AAZJ的个人主页 - 老虎社区

AAZJ

AAZJ

Human nature never changes.

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1主题

0勋章

2021-05-18

Easy to make money, just do opposite what TIGR news is pushing..

EV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote>

2021-04-20

This one my 10 year old daughter also know

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2021-03-22

Buy Sg bonds..

The Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote>

2021-05-12

Apple will suffer

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2021-04-27

Buy

GameStop raises $551 mln to accelerate e-commerce push, shares jump<blockquote>游戏驿站融资5.51亿美元加速电子商务发展，股价上涨</blockquote>

2021-04-22

Did the motley fool ANUSlyst sell house, sell everything to buy these high 5 stocks?

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2021-03-23

If quietly then how the whole world knows now?

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2021-04-29

Will remain undervalue...

25 Undervalued Stocks with Earnings Set to Beat Pre-Covid Levels in 2021<blockquote>25只被低估的股票，其盈利将在2021年超过新冠疫情前的水平</blockquote>

2021-04-21

Keep watching Netflix, will go to heaven earlier... sitting is one of the riskiest activities..people want to socialize.

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2021-03-24

Ok worth 10 more cents

Tencent's quarterly profit jumps 175%, above forecast<blockquote>腾讯控股季度利润跃升175%，高于预期</blockquote>

