Asian markets cooled off a bit Friday
The MSCI Asia-Pacific index dipped 0.1% to 613.4, though it's still up over 3% for the week. Goldman just raised its 12-month target on it from 620 to 660, a strong bullish signal despite today's pullback in names like the Hang Seng (-0.6%) and Nikkei (-0.4%).
Bond markets caught a break too. The 10Y Treasury yield dropped 3bps Friday to 4.424%, capping an 8bps weekly rise. Two-year yields eased to 3.947%. Markets are now pricing in 56bps of Fed cuts for 2025 after soft U.S. retail sales and surprise declines in producer prices. Oil bounced slightly to $61.71 (WTI) and $64.61 (Brent), while gold slipped 0.5% to $3,223/oz, still down 3% on the week.
Take $Cango (CANG.US)$ for example, revenue fell 44% YoY last quarter, but net income rose to $7.2M due to expenses cutting. If China’s recovery remains fragile and auto demand picks up, Cango could benefit from leaner ops and better margins. Also $Li Auto (LI.US)$ , while EV sentiment cooled globally, they reported Q1 deliveries of 80,400 units, up 52% YoY.
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