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On November 14th, Morgan Stanley research reported that although Bilibili (BILI.O) beat expectations for third-quarter earnings, its advertising business showed slight improvement, and the game *Escape from Duckkov* was successful, management did not raise its fourth-quarter guidance due to the seasonal impact of *Three Kingdoms: Strategy*. The report initially believes that next years performance will likely fall short of the banks market expectations. The company now expects a mid-single-digit increase in fourth-quarter revenue, with game revenue remaining flat or slightly higher quarter-on-quarter, and advertising revenue growing at the low end of 20%. Regarding profit margins, the company guides fourth-quarter gross margin and adjusted operating margin to 37% and 10% respectively, in line with previous guidance and the banks expectations. The bank raised its 2025 earnings forecast by 14% and its 2025-26 EPS forecasts by 2%; the target price for US shares was raised from $23 to $25, maintaining an "Equal-weight" rating, as the current valuation is reasonable.South Korean presidential advisor: South Korea and the United States are expected to sign a strategic investment memorandum of understanding.November 14th - From January to October, by industry, investment in the primary sector reached 807.5 billion yuan, a year-on-year increase of 2.9%; investment in the secondary sector reached 14,841.1 billion yuan, an increase of 4.8%; and investment in the tertiary sector reached 25,242.9 billion yuan, a decrease of 5.3%. Within the secondary sector, industrial investment increased by 4.9% year-on-year. Specifically, investment in mining increased by 3.8%, manufacturing by 2.7%, and investment in electricity, heat, gas, and water production and supply increased by 12.5%. Within the tertiary sector, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 0.1% year-on-year. Specifically, investment in pipeline transportation increased by 13.8%, water transportation by 9.4%, and railway transportation by 3.0%. By region, investment in the eastern region decreased by 5.4% year-on-year, investment in the central region decreased by 0.5%, investment in the western region increased by 0.4%, and investment in the northeastern region decreased by 11.7%.November 14th - Raw coal production remained at a high level. In October, the output of raw coal by industrial enterprises above designated size was 410 million tons, a year-on-year decrease of 2.3%; the average daily output was 13.12 million tons. From January to October, the output of raw coal by industrial enterprises above designated size was 3.97 billion tons, a year-on-year increase of 1.5%. Crude oil production maintained growth. In October, the output of crude oil by industrial enterprises above designated size was 18 million tons, a year-on-year increase of 1.3%, with the growth rate slowing by 2.8 percentage points compared to September; the average daily output was 581,000 tons. From January to October, the output of crude oil by industrial enterprises above designated size was 180.64 million tons, a year-on-year increase of 1.7%. Crude oil processing grew steadily. Natural gas production growth slowed. In October, the output of natural gas by industrial enterprises above designated size was 22.1 billion cubic meters, a year-on-year increase of 5.9%, with the growth rate slowing by 3.5 percentage points compared to September; the average daily output was 710 million cubic meters. From January to October, the output of natural gas by industrial enterprises above designated size was 217 billion cubic meters, a year-on-year increase of 6.3%.South Korean presidential advisor: Agrees with the US view that it is necessary to ensure the stability of the foreign exchange market.

S&P 500 Price Forecast – Stock Markets Run Into Resistance

Cory Russell

Dec 06, 2022 15:56


Technical Analysis of the S&P 500

The S&P 500 E-mini contract has had a rough start to the week as we have been testing a significant downtrend line. As a result, the market will continue to display a lot of erratic activity, particularly given that the 200-Day EMA is located just below. A move down to the 3900 level, which is essentially where the 50-Day EMA is at the moment, is possible if we break below the 200-Day EMA, which is likely to lead to even more negative price action.


The Federal Reserve meeting is in the middle of next week, and that will undoubtedly have a significant impact on how the market performs. It's probably wise to keep in mind that each rally that is predicated on what Powell may or may not say tends to be shorter. To put it another way, I ponder whether or not this market is at last taking the real economy into account. Not everything revolves on "Poppa Powell" and whether or not he is dispensing candy.


It's feasible that we may look at the 4200 level if we were to break above the highs from last week. The 4200 level courses are an area that obviously has a lot of prior action as well as a certain degree of psychology associated to it. Remember that the year is coming to a close, thus I believe it makes perfect sense that the famous "Santa Claus rally" has arrived. What really matters is if it endures for any period of time.

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