这将对我们有利。”\nWood旗下的的Ark创新基金在2020年回报近150％，目前拥有超过170亿美元的净资产。然而，由于利率上涨的压力，最近科技股疲软，今年该基金下跌了11％以上。\nWood说，在抛售中“我们正在获得巨大的机会”。她补充说：“在这次抛售中，我们对我们的投资组合越来越乐观。”\nWood将最近科技股的弱势作为买入的机会。她透露，她在近期大量买入特斯拉，Teladoc，Zoom Video和Palantir。此外，Ark创新基金最近还买入了Square，Roku，Zillow和Shopify的股份。\n由于最近几周债券收益率上升。对此，Wood表示：“我们确实认为利率上扬的速度使人们感到恐惧。但市场的变化不大，美联储一如既往的支持市场。\n她说：“牛市正在扩大，以纳入价值股或更多的周期性部门，我认为这对于我们的长期战略将是一个非常好的消息。”\nArk创新基金离最近的最高点已经跌超30％。周一，该ETF收盘下跌5.8％。","news_type":1,"symbols_score_info":{"AAPL":0.9,"GOOG":0.9,"MSFT":0.9,".IXIC":0.9,"AMZN":0.9,"TSLA":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":5495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320447089,"gmtCreate":1615171806041,"gmtModify":1704779076120,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?️","listText":"?️","text":"?️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320447089","repostId":"2117656396","repostType":4,"repost":{"id":"2117656396","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615158397,"share":"https://ttm.financial/m/news/2117656396?lang=en_US&edition=fundamental","pubTime":"2021-03-08 07:06","market":"sh","language":"zh","title":"This week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is finally underway.","url":"https://stock-news.laohu8.com/highlight/detail?id=2117656396","media":"老虎资讯综合","summary":"接下来的一周，主要关注美国2月CPI数据、加拿大央行利率决议、欧洲央行利率决议和美国3月密歇根大学消...","content":"<p>Abstract: This week's focus will be on China's February CPI annual rate, the US February seasonally adjusted CPI monthly rate, and the European Central Bank's interest rate decision. Regarding financial events, pay close attention to news related to the COVID-19 pandemic and Biden's $1.92 trillion stimulus plan; Regarding new stocks: Chaoyun Group, a one-stop multi-category home care and personal care platform, and South Korean e-commerce giant Coupang Inc., among other new stocks, were listed this week; Daylight saving time begins in North America on Sunday.<img src=\"https://static.tigerbbs.com/5982c9b2db652d657e892e0609156b34\" tg-width=\"1386\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Keywords for Monday (March 8): US stimulus bill, Bank of England Governor Bailey's speech</b></p><p><img src=\"https://static.tigerbbs.com/8239d30f58a0ed4b0eae5e247afa3160\" tg-width=\"951\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p>On Monday, investors should first pay attention to<b>News related to the new round of US COVID-19 relief package</b>。</p><p>Latest news indicates that the U.S. Senate has passed a Democratic amendment to unemployment benefits, which will provide $300 per week in aid until September 6. But the vote rejected Senator Bernie Sanders' amendment to raise the minimum wage to $15 an hour.</p><p>Investors should also pay attention to further news regarding the US $1.9 trillion stimulus package over the weekend, which may have some impact on the foreign exchange market, gold and silver market, and crude oil market.</p><p>In addition,<b>Bank of England Governor Bailey addresses the UK economic outlook</b>Investors need to pay attention to this. The pound has fluctuated significantly recently, as the Bank of England had previously suppressed negative interest rate expectations and the UK has been rolling out vaccines quickly, making it one of the best-performing G10 currencies this year.</p><p><b>Regarding financial reports,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/NIU\">Niu Electric</a>、<a href=\"https://laohu8.com/S/DADA\">Dada Group</a></b>The company will release its financial report later.</p><p><b>Tuesday (March 9) Keywords: EIA Monthly Report</b></p><p><img src=\"https://static.tigerbbs.com/6319c3a3d6ac220de1424ffe55694b10\" tg-width=\"958\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>There will be relatively little economic data on Tuesday. The main focus will be on Japan's revised fourth-quarter GDP figures released during the Asian session and the Eurozone's revised fourth-quarter GDP figures released during the European session. The impact is expected to be limited.</p><p>In terms of events, the main focus is on the EIA's monthly report on the crude oil market, with a particular emphasis on changes in crude oil inventories, production, and supply. Although the impact of recent EIA monthly reports has been relatively small, this one will comprehensively reflect the impact of the US cold wave on the crude oil market, and therefore still deserves attention.</p><p><b>Regarding financial reports,</b>US stocks<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>The financial report will be released today.</p><p><b>Keywords for Wednesday (March 10): US-China CPI data, Bank of Canada interest rate decision</b><img src=\"https://static.tigerbbs.com/4598c81a362b05a59a4d496decf7975b\" tg-width=\"626\" tg-height=\"430\" referrerpolicy=\"no-referrer\"><b>Regarding economic data,</b>Pay attention to the performance of China's February CPI data. Data released on February 10 showed that due to factors such as the different months of the Spring Festival last year and this year, and the higher base for comparison in the same period last year caused by the wrong month, the national consumer price index CPI turned from rising to falling year-on-year in January this year.