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On May 11th, Goldman Sachs issued a research report stating that Lao Pu Gold (06181.HK) has seen its share price correct 18% since March, and considers its risk-reward ratio attractive. The report points out that despite recent gold price volatility, brand momentum and continued customer acquisition should support growth. The bank noted that performance during the May Day holiday met management expectations, with gross margin currently above 45%, which is expected to contribute to an upward trend in second-quarter net profit margin. Management plans to upgrade 8 to 12 stores in mainland China this year and open 5 to 6 new stores outside mainland China. Goldman Sachs expects consumer sentiment to gradually recover if gold prices stabilize. The bank maintains its "Buy" rating on Lao Pu Gold with a 12-month target price of HK$1108.On May 11th, BOC International issued a research report, initiating coverage of Biren Technology (06082.HK). The report points out that as a leading domestic GPGPU manufacturer, the company will fully benefit from the exponential growth in Chinas AI computing power demand. In addition to its technological leadership from chip to system level, the bank believes that Biren Technologys deep integration with the domestic supply chain provides it with a key competitive advantage over its peers. The bank forecasts that Biren Technology will achieve a CAGR of 137% in revenue between 2025 and 2028, and expects it to achieve break-even in 2027, mainly due to the commercialization of its next-generation products in the second half of 2026. BOC International initiated coverage with a "Buy" rating and a target price of HK$74.43, based on a 20x 2027 expected price-to-sales ratio.ECB Governing Council member Koch said: "The ECBs objective is clear: to keep inflation at 2% over the medium term. The Governing Council will take all necessary measures to achieve this goal."ECB Governing Council member Koch said that medium- and long-term inflation expectations are more important for interest rate decisions; although there have been no major changes in these expectations so far, there are some initial signs that they have changed.ECB Governing Council member Koch said (when asked if the ECB might raise interest rates at its next meeting): "Unless the situation improves significantly, a rate hike in the near future is inevitable."

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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