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the lorry liow","listText":"Up the lorry liow","text":"Up the lorry liow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899028069","repostId":"2157812482","repostType":2,"isVote":1,"tweetType":1,"viewCount":3111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121925925,"gmtCreate":1624450748167,"gmtModify":1631890801391,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"NIL soon","listText":"NIL soon","text":"NIL soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121925925","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":2283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187220414,"gmtCreate":1623756009438,"gmtModify":1631890801395,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Grandmother story","listText":"Grandmother story","text":"Grandmother story","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187220414","repostId":"2142788371","repostType":4,"repost":{"id":"2142788371","kind":"highlight","pubTimestamp":1623627985,"share":"https://www.laohu8.com/m/news/2142788371?lang=zh_CN&edition=full","pubTime":"2021-06-14 07:46","market":"us","language":"en","title":"Here’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场希望——和不希望——在本周的美联储会议上听到鲍威尔的话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2142788371","media":"MarketWatch","summary":"All eyes on the Fed!\n\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GET","content":"<p>All eyes on the Fed!</p><p><blockquote>所有人都在关注美联储！</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c4c83a98ead1e0406f6e21bde6e1f550\" tg-width=\"1260\" tg-height=\"876\"><span>\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION</span></p><p><blockquote><p class=\"t-img-caption\"><span>“唉，可怜的通货膨胀！我认识他，霍雷肖。”MARKETWATCH照片插图/盖蒂图片社，埃弗雷特收藏</span></p></blockquote></p><p> You couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:</p><p><blockquote>你不能责怪华尔街在下周的联邦公开市场委员会六月政策会议上设想杰罗姆·鲍威尔有点像哈姆雷特：</blockquote></p><p> Transitory, or not transitory?</p><p><blockquote>短暂的，还是不短暂的？</blockquote></p><p> Therein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.</p><p><blockquote>这就是周三FOMC为期两天的会议结束时，制定利率的美联储委员会需要为金融市场回答的问题。</blockquote></p><p> Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.</p><p><blockquote>如果哈姆雷特是央行行长，他可能会说，忍受令人愤慨的通货膨胀的弹弓和箭，还是拿起武器对抗麻烦的海洋，在思想上更高尚。</blockquote></p><p> Of course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.</p><p><blockquote>当然，没有人预计即将到来的会议会有烟花，但它仍可能证明是股票和债券的关键点。</blockquote></p><p> That is especially true with the S&amp;P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.</p><p><blockquote>标普500指数、道琼斯工业平均指数和纳斯达克综合指数尤其如此，它们徘徊在或接近历史收盘高点。</blockquote></p><p> The Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.</p><p><blockquote>美联储会议召开之际，越来越多的证据表明，随着经济从过去一年的新冠疫情中复苏，以及疫苗接种的推出使企业恢复了某种程度的正常状态，定价压力正在加大。</blockquote></p><p> Last Thursday’s&nbsp;consumer-price index report&nbsp;from the U.S. Labor Department showed that the cost of living surged in May and drove the&nbsp;pace of inflation&nbsp;to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.</p><p><blockquote>美国劳工部上周四发布的消费者价格指数报告显示，5月份生活成本飙升，推动通胀率升至5%的13年高点，反映出美国人面临的物价普遍上涨。</blockquote></p><p> “The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.</p><p><blockquote>Forex.com全球市场研究主管马特·韦勒(Matt Weller)在周五的一份研究报告中写道：“现在的关键问题是，通胀率上升是否是‘暂时的’，或者价格上涨是否有可能在心理上根深蒂固。”</blockquote></p><p> The fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note&nbsp;and the 30-year Treasury bond&nbsp;hanging around their lowest levels since at least early March.</p><p><blockquote>固定收益市场可能已经对通胀有了发言权，10年期国债和30年期国债收益率徘徊在至少3月初以来的最低水平附近。</blockquote></p><p> Treasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.</p><p><blockquote>财政部和股市投资者认为，随着消费者在大流行后挥霍，供应链扭曲加剧了通胀飙升，以及去年价格下跌退出年度计算的统计基数效应，因此可能转瞬即逝。</blockquote></p><p> Is isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?</p><p><blockquote>然而，不清楚过渡到底是什么意思——几个月、几年？在市场参与者和美联储对破坏资产价格的通胀失去耐心之前，高通胀水平还要容忍多久？</blockquote></p><p> “Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.</p><p><blockquote>首席经济学家Lindsey Piegza写道：“展望2021年底和2022年，政策制定者继续预计通胀将回落至接近2%的目标，委员会可能会在下周的会议上重申这一信息。”Stifel在周五的一份报告中。</blockquote></p><p> “That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.</p><p><blockquote>“话虽如此，美国经济显然正在获得动力，劳动力市场每月增加超过50万个工作岗位。因此，虽然预计6月份不会进行政策调整，也不会宣布最终调整政策的时间表，但至少一些美联储成员预计将在未来几个月推动讨论最终取消紧急措施，”她说。</blockquote></p><p> Some traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.</p><p><blockquote>一些交易员、分析师和经济学家押注，美联储将致力于阐明这样一种观点，即在疫情最严重时期实施的每月1200亿美元资产购买计划将于2021年底开始缩减。</blockquote></p><p> The Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.</p><p><blockquote>美联储可能会在6月份谈论缩减规模，并在8月或9月开始缩减规模。</blockquote></p><p> In the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the&nbsp;weaker-than-expected May nonfarm payrolls report&nbsp;and the job openings data from last week&nbsp;which hit a record 9.3 million.</p><p><blockquote>面对通胀上升，任何缩减购债规模的时机对美联储来说都很棘手，因为相对于对工人的需求，劳动力市场的复苏看起来仍然不稳定，这反映在弱于预期的5月份非农就业报告和上周的职位空缺数据达到创纪录的930万个。</blockquote></p><p> Lawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.</p><p><blockquote>LPL Financial固定收益策略师Lawrence Gillum表示，市场想要的关键是美联储缩减购债规模的时机。他还指出，央行缩减400亿美元抵押贷款支持证券尤其重要，因为人们普遍认为房地产市场过热。</blockquote></p><p> “The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.</p><p><blockquote>吉勒姆表示：“下周我们最想听到的是美联储计划如何以及何时缩减债券购买计划。”</blockquote></p><p> “Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.</p><p><blockquote>“此外，为什么美联储继续每月购买400亿美元的抵押贷款证券，而从各方面来看，房地产市场都不需要这种支持。我们会弄清楚吗？可能不会，”他提出。</blockquote></p><p> Andrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.</p><p><blockquote>凯投宏观(Capital Economics)美国高级经济学家安德鲁·亨特(Andrew Hunter)在周五的一份报告中表示，在这种背景下，他仍然预计政策制定者将对任何缩减货币宽松政策采取缓慢态度。</blockquote></p><p></p><p> “While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s&nbsp;FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.</p><p><blockquote>“虽然我们怀疑美联储官员可能最终会在下周的FOMC会议上开始‘谈论谈论’缩减资产购买，但他们很可能会强调，经济距离朝着他们的目标取得‘实质性的进一步进展’还有一段路要走，”他说。</blockquote></p><p> Indeed, Peter Essele, head of investment management for Commonwealth Financial Network&nbsp;said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.</p><p><blockquote>事实上，联邦金融网络投资管理主管Peter Essele表示，市场可能需要听到美联储官员更多的鸽派言论，即使他们回避了缩减宽松货币政策的想法。</blockquote></p><p> “Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.</p><p><blockquote>埃塞尔在电子邮件评论中对MarketWatch表示：“市场参与者显然预计美联储下周将采取鸽派基调，最近的利率走势就证明了这一点。”</blockquote></p><p> “We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.</p><p><blockquote>Essele表示：“我们预计美联储下周将继续踩下宽松踏板，在通胀不再是暂时的、经济恢复充分就业之前，这种情况不会改变。”</blockquote></p><p> “Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.</p><p><blockquote>他表示：“在此之前，美国国债利率应保持长期区间波动，短期锚定，短期内债券投资者无需担心。”</blockquote></p><p> <b>What else is on investors’ radar?</b></p><p><blockquote><b>投资者还关注什么？</b></blockquote></p><p> Meanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.</p><p><blockquote>与此同时，下周议程上唯一的另一个主要项目是周二的美国5月零售销售，而投资者将继续关注拜登政府与共和党之间关于基础设施支出计划的谈判，因为该计划对经济增长和债务发行有影响。</blockquote></p><p></p>","source":"lsy1603348471595","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>Here’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场希望——和不希望——在本周的美联储会议上听到鲍威尔的话</blockquote></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\">\nHere’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场希望——和不希望——在本周的美联储会议上听到鲍威尔的话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-14 07:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>All eyes on the Fed!</p><p><blockquote>所有人都在关注美联储！</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c4c83a98ead1e0406f6e21bde6e1f550\" tg-width=\"1260\" tg-height=\"876\"><span>\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION</span></p><p><blockquote><p class=\"t-img-caption\"><span>“唉，可怜的通货膨胀！我认识他，霍雷肖。”MARKETWATCH照片插图/盖蒂图片社，埃弗雷特收藏</span></p></blockquote></p><p> You couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:</p><p><blockquote>你不能责怪华尔街在下周的联邦公开市场委员会六月政策会议上设想杰罗姆·鲍威尔有点像哈姆雷特：</blockquote></p><p> Transitory, or not transitory?</p><p><blockquote>短暂的，还是不短暂的？</blockquote></p><p> Therein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.</p><p><blockquote>这就是周三FOMC为期两天的会议结束时，制定利率的美联储委员会需要为金融市场回答的问题。</blockquote></p><p> Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.</p><p><blockquote>如果哈姆雷特是央行行长，他可能会说，忍受令人愤慨的通货膨胀的弹弓和箭，还是拿起武器对抗麻烦的海洋，在思想上更高尚。</blockquote></p><p> Of course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.</p><p><blockquote>当然，没有人预计即将到来的会议会有烟花，但它仍可能证明是股票和债券的关键点。</blockquote></p><p> That is especially true with the S&amp;P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.</p><p><blockquote>标普500指数、道琼斯工业平均指数和纳斯达克综合指数尤其如此，它们徘徊在或接近历史收盘高点。</blockquote></p><p> The Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.</p><p><blockquote>美联储会议召开之际，越来越多的证据表明，随着经济从过去一年的新冠疫情中复苏，以及疫苗接种的推出使企业恢复了某种程度的正常状态，定价压力正在加大。</blockquote></p><p> Last Thursday’s&nbsp;consumer-price index report&nbsp;from the U.S. Labor Department showed that the cost of living surged in May and drove the&nbsp;pace of inflation&nbsp;to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.</p><p><blockquote>美国劳工部上周四发布的消费者价格指数报告显示，5月份生活成本飙升，推动通胀率升至5%的13年高点，反映出美国人面临的物价普遍上涨。</blockquote></p><p> “The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.</p><p><blockquote>Forex.com全球市场研究主管马特·韦勒(Matt Weller)在周五的一份研究报告中写道：“现在的关键问题是，通胀率上升是否是‘暂时的’，或者价格上涨是否有可能在心理上根深蒂固。”</blockquote></p><p> The fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note&nbsp;and the 30-year Treasury bond&nbsp;hanging around their lowest levels since at least early March.</p><p><blockquote>固定收益市场可能已经对通胀有了发言权，10年期国债和30年期国债收益率徘徊在至少3月初以来的最低水平附近。</blockquote></p><p> Treasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.</p><p><blockquote>财政部和股市投资者认为，随着消费者在大流行后挥霍，供应链扭曲加剧了通胀飙升，以及去年价格下跌退出年度计算的统计基数效应，因此可能转瞬即逝。</blockquote></p><p> Is isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?</p><p><blockquote>然而，不清楚过渡到底是什么意思——几个月、几年？在市场参与者和美联储对破坏资产价格的通胀失去耐心之前，高通胀水平还要容忍多久？</blockquote></p><p> “Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.</p><p><blockquote>首席经济学家Lindsey Piegza写道：“展望2021年底和2022年，政策制定者继续预计通胀将回落至接近2%的目标，委员会可能会在下周的会议上重申这一信息。”Stifel在周五的一份报告中。</blockquote></p><p> “That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.</p><p><blockquote>“话虽如此，美国经济显然正在获得动力，劳动力市场每月增加超过50万个工作岗位。因此，虽然预计6月份不会进行政策调整，也不会宣布最终调整政策的时间表，但至少一些美联储成员预计将在未来几个月推动讨论最终取消紧急措施，”她说。</blockquote></p><p> Some traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.</p><p><blockquote>一些交易员、分析师和经济学家押注，美联储将致力于阐明这样一种观点，即在疫情最严重时期实施的每月1200亿美元资产购买计划将于2021年底开始缩减。</blockquote></p><p> The Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.</p><p><blockquote>美联储可能会在6月份谈论缩减规模，并在8月或9月开始缩减规模。</blockquote></p><p> In the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the&nbsp;weaker-than-expected May nonfarm payrolls report&nbsp;and the job openings data from last week&nbsp;which hit a record 9.3 million.</p><p><blockquote>面对通胀上升，任何缩减购债规模的时机对美联储来说都很棘手，因为相对于对工人的需求，劳动力市场的复苏看起来仍然不稳定，这反映在弱于预期的5月份非农就业报告和上周的职位空缺数据达到创纪录的930万个。</blockquote></p><p> Lawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.</p><p><blockquote>LPL Financial固定收益策略师Lawrence Gillum表示，市场想要的关键是美联储缩减购债规模的时机。他还指出，央行缩减400亿美元抵押贷款支持证券尤其重要，因为人们普遍认为房地产市场过热。</blockquote></p><p> “The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.</p><p><blockquote>吉勒姆表示：“下周我们最想听到的是美联储计划如何以及何时缩减债券购买计划。”</blockquote></p><p> “Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.</p><p><blockquote>“此外，为什么美联储继续每月购买400亿美元的抵押贷款证券，而从各方面来看，房地产市场都不需要这种支持。我们会弄清楚吗？可能不会，”他提出。</blockquote></p><p> Andrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.</p><p><blockquote>凯投宏观(Capital Economics)美国高级经济学家安德鲁·亨特(Andrew Hunter)在周五的一份报告中表示，在这种背景下，他仍然预计政策制定者将对任何缩减货币宽松政策采取缓慢态度。</blockquote></p><p></p><p> “While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s&nbsp;FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.</p><p><blockquote>“虽然我们怀疑美联储官员可能最终会在下周的FOMC会议上开始‘谈论谈论’缩减资产购买，但他们很可能会强调，经济距离朝着他们的目标取得‘实质性的进一步进展’还有一段路要走，”他说。</blockquote></p><p> Indeed, Peter Essele, head of investment management for Commonwealth Financial Network&nbsp;said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.</p><p><blockquote>事实上，联邦金融网络投资管理主管Peter Essele表示，市场可能需要听到美联储官员更多的鸽派言论，即使他们回避了缩减宽松货币政策的想法。</blockquote></p><p> “Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.</p><p><blockquote>埃塞尔在电子邮件评论中对MarketWatch表示：“市场参与者显然预计美联储下周将采取鸽派基调，最近的利率走势就证明了这一点。”</blockquote></p><p> “We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.</p><p><blockquote>Essele表示：“我们预计美联储下周将继续踩下宽松踏板，在通胀不再是暂时的、经济恢复充分就业之前，这种情况不会改变。”</blockquote></p><p> “Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.</p><p><blockquote>他表示：“在此之前，美国国债利率应保持长期区间波动，短期锚定，短期内债券投资者无需担心。”</blockquote></p><p> <b>What else is on investors’ radar?</b></p><p><blockquote><b>投资者还关注什么？</b></blockquote></p><p> Meanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.</p><p><blockquote>与此同时，下周议程上唯一的另一个主要项目是周二的美国5月零售销售，而投资者将继续关注拜登政府与共和党之间关于基础设施支出计划的谈判，因为该计划对经济增长和债务发行有影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-what-the-market-wants-and-doesnt-want-to-hear-from-powell-at-next-weeks-fed-meeting-11623452360?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-what-the-market-wants-and-doesnt-want-to-hear-from-powell-at-next-weeks-fed-meeting-11623452360?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142788371","content_text":"All eyes on the Fed!\n\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION\nYou couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:\nTransitory, or not transitory?\nTherein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.\nWhether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.\nOf course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.\nThat is especially true with the S&P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.\nThe Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.\nLast Thursday’s consumer-price index report from the U.S. Labor Department showed that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.\n“The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.\nThe fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note and the 30-year Treasury bond hanging around their lowest levels since at least early March.\nTreasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.\nIs isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?\n“Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.\n“That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.\nSome traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.\nThe Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.\nIn the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the weaker-than-expected May nonfarm payrolls report and the job openings data from last week which hit a record 9.3 million.\nLawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.\n“The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.\n“Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.\nAndrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.\n“While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.\nIndeed, Peter Essele, head of investment management for Commonwealth Financial Network said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.\n“Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.\n“We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.\n“Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.\nWhat else is on investors’ radar?\nMeanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185935017,"gmtCreate":1623629948339,"gmtModify":1631890801397,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Roti prata musk","listText":"Roti prata musk","text":"Roti prata musk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185935017","repostId":"1132051258","repostType":4,"isVote":1,"tweetType":1,"viewCount":3490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185936375,"gmtCreate":1623629885397,"gmtModify":1631890801400,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Elon musk can start selling roti prata","listText":"Elon musk can start selling roti prata","text":"Elon musk can start selling roti prata","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185936375","repostId":"1132051258","repostType":4,"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111036093,"gmtCreate":1622643515212,"gmtModify":1631890801402,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Answer is NIL.","listText":"Answer is NIL.","text":"Answer is NIL.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111036093","repostId":"1128017388","repostType":4,"repost":{"id":"1128017388","kind":"news","pubTimestamp":1622618011,"share":"https://www.laohu8.com/m/news/1128017388?lang=zh_CN&edition=full","pubTime":"2021-06-02 15:13","market":"us","language":"en","title":"Where Will NIO Stock Be In 5 Years?<blockquote>5年后蔚来股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128017388","media":"seekingalpha","summary":"Summary\n\nNIO is a high-growth Chinese EV player with attractive products.\nIts BaaS technology provid","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO is a high-growth Chinese EV player with attractive products.</li>  <li>Its BaaS technology provides a USP that should help NIO gain market share in the coming years.</li>  <li>NIO is trading at a high valuation, and a lot of future growth is priced in already. Investors may have to be patient to see the growth story play out.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/215963a081072a260aa40bbb8991be26\" tg-width=\"1536\" tg-height=\"1152\" referrerpolicy=\"no-referrer\"><span>Photo by Andy Feng/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>蔚来是一家高增长的中国电动汽车公司，拥有极具吸引力的产品。</li><li>其BaaS技术提供了一个USP，应该可以帮助蔚来在未来几年获得市场份额。</li><li>蔚来的估值很高，未来的大量增长已经被消化。投资者可能必须耐心等待增长故事的展开。</li></ul><p class=\"t-img-caption\"><span>摄影：Andy Feng/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO (NIO) is a high-growth EV pure-play with unique offerings such as battery-as-a-service. The company enjoys growth tailwinds in its home market China and will increase its presence in overseas markets dramatically in the coming years. NIO is not as expensive as some other EV stocks, but shares are, on the other hand, still trading at a steep premium compared to how legacy auto companies are valued. Overall, NIO could return significant amounts of money in the coming years, but that is not a certainty, and investors should keep an eye on NIO's risk factors.</p><p><blockquote>蔚来（蔚来）是一家高增长的纯电动汽车公司，提供电池即服务等独特产品。该公司在中国本土市场享有增长势头，并将在未来几年大幅增加其在海外市场的影响力。蔚来的股价不像其他一些电动汽车股票那么昂贵，但另一方面，与传统汽车公司的估值相比，其股价仍然存在大幅溢价。总体而言，蔚来可能会在未来几年返还大量资金，但这并不是确定的，投资者应密切关注蔚来的风险因素。</blockquote></p><p> <b>NIO Stock Price</b></p><p><blockquote><b>蔚来股价</b></blockquote></p><p> NIO, Inc. is one of China's leading EV pure-plays, and that is reflected in its current valuation:</p><p><blockquote>蔚来是中国领先的纯电动汽车公司之一，这反映在其目前的估值上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/335372a846d2b847c5006c47a65abf2d\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At slightly below $40, NIO is valued at more than $60 billion right now. This is about 40% less than the valuation shares have traded at when they peaked in early 2021, which reflects the declining enthusiasm for EV stocks, as most of NIO's peers, including Tesla (TSLA), have seen their shares come back as well. Still, for reference, NIO is valued around the same level as Ford (F) - which is a way larger company for now, in terms of revenue and vehicle sales.</p><p><blockquote>蔚来目前的估值略低于40美元，但估值超过600亿美元。这比该股在2021年初达到峰值时的估值低约40%，这反映出人们对电动汽车股票的热情下降，因为包括特斯拉(TSLA)在内的大多数蔚来同行的股价也有所回升。不过，作为参考，蔚来的估值与福特(F)大致相同——就收入和汽车销量而言，福特目前是一家规模更大的公司。</blockquote></p><p> <b>Is NIO A Good Long-Term Stock?</b></p><p><blockquote><b>蔚来是一只好的长期股票吗？</b></blockquote></p><p> NIO is active in the high-growth EV market and thus benefits a lot from market growth tailwinds. On top of that, NIO also has an attractive product portfolio that includes well-received models such as the ES6 and ES8 SUVs. What differentiates NIO from most other EV companies is its battery-swapping technology that allows consumers to get a fully-charged battery in a couple of minutes when visiting one of NIO's battery-swapping stations.</p><p><blockquote>蔚来活跃于高增长的电动汽车市场，因此从市场增长的顺风中受益匪浅。除此之外，蔚来还拥有极具吸引力的产品组合，其中包括ES6和ES8 SUV等广受好评的车型。蔚来与大多数其他电动汽车公司的区别在于其电池交换技术，该技术允许消费者在访问蔚来的电池交换站之一时在几分钟内获得充满电的电池。</blockquote></p><p> This means that the downtime when doing longer trips via an EV is reduced dramatically, as a battery-swap takes roughly as much time as refueling an ICE-powered car, whereas recharging most EVs takes well more than a couple of minutes. NIO's battery-swapping stations are being built out around China right now, although there is no meaningful footprint outside of NIO's home market yet.</p><p><blockquote>这意味着通过电动汽车进行长途旅行时的停机时间大大减少，因为更换电池所需的时间大约与为内燃机汽车加油所需的时间相同，而为大多数电动汽车充电所需的时间远不止几分钟。蔚来的电池交换站目前正在中国各地建设，尽管在蔚来本土市场之外还没有任何有意义的足迹。