</p><p>In addition, the US February CPI data will also be released on the same day. According to data released by the US Bureau of Labor Statistics on February 10, the US January CPI increased by 1.4% year-on-year, slightly lower than the market expectation of 1.5%. Month-on-month growth was 0.3%, in line with expectations, marking the eighth consecutive month of growth. If the data is better than expected, it will help the US dollar and US Treasury yields surge, thereby suppressing gold and silver prices and the trends of non-US currencies. Conversely, it could provide short-term upside opportunities for gold and silver prices and non-US currencies.</p><p><b>The Fourth Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) closed on Wednesday afternoon. The Fourth Session of the 13th National People's Congress concluded on Thursday afternoon. The session will vote on draft resolutions on the government work report, the 14th Five-Year Plan for National Economic and Social Development, and the outline of long-term goals through 2035. As is customary in previous years, Premier*will meet with reporters and answer their questions after the closing ceremony.</b></p><p><b>Regarding financial reports,</b>Hong Kong Stocks<a href=\"https://laohu8.com/S/01516.HK\">Sunac Services</a>US stocks<b><a href=\"https://laohu8.com/S/CLDR\">Cloudera, Inc.</a>、<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a></b>These companies will release their financial reports today, which are worth paying close attention to.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/06601\">Chaoyun Group</a>The video game company will officially list on the Hong Kong Stock Exchange on March 10.<a href=\"https://laohu8.com/S/RBLX\">Roblox Corporation</a>Go public.</p><p><b>Keywords for Thursday (March 11): European Central Bank interest rate decision</b><img src=\"https://static.tigerbbs.com/48e6b4702f2a2b9532e1088fddd66d74\" tg-width=\"631\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1a9112d474a3305a5badcf2c4d5787a5\" tg-width=\"953\" tg-height=\"470\" referrerpolicy=\"no-referrer\">The focus of the market on Thursday will be<b>The European Central Bank's interest rate decision and the ECB President's press conference. The market generally expects the European Central Bank to keep current interest rates unchanged, but may accelerate its bond purchases to curb rising yields.</b></p><p>Economists say the European Central Bank will accelerate its emergency asset purchases to prevent rising bond yields from jeopardizing the eurozone's economic growth prospects.</p><p>In addition, investors should also pay attention to changes in the number of initial jobless claims in the United States each week and the January JOLTs job openings in the United States on Thursday. OPEC will also release its monthly crude oil market report, which investors should pay attention to.</p><p><b>Regarding financial reports</b>，<a href=\"https://laohu8.com/S/09698\">GDS - SW</a>、<a href=\"https://laohu8.com/S/00066\">MTR Corporation</a>, and US stocks<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/DOCU\">DocuSign</a>The company will release its financial report today, so investors should pay attention.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/01413\">Guanglian Engineering Holdings</a>、<a href=\"https://laohu8.com/S/CPNG\">Coupang</a>It will be listed today.</p><p><b>Keywords for Friday (March 12): US February PPI, Consumer Confidence Index</b><img src=\"https://static.tigerbbs.com/42fa220ef3ab509f757d150bbd46504e\" tg-width=\"631\" tg-height=\"473\" referrerpolicy=\"no-referrer\"></p><p>We need to pay attention to Friday.<b>US February PPI annual rate data</b>Canadian February employment data and the preliminary US March University of Michigan consumer confidence index.</p><p>Currently, due to the recent price increases of most commodities,<b>The market is very optimistic about the US core PPI for February, which is expected to rise by 2.6% year-on-year, which, if expected, would be the highest level since 2019.</b></p><p><b>Regarding new stocks,</b>The largest private high school education provider in western China<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>It will be listed on Friday.</p><p>Exchanges announced that North America will implement daylight saving time starting Sunday, specifically setting the clocks forward by one hour at 02:00 Eastern Time, until November 7, 2021 (02:00 Eastern Time). Trading hours in the U.S. and Canadian financial markets will be one hour ahead of winter time.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is finally underway.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is finally underway.