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China Fund News Taylor

Hello everyone, let’s continue to pay attention to the situation in overseas markets tonight.

Global markets have gradually returned to normal since Monday's plunge.

After the U.S. stock market opened tonight, the three major indexes all rose. The Dow Jones Industrial Average once rose by more than 400 points, and the Nasdaq and S&P 500 both rose by more than 1%.

Global markets rebounded, with major European stock markets all rising by more than 2%.

Wall Street's fear index, the CBOE Volatility Index (VIX), fell sharply.

The reason for the global market rebound lies in Japan. On the 7th, the Bank of Japan promised not to raise interest rates when the market is unstable, retracting its previous remarks that caused turmoil in global stock markets. Subsequently, the yen exchange rate depreciated sharply, falling by more than 2%.

Shipping giant Maersk, considered a barometer of global trade, does not see signs of a U.S. recession as freight demand remains strong, Chief Executive Vincent Kroeker said on Wednesday.

Vincent Klerk said, "In fact, over the past few years, despite all the concerns about a recession, the container shipping market has shown surprising resilience."

Kroeker said U.S. inventories are higher than at the beginning of the year, but have not yet reached worrying levels or shown signs of an imminent significant economic slowdown.

"We're also looking at purchase orders from a number of retailers and consumer brands that need to import goods to meet demand over the coming months, and that remains quite strong," Kroeker said.

In addition, AMD, known as the "AI monster stock", saw its stock price plummet by more than 15% tonight. On the news front, AMD's revenue and profit for the fourth quarter of fiscal 2024 fell short of analysts' expectations. Analysts said investors are concerned about the long-term profitability of AI-optimized servers sold by companies such as AMD, Dell Technologies and Hewlett Packard Enterprise. He said that AMD's failure to achieve its own profit targets in the most recent quarter may exacerbate such concerns.

Airbnb shares plunged as much as 15%, the biggest intraday drop since the company went public in 2020, after the company warned of slowing demand in the United States and shortened booking lead times worldwide. The San Francisco-based short-term rental company said: "We are seeing shorter booking lead times around the world and some signs of slowing demand from U.S. guests."

In addition, Airbnb released a third-quarter earnings outlook that was far below Wall Street expectations. Airbnb CEO Brian Chesky responded to his company's disappointing earnings outlook and the subsequent stock price plunge: "I believe now is a good time to buy."

International oil prices rose by about 3%.