</blockquote></p><p> Still, NIO plans to roll out that service in international markets over the years, and once there is a large enough footprint of them to make a difference, this should be a unique selling point for NIO that will help differentiate its offerings from those of most peers. This could, I believe, result in further market share gains, which is why I wouldn't be surprised to see NIO grow at a rapid pace for the coming years.</p><p><blockquote>尽管如此，蔚来计划多年来在国际市场上推出这项服务，一旦它们的足迹足够大以发挥作用，这应该成为蔚来的一个独特卖点，有助于将其产品与其他产品区分开来。大多数同行。我相信，这可能会导致市场份额进一步增加，这就是为什么我不会对蔚来在未来几年快速增长感到惊讶。</blockquote></p><p> For 2021, NIO will likely deliver revenue growth of more than 100% on the back of strong deliveries growth, as the analyst community is currently forecasting a 130% revenue increase this year. For Q2, NIO is expecting a growth rate of&nbsp;around 110%&nbsp;for its deliveries, following a massive 480% revenue increase during the first quarter. NIO thus is growing quicker than the EV market as a whole, and also quicker than peers such as Tesla, which will grow by around 50%-60% this year, according to the analyst community, which is about half the growth rate that is expected for NIO this year.</p><p><blockquote>2021年，在交付量强劲增长的背景下，蔚来的收入可能会增长100%以上，因为分析师群体目前预测今年的收入将增长130%。继第一季度收入大幅增长480%后，蔚来预计第二季度的交付量增长率约为110%。因此，蔚来的增长速度快于整个电动汽车市场，也快于特斯拉等同行，据分析师界称，特斯拉今年将增长约50%-60%，约为增长率的一半预计今年蔚来。</blockquote></p><p> Maintaining 100%+ growth forever is, of course, not possible, and NIO's growth will decline from that level in the coming years. But due to the fact that its products are well-liked in its home market, while the company is also ambitiously planning a major entry into the&nbsp;large European EV market, NIO should still deliver very considerable growth in the coming years.</p><p><blockquote>当然，永远保持100%以上的增长是不可能的，未来几年蔚来的增长将从这一水平下降。但由于其产品在国内市场广受欢迎，同时该公司也雄心勃勃地计划进军庞大的欧洲电动汽车市场，蔚来在未来几年仍应实现非常可观的增长。</blockquote></p><p> Obvious growth tailwinds for a company, or even an industry, do not necessarily equate to massive share price upside, however. Investors should consider that NIO will, like all auto companies, be active in a cyclical, capital-intense industry where margins, on average, are not very high. This doesn't mean that NIO does not have long-term upside, but investors should keep in mind that a home run is not guaranteed when investing in NIO or other EV stocks - despite the fact that EV sales are growing quickly.</p><p><blockquote>然而，对于一家公司甚至一个行业来说，明显的增长推动力并不一定等同于股价的大幅上涨。投资者应该考虑到，与所有汽车公司一样，蔚来将活跃于周期性、资本密集型行业，该行业的平均利润率不是很高。这并不意味着蔚来没有长期上涨空间，但投资者应该记住，尽管电动汽车销量增长迅速，但在投资蔚来或其他电动汽车股票时并不能保证全垒打。</blockquote></p><p> <b>NIO Stock Forecast In 5 Years</b></p><p><blockquote><b>5年后蔚来股票预测</b></blockquote></p><p></p><p> NIO will grow its revenues by more than 100% this year, according to most estimates, but growth projections beyond that point are varying a lot more. Looking at 2022, for example, the analyst consensus for NIO's revenues is $8.7 billion, which would reflect a 78% increase versus the consensus for 2021. Estimates are in a wide range, however, as analyst estimates range from $7.3 billion to $11.9 billion in revenue in 2022.</p><p><blockquote>根据大多数估计，蔚来今年的收入将增长100%以上，但超过这一点的增长预测差异更大。例如，展望2022年，分析师对蔚来收入的共识为87亿美元，比2021年的共识增长78%。然而，预测范围很广，分析师预测2022年收入在73亿美元至119亿美元之间。</blockquote></p><p> In other words, the most bullish estimates see NIO deliver 60% higher revenues than the most bearish estimates. Since these estimates are being made for 2022 - just one year from now - this wide discrepancy shows how hard it is to forecast exact revenue or earnings numbers for a company like NIO.</p><p><blockquote>换句话说，最乐观的预测认为蔚来的收入比最悲观的预测高出60%。由于这些估计是针对2022年（距离现在只有一年）做出的，这种巨大的差异表明，对于像蔚来这样的公司来说，预测准确的收入或盈利数据是多么困难。</blockquote></p><p> For my estimate for 2025's revenues, I'll go with the analyst consensus for 2022, i.e. $8.7 billion, and then assume that revenues will grow at 1.5x the forecasted overall&nbsp;market growth rate of 27%&nbsp;in 2023, 2024, 2025, and 2026. This would get us to $34 billion in revenue in 2026, i.e. five years from now. Since analysts are currently forecasting that revenue will grow by 110% this year, and by around 80% next year, some readers may argue that a 40% growth rate estimate for 2023-2026 is too conservative. But the major unknowns and uncertainties around competitive pressures, government policies, etc., mean that I think that projecting a higher growth rate for many years in advance might be too optimistic.</p><p><blockquote>对于我对2025年收入的估计，我将采用分析师对2022年的共识，即87亿美元，然后假设2023年、2024年、2025年和2026年收入将以预测整体市场增长率27%的1.5倍增长。这将使我们在2026年（即五年后）的收入达到340亿美元。由于分析师目前预测今年收入将增长110%，明年将增长80%左右，一些读者可能会认为2023-2026年40%的增长率估计过于保守。但围绕竞争压力、政府政策等的主要未知和不确定性。，意味着我认为提前多年预测更高的增长率可能过于乐观。</blockquote></p><p> What might a $34 billion top line mean for NIO's stock price? Right now, shares are valued at 11.6x this year's expected sales, which is almost perfectly in line with the valuation of XPeng (XPEV), and slightly lower than that of Tesla:</p><p><blockquote>340亿美元的营收对蔚来股价意味着什么？目前，该股估值为今年预期销量的11.6倍，几乎与小鹏汽车（XPEV）的估值完全一致，略低于特斯拉：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae661b708eec89bcb50b06a1b6947280\" tg-width=\"635\" tg-height=\"501\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Looking at 2022, we see that shares are valued at around 7x expected revenues right now, whereas XPeng and Tesla trade at 6x and 9x their expected revenues right now. I highly doubt that the average EV company will be trading at high single-digit or even double-digit sales multiples in 2026, as this is just too much of a difference versus the 0.5-2x revenue multiples that legacy auto companies usually trade at. But when we assume that NIO, as an EV pure-play, will still trade at a premium to legacy auto in the middle of the 2020s, a 3x or 4x sales multiple might be a realistic estimate.</p><p><blockquote>展望2022年，我们看到目前股价约为预期收入的7倍，而小鹏汽车和特斯拉目前的交易价格分别为预期收入的6倍和9倍。我非常怀疑2026年电动汽车公司的平均销售倍数是否会达到高个位数甚至两位数，因为这与传统汽车公司通常交易的0.5-2倍收入倍数相差太大。但当我们假设蔚来作为一家纯电动汽车公司，在2020年代中期仍将以高于传统汽车的价格进行交易时，3倍或4倍的销售倍数可能是一个现实的估计。</blockquote></p><p> When we go with 3.5x our revenue forecast for 2026, that would equate to a market capitalization of 119 billion - about 90% more than NIO's current market capitalization. NIO's share count has not been constant, however, and has, in fact, been rising considerably in the past. When we assume that the share count will rise by another 20% through 2026, to 1.9 billion, then shares would trade at $61 in 2026. This would mean that shares have an upside potential of around 55% over the next five years, or about 9% annually.</p><p><blockquote>当我们将2026年收入预测提高3.5倍时，这相当于1190亿美元的市值——比蔚来目前的市值高出约90%。然而，蔚来的股票数量并不是一成不变的，事实上，过去一直在大幅上升。当我们假设到2026年股票数量将再增加20%，达到19亿股时，那么2026年股票交易价格将为61美元。这意味着该股未来五年的上涨潜力约为55%，即每年上涨约9%。</blockquote></p><p> That is not at all unattractive, but it also isn't an absolutely outstanding return. On top of that, NIO, like many other EV startups, is a company with above-average volatility, above-average risks, and above-average uncertainties. I thus would not call NIO overly attractive at current prices, as the forecasted return is solid, but goes hand in hand with considerable risks/uncertainties. One can, of course, argue that the forecasted growth is too high, or too low, or that the target sales multiple should be different in 2026. As a base case scenario, I feel like this is reasonable, however.</p><p><blockquote>这并非完全没有吸引力，但也不是绝对出色的回报。最重要的是，与许多其他电动汽车初创公司一样，蔚来是一家波动性高于平均水平、风险高于平均水平和不确定性高于平均水平的公司。因此，我不会认为看涨期权·蔚来在当前价格下过于有吸引力，因为预测回报是稳健的，但伴随着相当大的风险/不确定性。当然，人们可以认为预测的增长太高或太低，或者2026年的目标销售倍数应该有所不同。然而，作为一个基本情况，我觉得这是合理的。</blockquote></p><p> <b>Is NIO Stock A Buy Now?</b></p><p><blockquote><b>蔚来股票现在值得买入吗？</b></blockquote></p><p> In retrospect, it is pretty clear that NIO at $10 about a year ago was a great opportunity, and that buying NIO at $67 at the peak earlier this year was a pretty bad decision. NIO today, in the high $30s, is somewhere in between these two extremes. I believe that, for long-term investors, NIO has a good chance of delivering solid returns over the years. At the same time, however, a lot of growth is priced into the stock right now, and it is not possible to forecast what competitors will do over the coming years, how accommodating governments will be to EVs, how well the rollout in Europe and other international markets will go, etc.</p><p><blockquote>回想起来，很明显，大约一年前10美元的蔚来是一个很好的机会，而今年早些时候在67美元的峰值买入蔚来是一个相当糟糕的决定。如今的蔚来股价高达30多美元，介于这两个极端之间。我相信，对于长期投资者来说，蔚来多年来很有可能带来稳健的回报。然而，与此同时，该股目前已经消化了大量增长，无法预测竞争对手在未来几年会做什么、政府对电动汽车的适应程度、在欧洲的推广情况以及其他国际市场将走向等。</blockquote></p><p> I think NIO is more attractive than many other EV companies today, including many of the EV startups that don't have any viable products yet, and also versus Tesla (which is growing slower and still trades at a higher valuation). I would not be surprised to see NIO's stock deliver solid returns during the 2020s. I don't think that NIO is an absolute no-brainer buy today, however, as NIO still trades at a quite high valuation, for now, even factoring in its strong growth.</p><p><blockquote>我认为蔚来比当今许多其他电动汽车公司更具吸引力，包括许多尚未拥有任何可行产品的电动汽车初创公司，以及特斯拉（增长较慢但估值仍较高）。如果看到蔚来的股票在2020年代实现稳健的回报，我不会感到惊讶。然而，我认为今天购买蔚来并不是绝对理所当然的事情，因为即使考虑到其强劲的增长，蔚来目前的估值仍然相当高。</blockquote></p><p></p><p> For those that are enterprising and do not mind the risks and uncertainties around future product launches and international expansion, the stock's volatility, and so on, NIO could be a buy today. But it is not a good choice for everyone, and some may want to watch the EV race from the sidelines instead of putting money at risk at current valuations.</p><p><blockquote>对于那些有进取心且不介意未来产品发布和国际扩张、股票波动性等风险和不确定性的人来说，蔚来今天可能值得买入。但这对每个人来说都不是一个好的选择，有些人可能希望在场外观看电动汽车竞赛，而不是以当前的估值将资金置于风险之中。</blockquote></p><p> The current analyst consensus share price target is $59, but I personally do not think this is realistic in the very near term. Based on expected revenues for 2021, this would put NIO at an 18x sales multiple, which is, I believe, not justified. Over the next five years, however, a share price in that region seems achievable, I believe.</p><p><blockquote>目前分析师一致的股价目标是59美元，但我个人认为这在短期内是不现实的。根据2021年的预期收入，这将使蔚来的销售倍数达到18倍，我认为这是不合理的。然而，我相信，在未来五年内，该地区的股价似乎是可以实现的。</blockquote></p><p></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>Where Will NIO Stock Be In 5 Years?<blockquote>5年后蔚来股票会在哪里？</blockquote></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\">\nWhere Will NIO Stock Be In 5 Years?<blockquote>5年后蔚来股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-02 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO is a high-growth Chinese EV player with attractive products.</li>  <li>Its BaaS technology provides a USP that should help NIO gain market share in the coming years.</li>  <li>NIO is trading at a high valuation, and a lot of future growth is priced in already. Investors may have to be patient to see the growth story play out.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/215963a081072a260aa40bbb8991be26\" tg-width=\"1536\" tg-height=\"1152\" referrerpolicy=\"no-referrer\"><span>Photo by Andy Feng/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>蔚来是一家高增长的中国电动汽车公司，拥有极具吸引力的产品。</li><li>其BaaS技术提供了一个USP，应该可以帮助蔚来在未来几年获得市场份额。</li><li>蔚来的估值很高，未来的大量增长已经被消化。投资者可能必须耐心等待增长故事的展开。</li></ul><p class=\"t-img-caption\"><span>摄影：Andy Feng/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO (NIO) is a high-growth EV pure-play with unique offerings such as battery-as-a-service. The company enjoys growth tailwinds in its home market China and will increase its presence in overseas markets dramatically in the coming years. NIO is not as expensive as some other EV stocks, but shares are, on the other hand, still trading at a steep premium compared to how legacy auto companies are valued. Overall, NIO could return significant amounts of money in the coming years, but that is not a certainty, and investors should keep an eye on NIO's risk factors.</p><p><blockquote>蔚来（蔚来）是一家高增长的纯电动汽车公司，提供电池即服务等独特产品。该公司在中国本土市场享有增长势头，并将在未来几年大幅增加其在海外市场的影响力。蔚来的股价不像其他一些电动汽车股票那么昂贵，但另一方面，与传统汽车公司的估值相比，其股价仍然存在大幅溢价。总体而言，蔚来可能会在未来几年返还大量资金，但这并不是确定的，投资者应密切关注蔚来的风险因素。</blockquote></p><p> <b>NIO Stock Price</b></p><p><blockquote><b>蔚来股价</b></blockquote></p><p> NIO, Inc. is one of China's leading EV pure-plays, and that is reflected in its current valuation:</p><p><blockquote>蔚来是中国领先的纯电动汽车公司之一，这反映在其目前的估值上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/335372a846d2b847c5006c47a65abf2d\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At slightly below $40, NIO is valued at more than $60 billion right now. This is about 40% less than the valuation shares have traded at when they peaked in early 2021, which reflects the declining enthusiasm for EV stocks, as most of NIO's peers, including Tesla (TSLA), have seen their shares come back as well. Still, for reference, NIO is valued around the same level as Ford (F) - which is a way larger company for now, in terms of revenue and vehicle sales.</p><p><blockquote>蔚来目前的估值略低于40美元，但估值超过600亿美元。这比该股在2021年初达到峰值时的估值低约40%，这反映出人们对电动汽车股票的热情下降，因为包括特斯拉(TSLA)在内的大多数蔚来同行的股价也有所回升。不过，作为参考，蔚来的估值与福特(F)大致相同——就收入和汽车销量而言，福特目前是一家规模更大的公司。</blockquote></p><p> <b>Is NIO A Good Long-Term Stock?</b></p><p><blockquote><b>蔚来是一只好的长期股票吗？</b></blockquote></p><p> NIO is active in the high-growth EV market and thus benefits a lot from market growth tailwinds. On top of that, NIO also has an attractive product portfolio that includes well-received models such as the ES6 and ES8 SUVs. What differentiates NIO from most other EV companies is its battery-swapping technology that allows consumers to get a fully-charged battery in a couple of minutes when visiting one of NIO's battery-swapping stations.</p><p><blockquote>蔚来活跃于高增长的电动汽车市场，因此从市场增长的顺风中受益匪浅。除此之外，蔚来还拥有极具吸引力的产品组合，其中包括ES6和ES8 SUV等广受好评的车型。蔚来与大多数其他电动汽车公司的区别在于其电池交换技术，该技术允许消费者在访问蔚来的电池交换站之一时在几分钟内获得充满电的电池。</blockquote></p><p> This means that the downtime when doing longer trips via an EV is reduced dramatically, as a battery-swap takes roughly as much time as refueling an ICE-powered car, whereas recharging most EVs takes well more than a couple of minutes. NIO's battery-swapping stations are being built out around China right now, although there is no meaningful footprint outside of NIO's home market yet.</p><p><blockquote>这意味着通过电动汽车进行长途旅行时的停机时间大大减少，因为更换电池所需的时间大约与为内燃机汽车加油所需的时间相同，而为大多数电动汽车充电所需的时间远不止几分钟。蔚来的电池交换站目前正在中国各地建设，尽管在蔚来本土市场之外还没有任何有意义的足迹。</blockquote></p><p> Still, NIO plans to roll out that service in international markets over the years, and once there is a large enough footprint of them to make a difference, this should be a unique selling point for NIO that will help differentiate its offerings from those of most peers. This could, I believe, result in further market share gains, which is why I wouldn't be surprised to see NIO grow at a rapid pace for the coming years.</p><p><blockquote>尽管如此，蔚来计划多年来在国际市场上推出这项服务，一旦它们的足迹足够大以发挥作用，这应该成为蔚来的一个独特卖点，有助于将其产品与其他产品区分开来。大多数同行。我相信，这可能会导致市场份额进一步增加，这就是为什么我不会对蔚来在未来几年快速增长感到惊讶。</blockquote></p><p> For 2021, NIO will likely deliver revenue growth of more than 100% on the back of strong deliveries growth, as the analyst community is currently forecasting a 130% revenue increase this year. For Q2, NIO is expecting a growth rate of&nbsp;around 110%&nbsp;for its deliveries, following a massive 480% revenue increase during the first quarter. NIO thus is growing quicker than the EV market as a whole, and also quicker than peers such as Tesla, which will grow by around 50%-60% this year, according to the analyst community, which is about half the growth rate that is expected for NIO this year.</p><p><blockquote>2021年，在交付量强劲增长的背景下，蔚来的收入可能会增长100%以上，因为分析师群体目前预测今年的收入将增长130%。继第一季度收入大幅增长480%后，蔚来预计第二季度的交付量增长率约为110%。因此，蔚来的增长速度快于整个电动汽车市场，也快于特斯拉等同行，据分析师界称，特斯拉今年将增长约50%-60%，约为增长率的一半预计今年蔚来。</blockquote></p><p> Maintaining 100%+ growth forever is, of course, not possible, and NIO's growth will decline from that level in the coming years. But due to the fact that its products are well-liked in its home market, while the company is also ambitiously planning a major entry into the&nbsp;large European EV market, NIO should still deliver very considerable growth in the coming years.</p><p><blockquote>当然，永远保持100%以上的增长是不可能的，未来几年蔚来的增长将从这一水平下降。但由于其产品在国内市场广受欢迎，同时该公司也雄心勃勃地计划进军庞大的欧洲电动汽车市场，蔚来在未来几年仍应实现非常可观的增长。</blockquote></p><p> Obvious growth tailwinds for a company, or even an industry, do not necessarily equate to massive share price upside, however. Investors should consider that NIO will, like all auto companies, be active in a cyclical, capital-intense industry where margins, on average, are not very high. This doesn't mean that NIO does not have long-term upside, but investors should keep in mind that a home run is not guaranteed when investing in NIO or other EV stocks - despite the fact that EV sales are growing quickly.</p><p><blockquote>然而，对于一家公司甚至一个行业来说，明显的增长推动力并不一定等同于股价的大幅上涨。投资者应该考虑到，与所有汽车公司一样，蔚来将活跃于周期性、资本密集型行业，该行业的平均利润率不是很高。这并不意味着蔚来没有长期上涨空间，但投资者应该记住，尽管电动汽车销量增长迅速，但在投资蔚来或其他电动汽车股票时并不能保证全垒打。</blockquote></p><p> <b>NIO Stock Forecast In 5 Years</b></p><p><blockquote><b>5年后蔚来股票预测</b></blockquote></p><p></p><p> NIO will grow its revenues by more than 100% this year, according to most estimates, but growth projections beyond that point are varying a lot more. Looking at 2022, for example, the analyst consensus for NIO's revenues is $8.7 billion, which would reflect a 78% increase versus the consensus for 2021. Estimates are in a wide range, however, as analyst estimates range from $7.3 billion to $11.9 billion in revenue in 2022.</p><p><blockquote>根据大多数估计，蔚来今年的收入将增长100%以上，但超过这一点的增长预测差异更大。例如，展望2022年，分析师对蔚来收入的共识为87亿美元，比2021年的共识增长78%。然而，预测范围很广，分析师预测2022年收入在73亿美元至119亿美元之间。</blockquote></p><p> In other words, the most bullish estimates see NIO deliver 60% higher revenues than the most bearish estimates. Since these estimates are being made for 2022 - just one year from now - this wide discrepancy shows how hard it is to forecast exact revenue or earnings numbers for a company like NIO.</p><p><blockquote>换句话说，最乐观的预测认为蔚来的收入比最悲观的预测高出60%。由于这些估计是针对2022年（距离现在只有一年）做出的，这种巨大的差异表明，对于像蔚来这样的公司来说，预测准确的收入或盈利数据是多么困难。</blockquote></p><p> For my estimate for 2025's revenues, I'll go with the analyst consensus for 2022, i.e. $8.7 billion, and then assume that revenues will grow at 1.5x the forecasted overall&nbsp;market growth rate of 27%&nbsp;in 2023, 2024, 2025, and 2026. This would get us to $34 billion in revenue in 2026, i.e. five years from now. Since analysts are currently forecasting that revenue will grow by 110% this year, and by around 80% next year, some readers may argue that a 40% growth rate estimate for 2023-2026 is too conservative. But the major unknowns and uncertainties around competitive pressures, government policies, etc., mean that I think that projecting a higher growth rate for many years in advance might be too optimistic.</p><p><blockquote>对于我对2025年收入的估计，我将采用分析师对2022年的共识，即87亿美元，然后假设2023年、2024年、2025年和2026年收入将以预测整体市场增长率27%的1.5倍增长。这将使我们在2026年（即五年后）的收入达到340亿美元。由于分析师目前预测今年收入将增长110%，明年将增长80%左右，一些读者可能会认为2023-2026年40%的增长率估计过于保守。但围绕竞争压力、政府政策等的主要未知和不确定性。，意味着我认为提前多年预测更高的增长率可能过于乐观。</blockquote></p><p> What might a $34 billion top line mean for NIO's stock price? Right now, shares are valued at 11.6x this year's expected sales, which is almost perfectly in line with the valuation of XPeng (XPEV), and slightly lower than that of Tesla:</p><p><blockquote>340亿美元的营收对蔚来股价意味着什么？目前，该股估值为今年预期销量的11.6倍，几乎与小鹏汽车（XPEV）的估值完全一致，略低于特斯拉：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae661b708eec89bcb50b06a1b6947280\" tg-width=\"635\" tg-height=\"501\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Looking at 2022, we see that shares are valued at around 7x expected revenues right now, whereas XPeng and Tesla trade at 6x and 9x their expected revenues right now. I highly doubt that the average EV company will be trading at high single-digit or even double-digit sales multiples in 2026, as this is just too much of a difference versus the 0.5-2x revenue multiples that legacy auto companies usually trade at. But when we assume that NIO, as an EV pure-play, will still trade at a premium to legacy auto in the middle of the 2020s, a 3x or 4x sales multiple might be a realistic estimate.</p><p><blockquote>展望2022年，我们看到目前股价约为预期收入的7倍，而小鹏汽车和特斯拉目前的交易价格分别为预期收入的6倍和9倍。我非常怀疑2026年电动汽车公司的平均销售倍数是否会达到高个位数甚至两位数，因为这与传统汽车公司通常交易的0.5-2倍收入倍数相差太大。但当我们假设蔚来作为一家纯电动汽车公司，在2020年代中期仍将以高于传统汽车的价格进行交易时，3倍或4倍的销售倍数可能是一个现实的估计。</blockquote></p><p> When we go with 3.5x our revenue forecast for 2026, that would equate to a market capitalization of 119 billion - about 90% more than NIO's current market capitalization. NIO's share count has not been constant, however, and has, in fact, been rising considerably in the past. When we assume that the share count will rise by another 20% through 2026, to 1.9 billion, then shares would trade at $61 in 2026. This would mean that shares have an upside potential of around 55% over the next five years, or about 9% annually.