On the 28th, the three major stock markets showed a mixed trend as they watched the remarks of the central bank governors of each country held in Portugal. Treasury yields fell, and gold and cryptocurrency prices fell.
According to the Weekly MBA Mortgage Index released on this day, the number of weekly mortgage applications increased by 3.0% compared to the previous week. Although the 30-year mortgage rate rose from 6.73% to 6.75%, applications actually increased. Analysts say that there are signs that the housing market will revive again, with new home sales increasing for three consecutive months.
At the European Central Bank (ECB) annual monetary policy forum, which began early in the market, central bank heads of each country repeatedly made hawkish remarks. Key speakers included Jerome Powell, Fed Chair, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Japan Governor Kazuo Ueda.
“Monetary policy is constrained, but the period may not be long enough,” Powell said. “We could raise rates at least twice this year.” “It is unlikely that the ECB can say with complete certainty that interest rates have peaked in the near future,” ECB President Lagarde said.
On Wall Street, there were many expectations for a soft landing. Goldman Sachs raised the US second-quarter GDP growth rate from 1.8% to 2.2%. Yardeni Research analyzed that the recession clock is being pushed back, citing the fact that recent economic indicators are sound. Barclays also saw the potential for more money to flow into mutual funds as the recession is delayed and the artificial intelligence (AI) craze blows.
At the beginning of the trading session, semiconductor-related stocks were weak due to concerns about the US strengthening semiconductor exports to China. It is known that the White House is considering a plan to further regulate the export of AI semiconductors to China. As it can be used in advanced weapons, it is said that the final regulation can be stipulated sooner or later. As a result, stock prices of semiconductor companies with a high proportion of exports to China, such as Nvidia and AMD, took a hit.
It was reported that UBS is preparing for large-scale job cuts after the acquisition of Credit Suisse (CS). It is reported that the company is considering a plan to cut about 30% of its total number of 120,000 employees. It is a measure to cut costs, but concerns about maintaining market dominance have also grown.
Tesla’s share price was strong on the analysis that it would post record sales in the second quarter in China. China’s second quarter sales are expected to be 155,000 units. However, it was analyzed that the market share would have fallen from 16% to 13.7%.
Shares of General Mills, which announced earnings ahead of time, also fell. The bad news was that sales volume would decrease by 6% compared to the previous year and the proportion of labor costs would increase.
Pinterest and First Citizens were bullish as reports came out that raised their investment ratings. A report came out that lowered the investment opinion on Walgreens, which released sluggish performance the day before. In addition, positive investment opinions came out for Pepsi, Nike, Dear, Netflix, Workday, Carmax, Zoom Infotechnology, and Visa. On the other hand, reports were published that lowered investment opinions for Uber, Regeneron, West Alliance, and Carnival.
New York = Jeong So-ram/Shin In-gyu Correspondent ram@hankyung.com
2023-06-28 15:48:41
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