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-08 07:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Abstract: This week's focus will be on China's February CPI annual rate, the US February seasonally adjusted CPI monthly rate, and the European Central Bank's interest rate decision. Regarding financial events, pay close attention to news related to the COVID-19 pandemic and Biden's $1.92 trillion stimulus plan; Regarding new stocks: Chaoyun Group, a one-stop multi-category home care and personal care platform, and South Korean e-commerce giant Coupang Inc., among other new stocks, were listed this week; Daylight saving time begins in North America on Sunday.<img src=\"https://static.tigerbbs.com/5982c9b2db652d657e892e0609156b34\" tg-width=\"1386\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Keywords for Monday (March 8): US stimulus bill, Bank of England Governor Bailey's speech</b></p><p><img src=\"https://static.tigerbbs.com/8239d30f58a0ed4b0eae5e247afa3160\" tg-width=\"951\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p>On Monday, investors should first pay attention to<b>News related to the new round of US COVID-19 relief package</b>。</p><p>Latest news indicates that the U.S. Senate has passed a Democratic amendment to unemployment benefits, which will provide $300 per week in aid until September 6. But the vote rejected Senator Bernie Sanders' amendment to raise the minimum wage to $15 an hour.</p><p>Investors should also pay attention to further news regarding the US $1.9 trillion stimulus package over the weekend, which may have some impact on the foreign exchange market, gold and silver market, and crude oil market.</p><p>In addition,<b>Bank of England Governor Bailey addresses the UK economic outlook</b>Investors need to pay attention to this. The pound has fluctuated significantly recently, as the Bank of England had previously suppressed negative interest rate expectations and the UK has been rolling out vaccines quickly, making it one of the best-performing G10 currencies this year.</p><p><b>Regarding financial reports,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/NIU\">Niu Electric</a>、<a href=\"https://laohu8.com/S/DADA\">Dada Group</a></b>The company will release its financial report later.</p><p><b>Tuesday (March 9) Keywords: EIA Monthly Report</b></p><p><img src=\"https://static.tigerbbs.com/6319c3a3d6ac220de1424ffe55694b10\" tg-width=\"958\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>There will be relatively little economic data on Tuesday. The main focus will be on Japan's revised fourth-quarter GDP figures released during the Asian session and the Eurozone's revised fourth-quarter GDP figures released during the European session. The impact is expected to be limited.</p><p>In terms of events, the main focus is on the EIA's monthly report on the crude oil market, with a particular emphasis on changes in crude oil inventories, production, and supply. Although the impact of recent EIA monthly reports has been relatively small, this one will comprehensively reflect the impact of the US cold wave on the crude oil market, and therefore still deserves attention.</p><p><b>Regarding financial reports,</b>US stocks<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>The financial report will be released today.</p><p><b>Keywords for Wednesday (March 10): US-China CPI data, Bank of Canada interest rate decision</b><img src=\"https://static.tigerbbs.com/4598c81a362b05a59a4d496decf7975b\" tg-width=\"626\" tg-height=\"430\" referrerpolicy=\"no-referrer\"><b>Regarding economic data,</b>Pay attention to the performance of China's February CPI data. Data released on February 10 showed that due to factors such as the different months of the Spring Festival last year and this year, and the higher base for comparison in the same period last year caused by the wrong month, the national consumer price index CPI turned from rising to falling year-on-year in January this year.</p><p>In addition, the US February CPI data will also be released on the same day. According to data released by the US Bureau of Labor Statistics on February 10, the US January CPI increased by 1.4% year-on-year, slightly lower than the market expectation of 1.5%. Month-on-month growth was 0.3%, in line with expectations, marking the eighth consecutive month of growth. If the data is better than expected, it will help the US dollar and US Treasury yields surge, thereby suppressing gold and silver prices and the trends of non-US currencies. Conversely, it could provide short-term upside opportunities for gold and silver prices and non-US currencies.</p><p><b>The Fourth Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) closed on Wednesday afternoon. The Fourth Session of the 13th National People's Congress concluded on Thursday afternoon. The session will vote on draft resolutions on the government work report, the 14th Five-Year Plan for National Economic and Social Development, and the outline of long-term goals through 2035. As is customary in previous years, Premier*will meet with reporters and answer their questions after the closing ceremony.