</p><p><blockquote>当我们将2026年收入预测提高3.5倍时，这相当于1190亿美元的市值——比蔚来目前的市值高出约90%。然而，蔚来的股票数量并不是一成不变的，事实上，过去一直在大幅上升。当我们假设到2026年股票数量将再增加20%，达到19亿股时，那么2026年股票交易价格将为61美元。这意味着该股未来五年的上涨潜力约为55%，即每年上涨约9%。</blockquote></p><p> That is not at all unattractive, but it also isn't an absolutely outstanding return. On top of that, NIO, like many other EV startups, is a company with above-average volatility, above-average risks, and above-average uncertainties. I thus would not call NIO overly attractive at current prices, as the forecasted return is solid, but goes hand in hand with considerable risks/uncertainties. One can, of course, argue that the forecasted growth is too high, or too low, or that the target sales multiple should be different in 2026. As a base case scenario, I feel like this is reasonable, however.</p><p><blockquote>这并非完全没有吸引力，但也不是绝对出色的回报。最重要的是，与许多其他电动汽车初创公司一样，蔚来是一家波动性高于平均水平、风险高于平均水平和不确定性高于平均水平的公司。因此，我不会认为看涨期权·蔚来在当前价格下过于有吸引力，因为预测回报是稳健的，但伴随着相当大的风险/不确定性。当然，人们可以认为预测的增长太高或太低，或者2026年的目标销售倍数应该有所不同。然而，作为一个基本情况，我觉得这是合理的。</blockquote></p><p> <b>Is NIO Stock A Buy Now?</b></p><p><blockquote><b>蔚来股票现在值得买入吗？</b></blockquote></p><p> In retrospect, it is pretty clear that NIO at $10 about a year ago was a great opportunity, and that buying NIO at $67 at the peak earlier this year was a pretty bad decision. NIO today, in the high $30s, is somewhere in between these two extremes. I believe that, for long-term investors, NIO has a good chance of delivering solid returns over the years. At the same time, however, a lot of growth is priced into the stock right now, and it is not possible to forecast what competitors will do over the coming years, how accommodating governments will be to EVs, how well the rollout in Europe and other international markets will go, etc.</p><p><blockquote>回想起来，很明显，大约一年前10美元的蔚来是一个很好的机会，而今年早些时候在67美元的峰值买入蔚来是一个相当糟糕的决定。如今的蔚来股价高达30多美元，介于这两个极端之间。我相信，对于长期投资者来说，蔚来多年来很有可能带来稳健的回报。然而，与此同时，该股目前已经消化了大量增长，无法预测竞争对手在未来几年会做什么、政府对电动汽车的适应程度、在欧洲的推广情况以及其他国际市场将走向等。</blockquote></p><p> I think NIO is more attractive than many other EV companies today, including many of the EV startups that don't have any viable products yet, and also versus Tesla (which is growing slower and still trades at a higher valuation). I would not be surprised to see NIO's stock deliver solid returns during the 2020s. I don't think that NIO is an absolute no-brainer buy today, however, as NIO still trades at a quite high valuation, for now, even factoring in its strong growth.</p><p><blockquote>我认为蔚来比当今许多其他电动汽车公司更具吸引力，包括许多尚未拥有任何可行产品的电动汽车初创公司，以及特斯拉（增长较慢但估值仍较高）。如果看到蔚来的股票在2020年代实现稳健的回报，我不会感到惊讶。然而，我认为今天购买蔚来并不是绝对理所当然的事情，因为即使考虑到其强劲的增长，蔚来目前的估值仍然相当高。</blockquote></p><p></p><p> For those that are enterprising and do not mind the risks and uncertainties around future product launches and international expansion, the stock's volatility, and so on, NIO could be a buy today. But it is not a good choice for everyone, and some may want to watch the EV race from the sidelines instead of putting money at risk at current valuations.</p><p><blockquote>对于那些有进取心且不介意未来产品发布和国际扩张、股票波动性等风险和不确定性的人来说，蔚来今天可能值得买入。但这对每个人来说都不是一个好的选择，有些人可能希望在场外观看电动汽车竞赛，而不是以当前的估值将资金置于风险之中。</blockquote></p><p> The current analyst consensus share price target is $59, but I personally do not think this is realistic in the very near term. Based on expected revenues for 2021, this would put NIO at an 18x sales multiple, which is, I believe, not justified. Over the next five years, however, a share price in that region seems achievable, I believe.</p><p><blockquote>目前分析师一致的股价目标是59美元，但我个人认为这在短期内是不现实的。根据2021年的预期收入，这将使蔚来的销售倍数达到18倍，我认为这是不合理的。然而，我相信，在未来五年内，该地区的股价似乎是可以实现的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432423-nio-stock-in-5-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4432423-nio-stock-in-5-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128017388","content_text":"Summary\n\nNIO is a high-growth Chinese EV player with attractive products.\nIts BaaS technology provides a USP that should help NIO gain market share in the coming years.\nNIO is trading at a high valuation, and a lot of future growth is priced in already. Investors may have to be patient to see the growth story play out.\n\nPhoto by Andy Feng/iStock Editorial via Getty Images\nArticle Thesis\nNIO (NIO) is a high-growth EV pure-play with unique offerings such as battery-as-a-service. The company enjoys growth tailwinds in its home market China and will increase its presence in overseas markets dramatically in the coming years. NIO is not as expensive as some other EV stocks, but shares are, on the other hand, still trading at a steep premium compared to how legacy auto companies are valued. Overall, NIO could return significant amounts of money in the coming years, but that is not a certainty, and investors should keep an eye on NIO's risk factors.\nNIO Stock Price\nNIO, Inc. is one of China's leading EV pure-plays, and that is reflected in its current valuation:\nData by YCharts\nAt slightly below $40, NIO is valued at more than $60 billion right now. This is about 40% less than the valuation shares have traded at when they peaked in early 2021, which reflects the declining enthusiasm for EV stocks, as most of NIO's peers, including Tesla (TSLA), have seen their shares come back as well. Still, for reference, NIO is valued around the same level as Ford (F) - which is a way larger company for now, in terms of revenue and vehicle sales.\nIs NIO A Good Long-Term Stock?\nNIO is active in the high-growth EV market and thus benefits a lot from market growth tailwinds. On top of that, NIO also has an attractive product portfolio that includes well-received models such as the ES6 and ES8 SUVs. What differentiates NIO from most other EV companies is its battery-swapping technology that allows consumers to get a fully-charged battery in a couple of minutes when visiting one of NIO's battery-swapping stations.\nThis means that the downtime when doing longer trips via an EV is reduced dramatically, as a battery-swap takes roughly as much time as refueling an ICE-powered car, whereas recharging most EVs takes well more than a couple of minutes. NIO's battery-swapping stations are being built out around China right now, although there is no meaningful footprint outside of NIO's home market yet.\nStill, NIO plans to roll out that service in international markets over the years, and once there is a large enough footprint of them to make a difference, this should be a unique selling point for NIO that will help differentiate its offerings from those of most peers. This could, I believe, result in further market share gains, which is why I wouldn't be surprised to see NIO grow at a rapid pace for the coming years.\nFor 2021, NIO will likely deliver revenue growth of more than 100% on the back of strong deliveries growth, as the analyst community is currently forecasting a 130% revenue increase this year. For Q2, NIO is expecting a growth rate of around 110% for its deliveries, following a massive 480% revenue increase during the first quarter. NIO thus is growing quicker than the EV market as a whole, and also quicker than peers such as Tesla, which will grow by around 50%-60% this year, according to the analyst community, which is about half the growth rate that is expected for NIO this year.\nMaintaining 100%+ growth forever is, of course, not possible, and NIO's growth will decline from that level in the coming years. But due to the fact that its products are well-liked in its home market, while the company is also ambitiously planning a major entry into the large European EV market, NIO should still deliver very considerable growth in the coming years.\nObvious growth tailwinds for a company, or even an industry, do not necessarily equate to massive share price upside, however. Investors should consider that NIO will, like all auto companies, be active in a cyclical, capital-intense industry where margins, on average, are not very high. This doesn't mean that NIO does not have long-term upside, but investors should keep in mind that a home run is not guaranteed when investing in NIO or other EV stocks - despite the fact that EV sales are growing quickly.\nNIO Stock Forecast In 5 Years\nNIO will grow its revenues by more than 100% this year, according to most estimates, but growth projections beyond that point are varying a lot more. Looking at 2022, for example, the analyst consensus for NIO's revenues is $8.7 billion, which would reflect a 78% increase versus the consensus for 2021. Estimates are in a wide range, however, as analyst estimates range from $7.3 billion to $11.9 billion in revenue in 2022.\nIn other words, the most bullish estimates see NIO deliver 60% higher revenues than the most bearish estimates. Since these estimates are being made for 2022 - just one year from now - this wide discrepancy shows how hard it is to forecast exact revenue or earnings numbers for a company like NIO.\nFor my estimate for 2025's revenues, I'll go with the analyst consensus for 2022, i.e. $8.7 billion, and then assume that revenues will grow at 1.5x the forecasted overall market growth rate of 27% in 2023, 2024, 2025, and 2026. This would get us to $34 billion in revenue in 2026, i.e. five years from now. Since analysts are currently forecasting that revenue will grow by 110% this year, and by around 80% next year, some readers may argue that a 40% growth rate estimate for 2023-2026 is too conservative. But the major unknowns and uncertainties around competitive pressures, government policies, etc., mean that I think that projecting a higher growth rate for many years in advance might be too optimistic.\nWhat might a $34 billion top line mean for NIO's stock price? Right now, shares are valued at 11.6x this year's expected sales, which is almost perfectly in line with the valuation of XPeng (XPEV), and slightly lower than that of Tesla:\nData by YCharts\nLooking at 2022, we see that shares are valued at around 7x expected revenues right now, whereas XPeng and Tesla trade at 6x and 9x their expected revenues right now. I highly doubt that the average EV company will be trading at high single-digit or even double-digit sales multiples in 2026, as this is just too much of a difference versus the 0.5-2x revenue multiples that legacy auto companies usually trade at. But when we assume that NIO, as an EV pure-play, will still trade at a premium to legacy auto in the middle of the 2020s, a 3x or 4x sales multiple might be a realistic estimate.\nWhen we go with 3.5x our revenue forecast for 2026, that would equate to a market capitalization of 119 billion - about 90% more than NIO's current market capitalization. NIO's share count has not been constant, however, and has, in fact, been rising considerably in the past. When we assume that the share count will rise by another 20% through 2026, to 1.9 billion, then shares would trade at $61 in 2026. This would mean that shares have an upside potential of around 55% over the next five years, or about 9% annually.\nThat is not at all unattractive, but it also isn't an absolutely outstanding return. On top of that, NIO, like many other EV startups, is a company with above-average volatility, above-average risks, and above-average uncertainties. I thus would not call NIO overly attractive at current prices, as the forecasted return is solid, but goes hand in hand with considerable risks/uncertainties. One can, of course, argue that the forecasted growth is too high, or too low, or that the target sales multiple should be different in 2026. As a base case scenario, I feel like this is reasonable, however.\nIs NIO Stock A Buy Now?\nIn retrospect, it is pretty clear that NIO at $10 about a year ago was a great opportunity, and that buying NIO at $67 at the peak earlier this year was a pretty bad decision. NIO today, in the high $30s, is somewhere in between these two extremes. I believe that, for long-term investors, NIO has a good chance of delivering solid returns over the years. At the same time, however, a lot of growth is priced into the stock right now, and it is not possible to forecast what competitors will do over the coming years, how accommodating governments will be to EVs, how well the rollout in Europe and other international markets will go, etc.\nI think NIO is more attractive than many other EV companies today, including many of the EV startups that don't have any viable products yet, and also versus Tesla (which is growing slower and still trades at a higher valuation). I would not be surprised to see NIO's stock deliver solid returns during the 2020s. I don't think that NIO is an absolute no-brainer buy today, however, as NIO still trades at a quite high valuation, for now, even factoring in its strong growth.\nFor those that are enterprising and do not mind the risks and uncertainties around future product launches and international expansion, the stock's volatility, and so on, NIO could be a buy today. But it is not a good choice for everyone, and some may want to watch the EV race from the sidelines instead of putting money at risk at current valuations.\nThe current analyst consensus share price target is $59, but I personally do not think this is realistic in the very near term. Based on expected revenues for 2021, this would put NIO at an 18x sales multiple, which is, I believe, not justified. Over the next five years, however, a share price in that region seems achievable, I believe.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119232292,"gmtCreate":1622548240216,"gmtModify":1631890801405,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Shitty","listText":"Shitty","text":"Shitty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119232292","repostId":"1152304693","repostType":4,"isVote":1,"tweetType":1,"viewCount":1666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134198052,"gmtCreate":1622210474576,"gmtModify":1631890801408,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Rotten apple","listText":"Rotten apple","text":"Rotten apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/134198052","repostId":"1140093781","repostType":4,"isVote":1,"tweetType":1,"viewCount":3509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139969859,"gmtCreate":1621584806871,"gmtModify":1631890801412,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Tesla vodka sell better in Russia","listText":"Tesla vodka sell better in Russia","text":"Tesla vodka sell better in Russia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139969859","repostId":"2137908951","repostType":4,"repost":{"id":"2137908951","kind":"highlight","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621584266,"share":"https://www.laohu8.com/m/news/2137908951?lang=zh_CN&edition=full","pubTime":"2021-05-21 16:04","market":"us","language":"en","title":"Tesla stock rose more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2137908951","media":"Tiger Newspress","summary":"Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.","content":"<p>Tesla stock rose more than 1% in premarket trading.</p><p><blockquote>特斯拉股价在盘前交易中上涨超过1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0e12953282e56db2a0215737b408d3c5\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.</p><p><blockquote>Elon Musk上周五表示，特斯拉即将在俄罗斯建立业务，并正在考虑是否可以在俄罗斯开设工厂。</blockquote></p><p>Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.</p><p><blockquote>特斯拉老板马斯克通过视频连线在俄国的一场活动上发表讲话时表示，该公司已经在中国和美国拥有生产基地，但正在考虑在世界其他地区开设生产设施。</blockquote></p><p></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>Tesla stock rose more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过1%</blockquote></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\">\nTesla stock rose more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-21 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla stock rose more than 1% in premarket trading.</p><p><blockquote>特斯拉股价在盘前交易中上涨超过1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0e12953282e56db2a0215737b408d3c5\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.</p><p><blockquote>Elon Musk上周五表示，特斯拉即将在俄罗斯建立业务，并正在考虑是否可以在俄罗斯开设工厂。</blockquote></p><p>Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.</p><p><blockquote>特斯拉老板马斯克通过视频连线在俄国的一场活动上发表讲话时表示，该公司已经在中国和美国拥有生产基地，但正在考虑在世界其他地区开设生产设施。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137908951","content_text":"Tesla stock rose more than 1% in premarket trading.Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197794783,"gmtCreate":1621484462242,"gmtModify":1631890801422,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Because Chng Kay want it to go up","listText":"Because Chng Kay want it to go up","text":"Because Chng Kay want it to go up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197794783","repostId":"1112258601","repostType":4,"repost":{"id":"1112258601","kind":"news","pubTimestamp":1621481351,"share":"https://www.laohu8.com/m/news/1112258601?lang=zh_CN&edition=full","pubTime":"2021-05-20 11:29","market":"us","language":"en","title":"‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112258601","media":"barrons","summary":"Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from it","content":"<p>Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.</p><p><blockquote>由于美联储在四月份会议纪要中暗示可能“缩减规模”，周三股市下跌。这本应对科技股造成巨大打击，但事实并非如此。</blockquote></p><p>The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&amp;P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.</p><p><blockquote>道琼斯工业平均指数下跌164点，跌幅0.5%，标普500下跌0.3%。以科技股为主的纳斯达克综合指数仅下跌3.9点，即0.03%。</blockquote></p><p>The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.</p><p><blockquote>纳斯达克的优异表现很奇怪。美联储于下午2点公布了最近一次会议的纪要。周三，它们包含了令人震惊的暗示，暗示将“缩减”或减少资产购买规模。措辞并不具体，只是说“在即将举行的会议上的某个时候”，这在很大程度上取决于美国经济的持续走强。尽管如此，进入债券市场的资金减少将降低债券价格并提高其收益率，这将极大地削弱成长型和科技公司的估值，并提振道琼斯指数中的周期性公司。</blockquote></p><p>But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter &amp; Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.</p><p><blockquote>但事实并非如此。周四，道琼斯指数中只有五只股票收高——Salesforce.com(CRM)、英特尔(INTC)、微软(MSFT)、宝洁(PG)和沃尔玛(WMT)——而纳斯达克的反弹则由Analog Devices领涨(ADI)和Maxim Integrated Products(MXIM)涨幅超过4%。</blockquote></p><p>For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.</p><p><blockquote>对于科技股来说，这可能只是“卖出谣言，买入新闻”的情况。对通胀以及随之而来的缩减购债规模的担忧导致纳斯达克从4月份的历史高点下跌了近6%，而道琼斯指数仅从历史高点下跌了2%。</blockquote></p><p>Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”</p><p><blockquote>既然会议纪要似乎证实了美联储可能考虑缩减规模的可能性——尽管美联储提出了抗议——投资者可能已经转向其他事情，至少有一天。Evercore投资组合策略研究主管丹尼斯·德布斯切尔(Dennis DeBusschere)写道：“一段时间以来，人们一直在谈论，一旦宣布缩减购债规模，科技股的利率阴云将开始消散。”“这可能有助于解释美联储会议纪要中暗示缩减规模后科技股或增长股的走高。”</blockquote></p><p>It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.</p><p><blockquote>然而，要让科技股继续走高，需要的不仅仅是一丝缩减的迹象。要实现这一目标，周三跃升至1.68%的10年期国债收益率不可能再高了。如果收益率走向2%（考虑到市场定价未来五年通胀率超过2%，这并不令人震惊），科技股可能会再次下跌。</blockquote></p><p></p>","source":"lsy1601382232898","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>‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote></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‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">barrons</strong><span class=\"h-time small\">2021-05-20 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.</p><p><blockquote>由于美联储在四月份会议纪要中暗示可能“缩减规模”，周三股市下跌。这本应对科技股造成巨大打击，但事实并非如此。</blockquote></p><p>The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&amp;P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.</p><p><blockquote>道琼斯工业平均指数下跌164点，跌幅0.5%，标普500下跌0.3%。以科技股为主的纳斯达克综合指数仅下跌3.9点，即0.03%。</blockquote></p><p>The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.</p><p><blockquote>纳斯达克的优异表现很奇怪。美联储于下午2点公布了最近一次会议的纪要。周三，它们包含了令人震惊的暗示，暗示将“缩减”或减少资产购买规模。措辞并不具体，只是说“在即将举行的会议上的某个时候”，这在很大程度上取决于美国经济的持续走强。尽管如此，进入债券市场的资金减少将降低债券价格并提高其收益率，这将极大地削弱成长型和科技公司的估值，并提振道琼斯指数中的周期性公司。</blockquote></p><p>But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter &amp; Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.</p><p><blockquote>但事实并非如此。周四，道琼斯指数中只有五只股票收高——Salesforce.com(CRM)、英特尔(INTC)、微软(MSFT)、宝洁(PG)和沃尔玛(WMT)——而纳斯达克的反弹则由Analog Devices领涨(ADI)和Maxim Integrated Products(MXIM)涨幅超过4%。</blockquote></p><p>For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.</p><p><blockquote>对于科技股来说，这可能只是“卖出谣言，买入新闻”的情况。对通胀以及随之而来的缩减购债规模的担忧导致纳斯达克从4月份的历史高点下跌了近6%，而道琼斯指数仅从历史高点下跌了2%。</blockquote></p><p>Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”</p><p><blockquote>既然会议纪要似乎证实了美联储可能考虑缩减规模的可能性——尽管美联储提出了抗议——投资者可能已经转向其他事情，至少有一天。Evercore投资组合策略研究主管丹尼斯·德布斯切尔(Dennis DeBusschere)写道：“一段时间以来，人们一直在谈论，一旦宣布缩减购债规模，科技股的利率阴云将开始消散。”“这可能有助于解释美联储会议纪要中暗示缩减规模后科技股或增长股的走高。”</blockquote></p><p>It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.