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Germanys final April CPI annual rate was 2.9%, in line with expectations and down from 2.90% previously.Germanys final April CPI month-on-month rate was 0.6%, in line with expectations and down from 0.60% previously.Germanys final harmonized CPI annual rate for April was 2.9%, below the expected 2.90% and the previous reading of 2.90%.Germanys final harmonized CPI monthly rate for April was 0.5%, below the expected 0.50% and the previous reading of 0.50%.On May 12th, UBS issued a report stating that Pop Mart (09992.HK) will hold its Q1 2026 earnings call on May 13th. UBS expects Pop Marts Q1 revenue to grow by 60% to 65% year-on-year, estimated at approximately RMB 9 billion, higher than the market consensus of RMB 6 billion to RMB 10 billion. The bank anticipates that its China business will remain resilient, growing 10% quarter-on-quarter and 80% to 85% year-on-year, driven by the popularity of the Twinkle Twinkle series and seasonal factors such as the Lunar New Year and winter holidays. Conversely, overseas business is expected to decline by 40% to 50% quarter-on-quarter and grow by 30% to 35% year-on-year, mainly due to the cooling of the initial Labubu craze and the normalization of social media hype cycles in Western markets during the off-season. The bank noted that it does not rule out the possibility of further lowering its earnings forecast for Pop Mart if the "hype downturn" continues, but the current valuation already partially reflects these risks. The target price was lowered from HK$278 to HK$237.5 due to a 7% to 9% reduction in adjusted net profit forecasts for 2026 to 2028 to reflect lower revenue forecasts from overseas markets, and a reduction in the medium-term revenue growth assumption from 9.5% to 8.9%, mainly due to a lower assumption on overseas expansion. The rating remains "Buy".

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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