</b></p><p><b>Regarding financial reports,</b>Hong Kong Stocks<a href=\"https://laohu8.com/S/01516.HK\">Sunac Services</a>US stocks<b><a href=\"https://laohu8.com/S/CLDR\">Cloudera, Inc.</a>、<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a></b>These companies will release their financial reports today, which are worth paying close attention to.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/06601\">Chaoyun Group</a>The video game company will officially list on the Hong Kong Stock Exchange on March 10.<a href=\"https://laohu8.com/S/RBLX\">Roblox Corporation</a>Go public.</p><p><b>Keywords for Thursday (March 11): European Central Bank interest rate decision</b><img src=\"https://static.tigerbbs.com/48e6b4702f2a2b9532e1088fddd66d74\" tg-width=\"631\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1a9112d474a3305a5badcf2c4d5787a5\" tg-width=\"953\" tg-height=\"470\" referrerpolicy=\"no-referrer\">The focus of the market on Thursday will be<b>The European Central Bank's interest rate decision and the ECB President's press conference. The market generally expects the European Central Bank to keep current interest rates unchanged, but may accelerate its bond purchases to curb rising yields.</b></p><p>Economists say the European Central Bank will accelerate its emergency asset purchases to prevent rising bond yields from jeopardizing the eurozone's economic growth prospects.</p><p>In addition, investors should also pay attention to changes in the number of initial jobless claims in the United States each week and the January JOLTs job openings in the United States on Thursday. OPEC will also release its monthly crude oil market report, which investors should pay attention to.</p><p><b>Regarding financial reports</b>，<a href=\"https://laohu8.com/S/09698\">GDS - SW</a>、<a href=\"https://laohu8.com/S/00066\">MTR Corporation</a>, and US stocks<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/DOCU\">DocuSign</a>The company will release its financial report today, so investors should pay attention.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/01413\">Guanglian Engineering Holdings</a>、<a href=\"https://laohu8.com/S/CPNG\">Coupang</a>It will be listed today.</p><p><b>Keywords for Friday (March 12): US February PPI, Consumer Confidence Index</b><img src=\"https://static.tigerbbs.com/42fa220ef3ab509f757d150bbd46504e\" tg-width=\"631\" tg-height=\"473\" referrerpolicy=\"no-referrer\"></p><p>We need to pay attention to Friday.<b>US February PPI annual rate data</b>Canadian February employment data and the preliminary US March University of Michigan consumer confidence index.</p><p>Currently, due to the recent price increases of most commodities,<b>The market is very optimistic about the US core PPI for February, which is expected to rise by 2.6% year-on-year, which, if expected, would be the highest level since 2019.</b></p><p><b>Regarding new stocks,</b>The largest private high school education provider in western China<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>It will be listed on Friday.</p><p>Exchanges announced that North America will implement daylight saving time starting Sunday, specifically setting the clocks forward by one hour at 02:00 Eastern Time, until November 7, 2021 (02:00 Eastern Time). Trading hours in the U.S. and Canadian financial markets will be one hour ahead of winter time.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a106188796ec9abb78b8a3cfbae334a5","relate_stocks":{"FXC":"加元ETF-CurrencyShares","UCO":"二倍做多彭博原油ETF","DDG":"ProShares做空石油与天然气ETF","USO":"美国原油ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","SCO":"二倍做空彭博原油指数ETF","DWT":"三倍做空原油ETN"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117656396","content_text":"摘要：本周关注中国2月份CPI年率、美国2月季调后CPI月率、欧洲央行利率决议等；财经事件方面，重点留意新冠疫情和拜登1.92万亿美元刺激计划的相关消息；新股方面：一站式多品类家居护理及个人护理平台朝云集团，韩国电商巨头Coupang Inc等新股本周上市；周日起北美地区开始实行夏令时。周一(3月8日)关键词：美国刺激法案、英国央行行长贝利讲话周一投资者首先需要关注美国新一轮新冠疫情救助方案的相关消息。最新消息显示，美国参议院通过了民主党人关于失业救济金的修正案，将提供每周300美元的援助至9月6日；但投票否决了参议员伯尼·桑德斯(Bernie Sanders)关于将最低工资标准提高到每小时15美元的修正案。投资者还需留意周末有关美国1.9万亿美元的刺激计划的进一步消息，对外汇市场、金银市场、原油市场都可能会有一定的影响。此外，英国央行行长贝利就英国经济前景发表讲话，投资者需要予以关注。近期英镑的波动较大，之前英国银行打压了负利率预期，而且英国疫苗接种速度较快，英镑是年内表现最佳的G10货币之一。财报方面，小鹏汽车、小牛电动、达达集团等公司将发布财报。周二(3月9日)关键词：EIA月报周二经济数据比较少，主要留意亚洲时段出炉的日本第四季度GDP修正值和欧洲时段出炉的欧元区第四季度GDP修正值，预计影响比较有限。事件方面，主要关注EIA公布原油市场月度报告，重点留意原油库存的变化、产量和供给的变化。尽管近几次EIA月报的影响力都比较小，但这次月报将能全面的反映美国寒潮对原油市场的影响，因而仍需予以关注。财报方面，美股大全新能源将于本日公布财报。周三(3月10日)关键词：中美CPI数据、加拿大央行利率决议经济数据方面，需留意中国2月份CPI数据的表现。2月10日公布的数据显示，由于去年、今年春节月份不同，受错月导致去年同期对比基数较高等因素影响，今年1月份全国居民消费价格指数CPI同比由涨转降。另外，美国2月CPI数据当日也将公布，根据美国劳工统计局2月10日公布的数据显示，美国1月CPI同比增长1.4%，小幅低于市场预期的1.5%；环比增长0.3%，持平于预期，连续第8个月维持增长。如果数据好于预期，将有助于美元和美债收益率飙升，进而打压金银价格和非美货币走势；反之，则有望给金银价格和非美货币提供短线上涨机会。周三下午，全国政协十三届四次会议闭幕。周四下午，第十三届全国人民代表大会第四次会议闭幕，会议将表决关于政府工作报告的决议草案、关于国民经济和社会发展第十四个五年规划和2035年远景目标纲要的决议草案等。按照往年惯例，闭幕会后，国务院总理李克强将会见记者并答记者问。财报方面，港股融创服务，美股Cloudera, Inc.、甲骨文、AMC院线等公司将于本日公布财报，值得重点关注。新股方面，朝云集团将于3月10日正式在港交所挂牌交易，视频游戏公司Roblox Corporation上市。周四(3月11日)关键词：欧洲央行利率决议周四市场的焦点将是欧洲央行利率决议和欧洲央行行长的新闻发布会。市场普遍预计欧洲央行将维持当前利率不变，但有可能会加快购债步伐以遏制收益率上行。经济学家称，欧洲央行将加快紧急资产购买步伐，以防债券收益率上升危害到欧元区的经济增长前景。此外，周四投资者还需留意美国每周初请失业金人数的变动和美国1月JOLTs职位空缺。