</p><p><blockquote>然而，要让科技股继续走高，需要的不仅仅是一丝缩减的迹象。要实现这一目标，周三跃升至1.68%的10年期国债收益率不可能再高了。如果收益率走向2%（考虑到市场定价未来五年通胀率超过2%，这并不令人震惊），科技股可能会再次下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-nasdaq-beat-the-dow-despite-tapering-talk-heres-why-51621455819?mod=hp_LEAD_1\">barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/the-nasdaq-beat-the-dow-despite-tapering-talk-heres-why-51621455819?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112258601","content_text":"Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter & Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197801156,"gmtCreate":1621436900875,"gmtModify":1631892082537,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Gonna be a FED up day","listText":"Gonna be a FED up day","text":"Gonna be a FED up day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197801156","repostId":"1103552481","repostType":4,"repost":{"id":"1103552481","kind":"news","pubTimestamp":1621428667,"share":"https://www.laohu8.com/m/news/1103552481?lang=zh_CN&edition=full","pubTime":"2021-05-19 20:51","market":"us","language":"en","title":"3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103552481","media":"Barrons","summary":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but inv","content":"<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>","source":"lsy1601382232898","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>3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote></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\">\n3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-19 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103552481","content_text":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.\nThe minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:  A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a surprisingly weak jobs report and a stronger-than-expected consumer inflation report, for example.\nAnd unlike last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April. The 10-year yield has dropped to 1.64% from 1.74% on March 31.\nYet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.\nHere’s what strategists expect out of the meeting today, and what Clarida said about the topics:\n“Attuned and Attentive” to “Transitory” Inflation?\nOne popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.\nMizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.\nYet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:  That the central bank would be “attuned and attentive” to any data showing higher price pressures.\n“In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”\nTaper Timeline\nInvestors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.\nMost on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.\nSo any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.\nLabor-Market Outlook\nOne key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.\nStill, there is a chance investors could find more context on one of their questions in the minutes:  How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?\nBefore the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.\nClarida discussed the April employment report on Monday as well.\n“What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”\nUltimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:  Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the economic data has been so volatile during the reopening that the picture could change significantly by the time the Fed meets again in June.\nThat means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.\n“We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197119107,"gmtCreate":1621433028709,"gmtModify":1631892082541,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"So you wish TIGR share price drop till 10 bugs","listText":"So you wish TIGR share price drop till 10 bugs","text":"So you wish TIGR share price drop till 10 bugs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197119107","repostId":"2136196839","repostType":4,"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197086822,"gmtCreate":1621411256966,"gmtModify":1631892082543,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"成也萧何，败也萧何","listText":"成也萧何，败也萧何","text":"成也萧何，败也萧何","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197086822","repostId":"1147082881","repostType":4,"isVote":1,"tweetType":1,"viewCount":1667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":194737215,"gmtCreate":1621399875737,"gmtModify":1631892082547,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Fool indeed","listText":"Fool indeed","text":"Fool indeed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194737215","repostId":"2136960746","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194124713,"gmtCreate":1621348861132,"gmtModify":1631892082555,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Easy to make money, just do opposite what TIGR news is pushing..","listText":"Easy to make money, just do opposite what TIGR news is pushing..","text":"Easy to make money, just do opposite what TIGR news is pushing..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194124713","repostId":"1118874404","repostType":4,"repost":{"id":"1118874404","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621348771,"share":"https://www.laohu8.com/m/news/1118874404?lang=zh_CN&edition=full","pubTime":"2021-05-18 22:39","market":"us","language":"en","title":"EV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118874404","media":"Tiger Newspress","summary":"EV Stocks are blazing hot, once again on Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Mo","content":"<p>EV Stocks are blazing hot, once again&nbsp;on&nbsp;Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.</p><p><blockquote>电动汽车股周二再次火爆。菲斯克上涨9%，小牛上涨7%，理想汽车上涨5%，小鹏汽车上涨3%，特斯拉上涨2%，蔚来上涨1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5c154e9ee88b69416f48d71722ce1901\" tg-width=\"374\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></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>EV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote></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\">\nEV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-18 22:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks are blazing hot, once again&nbsp;on&nbsp;Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.</p><p><blockquote>电动汽车股周二再次火爆。菲斯克上涨9%，小牛上涨7%，理想汽车上涨5%，小鹏汽车上涨3%，特斯拉上涨2%，蔚来上涨1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5c154e9ee88b69416f48d71722ce1901\" tg-width=\"374\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIU":"小牛电动","NIO":"蔚来","LI":"理想汽车","TSLA":"特斯拉","FSR":"菲斯克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118874404","content_text":"EV Stocks are blazing hot, once again on Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.","news_type":1,"symbols_score_info":{"TSLA":0.9,"FSR":0.9,"LI":0.9,"NIO":0.9,"NIU":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198184518,"gmtCreate":1620946927034,"gmtModify":1631883990237,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Don't gong gong read this article go short. AMC now no majority shareholder control. If one bugger want to be major shareholder fight for board control..another short squeeze coming..","listText":"Don't gong gong read this article go short. AMC now no majority shareholder control. If one bugger want to be major shareholder fight for board control..another short squeeze coming..","text":"Don't gong gong read this article go short. AMC now no majority shareholder control. If one bugger want to be major shareholder fight for board control..another short squeeze coming..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198184518","repostId":"1186620588","repostType":4,"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191740932,"gmtCreate":1620910506426,"gmtModify":1631892082557,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Mkt up&nbsp;they say good..less jobless claims means good economy..Mkt down they say less jobless claims mean inflation rising...Horse Back Cannon analysis..马后炮...","listText":"Mkt up&nbsp;they say good..less jobless claims means good economy..Mkt down they say less jobless claims mean inflation rising...Horse Back Cannon analysis..马后炮...","text":"Mkt up they say good..less jobless claims means good economy..Mkt down they say less jobless claims mean inflation rising...Horse Back Cannon analysis..马后炮...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191740932","repostId":"1194850609","repostType":4,"repost":{"id":"1194850609","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620909157,"share":"https://www.laohu8.com/m/news/1194850609?lang=zh_CN&edition=full","pubTime":"2021-05-13 20:32","market":"us","language":"en","title":"Jobless claims: Initial filings dipped to a new pandemic era low last week<blockquote>初请失业金人数：上周首次申请失业救济人数降至大流行时代新低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194850609","media":"Tiger Newspress","summary":"Initial unemployment claims dropped more than expected to a fresh pandemic-era low, with new filings","content":"<p>Initial unemployment claims dropped more than expected to a fresh pandemic-era low, with new filings inching back toward pre-pandemic levels as more vaccinated Americans return to work and in-person activities.</p><p><blockquote>首次申请失业救济人数降幅超出预期，降至大流行时期的新低，随着更多接种疫苗的美国人重返工作岗位和面对面活动，新申请失业救济人数小幅回落至大流行前的水平。</blockquote></p><p>TheDepartment of Labor released its weekly reporton new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部于美国东部时间周四上午8:30发布了每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p><ul><li><b>Initial jobless claims, week ended May 8:</b>473,000 vs. 490,000 expected and an upwardly revised 507,000 during prior week</p><p><blockquote><ul><li><b>截至5月8日当周首次申请失业救济人数：</b>473,000人，预期为490,000人，前一周上调为507,000人</li></ul></blockquote></p><p></li><li><b>Continuing claims, week ended May 1:</b>3.655 million vs. 3.650 million expected and an upwardly revised 3.700 million during prior week</p><p><blockquote><li><b>截至5月1日当周的持续索赔：</b>365.5万，预期365万，前一周上调370万</li></blockquote></p><p></li></ul>Weekly jobless claims have nearly halved since the start of 2021, and have fallen precipitously from their pandemic-era high of more than 6 million last year. The last several months' worth of marked improvements coincided with a fast-ramping vaccination program in the U.S., and widespread easing of social distancing restrictions across many states. Prior to the pandemic, new jobless claims averaged just over 200,000 per week throughout 2019.</p><p><blockquote>自2021年初以来，每周申请失业救济人数几乎减少了一半，较去年疫情时期超过600万的高点急剧下降。过去几个月的显著改善与美国疫苗接种计划的快速推进以及许多州广泛放松社交距离限制相吻合。在疫情之前，2019年全年平均每周新申请失业救济人数略高于20万人。</blockquote></p><p>Initial claims \"are moving in the right direction,\" Rubeela Farooqi, chief U.S. economist for High Frequency Economics, wrote in a note on Tuesday. \"The labor market is healing, and layoffs should ease further as the economy moves closer towards normal capacity.\"</p><p><blockquote>高频经济首席美国经济学家鲁比拉·法鲁奇(Rubeela Farooqi)周二在一份报告中写道，最初的索赔“正在朝着正确的方向发展”。“劳动力市场正在愈合，随着经济接近正常产能，裁员应该会进一步缓解。”</blockquote></p><p>But improvements in the Labor Department's weekly jobless claims figures belie some ongoing strain in the labor market, even as more businesses reopen.Friday's jobs report showed a sharply disappointing 266,000 jobs returned in April,for a print well below the 1 million payroll additions expected. And the economy remains more than 8 million jobs short of pre-pandemic levels, the data showed.</p><p><blockquote>但劳工部每周申请失业救济人数的改善掩盖了劳动力市场持续的压力，尽管更多企业重新开业。周五的就业报告显示，4月份新增就业岗位266,000个，令人非常失望，远低于预期的100万个就业岗位。数据显示，经济仍比大流行前的水平少800多万个就业岗位。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ba5b78259ece29769535ab4fbff17d0\" tg-width=\"643\" tg-height=\"567\"></p><p><blockquote></blockquote></p><p>Many businesses have now cited labor supply constraints, rather than a lack of demand for employees, as the key concern.A report earlier this week showed that job openingsin the U.S. hit a record high of more than 8 million in March, far exceeding expectations. Some economists have pointed to enhanced unemployment benefits as a factor contributing to these shortages, especially in the service sector, as federal COVID-era jobless benefits make staying on the sidelines of the workforce a competitive alternative to working a lower-wage job.</p><p><blockquote>许多企业现在将劳动力供应限制而不是对员工需求不足视为主要担忧。本周早些时候的一份报告显示，美国3月份职位空缺创下超过800万个的历史新高，远超预期。一些经济学家指出，失业救济金的增加是导致这些短缺的一个因素，特别是在服务业，因为联邦COVID时代的失业救济金使留在劳动力市场的边缘成为从事低工资工作的有竞争力的替代方案。</blockquote></p><p>\"Labor supply appears to be tighter than the unemployment rate suggests, likely reflecting the impact of unusually generous unemployment benefits and lingering virus-related impediments to working,\"Goldman Sachs chief economist Jan Hatzius said in a note this week about the April jobs report. He added, however, that \"it is hard to know how exactly much of the miss these factors account for.\"</p><p><blockquote>高盛首席经济学家Jan Hatzius在本周有关4月份就业报告的一份报告中表示：“劳动力供应似乎比失业率显示的更为紧张，这可能反映了异常慷慨的失业救济金和挥之不去的病毒相关工作障碍的影响。”然而，他补充说，“很难知道这些因素到底造成了多少失误。”</blockquote></p><p>Headline new claims aside, the Labor Department's weekly reports continue to show that an elevated, albeit improving, number of Americans are still unemployed. More than 16.8 million Americans were still receiving unemployment benefits across all programs during the week ended April 24, for an increase of nearly 700,000 compared to the prior week. That included more than 12 million Americans on the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs.</p><p><blockquote>撇开头条新闻不谈，劳工部的每周报告继续显示，尽管有所改善，但美国人的失业人数仍在增加。截至4月24日当周，仍有超过1680万美国人通过所有项目领取失业救济金，比前一周增加了近70万人。其中包括超过1200万接受联邦疫情失业援助和疫情紧急失业补偿计划的美国人。</blockquote></p><p></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>Jobless claims: Initial filings dipped to a new pandemic era low last week<blockquote>初请失业金人数：上周首次申请失业救济人数降至大流行时代新低</blockquote></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\">\nJobless claims: Initial filings dipped to a new pandemic era low last week<blockquote>初请失业金人数：上周首次申请失业救济人数降至大流行时代新低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-13 20:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Initial unemployment claims dropped more than expected to a fresh pandemic-era low, with new filings inching back toward pre-pandemic levels as more vaccinated Americans return to work and in-person activities.</p><p><blockquote>首次申请失业救济人数降幅超出预期，降至大流行时期的新低，随着更多接种疫苗的美国人重返工作岗位和面对面活动，新申请失业救济人数小幅回落至大流行前的水平。</blockquote></p><p>TheDepartment of Labor released its weekly reporton new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部于美国东部时间周四上午8:30发布了每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p><ul><li><b>Initial jobless claims, week ended May 8:</b>473,000 vs. 490,000 expected and an upwardly revised 507,000 during prior week</p><p><blockquote><ul><li><b>截至5月8日当周首次申请失业救济人数：</b>473,000人，预期为490,000人，前一周上调为507,000人</li></ul></blockquote></p><p></li><li><b>Continuing claims, week ended May 1:</b>3.655 million vs. 3.650 million expected and an upwardly revised 3.700 million during prior week</p><p><blockquote><li><b>截至5月1日当周的持续索赔：</b>365.5万，预期365万，前一周上调370万</li></blockquote></p><p></li></ul>Weekly jobless claims have nearly halved since the start of 2021, and have fallen precipitously from their pandemic-era high of more than 6 million last year. The last several months' worth of marked improvements coincided with a fast-ramping vaccination program in the U.S., and widespread easing of social distancing restrictions across many states. Prior to the pandemic, new jobless claims averaged just over 200,000 per week throughout 2019.</p><p><blockquote>自2021年初以来，每周申请失业救济人数几乎减少了一半，较去年疫情时期超过600万的高点急剧下降。过去几个月的显著改善与美国疫苗接种计划的快速推进以及许多州广泛放松社交距离限制相吻合。在疫情之前，2019年全年平均每周新申请失业救济人数略高于20万人。</blockquote></p><p>Initial claims \"are moving in the right direction,\" Rubeela Farooqi, chief U.S. economist for High Frequency Economics, wrote in a note on Tuesday. \"The labor market is healing, and layoffs should ease further as the economy moves closer towards normal capacity.\"</p><p><blockquote>高频经济首席美国经济学家鲁比拉·法鲁奇(Rubeela Farooqi)周二在一份报告中写道，最初的索赔“正在朝着正确的方向发展”。“劳动力市场正在愈合，随着经济接近正常产能，裁员应该会进一步缓解。”</blockquote></p><p>But improvements in the Labor Department's weekly jobless claims figures belie some ongoing strain in the labor market, even as more businesses reopen.Friday's jobs report showed a sharply disappointing 266,000 jobs returned in April,for a print well below the 1 million payroll additions expected. And the economy remains more than 8 million jobs short of pre-pandemic levels, the data showed.</p><p><blockquote>但劳工部每周申请失业救济人数的改善掩盖了劳动力市场持续的压力，尽管更多企业重新开业。周五的就业报告显示，4月份新增就业岗位266,000个，令人非常失望，远低于预期的100万个就业岗位。数据显示，经济仍比大流行前的水平少800多万个就业岗位。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ba5b78259ece29769535ab4fbff17d0\" tg-width=\"643\" tg-height=\"567\"></p><p><blockquote></blockquote></p><p>Many businesses have now cited labor supply constraints, rather than a lack of demand for employees, as the key concern.A report earlier this week showed that job openingsin the U.S. hit a record high of more than 8 million in March, far exceeding expectations. Some economists have pointed to enhanced unemployment benefits as a factor contributing to these shortages, especially in the service sector, as federal COVID-era jobless benefits make staying on the sidelines of the workforce a competitive alternative to working a lower-wage job.</p><p><blockquote>许多企业现在将劳动力供应限制而不是对员工需求不足视为主要担忧。本周早些时候的一份报告显示，美国3月份职位空缺创下超过800万个的历史新高，远超预期。一些经济学家指出，失业救济金的增加是导致这些短缺的一个因素，特别是在服务业，因为联邦COVID时代的失业救济金使留在劳动力市场的边缘成为从事低工资工作的有竞争力的替代方案。</blockquote></p><p>\"Labor supply appears to be tighter than the unemployment rate suggests, likely reflecting the impact of unusually generous unemployment benefits and lingering virus-related impediments to working,\"Goldman Sachs chief economist Jan Hatzius said in a note this week about the April jobs report. He added, however, that \"it is hard to know how exactly much of the miss these factors account for.\"</p><p><blockquote>高盛首席经济学家Jan Hatzius在本周有关4月份就业报告的一份报告中表示：“劳动力供应似乎比失业率显示的更为紧张，这可能反映了异常慷慨的失业救济金和挥之不去的病毒相关工作障碍的影响。”然而，他补充说，“很难知道这些因素到底造成了多少失误。”</blockquote></p><p>Headline new claims aside, the Labor Department's weekly reports continue to show that an elevated, albeit improving, number of Americans are still unemployed. More than 16.8 million Americans were still receiving unemployment benefits across all programs during the week ended April 24, for an increase of nearly 700,000 compared to the prior week. That included more than 12 million Americans on the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs.</p><p><blockquote>撇开头条新闻不谈，劳工部的每周报告继续显示，尽管有所改善，但美国人的失业人数仍在增加。截至4月24日当周，仍有超过1680万美国人通过所有项目领取失业救济金，比前一周增加了近70万人。其中包括超过1200万接受联邦疫情失业援助和疫情紧急失业补偿计划的美国人。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194850609","content_text":"Initial unemployment claims dropped more than expected to a fresh pandemic-era low, with new filings inching back toward pre-pandemic levels as more vaccinated Americans return to work and in-person activities.TheDepartment of Labor released its weekly reporton new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics expected from the report, compared to consensus data compiled by Bloomberg:Initial jobless claims, week ended May 8:473,000 vs. 490,000 expected and an upwardly revised 507,000 during prior weekContinuing claims, week ended May 1:3.655 million vs. 3.650 million expected and an upwardly revised 3.700 million during prior weekWeekly jobless claims have nearly halved since the start of 2021, and have fallen precipitously from their pandemic-era high of more than 6 million last year. The last several months' worth of marked improvements coincided with a fast-ramping vaccination program in the U.S., and widespread easing of social distancing restrictions across many states. Prior to the pandemic, new jobless claims averaged just over 200,000 per week throughout 2019.Initial claims \"are moving in the right direction,\" Rubeela Farooqi, chief U.S. economist for High Frequency Economics, wrote in a note on Tuesday. \"The labor market is healing, and layoffs should ease further as the economy moves closer towards normal capacity.\"But improvements in the Labor Department's weekly jobless claims figures belie some ongoing strain in the labor market, even as more businesses reopen.Friday's jobs report showed a sharply disappointing 266,000 jobs returned in April,for a print well below the 1 million payroll additions expected. And the economy remains more than 8 million jobs short of pre-pandemic levels, the data showed.Many businesses have now cited labor supply constraints, rather than a lack of demand for employees, as the key concern.A report earlier this week showed that job openingsin the U.S. hit a record high of more than 8 million in March, far exceeding expectations. Some economists have pointed to enhanced unemployment benefits as a factor contributing to these shortages, especially in the service sector, as federal COVID-era jobless benefits make staying on the sidelines of the workforce a competitive alternative to working a lower-wage job.