Global macro

• Morgan Stanley: it is expected that the rise of the S & P 500 index will be limited in the rest of this year.

The S & P has exceeded Morgan Stanley's year-end target of 3900, and they have not raised that target. Instead, economists speculate that the upside of major US stock indices will be limited for the rest of the year. Economists at the bank say the main reason US stock valuations will be a disadvantage is that the economy has entered the mid-term transition of the recovery cycle, during which the price-to-earnings ratio of the S & P 500 typically falls by about 20 per cent. So far, it has fallen by only 5%.

• Hedge fund founder: when the Federal Reserve fights inflation, the US stock market may plunge by 20%.

Concerns about inflation roiled the market last week. Dan Niles, founder of Satori Fund, warned that the Fed could signal later this year that it would end the pandemic-era easing, which could cause the US stock market to plunge 20 per cent.

• Musk was wrong! ARK: Bitcoin mining is actually good for the environment

After Mr Musk raised concerns about the energy consumption of bitcoin, Yassine Elmandjra, an analyst at ARK encrypted assets, said on Monday that such concerns were "misguided". Bitcoin mining "can convert intermittent power resources into basic load generation through energy storage, thus affecting the amount of renewable energy supplied to the grid," Elmandjra said. Without bitcoin mining, renewable energy can only meet 40% of the needs of the grid, but under commercial "subsidies" related to bitcoin mining, renewable energy will meet 99% of the demand. "

• Gartner: global semiconductor supply shortages are expected to persist throughout 2021

Consulting firm Gartner predicts that global semiconductor supply shortages will persist throughout 2021 and return to normal levels in the second quarter of 2022.

• Us stock index futures rose

Recently, before the US stock market, the three major index futures rose collectively. As of press release, Dow futures rose 0.19%, Nasdaq futures rose 0.61%, and S & P 500 index futures rose 0.22%.

• The Biden infrastructure plan may not have $2 trillion.

Republican lawmakers say they will submit a new version of their response to the biggest infrastructure plan in a decade to the Biden administration on Tuesday. The amount of the new response proposal is rising, which means that the difference between Republicans and Biden over the amount of infrastructure plans is narrowing. However, most Republican lawmakers are still opposed to Biden's tax increase plan. The initial Republican proposal was to spend $568 billion over five years, far less than the $2.25 trillion infrastructure and jobs support package proposed by Biden.

• The demand for energy is strong, with cloth oil exceeding 70 US dollars for the first time since March.

Today, Brent crude broke through $70 a barrel for the first time since March 15. Demand for crude oil rebounded from the bottom during the epidemic due to the economic recovery in Europe and the United States and the recovery of the aviation industry. The International Energy Agency said last week that the oversupply accumulated during the pandemic had been largely eliminated. There are optimistic market expectations that with the acceleration of vaccination in the world's major economies, global demand for crude oil will further increase.

• There was an outflow of nearly $100 million from Bitcoin assets last week, the largest in history.

Investors are increasingly diversifying their investments in cryptocurrencies with the development of specific block chain networks such as Ethernet Fong, according to a report released on Monday by CoinShares, a digital currency management company. Outflows of bitcoin products and funds last week were at an all-time high. Last week, outflows from Bitcoin products and funds totaled $98 million, the largest weekly outflow since records began.

• European stock markets rose generally.
  

European stocks generally rose, with Germany's DAX30 up 0.08%, Europe's Stoxx 50 up 0.18% and Italy's FTSE MIB up 0.29%.

Hot news

• Baidu, Inc. Q1 revenue increased 25% year-on-year to 28.134 billion yuan, non-advertising revenue increased 70% year-on-year
  

$Baidu, Inc. (BIDU.US) $Q1 reported revenue of 28.134 billion yuan in 2021, up 25% from the same period last year, and adjusted net profit of 4.297 billion yuan, up 39% from the same period last year. Yu Zhengjun, the company's chief financial officer, said, "Baidu, Inc. 's core business performed strongly in the first quarter, with revenue up 34 per cent from a year earlier, thanks to a 70 per cent year-on-year increase in non-advertising revenue. We will continue to invest heavily in sales, R & D and operations to support the rapid development of our AI-driven business. Baidu, Inc. rose about 3 per cent before the session.

• IQIYI, Inc. 's Q1 revenue was 8 billion yuan, an increase of 4% over the same period last year.
  