OPEC也将公布原油市场月度报告，投资者需要予以留意。财报方面，万国数据-SW、港铁公司，以及美股京东、DocuSign等公司将于本日公布财报，投资者需留意。新股方面，广联工程控股、Coupang本日将上市。周五(3月12日)关键词：美国2月PPI、消费者信心指数周五需要关注美国2月PPI年率数据、加拿大2月就业数据和美国3月密歇根大学消费者信心指数初值。目前，由于近期多数大宗商品上涨，市场对美国2月核心PPI的预期非常乐观，为同比上涨2.6%，如果符合预期，将是2019年来最高水平。新股方面，中国西部最大民办高中教育提供商第一高中教育集团周五上市。交易所方面，从周日开始，北美地区开始实行夏令时，具体为美东时间02:00将时钟拨快一个小时，至2021年11月7日（美东时间02:00）终止；美国和加拿大金融市场交易时间将较冬令时提前一小时。","news_type":1,"symbols_score_info":{"UBmain":0.9,"ZFmain":0.9,"ZNmain":0.9,"CADmain":0.9,"BZmain":0.9,"UWTIF":0.9,"FXC":0.9,"UCO":0.9,"DUG":0.9,"ZBmain":0.9,"DWT":0.9,"TNmain":0.9,"ZTmain":0.9,"QMmain":0.9,"CLmain":0.9,"USO":0.9,"SCO":0.9,"DWTIF":0.9,"DDG":0.9}},"isVote":1,"tweetType":1,"viewCount":5212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365667292,"gmtCreate":1614736409816,"gmtModify":1704774598897,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365667292","repostId":"2116177516","repostType":4,"isVote":1,"tweetType":1,"viewCount":2681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368806595,"gmtCreate":1614304695817,"gmtModify":1704770399861,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368806595","repostId":"1184986631","repostType":4,"repost":{"id":"1184986631","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1614299785,"share":"https://ttm.financial/m/news/1184986631?lang=en_US&edition=fundamental","pubTime":"2021-02-26 08:36","market":"hk","language":"zh","title":"What happened during the last sharp rise in US Treasury yields?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184986631","media":"Kevin策略研究","summary":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延","content":"<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What happened during the last sharp rise in US Treasury yields?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat happened during the last sharp rise in US Treasury yields?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-02-26 08:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eb7789abffef4e8a7ef6093738b6ad06","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184986631","content_text":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延到其他资产，导致美股市场特别是成长股大跌，纳斯达克大跌3.5%，道琼斯和标普500指数分别下跌1.8%和2.5%。板块层面，估值偏高、对利率上行敏感的可选消费、科技、通信服务等成为重灾区，避险板块如公用事业、医疗保健、以及受益于利率上行的银行等跌幅相对较少。同时，黄金大跌，美元走高。主要资产价格的大幅波动的源头依然是债券利率上行，与近期市场担忧增长预期向好和通胀走高推升利率、进而可能压制估值拖累市场的担忧一脉相过程，只不过其变化速度一下子剧烈起来，这也值得我们警惕。我们此前多次提示过，除了绝对水平外，利率的变化速度也至关重要，其本质上反映了债券资产的波动。因此，针对当前最新的情况，我们点评如下，供大家参考。一、利率为何快速上行？突破关键关口后的连锁反应大方向上，美债长端利率的上行，与近期全球整体疫情改善、疫苗接种加速、美国新一轮1.9万亿财政刺激渐行渐近背景下，增长和通胀预期进一步向好的大方向一致，在这一点上市场已经形成较为充分的共识预计，因此不再赘述（《10年美债利率升破1.1%之后》、《春节盘点：利率骤升、油价超买；疫情改善，刺激渐近》）。不过，隔夜利率突然加速上行，我们认为不排除与债券利率突破关键关口后触发一些锚定在此点位的仓位和衍生品、甚至程序化交易指令后的连锁反应，而并非完全的基本面因素，毕竟目前来看，美债长端利率的投机性头寸依然为净多头，利率的突然上行会使其面临压力。因此，这也我们提示短期需要关注突破关键关口后的原因（《利率上行的扰动：来自2018年的经验》）。二、利率上行有多快？波动接近2倍标准差我们一再强调，利率绝对水平是一方面，在一定意义上，利率上行的速度更为关键，因为过快上行的利率意味着债券市场经历剧烈的波动，而这一波动又会跨资产的“传染”到其他资产，这一点与2018年2月初美债利率快速突破2.8%引发的波动极为相似。那么，隔夜债券利率的波动有多快呢？如果以1.61%的高点计，10年国债的波动率已经接近过去一年的2倍标准差，已经高于我们利率上行信号1.5倍标准差的“警戒水平”，2018年初最高接近2.5倍。一般而言，从历史经验看，高于这一阈值警戒水平通常会对市场带来扰动。在此背景下，债券期货隐含的波动率也升至疫情以来的高点。三、实际利率上行的挑战：真实融资成本走高不利于黄金和高估值部分在此轮利率走高的过程中，还有一个特点是以实际利率为主，而并非市场所泛指的通胀预期，这一点与我们提示的情形一致。相比1月初的低点，10年名义美债利率已经上行超过45个基点，而实际利率贡献了近43个基点，通胀预期则基本持平。黄金近期的走势就是一个很好的佐证，因为通胀预期为主的利率上行（隐含实际利率承压或下行），黄金往往会受益。实际的通胀走势与名义利率扣除TIPs实际利率隐含的通胀预期（breakeven）经常会被混淆。我们预计利率上行主要以实际利率为主，主要是考虑到：a）隐含的真实增长和投资回报率回升；b）长端通胀预期接近长期区间上沿2.2~2.5%（长期来看，这一上沿相对稳定），提前反应了未来通胀走高的预期；c）短端和长端的通胀预期已然倒挂，表明短期债券计入了更多通胀走高的预期，而这一倒挂从历史经验来看也不能持久。实际利率上行除了隐含扣除价格因素的实际回报率抬升外，也意味着真实的融资成本的边际走高（虽然目前依然明显为负，10年期-0.61%），那么实际利率走高对资产价格的含义是，一方面不利于黄金，另一方面也会对边际上高估值部分带来边际上更大的压力，特别是交易拥挤、浮盈过多、以及以来融资杠杆较高的部分。四、接下来可能会发生什么？债券超卖；股市短期关注连锁反应，但中期走势决定于基本面首先，从利率本身来看，经过昨天的大幅波动后，10年美债已经触及我们在去年底发表的年度展望《2021年海外市场展望：疫情径曲、补库通幽》中给出1.5%的第一阶段目标点位，由于长端国债已经明显超卖，如果不出现进一步因债券的程序化交易或仓位unwind等因素的连锁反应的话，有可能会在这个水平上稳一稳，等待下一个催化剂因素。其次，对于股市而言，隔夜美债利率骤升引发的波动率走高和股市波动，从形态上非常类似2018年2月初因非农数据大超预期后10年美债快速突破2.8%后的情形，当时债券利率的波动率高达2.5倍标准差。从当时历史经验看，在债券利率2月初突破关键关口并导致波动后，后续市场波动进一步被放大和延长的原因不仅限于利率走高本身，而是触发了波动率策略和高杠杆拥挤交易引发了一系列连锁反应。正如我们在《利率上行的扰动：来自2018年的经验》中分析的那样，后视来看，如果单纯的利率上行但没有后续的一系列连锁反应，可能也不至于造成2018年2月如此大幅且持续一个多月的动荡期。其具体过程为：2月5日周一，美股进一步大跌导致VIX骤升116%（单日变化幅度超过2020年疫情期间），此前异常“拥挤”的看空波动率头寸需要迅速回补，又使得看空VIX的ETF产品在周二大跌93%提前触发提前赎回条款而清盘，一些直接或间接盯住波动率的投资策略（VolatilityTargeting）如风险平价（Risk Parity）、CTA（管理期货）等需要在新的波动率环境下调整对风险资产的敞口也带来对现货市场的抛售压力。此外，拥挤交易和较高的融资杠杆也加大了个人投资者抛售压力。金融市场流动性指标也普遍因此出现收紧迹象。但是仍需要强调的是，拉长时间中期维度看，短期波动后，美股在基本面的支撑表依然能够反弹并再创新高，其背后的原因就在于2017年底税改对盈利的支撑；直到10月份利率继续走高且增长见顶后，市场才彻底见顶。在2月~3月经历了近2个月的盘整和波动后，美股从4月初见底反弹并再创新高，直到10月初在利率突破3%和增长见顶的双重压力下见顶，开启新一轮下跌。相比当时的其他市场比如中国市场，美股之所以还能够反弹并再创新高的根本原因在于2017年税改带来的对于企业盈利的额外推动，这一点其实他市场并不具备的，而当基本面的空间也被消耗殆尽后，市场便难以为继了。因此，2018年经验对于当下的启示是，利率走高在情绪饱满、估值偏高、交易拥挤的背景下的确容易带来扰动，特别是高估值的成长股部分，目前既然已经突破关键关口并引发波动，那么接下来我们需要关注是否会触发一些程序化交易或杠杆交易的连锁反应进而延长并放大波动，但是中期维度的市场走势还是取决于基本面，如果基本面的向好趋势依然确立，那么市场还是可以摆脱因利率扰动带来波动，直到基本面趋势也开始逆转。要知道在一些层面2018年初的情形还不如当前，例如处于加息周期短端利率抬升、市场融资盘隐含杠杆高达3倍、股权风险溢价较当前更低。最后，需要指出的是，虽然长端利率快速上行，但我们追踪的金融市场流动性指标和信用利差并未出现明显收紧。