\"Labor supply appears to be tighter than the unemployment rate suggests, likely reflecting the impact of unusually generous unemployment benefits and lingering virus-related impediments to working,\"Goldman Sachs chief economist Jan Hatzius said in a note this week about the April jobs report. He added, however, that \"it is hard to know how exactly much of the miss these factors account for.\"Headline new claims aside, the Labor Department's weekly reports continue to show that an elevated, albeit improving, number of Americans are still unemployed. More than 16.8 million Americans were still receiving unemployment benefits across all programs during the week ended April 24, for an increase of nearly 700,000 compared to the prior week. That included more than 12 million Americans on the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":191211624,"gmtCreate":1620880125568,"gmtModify":1631892082556,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"This is really Horse Back Cannon...马后炮。","listText":"This is really Horse Back Cannon...马后炮。","text":"This is really Horse Back Cannon...马后炮。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191211624","repostId":"2134261355","repostType":4,"isVote":1,"tweetType":1,"viewCount":1386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":191985348,"gmtCreate":1620833813684,"gmtModify":1631892082562,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Central bankers around the world will want to crash the mkt to make the sheeps go back to work and stop gambling...work hard for the elites continue to make them richer..lol","listText":"Central bankers around the world will want to crash the mkt to make the sheeps go back to work and stop gambling...work hard for the elites continue to make them richer..lol","text":"Central bankers around the world will want to crash the mkt to make the sheeps go back to work and stop gambling...work hard for the elites continue to make them richer..lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191985348","repostId":"1161260146","repostType":4,"repost":{"id":"1161260146","kind":"news","pubTimestamp":1620825624,"share":"https://www.laohu8.com/m/news/1161260146?lang=zh_CN&edition=full","pubTime":"2021-05-12 21:20","market":"us","language":"en","title":"Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161260146","media":"zerohedge","summary":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in mirac","content":"<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></blockquote></p><p></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>Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote></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\">\nTech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-12 21:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161260146","content_text":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.\n\nThe deepening slump in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,the swiftness of the plunge that followed suggests bigger forces were at play. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.\nAmid global central bank-backed complacency, investors took on increasing amounts of leverage.\nThe result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.\nBy comparison, the Taiwan benchmark was up just 19% in that period, an indication thatpeople were taking out loans faster than stocks were appreciating.\n\n “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,\n the chips sector in Japan is being impacted,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.\n “For now, I’m not seeing a trigger that could reverse the drop.”\n\nThere were also some fundamentals behind the collapse includingfears over a reacceleration in COVID-19 cases.\n\nSource: Bloomberg\nThis has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people, and it mayrequest non-essential businesses to close their doors.\nGains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.\n\n“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”said MasterLink Securities Investment Advisory President Paul Cheng.\n\nAnd as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...\n\nAs the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193566864,"gmtCreate":1620800579358,"gmtModify":1631892082564,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577708378427970","idStr":"3577708378427970"},"themes":[],"htmlText":"Apple will suffer","listText":"Apple will suffer","text":"Apple will suffer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193566864","repostId":"2134696400","repostType":4,"isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":194124713,"gmtCreate":1621348861132,"gmtModify":1631892082555,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Easy to make money, just do opposite what TIGR news is pushing..","listText":"Easy to make money, just do opposite what TIGR news is pushing..","text":"Easy to make money, just do opposite what TIGR news is pushing..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194124713","repostId":"1118874404","repostType":4,"repost":{"id":"1118874404","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621348771,"share":"https://www.laohu8.com/m/news/1118874404?lang=zh_CN&edition=full","pubTime":"2021-05-18 22:39","market":"us","language":"en","title":"EV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118874404","media":"Tiger Newspress","summary":"EV Stocks are blazing hot, once again on Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Mo","content":"<p>EV Stocks are blazing hot, once again&nbsp;on&nbsp;Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.</p><p><blockquote>电动汽车股周二再次火爆。菲斯克上涨9%，小牛上涨7%，理想汽车上涨5%，小鹏汽车上涨3%，特斯拉上涨2%，蔚来上涨1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5c154e9ee88b69416f48d71722ce1901\" tg-width=\"374\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></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>EV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote></title>\n<style 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#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\">\nEV Stocks are blazing hot, once again.<blockquote>电动汽车股票再次火爆。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-18 22:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks are blazing hot, once again&nbsp;on&nbsp;Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.</p><p><blockquote>电动汽车股周二再次火爆。菲斯克上涨9%，小牛上涨7%，理想汽车上涨5%，小鹏汽车上涨3%，特斯拉上涨2%，蔚来上涨1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5c154e9ee88b69416f48d71722ce1901\" tg-width=\"374\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIU":"小牛电动","NIO":"蔚来","LI":"理想汽车","TSLA":"特斯拉","FSR":"菲斯克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118874404","content_text":"EV Stocks are blazing hot, once again on Tuesday.Fisker rose 9%,NIU rose 7%,Li Auto rose 5%,Xpeng Motors rose 3%,Tesla rose 2%,Nio rose 1%.","news_type":1,"symbols_score_info":{"TSLA":0.9,"FSR":0.9,"LI":0.9,"NIO":0.9,"NIU":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371372417,"gmtCreate":1618916798039,"gmtModify":1631883992329,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"This one my 10&nbsp;year old daughter also know","listText":"This one my 10&nbsp;year old daughter also know","text":"This one my 10 year old daughter also know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/371372417","repostId":"1162754081","repostType":4,"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359841971,"gmtCreate":1616386561693,"gmtModify":1634526124256,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Buy Sg bonds..","listText":"Buy Sg bonds..","text":"Buy Sg bonds..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/359841971","repostId":"1160065206","repostType":4,"repost":{"id":"1160065206","kind":"news","pubTimestamp":1616374606,"share":"https://www.laohu8.com/m/news/1160065206?lang=zh_CN&edition=full","pubTime":"2021-03-22 08:56","market":"us","language":"en","title":"The Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160065206","media":"seekingalpha","summary":"Summary\n\nThe Fed's outlook of lower for as long as possible was just what stocks wanted to hear.\nHow","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>The Fed's outlook of lower for as long as possible was just what stocks wanted to hear.</li>  <li>However, that has sent US yields soaring.</li>  <li>The higher yields will force a massive repricing of equity valuation.</li>  <li>Looking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.</li> </ul> The Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.</p><p><blockquote><ul><li>美联储尽可能长时间走低的前景正是股市想听到的。</li><li>然而，这导致美国收益率飙升。</li><li>较高的收益率将迫使股票估值大幅重新定价。</li><li>在市场上寻找援助之手？阅读市场的成员可以获得应对任何气候的独家想法和指导。</li></ul>美联储给了股市它想要的东西，尽可能长时间地走低。不幸的是，债券市场似乎并不高兴，这对股市来说将是一个可怕的消息。利率上升正在压垮成长股和科技股，很快市场的其他部分也会效仿，因为市场上几乎没有“廉价”板块。</blockquote></p><p> In essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.</p><p><blockquote>从本质上讲，美联储将让经济过热，而债券市场似乎对此一点也不满意。3月18日利率大幅上升，10年期国债收益率目前略低于1.75%。曲线继续抬升，因为债券市场担心火热的经济可能会迅速过热，导致价格上涨，通胀成为一个问题。</blockquote></p><p> It leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.</p><p><blockquote>这为美联储开始缩减债券购买规模并比预期更快加息敞开了大门，也可能比预期快得多。这导致债券收益率推高。此外，随着另一轮财政刺激计划的通过，大量债务进入市场，更多的供应将需要更多的需求。</blockquote></p><p> While the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.</p><p><blockquote>虽然这个消息一开始似乎是股市想听到的一切，但这并不是好消息。事实上，美联储在3月17日几乎没有什么可以取悦股市和债市。美联储选择安抚股市。但股价是由利率衍生出来的，随着利率上升，股价需要重新定价。他们一直在重新定价，并将继续以较低的水平重新定价。</blockquote></p><p> The problem is that now, relative to the 10-year note, the S&amp;P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.</p><p><blockquote>问题是，现在，相对于10年期国债，标普500的估值与2018年1月和2018年10月期间持平。在现代历史上，在这个低利率的世界里，该指数的相对价格从未如此昂贵。2008年，当我们从高利率转向低利率世界时，一切都发生了变化，所以1999年的时期不是一个公平的比较。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/06eb49f0f96fe3d05081b17e0de7ca77\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> From another angle, the S&amp;P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&amp;P 500. So will the 10-Year yield pull the S&amp;P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&amp;P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&amp;P 500 yield higher along with the 10-year.</p><p><blockquote>从另一个角度来看，标普500的股息收益率目前在1.44%左右，而且只是在世纪之交的另一个时期较低。而现在，10年期国债的收益率再次高于标普500。那么随着时间的推移，10年期国债收益率会拉低标普500的股息收益率吗？似乎有可能。自2010年以来，10年期国债的交易价格比标普500股息收益率溢价21个基点。目前为20个基点，这意味着从此时开始升至10年期高点可能会导致溢价扩大，或拖累标普500收益率与10年期国债收益率一起走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d0b5613b7b88e02f76e004aededbcaa\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&amp;P 500 Value ETF have skyrocketed.</p><p><blockquote>债券市场收益率的上升促使投资者将注意力从成长型和科技股重新转向价值型和通货再膨胀型股票。问题是已经没有便宜货了——没有“价值”贸易。便宜的股票便宜是有原因的，因为它们的基本面很弱。半年来，标普500价值ETF的前十大重仓股暴涨。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Name</td>    <td>Symbol</td>    <td>3/18/2021</td>    <td>10/31/2020</td>    <td>% Change</td>   </tr>   <tr>    <td>EXXON MOBIL ORD</td>    <td>XOM</td>    <td>58.25</td>    <td>$ 32.62</td>    <td>78.57%</td>   </tr>   <tr>    <td>BANK OF AMERICA ORD</td>    <td>BAC</td>    <td>39.9274</td>    <td>$ 23.70</td>    <td>68.47%</td>   </tr>   <tr>    <td>JPMORGAN CHASE ORD</td>    <td>JPM</td>    <td>161.48</td>    <td>$ 98.04</td>    <td>64.71%</td>   </tr>   <tr>    <td>WALT DISNEY ORD</td>    <td>DIS</td>    <td>193.735</td>    <td>$ 121.25</td>    <td>59.78%</td>   </tr>   <tr>    <td>CHEVRON ORD</td>    <td>CVX</td>    <td>106.65</td>    <td>$ 69.50</td>    <td>53.45%</td>   </tr>   <tr>    <td>INTEL ORD</td>    <td>INTC.O</td>    <td>64.98</td>    <td>$ 44.28</td>    <td>46.75%</td>   </tr>   <tr>    <td>BERKSHIRE HATHAWAY CL B ORD</td>    <td>BRKb</td>    <td>255.2</td>    <td>$ 201.90</td>    <td>26.40%</td>   </tr>   <tr>    <td>JOHNSON &amp; JOHNSON ORD</td>    <td>JNJ</td>    <td>161.1501</td>    <td>$ 137.11</td>    <td>17.53%</td>   </tr>   <tr>    <td>AT&amp;T ORD</td>    <td>T</td>    <td>30.245</td>    <td>$ 27.02</td>    <td>11.94%</td>   </tr>   <tr>    <td>VERIZON COMMUNICATIONS ORD</td>    <td>VZ</td>    <td>56.095</td>    <td>$ 56.99</td>    <td>-1.57%</td>   </tr>  </tbody> </table> The banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.</p><p><blockquote><table><tbody><tr><td>名字</td><td>象征</td><td>3/18/2021</td><td>10/31/2020</td><td>%变化</td></tr><tr><td>埃克森美孚订单</td><td>XOM</td><td>58.25</td><td>$32.62</td><td>78.57%</td></tr><tr><td>美国银行订单</td><td>BAC</td><td>39.9274</td><td>$23.70</td><td>68.47%</td></tr><tr><td>摩根大通订单</td><td>JPM</td><td>161.48</td><td>$98.04</td><td>64.71%</td></tr><tr><td>迪斯尼秩序</td><td>说</td><td>193.735</td><td>$121.25</td><td>59.78%</td></tr><tr><td>雪佛龙订单</td><td>CVX</td><td>106.65</td><td>$69.50</td><td>53.45%</td></tr><tr><td>英特尔订单</td><td>INTC.O</td><td>64.98</td><td>$44.28</td><td>46.75%</td></tr><tr><td>伯克希尔哈撒韦公司CL B ORD</td><td>BRKb</td><td>255.2</td><td>$201.90</td><td>26.40%</td></tr><tr><td>强生订单</td><td>JNJ</td><td>161.1501</td><td>$137.11</td><td>17.53%</td></tr><tr><td>AT&amp;T订单</td><td>T</td><td>30.245</td><td>$27.02</td><td>11.94%</td></tr><tr><td>威瑞森通信订单</td><td>VZ</td><td>56.095</td><td>$56.99</td><td>-1.57%</td></tr></tbody></table>银行股大幅上涨，这是有充分理由的，因为收益率上升，利差扩大。但即使是银行也变得捉襟见肘，许多银行的交易价格处于历史高位，而且相对于10年期国债利率，该行业的交易估值自2017年以来从未见过，这使得银行成为估值最低的行业之一。工业部门相对于10年期利率只有一次如此昂贵，那是在2018年1月，随后近两年毫无进展。</blockquote></p><p> Sure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.</p><p><blockquote>当然，材料和能源行业可能还存在一些价值。但这两个板块与其所代表的大宗商品高度相关。随着美元开始走强，这些大宗商品价格可能会开始大幅下跌，从而拖累这些行业走低。美元似乎准备升值。</blockquote></p><p> The dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.</p><p><blockquote>由于担心通胀，美元最初开始下跌，但当美国利率再次开始上升时，这种情况很快逆转。这使得全球利率之间的利差扩大。美国和德国10年期国债之间的利差目前为2%，而美国和日本10年期国债为1.65%。利差越大，美国收益率就越有吸引力。这将带来外国投资者买入美国债券，卖出本币，买入美元，支撑美元，提振美元价值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b38756db2fb8fdb2e613fa9d05a36e7\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> The rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.</p><p><blockquote>美元上涨已经帮助油价脱离高点，随着美元进一步走强，这一趋势可能会持续下去。从技术角度来看，油价在突破66.50美元左右的关键阻力位后已经突破。此外，它还打破了一个主要的上升趋势，跌破59.50美元，使该商品回到54美元。这很容易扭转能源行业的火爆局面。</blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> If the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.</p><p><blockquote>如果经济将继续改善，并且美联储非常乐意让它继续改善，那么收益率没有理由不继续上升。他们筹集的资金越多，美元就会越走强，相对来说，估值越高的股票就会增长，从而迫使大规模重新定价。</blockquote></p><p></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 Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote></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 Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-03-22 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>The Fed's outlook of lower for as long as possible was just what stocks wanted to hear.</li>  <li>However, that has sent US yields soaring.</li>  <li>The higher yields will force a massive repricing of equity valuation.</li>  <li>Looking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.</li> </ul> The Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.</p><p><blockquote><ul><li>美联储尽可能长时间走低的前景正是股市想听到的。</li><li>然而，这导致美国收益率飙升。</li><li>较高的收益率将迫使股票估值大幅重新定价。</li><li>在市场上寻找援助之手？阅读市场的成员可以获得应对任何气候的独家想法和指导。</li></ul>美联储给了股市它想要的东西，尽可能长时间地走低。不幸的是，债券市场似乎并不高兴，这对股市来说将是一个可怕的消息。利率上升正在压垮成长股和科技股，很快市场的其他部分也会效仿，因为市场上几乎没有“廉价”板块。</blockquote></p><p> In essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.</p><p><blockquote>从本质上讲，美联储将让经济过热，而债券市场似乎对此一点也不满意。3月18日利率大幅上升，10年期国债收益率目前略低于1.75%。曲线继续抬升，因为债券市场担心火热的经济可能会迅速过热，导致价格上涨，通胀成为一个问题。</blockquote></p><p> It leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.</p><p><blockquote>这为美联储开始缩减债券购买规模并比预期更快加息敞开了大门，也可能比预期快得多。这导致债券收益率推高。此外，随着另一轮财政刺激计划的通过，大量债务进入市场，更多的供应将需要更多的需求。</blockquote></p><p> While the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.</p><p><blockquote>虽然这个消息一开始似乎是股市想听到的一切，但这并不是好消息。事实上，美联储在3月17日几乎没有什么可以取悦股市和债市。美联储选择安抚股市。但股价是由利率衍生出来的，随着利率上升，股价需要重新定价。他们一直在重新定价，并将继续以较低的水平重新定价。</blockquote></p><p> The problem is that now, relative to the 10-year note, the S&amp;P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.</p><p><blockquote>问题是，现在，相对于10年期国债，标普500的估值与2018年1月和2018年10月期间持平。在现代历史上，在这个低利率的世界里，该指数的相对价格从未如此昂贵。2008年，当我们从高利率转向低利率世界时，一切都发生了变化，所以1999年的时期不是一个公平的比较。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/06eb49f0f96fe3d05081b17e0de7ca77\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> From another angle, the S&amp;P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&amp;P 500. So will the 10-Year yield pull the S&amp;P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&amp;P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&amp;P 500 yield higher along with the 10-year.</p><p><blockquote>从另一个角度来看，标普500的股息收益率目前在1.44%左右，而且只是在世纪之交的另一个时期较低。而现在，10年期国债的收益率再次高于标普500。那么随着时间的推移，10年期国债收益率会拉低标普500的股息收益率吗？似乎有可能。自2010年以来，10年期国债的交易价格比标普500股息收益率溢价21个基点。目前为20个基点，这意味着从此时开始升至10年期高点可能会导致溢价扩大，或拖累标普500收益率与10年期国债收益率一起走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d0b5613b7b88e02f76e004aededbcaa\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&amp;P 500 Value ETF have skyrocketed.</p><p><blockquote>债券市场收益率的上升促使投资者将注意力从成长型和科技股重新转向价值型和通货再膨胀型股票。问题是已经没有便宜货了——没有“价值”贸易。便宜的股票便宜是有原因的，因为它们的基本面很弱。半年来，标普500价值ETF的前十大重仓股暴涨。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Name</td>    <td>Symbol</td>    <td>3/18/2021</td>    <td>10/31/2020</td>    <td>% Change</td>   </tr>   <tr>    <td>EXXON MOBIL ORD</td>    <td>XOM</td>    <td>58.25</td>    <td>$ 32.62</td>    <td>78.57%</td>   </tr>   <tr>    <td>BANK OF AMERICA ORD</td>    <td>BAC</td>    <td>39.9274</td>    <td>$ 23.70</td>    <td>68.47%</td>   </tr>   <tr>    <td>JPMORGAN CHASE ORD</td>    <td>JPM</td>    <td>161.48</td>    <td>$ 98.04</td>    <td>64.71%</td>   </tr>   <tr>    <td>WALT DISNEY ORD</td>    <td>DIS</td>    <td>193.735</td>    <td>$ 121.25</td>    <td>59.78%</td>   </tr>   <tr>    <td>CHEVRON ORD</td>    <td>CVX</td>    <td>106.65</td>    <td>$ 69.50</td>    <td>53.45%</td>   </tr>   <tr>    <td>INTEL ORD</td>    <td>INTC.O</td>    <td>64.98</td>    <td>$ 44.28</td>    <td>46.75%</td>   </tr>   <tr>    <td>BERKSHIRE HATHAWAY CL B ORD</td>    <td>BRKb</td>    <td>255.2</td>    <td>$ 201.90</td>    <td>26.40%</td>   </tr>   <tr>    <td>JOHNSON &amp; JOHNSON ORD</td>    <td>JNJ</td>    <td>161.1501</td>    <td>$ 137.11</td>    <td>17.53%</td>   </tr>   <tr>    <td>AT&amp;T ORD</td>    <td>T</td>    <td>30.245</td>    <td>$ 27.02</td>    <td>11.94%</td>   </tr>   <tr>    <td>VERIZON COMMUNICATIONS ORD</td>    <td>VZ</td>    <td>56.095</td>    <td>$ 56.99</td>    <td>-1.57%</td>   </tr>  </tbody> </table> The banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.</p><p><blockquote><table><tbody><tr><td>名字</td><td>象征</td><td>3/18/2021</td><td>10/31/2020</td><td>%变化</td></tr><tr><td>埃克森美孚订单</td><td>XOM</td><td>58.25</td><td>$32.62</td><td>78.57%</td></tr><tr><td>美国银行订单</td><td>BAC</td><td>39.9274</td><td>$23.70</td><td>68.47%</td></tr><tr><td>摩根大通订单</td><td>JPM</td><td>161.48</td><td>$98.04</td><td>64.71%</td></tr><tr><td>迪斯尼秩序</td><td>说</td><td>193.735</td><td>$121.25</td><td>59.78%</td></tr><tr><td>雪佛龙订单</td><td>CVX</td><td>106.65</td><td>$69.50</td><td>53.45%</td></tr><tr><td>英特尔订单</td><td>INTC.O</td><td>64.98</td><td>$44.28</td><td>46.75%</td></tr><tr><td>伯克希尔哈撒韦公司CL B ORD</td><td>BRKb</td><td>255.2</td><td>$201.90</td><td>26.40%</td></tr><tr><td>强生订单</td><td>JNJ</td><td>161.1501</td><td>$137.11</td><td>17.53%</td></tr><tr><td>AT&amp;T订单</td><td>T</td><td>30.245</td><td>$27.02</td><td>11.94%</td></tr><tr><td>威瑞森通信订单</td><td>VZ</td><td>56.095</td><td>$56.99</td><td>-1.57%</td></tr></tbody></table>银行股大幅上涨，这是有充分理由的，因为收益率上升，利差扩大。但即使是银行也变得捉襟见肘，许多银行的交易价格处于历史高位，而且相对于10年期国债利率，该行业的交易估值自2017年以来从未见过，这使得银行成为估值最低的行业之一。工业部门相对于10年期利率只有一次如此昂贵，那是在2018年1月，随后近两年毫无进展。</blockquote></p><p> Sure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.</p><p><blockquote>当然，材料和能源行业可能还存在一些价值。但这两个板块与其所代表的大宗商品高度相关。随着美元开始走强，这些大宗商品价格可能会开始大幅下跌，从而拖累这些行业走低。美元似乎准备升值。</blockquote></p><p> The dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.</p><p><blockquote>由于担心通胀，美元最初开始下跌，但当美国利率再次开始上升时，这种情况很快逆转。这使得全球利率之间的利差扩大。美国和德国10年期国债之间的利差目前为2%，而美国和日本10年期国债为1.65%。利差越大，美国收益率就越有吸引力。这将带来外国投资者买入美国债券，卖出本币，买入美元，支撑美元，提振美元价值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b38756db2fb8fdb2e613fa9d05a36e7\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> The rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.</p><p><blockquote>美元上涨已经帮助油价脱离高点，随着美元进一步走强，这一趋势可能会持续下去。从技术角度来看，油价在突破66.50美元左右的关键阻力位后已经突破。