$iQIYI, Inc. (IQ.US) $Release first quarter 2021 results. According to the financial report, iQIYI, Inc. 's revenue in the first quarter was 8 billion yuan, an increase of 4 percent over the same period last year, and the market expected 7.674 billion yuan. The net loss was 1.3 billion yuan, compared with 2.9 billion yuan in the same period last year. The company expects second-quarter revenue of 7.21 billion yuan to 7.65 billion yuan, a year-on-year growth rate of-3% to 3%.

• NetEase, Inc's Q1 revenue was 20.5 billion yuan, an increase of 20.2% over the same period last year.

$NetEase, Inc (NTES.US) $The financial report for the first quarter of 2021 shows that in the first quarter, NetEase, Inc's revenue was 20.5 billion yuan, an increase of 20.2% over the same period last year, and the market expected 20.25 billion yuan; the net profit of returning home was 4.439 billion yuan, an increase of 25% over the same period last year, and the market is expected to make an adjusted net profit of 4.253 billion yuan.

• Renaissance Technology Q1 position: increase position Tesla, Inc., reduce Baidu, Inc., Pinduoduo

Renaissance Technology (Renaissance Technologies) submitted its position report for the first quarter ended March 31, 2021 (13F). Judging from the change in the proportion of positions, the top five buying targets are:$Tesla, Inc. (TSLA.US) $、$Roku (ROKU.US) $、$AT&T Inc (T.US) $、$Qualcomm Inc (QCOM.US) $和$VIACOMCBS INC (VIAC.US) $. The top five sellers are$Baidu, Inc. (BIDU.US) $、$Pinduoduo (PDD.US) $、$Bristol-Myers Squibb Co (BMY.US) $、$AbbVie Inc (ABBV.US) $和$Ink BBQ (CMG.US) $等。

• ARK is close to clearing Apple Inc stock.
  

Ark Investment Management sold almost everything on Monday, according to Bloomberg daily trading updates.$Apple Inc (AAPL.US) $Holding shares. According to the Ark website, the only company owned by Catie Wood that still owns the shares of Apple Inc$ARK Fintech Innovation ETF (ARKF.US) $He sold 188455 Apple Inc shares and now holds only 2702 shares.

• It is reported that the release of Apple Inc's new 14-inch MacBook Pro 14-inch will be postponed.

According to media reports, it was previously rumored$Apple Inc (AAPL.US) $The 14-inch and 16-inch MacBook Pro with mini-LED screens, which will be launched this year, may be updated until 2022.

• Musk: Tesla, Inc. Berlin Super Factory is expected to start production by the end of this year.

According to the media$Tesla, Inc. (TSLA.US) $CEO Elon Musk said his Berlin superplant is expected to start production by the end of this year. The plant, located near the GVZ Berlin-Ost Freienbrink industrial park, began construction last year. The plant was originally scheduled to start production in July 2021, but construction was suspended several times because of snake hibernation and unpaid safety deposits, causing delays in production.

• Morgan Stanley: increase the rating for Amazon.Com Inc, with a target price of 4500 US dollars.

Morgan Stanley analyst Brian Nowak expects$Amazon.Com Inc (AMZN.US) $GAAP's earnings per share in fiscal year 2023 will be about $120. Given that Amazon.Com Inc can continue to expand profitability even through "sustained and active investment", investors may start to consider valuing the company based on GAAP earnings per share. In a "bull market scenario", Amazon.Com Inc's share price could reach about $5000-$6000 within 12 months, Nowak said. The analyst rated Amazon.Com Inc as overweight, with a target price of $4500.

• The German antitrust regulator filed a lawsuit against Amazon.Com Inc

Germany's antitrust regulator said on Tuesday that$Amazon.Com Inc (AMZN.US) $Whether it abused its dominant market position to launch a new investigation. "first of all, we are studying whether Amazon.Com Inc has outstanding cross-market importance in the competition," the German Federal Cartel Office said in a statement. The regulator said that if such marketing practices were found, the new rules for digital companies would allow it to ban any anti-competitive behaviour at an earlier stage.

• The revenue of "Southeast Asia Little Tencent" Sea Q1 was 1.8 billion US dollars, an increase of 146.7% over the same period last year.

"Southeast Asia Little Tencent"$Sea Limited (SE.US) $Q1 for 2021 reported total revenue of $1.8 billion, up 146.7% from a year earlier, and a net loss of $422 million, compared with a net loss of $280 million in the same period the previous year. At present, the company's pre-market share price is down more than 2%.