本文作者：中金公司刘刚，来源：Kevin策略研究，原文标题《海外市场：美债利率上行过快的挑战》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382844550,"gmtCreate":1613435734370,"gmtModify":1704880408007,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"interesting","listText":"interesting","text":"interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382844550","repostId":"1176177637","repostType":4,"isVote":1,"tweetType":1,"viewCount":2492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382844915,"gmtCreate":1613435677437,"gmtModify":1704880407356,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/382844915","repostId":"1176177637","repostType":4,"isVote":1,"tweetType":1,"viewCount":2193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388452346,"gmtCreate":1613088443285,"gmtModify":1704878290116,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"GG","listText":"GG","text":"GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/388452346","repostId":"1138841526","repostType":4,"repost":{"id":"1138841526","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1613053269,"share":"https://ttm.financial/m/news/1138841526?lang=en_US&edition=fundamental","pubTime":"2021-02-11 22:21","market":"us","language":"zh","title":"Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138841526","media":"老虎资讯综合","summary":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","content":"<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; 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22:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138841526","content_text":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":104022344,"gmtCreate":1620346467988,"gmtModify":1704342233480,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","listText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","text":"$Square, Inc(SQ)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/104022344","repostId":"2133766175","repostType":4,"repost":{"id":"2133766175","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620332100,"share":"https://ttm.financial/m/news/2133766175?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:15","market":"us","language":"zh","title":"Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133766175","media":"老虎资讯综合","summary":"5月7日，移动支付公司$Square$美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。Square第一季度调整后EBITDA为2.36亿美元，去年同期为900万美元。","content":"<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSquare reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-07 04:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26431c0734b181fb6bbdfb2d00bdf07c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133766175","content_text":"5月7日，移动支付公司Square美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。主要业绩：在截至3月31日的这一财季，Square的净利润为3900万美元，每股摊薄收益为0.08美元，这一业绩好于去年同期。在2020财年第一季度，Square的净亏损为1.06亿美元，每股摊薄亏损为0.24美元。不计入某些一次性项目（不按照美国通用会计准则），Square第一季度调整后每股摊薄收益为0.41美元，相比之下去年同期的调整后每股摊薄亏损为0.02美元，这一业绩超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期Square第一季度每股收益将达0.16美元。Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%，超出分析师预期。据雅虎财经频道提供的数据显示，31名分析师此前平均预期Square第一季度营收将达33.6亿美元。不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%。Square第一季度毛利润为9.64亿美元，与去年同期的5.39亿美元相比增长79%。Square第一季度调整后EBITDA（即未计入利息、税项、折旧及摊销的利润）为2.36亿美元，去年同期为900万美元。Square第一季度运营利润为6770万美元，相比之下去年同期的运营亏损为9030万美元。Square第一季度总运营支出为8.96亿美元，相比之下去年同期为6.29亿美元。其中，产品开发支出为3.09亿美元，相比之下去年同期为1.95亿美元；销售和营销支出为3.49亿美元，相比之下去年同期为1.95亿美元；总务和行政支出为1.96亿美元，相比之下去年同期为1.29亿美元；交易和贷款损失为2040万美元，相比之下去年同期为1.09亿美元；比特币减值损失为1990万美元，去年同期并无这项支出；已获得客户资产摊销支出为146万美元，相比之下去年同期为90万美元。按业务部门划分的业绩：按照业务部门划分，Square第一季度基于交易的营收为9.60亿美元，与去年同期的7.58亿美元相比增长27%；该部门的毛利润为4.35亿美元，与去年同期相比增长49%。Square在第一季度中处理的总支付交易量（GPV）为331亿美元，与去年同期相比增长29%。Square第一季度基于交易的毛利润在GPV中所占比例为1.31%，与去年同期相比上升17个基点，与上一季度相比上升8个基点。Square第一季度基于订阅和服务的营收为5.58亿美元，与去年同期的2.96亿美元相比增长88%；该部门的毛利润为4.69亿美元，与去年同期相比增长84%。Square第一季度硬件营收为2880万美元，相比之下去年同期为2070万美元。Square第一季度比特币营收为35.11亿美元，相比之下去年同期为3.06亿美元。资产负债表信息：截至2021年第一季度末，Square持有的可用流动资金为48亿美元，其中现金、现金等价物、限制性现金和可交易债务证券投资为43亿美元，可从循环信贷安排中提取的资金为5亿美元。2021年2月，Square在比特币上投资了1.7亿美元，原因是该公司相信加密货币是一种经济赋权的工具，而这与该公司的目标是一致的。Square表示，该公司希望长期持有这项投资。2021年4月，Square完成了对全球音乐和娱乐平台TIDAL的重大多数股权的收购交易，这项交易是总对价为3.02亿美元。业绩展望：Square在财报中表示，展望2021年剩余时间的前景，该公司相信，从2019年到2021年的两年复合年增长率将有助于反映每个生态系统的潜在毛利润趋势。在2021年第二季度，随着2020年4月美国政府开始支出，该公司旗下Cash App预计将可实现167%的毛利润同比强劲增长。另一方面，鉴于2020年第二季度中重大的地区限制措施影响了面对面的活动，导致该季度的毛利润同比下降9%，因此在2021年第二季度中，预计卖家毛利润的增长将会从中受益。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906026575,"gmtCreate":1659460353201,"gmtModify":1705980559564,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","listText":"<a 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May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347729284","repostId":"347819806","repostType":1,"repost":{"id":347819806,"gmtCreate":1618483125505,"gmtModify":1704711519756,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"小虎投资狮城","avatar":"https://static.tigerbbs.com/71787abf8925cc00babc5c74c39de37a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558937605407666","authorIdStr":"3558937605407666"},"themes":[],"title":"新加坡航空3月旅客運輸量跌了91%","htmlText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" 