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Market Insights: Feb 29th, 2024

TraderKnows
TraderKnows
02-29

On February 29, the Shanghai and Shenzhen stock markets performed strongly; National economic statistics for 2023 were released; Trend of bulk commodity prices.

Financial Markets:

  1. On February 29, the Shanghai and Shenzhen stock markets performed strongly, with the Shanghai Composite Index up 1.16%, the Shenzhen Component Index up 2.06%, and the ChiNext Price Index up 2.17%. Nearly 5000 stocks advanced across the market. Northbound funds net bought 8.738 billion yuan, with a net inflow of 3.862 billion yuan from major investors.
  2. On Wednesday, in US stock markets, Bitcoin trading witnessed a mid-session surge of 13%, but later, the gains narrowed to less than 6%.
  3. Salesforce's performance in the fourth fiscal quarter was impressive, exceeding expectations in both revenue and profits, albeit its stock price fell by up to 7% after-hours.
  4. Commodity Prices Trends: U.S. crude turned lower during the session, Brent crude barely closed higher, gold prices turned positive, but futures gold eventually closed lower, while copper fell back to low levels.
  5. The U.S. real GDP for the fourth quarter was slightly revised down to an annual rate of 3.2%, below expectations; U.S. EIA crude oil inventories increased for the fifth consecutive week, with stocks unexpectedly rising by 4.2 million barrels last week.
  6. Federal Reserve officials discussed the possibility of adjusting the pace of rate cuts, indicating it may differ from previous rate-cut cycles.

Technology Sector:

  1. Meta plans to launch the Llama 3 model, hoping it will rival OpenAI's GPT-4, which has become a powerful multimodal model.
  2. Baidu's Q4 revenue hits a record high, up by 6% year-on-year, while net profit drops by 48%. Ernie Bot's user base surpasses 100 million.
  3. Volvo Cars plans to distribute about 62.7% of its approximately 48% stake in Polestar to Geely Holding, valued at about 6.63 billion yuan.

Legal and Regulatory:

  1. The former senior manager of the ICBC Fujian branch is under investigation by the Fuzhou Municipal Supervisory Committee for serious legal violations.
  2. The China Securities Regulatory Commission held a meeting on the construction of legal systems in the capital market, emphasizing the strengthening of legal system construction and law enforcement efficiency.

Other:

  1. The 2023 national economic statistics were released, showing an annual GDP growth of 5.2% and a population decrease of 2.08 million.
  2. Reliable Shares (301009.SZ) announced that the original actual controllers, the couple Jin Liwei and Bao Jia, have dissolved their marriage. After the division of shares, they each hold 30.93% and 29.93% of the company, respectively, making Jin Liwei the sole actual controller of the company.
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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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