此外，它还打破了一个主要的上升趋势，跌破59.50美元，使该商品回到54美元。这很容易扭转能源行业的火爆局面。</blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> If the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.</p><p><blockquote>如果经济将继续改善，并且美联储非常乐意让它继续改善，那么收益率没有理由不继续上升。他们筹集的资金越多，美元就会越走强，相对来说，估值越高的股票就会增长，从而迫使大规模重新定价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4414816-fed-may-just-sealed-stock-markets-fate\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4414816-fed-may-just-sealed-stock-markets-fate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160065206","content_text":"Summary\n\nThe Fed's outlook of lower for as long as possible was just what stocks wanted to hear.\nHowever, that has sent US yields soaring.\nThe higher yields will force a massive repricing of equity valuation.\nLooking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.\n\nThe Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.\nIn essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.\nIt leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.\nWhile the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.\nThe problem is that now, relative to the 10-year note, the S&P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.\n\nFrom another angle, the S&P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&P 500. So will the 10-Year yield pull the S&P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&P 500 yield higher along with the 10-year.\n\nThe rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&P 500 Value ETF have skyrocketed.\n\n\n\nName\nSymbol\n3/18/2021\n10/31/2020\n% Change\n\n\nEXXON MOBIL ORD\nXOM\n58.25\n$ 32.62\n78.57%\n\n\nBANK OF AMERICA ORD\nBAC\n39.9274\n$ 23.70\n68.47%\n\n\nJPMORGAN CHASE ORD\nJPM\n161.48\n$ 98.04\n64.71%\n\n\nWALT DISNEY ORD\nDIS\n193.735\n$ 121.25\n59.78%\n\n\nCHEVRON ORD\nCVX\n106.65\n$ 69.50\n53.45%\n\n\nINTEL ORD\nINTC.O\n64.98\n$ 44.28\n46.75%\n\n\nBERKSHIRE HATHAWAY CL B ORD\nBRKb\n255.2\n$ 201.90\n26.40%\n\n\nJOHNSON & JOHNSON ORD\nJNJ\n161.1501\n$ 137.11\n17.53%\n\n\nAT&T ORD\nT\n30.245\n$ 27.02\n11.94%\n\n\nVERIZON COMMUNICATIONS ORD\nVZ\n56.095\n$ 56.99\n-1.57%\n\n\n\nThe banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.\nSure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.\nThe dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.\n\nSource: TradingView\nThe rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.\nSource: TradingView\nIf the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193566864,"gmtCreate":1620800579358,"gmtModify":1631892082564,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Apple will suffer","listText":"Apple will suffer","text":"Apple will suffer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193566864","repostId":"2134696400","repostType":4,"isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374787218,"gmtCreate":1619481402134,"gmtModify":1634273136295,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374787218","repostId":"2130071345","repostType":4,"repost":{"id":"2130071345","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619481187,"share":"https://www.laohu8.com/m/news/2130071345?lang=zh_CN&edition=full","pubTime":"2021-04-27 07:53","market":"us","language":"en","title":"GameStop raises $551 mln to accelerate e-commerce push, shares jump<blockquote>游戏驿站融资5.51亿美元加速电子商务发展，股价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2130071345","media":"Tiger Newspress","summary":"GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerat","content":"<p>GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce, sending its shares 9.5% higher in extended trading on Monday.</p><p><blockquote>随着视频游戏零售商游戏驿站公司加速向电子商务转型，该公司通过股票发行筹集了5.51亿美元，周一盘后交易中其股价上涨9.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/816e0d15068fe527b370f49cb962516f\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.</p><p><blockquote>该公司今年早些时候处于Reddit引发的交易狂潮的中心，该公司在一份声明中表示，已在市场发行中出售了350万股股票。</blockquote></p><p>Based on Reuters calculation, the average price of the shares sold was $157.43. The company's stock has gained more than 850% this year thanks to a push by retail investors to drive up prices of heavily shorted stocks.</p><p><blockquote>根据路透社的计算，出售股票的平均价格为157.43美元。由于散户投资者推动严重做空股票价格上涨，该公司股价今年已上涨超过850%。</blockquote></p><p>GameStop said earlier this month George Sherman will step down as its chief executive officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.</p><p><blockquote>游戏驿站本月早些时候表示，George Sherman将辞去首席执行官一职，这是该零售商最大的管理层改组，赋予最大股东Ryan Cohen更多控制权。</blockquote></p><p>Cohen, whose RC Ventures owns nearly 13% of GameStop, is leading the company's transformation into an e-commerce firm that can compete with big retailers such as Walmart Inc, as well as technology companies like Microsoft Corp and Sony Corp.</p><p><blockquote>科恩的RC Ventures拥有游戏驿站近13%的股份，他正在领导该公司转型为一家电子商务公司，可以与沃尔玛等大型零售商以及微软和索尼等科技公司竞争。</blockquote></p><p></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>GameStop raises $551 mln to accelerate e-commerce push, shares jump<blockquote>游戏驿站融资5.51亿美元加速电子商务发展，股价上涨</blockquote></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\">\nGameStop raises $551 mln to accelerate e-commerce push, shares jump<blockquote>游戏驿站融资5.51亿美元加速电子商务发展，股价上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-27 07:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce, sending its shares 9.5% higher in extended trading on Monday.</p><p><blockquote>随着视频游戏零售商游戏驿站公司加速向电子商务转型，该公司通过股票发行筹集了5.51亿美元，周一盘后交易中其股价上涨9.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/816e0d15068fe527b370f49cb962516f\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.</p><p><blockquote>该公司今年早些时候处于Reddit引发的交易狂潮的中心，该公司在一份声明中表示，已在市场发行中出售了350万股股票。</blockquote></p><p>Based on Reuters calculation, the average price of the shares sold was $157.43. The company's stock has gained more than 850% this year thanks to a push by retail investors to drive up prices of heavily shorted stocks.</p><p><blockquote>根据路透社的计算，出售股票的平均价格为157.43美元。由于散户投资者推动严重做空股票价格上涨，该公司股价今年已上涨超过850%。</blockquote></p><p>GameStop said earlier this month George Sherman will step down as its chief executive officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.</p><p><blockquote>游戏驿站本月早些时候表示，George Sherman将辞去首席执行官一职，这是该零售商最大的管理层改组，赋予最大股东Ryan Cohen更多控制权。</blockquote></p><p>Cohen, whose RC Ventures owns nearly 13% of GameStop, is leading the company's transformation into an e-commerce firm that can compete with big retailers such as Walmart Inc, as well as technology companies like Microsoft Corp and Sony Corp.</p><p><blockquote>科恩的RC Ventures拥有游戏驿站近13%的股份，他正在领导该公司转型为一家电子商务公司，可以与沃尔玛等大型零售商以及微软和索尼等科技公司竞争。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130071345","content_text":"GameStop Corp has raised $551 million through an equity offering as the videogame retailer accelerates its shift to e-commerce, sending its shares 9.5% higher in extended trading on Monday.The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.Based on Reuters calculation, the average price of the shares sold was $157.43. The company's stock has gained more than 850% this year thanks to a push by retail investors to drive up prices of heavily shorted stocks.GameStop said earlier this month George Sherman will step down as its chief executive officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.Cohen, whose RC Ventures owns nearly 13% of GameStop, is leading the company's transformation into an e-commerce firm that can compete with big retailers such as Walmart Inc, as well as technology companies like Microsoft Corp and Sony Corp.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376380336,"gmtCreate":1619089402525,"gmtModify":1634288660497,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Did the motley fool ANUSlyst&nbsp;sell house, sell everything to buy these high 5 stocks?","listText":"Did the motley fool ANUSlyst&nbsp;sell house, sell everything to buy these high 5 stocks?","text":"Did the motley fool ANUSlyst sell house, sell everything to buy these high 5 stocks?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376380336","repostId":"2129938659","repostType":4,"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353152923,"gmtCreate":1616473112662,"gmtModify":1634525640511,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"If quietly then how the whole world knows now?","listText":"If quietly then how the whole world knows now?","text":"If quietly then how the whole world knows now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353152923","repostId":"2121171064","repostType":4,"isVote":1,"tweetType":1,"viewCount":527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109560464,"gmtCreate":1619705408558,"gmtModify":1634210562322,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Will remain undervalue...","listText":"Will remain undervalue...","text":"Will remain undervalue...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109560464","repostId":"1161815718","repostType":4,"repost":{"id":"1161815718","kind":"news","pubTimestamp":1619685728,"share":"https://www.laohu8.com/m/news/1161815718?lang=zh_CN&edition=full","pubTime":"2021-04-29 16:42","market":"us","language":"en","title":"25 Undervalued Stocks with Earnings Set to Beat Pre-Covid Levels in 2021<blockquote>25只被低估的股票，其盈利将在2021年超过新冠疫情前的水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161815718","media":"MarketWatch","summary":"SinceBarron’slast screened for European stocks whose earnings prospects may not be fully priced in, ","content":"<p>Since<i>Barron’s</i>last screened for European stocks whose earnings prospects may not be fully priced in, the pan-EuropeanStoxx 600has climbed to record highs despite much of the continent battling a third wave of Covid-19.</p><p><blockquote>自从<i>巴伦周刊</i>尽管欧洲大陆大部分地区正在与第三波Covid-19作斗争，但上次对其盈利前景可能尚未完全反映的欧洲股票进行筛选时，泛欧斯托克600指数已攀升至历史新高。</blockquote></p><p> The index is now up more than 10% year-to-date but there are signs that more gains could be ahead, with Europe’s economic recoveryyet to really get going. Initiallyslow vaccination rolloutsin many European countries are starting to gather pace, and the U.K. notably reopened large parts of the economy earlier this month.</p><p><blockquote>该指数今年迄今已上涨超过10%，但有迹象表明，随着欧洲经济复苏尚未真正开始，未来可能会有更多涨幅。许多欧洲国家最初缓慢的疫苗接种工作开始加快步伐，英国本月早些时候重新开放了大部分经济。</blockquote></p><p> Barclays’ European equity strategists devised a stock screen designed to find companies whose share price was lagging behind its earnings estimates. Their method screened for Stoxx 600 companies currently trading at least 5% below their levels at the end of 2019 and whose 2021 earnings per share, or EPS, estimates were above their pre-Covid 2019 EPS.</p><p><blockquote>巴克莱的欧洲股票策略师设计了一个股票屏幕，旨在寻找股价落后于其盈利预期的公司。他们的方法筛选了斯托克600指数公司，这些公司目前的交易价格比2019年底的水平至少低5%，并且其2021年每股收益(EPS)的预期高于新冠疫情爆发前的2019年EPS。</blockquote></p><p> “On this basis, consensus numbers suggest that the better earnings growth prospects of these stocks are not fully priced in, implying potentially attractive risk-reward ,” head of European equity strategy Emmanuel Cau said.</p><p><blockquote>欧洲股票策略主管Emmanuel Cau表示：“在此基础上，共识数据表明，这些股票更好的盈利增长前景并未完全反映在定价中，这意味着潜在的有吸引力的风险回报。”</blockquote></p><p> Following a similar approach,<i>Barron’s</i>screened the Stoxx 600 for stocks trading more than 10% below their levels at the end of 2019 and filtered for companies that trade for no more than 20 times forward earnings estimates. The screen used FactSet consensus estimates instead of Barclays consensus estimates. The companies must also have a market capitalization above $10 billion.</p><p><blockquote>按照类似的方法，<i>巴伦周刊</i>筛选了斯托克600指数中交易价格比2019年底水平低10%以上的股票，并筛选了交易价格不超过预期盈利预期20倍的公司。屏幕使用FactSet共识估计，而不是巴克莱共识估计。这些公司的市值还必须超过100亿美元。</blockquote></p><p> An earlier version of this screen at the end of Februarycontained 37 European companieswhose shares were more than 10% lower than their end-2019 levels.</p><p><blockquote>2月底的早期版本包含37家欧洲公司，其股价比2019年底的水平低10%以上。</blockquote></p><p> Since then, the index has jumped 6.8%, hitting record highs earlier this month. As a result the number of stocks in the screen dropped to 25 at the end of March and remains at 25 this time, with many departures down to rising share prices. However, there are still a number of stocks out there sitting below their 2019 levels but set to beat 2019 earnings this year—implying room for them to grow in the months ahead.</p><p><blockquote>自那以来，该指数已上涨6.8%，本月早些时候创下历史新高。结果，屏幕上的股票数量在3月底下降到25只，这次仍保持在25只，其中许多股票因股价上涨而下跌。然而，仍有许多股票低于2019年的水平，但今年的盈利将超过2019年——这意味着它们在未来几个月还有增长空间。</blockquote></p><p> Stocks Lagging EstimatesCompanies in the Stoxx 600 whose stock currently trade 10% or more below end-2019 levels but with 2021 earnings estimates above those of 2019, with a P/E ratio under 20.</p><p><blockquote>落后于预期的股票斯托克600指数中的公司目前股价比2019年底水平低10%或以上，但2021年盈利预期高于2019年，市盈率低于20。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62565546aefb0d11006e4b97a5746aea\" tg-width=\"930\" tg-height=\"736\"><img src=\"https://static.tigerbbs.com/b281e399475bb5ee78464c4d57b43c14\" tg-width=\"932\" tg-height=\"706\"></p><p><blockquote></blockquote></p><p> Four stocks have exited the screen: French telecoms companyOrange,insurance firmAxa,French defense groupThalesand Swiss-based Coke bottlerCoca-Cola HBC.&nbsp;Axa, Coca-Cola HBC and Thales have all seen their share prices rise in the past month, leading to their exit. Orange stock still remains 21% lower than it was at the end of 2019, but the telecoms giant’s 2021 EPS estimate has fallen in recent weeks, and is now expected to be flat compared to 2019.</p><p><blockquote>四只股票退出了屏幕：法国电信公司Orange、保险公司Maxa、法国国防集团泰雷兹和瑞士可口可乐装瓶商可口可乐HBC。安盛、可口可乐HBC和泰雷兹的股价在过去一个月都上涨，导致它们退出。Orange股价仍比2019年底低21%，但这家电信巨头对2021年每股收益的预期在最近几周有所下降，目前预计与2019年持平。</blockquote></p><p> Four companies have entered the screen: French insurerCNP Assurances,Swedish telecoms companyTelia,Swiss bankCredit Suisseand Norwegian oil-and-gas producerAker BP.Shares in both CNP and Telia have slipped over the past month to more than 10% lower than their end-2019 levels. Credit Suisse features because analysts now forecast the bank’s 2021 EPS to beat that of 2019, while Aker BP’s market value has risen above $10 billion for its first inclusion in the screen.</p><p><blockquote>四家公司进入了屏幕：法国保险公司CNP Assurances、瑞典电信公司Telia、瑞士银行Credit Suisse和挪威石油和天然气生产商Raker BP。过去一个月，CNP和Telia的股价均较2019年底的水平下跌10%以上。瑞士信贷之所以引人注目，是因为分析师现在预测该银行2021年的每股收益将超过2019年，而Aker BP的市值首次出现在屏幕上，已升至100亿美元以上。</blockquote></p><p></p>","source":"lsy1603348471595","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>25 Undervalued Stocks with Earnings Set to Beat Pre-Covid Levels in 2021<blockquote>25只被低估的股票，其盈利将在2021年超过新冠疫情前的水平</blockquote></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\">\n25 Undervalued Stocks with Earnings Set to Beat Pre-Covid Levels in 2021<blockquote>25只被低估的股票，其盈利将在2021年超过新冠疫情前的水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-29 16:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since<i>Barron’s</i>last screened for European stocks whose earnings prospects may not be fully priced in, the pan-EuropeanStoxx 600has climbed to record highs despite much of the continent battling a third wave of Covid-19.</p><p><blockquote>自从<i>巴伦周刊</i>尽管欧洲大陆大部分地区正在与第三波Covid-19作斗争，但上次对其盈利前景可能尚未完全反映的欧洲股票进行筛选时，泛欧斯托克600指数已攀升至历史新高。</blockquote></p><p> The index is now up more than 10% year-to-date but there are signs that more gains could be ahead, with Europe’s economic recoveryyet to really get going. Initiallyslow vaccination rolloutsin many European countries are starting to gather pace, and the U.K. notably reopened large parts of the economy earlier this month.</p><p><blockquote>该指数今年迄今已上涨超过10%，但有迹象表明，随着欧洲经济复苏尚未真正开始，未来可能会有更多涨幅。许多欧洲国家最初缓慢的疫苗接种工作开始加快步伐，英国本月早些时候重新开放了大部分经济。</blockquote></p><p> Barclays’ European equity strategists devised a stock screen designed to find companies whose share price was lagging behind its earnings estimates. Their method screened for Stoxx 600 companies currently trading at least 5% below their levels at the end of 2019 and whose 2021 earnings per share, or EPS, estimates were above their pre-Covid 2019 EPS.</p><p><blockquote>巴克莱的欧洲股票策略师设计了一个股票屏幕，旨在寻找股价落后于其盈利预期的公司。他们的方法筛选了斯托克600指数公司，这些公司目前的交易价格比2019年底的水平至少低5%，并且其2021年每股收益(EPS)的预期高于新冠疫情爆发前的2019年EPS。</blockquote></p><p> “On this basis, consensus numbers suggest that the better earnings growth prospects of these stocks are not fully priced in, implying potentially attractive risk-reward ,” head of European equity strategy Emmanuel Cau said.</p><p><blockquote>欧洲股票策略主管Emmanuel Cau表示：“在此基础上，共识数据表明，这些股票更好的盈利增长前景并未完全反映在定价中，这意味着潜在的有吸引力的风险回报。”</blockquote></p><p> Following a similar approach,<i>Barron’s</i>screened the Stoxx 600 for stocks trading more than 10% below their levels at the end of 2019 and filtered for companies that trade for no more than 20 times forward earnings estimates. The screen used FactSet consensus estimates instead of Barclays consensus estimates. The companies must also have a market capitalization above $10 billion.</p><p><blockquote>按照类似的方法，<i>巴伦周刊</i>筛选了斯托克600指数中交易价格比2019年底水平低10%以上的股票，并筛选了交易价格不超过预期盈利预期20倍的公司。屏幕使用FactSet共识估计，而不是巴克莱共识估计。这些公司的市值还必须超过100亿美元。</blockquote></p><p> An earlier version of this screen at the end of Februarycontained 37 European companieswhose shares were more than 10% lower than their end-2019 levels.</p><p><blockquote>2月底的早期版本包含37家欧洲公司，其股价比2019年底的水平低10%以上。</blockquote></p><p> Since then, the index has jumped 6.8%, hitting record highs earlier this month. As a result the number of stocks in the screen dropped to 25 at the end of March and remains at 25 this time, with many departures down to rising share prices. However, there are still a number of stocks out there sitting below their 2019 levels but set to beat 2019 earnings this year—implying room for them to grow in the months ahead.</p><p><blockquote>自那以来，该指数已上涨6.8%，本月早些时候创下历史新高。结果，屏幕上的股票数量在3月底下降到25只，这次仍保持在25只，其中许多股票因股价上涨而下跌。然而，仍有许多股票低于2019年的水平，但今年的盈利将超过2019年——这意味着它们在未来几个月还有增长空间。</blockquote></p><p> Stocks Lagging EstimatesCompanies in the Stoxx 600 whose stock currently trade 10% or more below end-2019 levels but with 2021 earnings estimates above those of 2019, with a P/E ratio under 20.</p><p><blockquote>落后于预期的股票斯托克600指数中的公司目前股价比2019年底水平低10%或以上，但2021年盈利预期高于2019年，市盈率低于20。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62565546aefb0d11006e4b97a5746aea\" tg-width=\"930\" tg-height=\"736\"><img src=\"https://static.tigerbbs.com/b281e399475bb5ee78464c4d57b43c14\" tg-width=\"932\" tg-height=\"706\"></p><p><blockquote></blockquote></p><p> Four stocks have exited the screen: French telecoms companyOrange,insurance firmAxa,French defense groupThalesand Swiss-based Coke bottlerCoca-Cola HBC.&nbsp;Axa, Coca-Cola HBC and Thales have all seen their share prices rise in the past month, leading to their exit. Orange stock still remains 21% lower than it was at the end of 2019, but the telecoms giant’s 2021 EPS estimate has fallen in recent weeks, and is now expected to be flat compared to 2019.</p><p><blockquote>四只股票退出了屏幕：法国电信公司Orange、保险公司Maxa、法国国防集团泰雷兹和瑞士可口可乐装瓶商可口可乐HBC。安盛、可口可乐HBC和泰雷兹的股价在过去一个月都上涨，导致它们退出。Orange股价仍比2019年底低21%，但这家电信巨头对2021年每股收益的预期在最近几周有所下降，目前预计与2019年持平。</blockquote></p><p> Four companies have entered the screen: French insurerCNP Assurances,Swedish telecoms companyTelia,Swiss bankCredit Suisseand Norwegian oil-and-gas producerAker BP.Shares in both CNP and Telia have slipped over the past month to more than 10% lower than their end-2019 levels. Credit Suisse features because analysts now forecast the bank’s 2021 EPS to beat that of 2019, while Aker BP’s market value has risen above $10 billion for its first inclusion in the screen.</p><p><blockquote>四家公司进入了屏幕：法国保险公司CNP Assurances、瑞典电信公司Telia、瑞士银行Credit Suisse和挪威石油和天然气生产商Raker BP。过去一个月，CNP和Telia的股价均较2019年底的水平下跌10%以上。瑞士信贷之所以引人注目，是因为分析师现在预测该银行2021年的每股收益将超过2019年，而Aker BP的市值首次出现在屏幕上，已升至100亿美元以上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/25-undervalued-stocks-with-earnings-set-to-beat-pre-covid-levels-in-2021-51619641093?mod=mw_latestnews\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/articles/25-undervalued-stocks-with-earnings-set-to-beat-pre-covid-levels-in-2021-51619641093?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161815718","content_text":"SinceBarron’slast screened for European stocks whose earnings prospects may not be fully priced in, the pan-EuropeanStoxx 600has climbed to record highs despite much of the continent battling a third wave of Covid-19.\nThe index is now up more than 10% year-to-date but there are signs that more gains could be ahead, with Europe’s economic recoveryyet to really get going. Initiallyslow vaccination rolloutsin many European countries are starting to gather pace, and the U.K. notably reopened large parts of the economy earlier this month.