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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-11 22:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138841526","content_text":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365667292,"gmtCreate":1614736409816,"gmtModify":1704774598897,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365667292","repostId":"2116177516","repostType":4,"repost":{"id":"2116177516","kind":"news","pubTimestamp":1614732450,"share":"https://ttm.financial/m/news/2116177516?lang=en_US&edition=fundamental","pubTime":"2021-03-03 08:47","market":"us","language":"zh","title":"General Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.","url":"https://stock-news.laohu8.com/highlight/detail?id=2116177516","media":"智通财经","summary":"智通财经APP获悉，据知情人士透露，通用汽车旗下自动驾驶汽车公司Cruise正在谈判收购自动驾驶技术初创公司Voyage。Voyage主要在佛罗里达的退休社区开展业务。报道称，两年前，投资者认为自动驾驶汽车可以相对较快地上路，但Cruise和Alphabet旗下自动驾驶部门Waymo在部署付费服务方面的延迟，导致一些投资者退出。据悉，为推进自动驾驶技术的商业化，Cruise不断拓展相关业务。","content":"<p>According to sources,<a href=\"https://laohu8.com/S/GM\">general motors</a>Cruise, its self-driving car company, is in talks to acquire Voyage, an autonomous driving technology startup. Voyage primarily operates in retirement communities in Florida. Sources familiar with the matter said the acquisition of Voyage would help Cruise develop its driverless taxi business.</p><p>The report states that two years ago, investors believed self-driving cars could be on the road relatively quickly, but delays in deploying paid services by Cruise and Alphabet's self-driving division Waymo led some investors to exit. Since then, self-driving cars<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Either go bankrupt or be acquired by a larger company. For example, Starsky Robotics Inc. went bankrupt last year, and Zoox was...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Acquisition.</p><p>It is understood that Cruise is continuously expanding its related businesses to promote the commercialization of autonomous driving technology. The company has partnered with<a href=\"https://laohu8.com/S/WMT\">Walmart</a>A delivery pilot project was established and hired in January of this year.<a href=\"https://laohu8.com/S/DAL\">Delta Airlines</a>Executive Gil West serves as Chief Operating Officer.</p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>General Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGeneral Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-03-03 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to sources,<a href=\"https://laohu8.com/S/GM\">general motors</a>Cruise, its self-driving car company, is in talks to acquire Voyage, an autonomous driving technology startup. Voyage primarily operates in retirement communities in Florida. Sources familiar with the matter said the acquisition of Voyage would help Cruise develop its driverless taxi business.</p><p>The report states that two years ago, investors believed self-driving cars could be on the road relatively quickly, but delays in deploying paid services by Cruise and Alphabet's self-driving division Waymo led some investors to exit. Since then, self-driving cars<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Either go bankrupt or be acquired by a larger company. For example, Starsky Robotics Inc. went bankrupt last year, and Zoox was...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Acquisition.</p><p>It is understood that Cruise is continuously expanding its related businesses to promote the commercialization of autonomous driving technology. The company has partnered with<a href=\"https://laohu8.com/S/WMT\">Walmart</a>A delivery pilot project was established and hired in January of this year.<a href=\"https://laohu8.com/S/DAL\">Delta Airlines</a>Executive Gil West serves as Chief Operating Officer.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/420619.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/12340231b976722241abb465e8821663","relate_stocks":{"GM":"通用汽车"},"source_url":"http://www.zhitongcaijing.com/content/detail/420619.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2116177516","content_text":"据知情人士透露，通用汽车旗下自动驾驶汽车公司Cruise正在谈判收购自动驾驶技术初创公司Voyage。Voyage主要在佛罗里达的退休社区开展业务。知情人士表示，收购Voyage将有助于Cruise发展无人驾驶出租车业务。\n报道称，两年前，投资者认为自动驾驶汽车可以相对较快地上路，但Cruise和Alphabet旗下自动驾驶部门Waymo在部署付费服务方面的延迟，导致一些投资者退出。自那以后，自动驾驶汽车创业公司要么倒闭，要么被更大的公司收购。例如，Starsky Robotics Inc.去年倒闭了，Zoox公司则被亚马逊收购。\n据悉，为推进自动驾驶技术的商业化，Cruise不断拓展相关业务。该公司已与沃尔玛建立了配送试点项目，并于今年1月聘请达美航空高管Gil West担任首席运营官。","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":2681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117129205,"gmtCreate":1623123884507,"gmtModify":1704196573410,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117129205","repostId":"2141253289","repostType":4,"isVote":1,"tweetType":1,"viewCount":8837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127587835,"gmtCreate":1624856974427,"gmtModify":1703846344042,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？？？？","listText":"？？？？","text":"？？