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The Indian government says a joint statement will be issued following the India-Canada trade and investment dialogue.On November 14th, according to Tianyancha App, Xiaomi Automotive Technology Co., Ltd. recently published a patent application for "Vehicle Speeding Warning Method, Device, Vehicle, Storage Medium, and Program Product." The abstract shows that this disclosure relates to the field of vehicle technology, including: collecting object information from the vehicles environment using sensors, selecting preset types of objects as reference objects based on the object information, obtaining the vehicles relative speed to the moving reference objects, and outputting speeding warning information when the relative speed is within the speeding warning threshold range, thereby improving driving safety.On November 14th, Bank of America Securities issued a research report initiating coverage of Innoscience (02577.HK) with a "Buy" rating and a target price of HK$108. Innoscience is a leading manufacturer of gallium nitride (GaN) power semiconductors, holding the largest global market share by revenue last year at 30%. Bank of America Securities is optimistic about Innosciences long-term growth prospects, citing factors including the rapid growth of the global GaN power semiconductor market at a CAGR of 63% (2024-2028); economies of scale and technological innovation leading to continued improvement in profitability; and the potential for revenue growth from 2027 onwards through its collaboration with NVIDIA on an 800VHVDC architecture. Bank of America Securities forecasts Innosciences revenue CAGR of 72% from 2024 to 2027, with a net profit margin of 12.1% in 2027.On November 14th, CICC released a report stating that Bilibili (09626.HK) reported a 5% year-on-year revenue increase to RMB 7.69 billion in the third quarter, exceeding CICCs forecast of RMB 7.61 billion. Non-GAAP net profit reached RMB 787 million, better than CICCs forecast of RMB 563 million, mainly benefiting from rapid growth in advertising revenue and better-than-expected gross margin performance. Based on the improving gross margin trend, CICC raised its 2025 and 2026 net profit forecasts for Bilibili by 7.8% and 2.3% respectively, to RMB 2.44 billion and RMB 3.06 billion. CICC raised its target prices for Bilibilis US-listed shares and H-shares by 7.4% and 7.8% respectively, to US$29 and HK$220, maintaining its "Outperform" rating.November 14th - It was learned on the 13th local time that Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will "intensify exercises" in the country "in the coming days." In late October, Venezuelan President Maduro announced the suspension of progress on a natural gas cooperation agreement with Trinidad and Tobago. Maduro stated that this decision was in response to Trinidad and Tobagos support for the USs so-called "anti-drug" operations in the Caribbean. Trinidad and Tobago are separated from Venezuela by the Gulf of Paria, with their coastlines at their closest point only about 10 kilometers apart.

S&P 500 Tests Support At 4000 As Risk Appetite Declines

Jimmy Khan

Dec 06, 2022 15:39

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As the ISM Services PMI Report exceeded analyst expectations, stocks are under heavy pressure.


As traders' risk appetite decreased following the release of the better-than-expected ISM Services PMI report, the S&P 500 fell toward the 4000 mark. The unexpected report caused the 10-year Treasury bond yield to increase to 3.60%, which was negative for stocks.


Energy equities, which fell lower as a result of the sell-off in the oil markets, were the main drivers of today's decline. In the energy sector today, Halliburton, Marathon Petroleum, and Marathon Oil were among the greatest losers.


Tech companies, which are sensitive to yield swings, are also under a lot of pressure right now. The heavily tech-focused NASDAQ Composite fell by more than 2%.


Following allegations that the business might reduce manufacturing in China, Tesla's stock fell by 6%. Despite Tesla's denial of the reports, the stock was still under a lot of stress.


Looking at the big picture, the strong PMI report caused a second wave of profit-taking following the robust rise, which drove the S&P 500 from 3500 to 4100.


On Friday, speculators who were ready to wager that the robust rally would continue promptly purchased the retreat. However, the ISM Services PMI report added to stock market pressure, and there are currently no signs of any purchasing activity.

Tests Support At 4,000 for S&P 500

The S&P 500 will advance toward the support at the 20 EMA at 3975 if it is able to settle below the 4000 mark. The S&P 500 will be pushed toward the support of 3960 if it moves below the 20 EMA. The next support level, at 3940, will be reached if the S&P 500 declines below this level.


The prior support level at 4015 will act as the first resistance level for the S&P 500 on the upside. In the event that the S&P 500 returns to being above this point, it will move toward the resistance at 4040. If the resistance at 4040 can be tested successfully, the resistance at 4070 can be tested after that.

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