\nBarclays’ European equity strategists devised a stock screen designed to find companies whose share price was lagging behind its earnings estimates. Their method screened for Stoxx 600 companies currently trading at least 5% below their levels at the end of 2019 and whose 2021 earnings per share, or EPS, estimates were above their pre-Covid 2019 EPS.\n“On this basis, consensus numbers suggest that the better earnings growth prospects of these stocks are not fully priced in, implying potentially attractive risk-reward ,” head of European equity strategy Emmanuel Cau said.\nFollowing a similar approach,Barron’sscreened the Stoxx 600 for stocks trading more than 10% below their levels at the end of 2019 and filtered for companies that trade for no more than 20 times forward earnings estimates. The screen used FactSet consensus estimates instead of Barclays consensus estimates. The companies must also have a market capitalization above $10 billion.\nAn earlier version of this screen at the end of Februarycontained 37 European companieswhose shares were more than 10% lower than their end-2019 levels.\nSince then, the index has jumped 6.8%, hitting record highs earlier this month. As a result the number of stocks in the screen dropped to 25 at the end of March and remains at 25 this time, with many departures down to rising share prices. However, there are still a number of stocks out there sitting below their 2019 levels but set to beat 2019 earnings this year—implying room for them to grow in the months ahead.\nStocks Lagging EstimatesCompanies in the Stoxx 600 whose stock currently trade 10% or more below end-2019 levels but with 2021 earnings estimates above those of 2019, with a P/E ratio under 20.\n\nFour stocks have exited the screen: French telecoms companyOrange,insurance firmAxa,French defense groupThalesand Swiss-based Coke bottlerCoca-Cola HBC. Axa, Coca-Cola HBC and Thales have all seen their share prices rise in the past month, leading to their exit. Orange stock still remains 21% lower than it was at the end of 2019, but the telecoms giant’s 2021 EPS estimate has fallen in recent weeks, and is now expected to be flat compared to 2019.\nFour companies have entered the screen: French insurerCNP Assurances,Swedish telecoms companyTelia,Swiss bankCredit Suisseand Norwegian oil-and-gas producerAker BP.Shares in both CNP and Telia have slipped over the past month to more than 10% lower than their end-2019 levels. Credit Suisse features because analysts now forecast the bank’s 2021 EPS to beat that of 2019, while Aker BP’s market value has risen above $10 billion for its first inclusion in the screen.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378344557,"gmtCreate":1619006197579,"gmtModify":1631883992171,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Keep watching Netflix, will go to heaven earlier... sitting is one of the riskiest activities..people want to socialize.","listText":"Keep watching Netflix, will go to heaven earlier... sitting is one of the riskiest activities..people want to socialize.","text":"Keep watching Netflix, will go to heaven earlier... sitting is one of the riskiest activities..people want to socialize.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378344557","repostId":"1122748494","repostType":2,"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351124504,"gmtCreate":1616577310808,"gmtModify":1634525118928,"author":{"id":"3577708378427970","authorId":"3577708378427970","name":"AAZJ","avatar":"https://static.tigerbbs.com/c21ac0d008fcc2c57672a3faa82d43b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577708378427970","authorIdStr":"3577708378427970"},"themes":[],"htmlText":"Ok worth 10 more cents","listText":"Ok worth 10 more cents","text":"Ok worth 10 more cents","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351124504","repostId":"1169203899","repostType":4,"repost":{"id":"1169203899","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616575138,"share":"https://www.laohu8.com/m/news/1169203899?lang=zh_CN&edition=full","pubTime":"2021-03-24 16:38","market":"hk","language":"en","title":"Tencent's quarterly profit jumps 175%, above forecast<blockquote>腾讯控股季度利润跃升175%，高于预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169203899","media":"Tiger Newspress","summary":"Chinese gaming and social media giant Tencent Holdings Ltd on Wednesday reported a forecast-beating ","content":"<p>Chinese gaming and social media giant Tencent Holdings Ltd on Wednesday reported a forecast-beating 175% rise in quarterly profit.</p><p><blockquote>中国游戏和社交媒体巨头腾讯控股控股有限公司周三公布季度利润增长175%，超出预期。</blockquote></p><p>Tencent Holdings: in 2020, the annual revenue is 482.064 billion yuan, the market is expected to be 480.401 billion yuan, the same period last year is 377.289 billion yuan; in 2020, the annual net profit is 159.85 billion yuan, the market is expected to be 129.226 billion yuan, the same period last year is 93.31 billion yuan; the combined monthly active accounts of wechat and wechat are 1.23 billion yuan; in 2020, the online game revenue increases by 36% to 156.1 billion yuan.</p><p><blockquote>腾讯控股控股：2020年全年营收4820.64亿元，市场预期4804.01亿元，上年同期3772.89亿元；2020年全年净利润1598.5亿元，市场预期1292.26亿元，去年同期933.1亿元；微信、微信合计月活跃账户12.3亿元；2020年，网络游戏收入增长36%至1561亿元。</blockquote></p><p>Tencent's fourth-quarter revenue was 133.67 billion yuan, a year-on-year increase of 26%, basically in line with market expectations. Net profit in the fourth quarter was 59.302 billion yuan, a year-on-year increase of 175%; non-IFRS net profit was 33.207 billion yuan, a year-on-year increase of 30%.</p><p><blockquote>腾讯控股第四季度营收1336.7亿元，同比增长26%，基本符合市场预期。四季度净利润593.02亿元，同比增长175%；非国际财务报告准则净利润332.07亿元，同比增长30%。</blockquote></p><p>In 2020, the revenue of online games will increase by 36% to 156.1 billion yuan; the total revenue of smartphone games and PC client games will be 146.6 billion yuan and 44.6 billion yuan respectively.</p><p><blockquote>2020年，网络游戏收入增长36%至1561亿元；智能手机游戏和PC端游的总收入将分别为1466亿元和446亿元。</blockquote></p><p>qtrly revenues rmb133,669 million versus rmb105,767 million,qtrly profit attributable rmb59,302 million versus rmb21,582 million,revenues from online advertising increased by 15% to rmb24.7 billion for q4 of 2020.</p><p><blockquote>2020年第四季度，季度收入为人民币1,336.69亿元，较人民币1,057.67亿元，季度应占利润为人民币593.02亿元，较人民币215.82亿元，在线广告收入增长15%至人民币247亿元。</blockquote></p><p>Tencent said that the strategic focus of our fintech business is to actively cooperate with regulators, launch compliant and inclusive fintech products with industry partners, and give priority to risk management rather than scale.</p><p><blockquote>腾讯控股表示，我们金融科技业务的战略重点是积极与监管机构合作，与行业伙伴一起推出合规、普惠的金融科技产品，优先考虑风险管理而非规模。</blockquote></p><p><img src=\"https://static.tigerbbs.com/46237e2ef07e8307a381f153a405fbb5\" tg-width=\"1175\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/70719ea5d884292054cc41597c46870d\" tg-width=\"853\" tg-height=\"683\" referrerpolicy=\"no-referrer\">The following table sets forth  revenues by line of business for the year ended 31 December 2020 and 2019:</p><p><blockquote>下表载列截至2020年及2019年12月31日止年度按业务类别划分的收益：</blockquote></p><p><img src=\"https://static.tigerbbs.com/19d452d37839f74b76938efdc88055b2\" tg-width=\"919\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>－ Revenues from our VAS business increased by 32% to RMB264.2 billion on a yearon-year basis. Online games revenues grew by 36% to RMB156.1 billion. The increase was primarily driven by revenue growth from our smart phone games in both domestic and overseas markets, particularly from titles such as Peacekeeper Elite, Honour of Kings and PUBG Mobile, as well as the full year effect of Supercell consolidation, while our PC client games revenues decreased slightly. Total smart phone games revenues (including smart phone games revenues attributable to our social networks business) were RMB146.6 billion and PC client games revenues were RMB44.6 billion for the year ended 31 December 2020. Social networks revenues increased by 27% to RMB108.1 billion. The increase was primarily due to the consolidation of HUYA’s live broadcast services, revenue growth from our music and video subscription services, as well as growth from our in-game virtual item sales.</p><p><blockquote>-增值服务业务收入同比增长32%至人民币2,642亿元。网络游戏收入增长36%至人民币1,561亿元。该增长主要是由于我们在国内外市场的智能手机游戏收入增长，特别是来自《和平卫士精英》、《王者荣耀》和《绝地求生》等游戏，以及Supercell整合的全年影响，而我们的PC客户端游戏收入略有下降。截至2020年12月31日止年度，智能手机游戏总收入（包括社交网络业务应佔的智能手机游戏收入）为人民币1,466亿元，PC客户端游戏收入为人民币446亿元。社交网络收入增长27%至人民币1,081亿元。该增加主要是由于合并虎牙的直播服务、音乐及视频订阅服务的收入增长以及游戏内虚拟物品销售的增长。</blockquote></p><p>－ Revenues from our Online Advertising business increased by 20% to RMB82.3 billion on a year-on-year basis, benefitting from our platform integration and upgraded algorithms, along with rising demand from advertiser categories such as education, Internet services and eCommerce platforms. Social and others advertising revenues grew by 29% to RMB68.0 billion. The increase was primarily driven by higher advertising revenues from Weixin (primarily Weixin Moments) as a result of its increased inventories, as well as revenue contributions from our mobile advertising network due to our video format advertisements. Media advertising revenues decreased by 8% to RMB14.3 billion. The decrease mainly reflected lower advertising revenues from Tencent Video amid the challenging macro environment and delays to content productions and launches, partly offset by advertising revenue growth from our music streaming apps.</p><p><blockquote>—受惠于平台整合及算法升级，以及教育、互联网服务及电子商务平台等广告主类别需求上升，我们的线上广告业务收入同比增长20%至人民币823亿元。社交及其他广告收入增长29%至人民币680亿元。该增加主要是由于微信（主要是微信朋友圈）的库存增加导致其广告收入增加，以及我们的移动广告网络因我们的视频格式广告带来的收入贡献所推动。媒体广告收入减少8%至人民币143亿元。该下降主要反映了腾讯控股视频的广告收入在充满挑战的宏观环境以及内容制作和发布延迟的情况下下降，但部分被我们音乐流媒体应用的广告收入增长所抵消。</blockquote></p><p>－Revenues from FinTech and Business Services increased by 26% to RMB128.1 billion on a year-on-year basis. The increase primarily reflected higher revenues from commercial payment, wealth management and Cloud Services, driven by our expanded user base and business scale.</p><p><blockquote>-金融科技及商业服务收入同比增长26%至人民币1,281亿元。这一增长主要反映了我们用户群和业务规模扩大推动的商业支付、财富管理和云服务收入增加。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0324/2021032400488.pdf\" target=\"_blank\">ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020</a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0324/2021032400488.pdf\" target=\"_blank\">截至二零二零年十二月三十一日止年度之全年业绩公告</a></blockquote></p><p></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>Tencent's quarterly profit jumps 175%, above forecast<blockquote>腾讯控股季度利润跃升175%，高于预期</blockquote></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; 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}\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\">\nTencent's quarterly profit jumps 175%, above forecast<blockquote>腾讯控股季度利润跃升175%，高于预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-24 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese gaming and social media giant Tencent Holdings Ltd on Wednesday reported a forecast-beating 175% rise in quarterly profit.</p><p><blockquote>中国游戏和社交媒体巨头腾讯控股控股有限公司周三公布季度利润增长175%，超出预期。</blockquote></p><p>Tencent Holdings: in 2020, the annual revenue is 482.064 billion yuan, the market is expected to be 480.401 billion yuan, the same period last year is 377.289 billion yuan; in 2020, the annual net profit is 159.85 billion yuan, the market is expected to be 129.226 billion yuan, the same period last year is 93.31 billion yuan; the combined monthly active accounts of wechat and wechat are 1.23 billion yuan; in 2020, the online game revenue increases by 36% to 156.1 billion yuan.</p><p><blockquote>腾讯控股控股：2020年全年营收4820.64亿元，市场预期4804.01亿元，上年同期3772.89亿元；2020年全年净利润1598.5亿元，市场预期1292.26亿元，去年同期933.1亿元；微信、微信合计月活跃账户12.3亿元；2020年，网络游戏收入增长36%至1561亿元。</blockquote></p><p>Tencent's fourth-quarter revenue was 133.67 billion yuan, a year-on-year increase of 26%, basically in line with market expectations. Net profit in the fourth quarter was 59.302 billion yuan, a year-on-year increase of 175%; non-IFRS net profit was 33.207 billion yuan, a year-on-year increase of 30%.</p><p><blockquote>腾讯控股第四季度营收1336.7亿元，同比增长26%，基本符合市场预期。四季度净利润593.02亿元，同比增长175%；非国际财务报告准则净利润332.07亿元，同比增长30%。</blockquote></p><p>In 2020, the revenue of online games will increase by 36% to 156.1 billion yuan; the total revenue of smartphone games and PC client games will be 146.6 billion yuan and 44.6 billion yuan respectively.</p><p><blockquote>2020年，网络游戏收入增长36%至1561亿元；智能手机游戏和PC端游的总收入将分别为1466亿元和446亿元。</blockquote></p><p>qtrly revenues rmb133,669 million versus rmb105,767 million,qtrly profit attributable rmb59,302 million versus rmb21,582 million,revenues from online advertising increased by 15% to rmb24.7 billion for q4 of 2020.</p><p><blockquote>2020年第四季度，季度收入为人民币1,336.69亿元，较人民币1,057.67亿元，季度应占利润为人民币593.02亿元，较人民币215.82亿元，在线广告收入增长15%至人民币247亿元。</blockquote></p><p>Tencent said that the strategic focus of our fintech business is to actively cooperate with regulators, launch compliant and inclusive fintech products with industry partners, and give priority to risk management rather than scale.</p><p><blockquote>腾讯控股表示，我们金融科技业务的战略重点是积极与监管机构合作，与行业伙伴一起推出合规、普惠的金融科技产品，优先考虑风险管理而非规模。</blockquote></p><p><img src=\"https://static.tigerbbs.com/46237e2ef07e8307a381f153a405fbb5\" tg-width=\"1175\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/70719ea5d884292054cc41597c46870d\" tg-width=\"853\" tg-height=\"683\" referrerpolicy=\"no-referrer\">The following table sets forth  revenues by line of business for the year ended 31 December 2020 and 2019:</p><p><blockquote>下表载列截至2020年及2019年12月31日止年度按业务类别划分的收益：</blockquote></p><p><img src=\"https://static.tigerbbs.com/19d452d37839f74b76938efdc88055b2\" tg-width=\"919\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>－ Revenues from our VAS business increased by 32% to RMB264.2 billion on a yearon-year basis. Online games revenues grew by 36% to RMB156.1 billion. The increase was primarily driven by revenue growth from our smart phone games in both domestic and overseas markets, particularly from titles such as Peacekeeper Elite, Honour of Kings and PUBG Mobile, as well as the full year effect of Supercell consolidation, while our PC client games revenues decreased slightly. Total smart phone games revenues (including smart phone games revenues attributable to our social networks business) were RMB146.6 billion and PC client games revenues were RMB44.6 billion for the year ended 31 December 2020. Social networks revenues increased by 27% to RMB108.1 billion. The increase was primarily due to the consolidation of HUYA’s live broadcast services, revenue growth from our music and video subscription services, as well as growth from our in-game virtual item sales.</p><p><blockquote>-增值服务业务收入同比增长32%至人民币2,642亿元。网络游戏收入增长36%至人民币1,561亿元。该增长主要是由于我们在国内外市场的智能手机游戏收入增长，特别是来自《和平卫士精英》、《王者荣耀》和《绝地求生》等游戏，以及Supercell整合的全年影响，而我们的PC客户端游戏收入略有下降。截至2020年12月31日止年度，智能手机游戏总收入（包括社交网络业务应佔的智能手机游戏收入）为人民币1,466亿元，PC客户端游戏收入为人民币446亿元。社交网络收入增长27%至人民币1,081亿元。该增加主要是由于合并虎牙的直播服务、音乐及视频订阅服务的收入增长以及游戏内虚拟物品销售的增长。</blockquote></p><p>－ Revenues from our Online Advertising business increased by 20% to RMB82.3 billion on a year-on-year basis, benefitting from our platform integration and upgraded algorithms, along with rising demand from advertiser categories such as education, Internet services and eCommerce platforms. Social and others advertising revenues grew by 29% to RMB68.0 billion. The increase was primarily driven by higher advertising revenues from Weixin (primarily Weixin Moments) as a result of its increased inventories, as well as revenue contributions from our mobile advertising network due to our video format advertisements. Media advertising revenues decreased by 8% to RMB14.3 billion. The decrease mainly reflected lower advertising revenues from Tencent Video amid the challenging macro environment and delays to content productions and launches, partly offset by advertising revenue growth from our music streaming apps.</p><p><blockquote>—受惠于平台整合及算法升级，以及教育、互联网服务及电子商务平台等广告主类别需求上升，我们的线上广告业务收入同比增长20%至人民币823亿元。社交及其他广告收入增长29%至人民币680亿元。该增加主要是由于微信（主要是微信朋友圈）的库存增加导致其广告收入增加，以及我们的移动广告网络因我们的视频格式广告带来的收入贡献所推动。媒体广告收入减少8%至人民币143亿元。该下降主要反映了腾讯控股视频的广告收入在充满挑战的宏观环境以及内容制作和发布延迟的情况下下降，但部分被我们音乐流媒体应用的广告收入增长所抵消。</blockquote></p><p>－Revenues from FinTech and Business Services increased by 26% to RMB128.1 billion on a year-on-year basis. The increase primarily reflected higher revenues from commercial payment, wealth management and Cloud Services, driven by our expanded user base and business scale.</p><p><blockquote>-金融科技及商业服务收入同比增长26%至人民币1,281亿元。这一增长主要反映了我们用户群和业务规模扩大推动的商业支付、财富管理和云服务收入增加。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0324/2021032400488.pdf\" target=\"_blank\">ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020</a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0324/2021032400488.pdf\" target=\"_blank\">截至二零二零年十二月三十一日止年度之全年业绩公告</a></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169203899","content_text":"Chinese gaming and social media giant Tencent Holdings Ltd on Wednesday reported a forecast-beating 175% rise in quarterly profit.Tencent Holdings: in 2020, the annual revenue is 482.064 billion yuan, the market is expected to be 480.401 billion yuan, the same period last year is 377.289 billion yuan; in 2020, the annual net profit is 159.85 billion yuan, the market is expected to be 129.226 billion yuan, the same period last year is 93.31 billion yuan; the combined monthly active accounts of wechat and wechat are 1.23 billion yuan; in 2020, the online game revenue increases by 36% to 156.1 billion yuan.Tencent's fourth-quarter revenue was 133.67 billion yuan, a year-on-year increase of 26%, basically in line with market expectations. Net profit in the fourth quarter was 59.302 billion yuan, a year-on-year increase of 175%; non-IFRS net profit was 33.207 billion yuan, a year-on-year increase of 30%.In 2020, the revenue of online games will increase by 36% to 156.1 billion yuan; the total revenue of smartphone games and PC client games will be 146.6 billion yuan and 44.6 billion yuan respectively.qtrly revenues rmb133,669 million versus rmb105,767 million,qtrly profit attributable rmb59,302 million versus rmb21,582 million,revenues from online advertising increased by 15% to rmb24.7 billion for q4 of 2020.Tencent said that the strategic focus of our fintech business is to actively cooperate with regulators, launch compliant and inclusive fintech products with industry partners, and give priority to risk management rather than scale.The following table sets forth  revenues by line of business for the year ended 31 December 2020 and 2019:－ Revenues from our VAS business increased by 32% to RMB264.2 billion on a yearon-year basis. Online games revenues grew by 36% to RMB156.1 billion. The increase was primarily driven by revenue growth from our smart phone games in both domestic and overseas markets, particularly from titles such as Peacekeeper Elite, Honour of Kings and PUBG Mobile, as well as the full year effect of Supercell consolidation, while our PC client games revenues decreased slightly. Total smart phone games revenues (including smart phone games revenues attributable to our social networks business) were RMB146.6 billion and PC client games revenues were RMB44.6 billion for the year ended 31 December 2020. Social networks revenues increased by 27% to RMB108.1 billion. The increase was primarily due to the consolidation of HUYA’s live broadcast services, revenue growth from our music and video subscription services, as well as growth from our in-game virtual item sales.－ Revenues from our Online Advertising business increased by 20% to RMB82.3 billion on a year-on-year basis, benefitting from our platform integration and upgraded algorithms, along with rising demand from advertiser categories such as education, Internet services and eCommerce platforms. Social and others advertising revenues grew by 29% to RMB68.0 billion. The increase was primarily driven by higher advertising revenues from Weixin (primarily Weixin Moments) as a result of its increased inventories, as well as revenue contributions from our mobile advertising network due to our video format advertisements. Media advertising revenues decreased by 8% to RMB14.3 billion. The decrease mainly reflected lower advertising revenues from Tencent Video amid the challenging macro environment and delays to content productions and launches, partly offset by advertising revenue growth from our music streaming apps.－Revenues from FinTech and Business Services increased by 26% to RMB128.1 billion on a year-on-year basis. The increase primarily reflected higher revenues from commercial payment, wealth management and Cloud Services, driven by our expanded user base and business scale.ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}