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127587835","repostId":"1115271775","repostType":4,"repost":{"id":"1115271775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624849752,"share":"https://ttm.financial/m/news/1115271775?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:09","market":"sh","language":"zh","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115271775","media":"老虎资讯综合","summary":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:","content":"<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Hong Kong Stock Exchange will resume trading at 1:30 p.m.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115271775","content_text":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:00解除黑色暴雨警告，下午2:00开市；12:00后解除黑色暴雨警告，则全天休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103920770,"gmtCreate":1619743911890,"gmtModify":1704271676328,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103920770","repostId":"2131343905","repostType":4,"isVote":1,"tweetType":1,"viewCount":5592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368806595,"gmtCreate":1614304695817,"gmtModify":1704770399861,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368806595","repostId":"1184986631","repostType":4,"repost":{"id":"1184986631","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1614299785,"share":"https://ttm.financial/m/news/1184986631?lang=en_US&edition=fundamental","pubTime":"2021-02-26 08:36","market":"hk","language":"zh","title":"What happened during the last sharp rise in US Treasury yields?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184986631","media":"Kevin策略研究","summary":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延","content":"<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What happened during the last sharp rise in US Treasury yields?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat happened during the last sharp rise in US Treasury yields?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-02-26 08:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eb7789abffef4e8a7ef6093738b6ad06","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184986631","content_text":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延到其他资产，导致美股市场特别是成长股大跌，纳斯达克大跌3.5%，道琼斯和标普500指数分别下跌1.8%和2.5%。板块层面，估值偏高、对利率上行敏感的可选消费、科技、通信服务等成为重灾区，避险板块如公用事业、医疗保健、以及受益于利率上行的银行等跌幅相对较少。同时，黄金大跌，美元走高。主要资产价格的大幅波动的源头依然是债券利率上行，与近期市场担忧增长预期向好和通胀走高推升利率、进而可能压制估值拖累市场的担忧一脉相过程，只不过其变化速度一下子剧烈起来，这也值得我们警惕。我们此前多次提示过，除了绝对水平外，利率的变化速度也至关重要，其本质上反映了债券资产的波动。因此，针对当前最新的情况，我们点评如下，供大家参考。一、利率为何快速上行？突破关键关口后的连锁反应大方向上，美债长端利率的上行，与近期全球整体疫情改善、疫苗接种加速、美国新一轮1.9万亿财政刺激渐行渐近背景下，增长和通胀预期进一步向好的大方向一致，在这一点上市场已经形成较为充分的共识预计，因此不再赘述（《10年美债利率升破1.1%之后》、《春节盘点：利率骤升、油价超买；疫情改善，刺激渐近》）。不过，隔夜利率突然加速上行，我们认为不排除与债券利率突破关键关口后触发一些锚定在此点位的仓位和衍生品、甚至程序化交易指令后的连锁反应，而并非完全的基本面因素，毕竟目前来看，美债长端利率的投机性头寸依然为净多头，利率的突然上行会使其面临压力。因此，这也我们提示短期需要关注突破关键关口后的原因（《利率上行的扰动：来自2018年的经验》）。二、利率上行有多快？波动接近2倍标准差我们一再强调，利率绝对水平是一方面，在一定意义上，利率上行的速度更为关键，因为过快上行的利率意味着债券市场经历剧烈的波动，而这一波动又会跨资产的“传染”到其他资产，这一点与2018年2月初美债利率快速突破2.8%引发的波动极为相似。那么，隔夜债券利率的波动有多快呢？如果以1.61%的高点计，10年国债的波动率已经接近过去一年的2倍标准差，已经高于我们利率上行信号1.5倍标准差的“警戒水平”，2018年初最高接近2.5倍。一般而言，从历史经验看，高于这一阈值警戒水平通常会对市场带来扰动。在此背景下，债券期货隐含的波动率也升至疫情以来的高点。三、实际利率上行的挑战：真实融资成本走高不利于黄金和高估值部分在此轮利率走高的过程中，还有一个特点是以实际利率为主，而并非市场所泛指的通胀预期，这一点与我们提示的情形一致。相比1月初的低点，10年名义美债利率已经上行超过45个基点，而实际利率贡献了近43个基点，通胀预期则基本持平。黄金近期的走势就是一个很好的佐证，因为通胀预期为主的利率上行（隐含实际利率承压或下行），黄金往往会受益。实际的通胀走势与名义利率扣除TIPs实际利率隐含的通胀预期（breakeven）经常会被混淆。我们预计利率上行主要以实际利率为主，主要是考虑到：a）隐含的真实增长和投资回报率回升；b）长端通胀预期接近长期区间上沿2.2~2.5%（长期来看，这一上沿相对稳定），提前反应了未来通胀走高的预期；c）短端和长端的通胀预期已然倒挂，表明短期债券计入了更多通胀走高的预期，而这一倒挂从历史经验来看也不能持久。实际利率上行除了隐含扣除价格因素的实际回报率抬升外，也意味着真实的融资成本的边际走高（虽然目前依然明显为负，10年期-0.61%），那么实际利率走高对资产价格的含义是，一方面不利于黄金，另一方面也会对边际上高估值部分带来边际上更大的压力，特别是交易拥挤、浮盈过多、以及以来融资杠杆较高的部分。四、接下来可能会发生什么？债券超卖；股市短期关注连锁反应，但中期走势决定于基本面首先，从利率本身来看，经过昨天的大幅波动后，10年美债已经触及我们在去年底发表的年度展望《2021年海外市场展望：疫情径曲、补库通幽》中给出1.5%的第一阶段目标点位，由于长端国债已经明显超卖，如果不出现进一步因债券的程序化交易或仓位unwind等因素的连锁反应的话，有可能会在这个水平上稳一稳，等待下一个催化剂因素。其次，对于股市而言，隔夜美债利率骤升引发的波动率走高和股市波动，从形态上非常类似2018年2月初因非农数据大超预期后10年美债快速突破2.8%后的情形，当时债券利率的波动率高达2.5倍标准差。从当时历史经验看，在债券利率2月初突破关键关口并导致波动后，后续市场波动进一步被放大和延长的原因不仅限于利率走高本身，而是触发了波动率策略和高杠杆拥挤交易引发了一系列连锁反应。正如我们在《利率上行的扰动：来自2018年的经验》中分析的那样，后视来看，如果单纯的利率上行但没有后续的一系列连锁反应，可能也不至于造成2018年2月如此大幅且持续一个多月的动荡期。其具体过程为：2月5日周一，美股进一步大跌导致VIX骤升116%（单日变化幅度超过2020年疫情期间），此前异常“拥挤”的看空波动率头寸需要迅速回补，又使得看空VIX的ETF产品在周二大跌93%提前触发提前赎回条款而清盘，一些直接或间接盯住波动率的投资策略（VolatilityTargeting）如风险平价（Risk Parity）、CTA（管理期货）等需要在新的波动率环境下调整对风险资产的敞口也带来对现货市场的抛售压力。此外，拥挤交易和较高的融资杠杆也加大了个人投资者抛售压力。金融市场流动性指标也普遍因此出现收紧迹象。但是仍需要强调的是，拉长时间中期维度看，短期波动后，美股在基本面的支撑表依然能够反弹并再创新高，其背后的原因就在于2017年底税改对盈利的支撑；直到10月份利率继续走高且增长见顶后，市场才彻底见顶。在2月~3月经历了近2个月的盘整和波动后，美股从4月初见底反弹并再创新高，直到10月初在利率突破3%和增长见顶的双重压力下见顶，开启新一轮下跌。相比当时的其他市场比如中国市场，美股之所以还能够反弹并再创新高的根本原因在于2017年税改带来的对于企业盈利的额外推动，这一点其实他市场并不具备的，而当基本面的空间也被消耗殆尽后，市场便难以为继了。因此，2018年经验对于当下的启示是，利率走高在情绪饱满、估值偏高、交易拥挤的背景下的确容易带来扰动，特别是高估值的成长股部分，目前既然已经突破关键关口并引发波动，那么接下来我们需要关注是否会触发一些程序化交易或杠杆交易的连锁反应进而延长并放大波动，但是中期维度的市场走势还是取决于基本面，如果基本面的向好趋势依然确立，那么市场还是可以摆脱因利率扰动带来波动，直到基本面趋势也开始逆转。要知道在一些层面2018年初的情形还不如当前，例如处于加息周期短端利率抬升、市场融资盘隐含杠杆高达3倍、股权风险溢价较当前更低。最后，需要指出的是，虽然长端利率快速上行，但我们追踪的金融市场流动性指标和信用利差并未出现明显收紧。本文作者：中金公司刘刚，来源：Kevin策略研究，原文标题《海外市场：美债利率上行过快的挑战》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}