3/2 (Thursday) morning market trends (compared to the previous day)
- NY Dow: $32,661 +0.01%
- Nasdaq: $11,379 -0.6%
- Nikkei Stock Average: ¥27,516 +0.25%
- USD/JPY: 136.2 +0.03%
- USD Index: 104.4 -0.4%
- 10-year US Treasury yield: 3.9 +2% per annum
- Gold Futures: $1,843.9 +0.4%
- Bitcoin: $23,397 +1.1%
- Ethereum: $1,642 +1.6%
Today’s New York Dow remained flat and closed at +5.14 dollars from the previous day. The Nasdaq fell -0.6%. The rise and fall rate of the NY Dow in February was -4.19%, erasing the rise in January.
Last night’s US manufacturing Purchasing Managers Index (PMI, revised value) was 47.3, below the forecast of 48 and revised down from the preliminary forecast of 47.8. The February ISM manufacturing business index released on the same day rose to 47.7 for the first time in six months. However, although it was lower than the forecast of 48 and rose slightly from 47.4 in January, it remained below 50 for four consecutive months. “50” marks the boundary between expansion and contraction of economic activity.
The employment index was 49.1, down from 50.6, suggesting a decline in the number of workers, but the index fluctuates so much that it does not seem to be considered a good measure of employment statistics. The purchase price index was 51.3, rising for two consecutive months. Manufacturing activity remained in contraction territory against the backdrop of volatile demand and persistently high inflationary pressures. Were these two indicators new evidence of slowing inflation?
remarks by dignitaries
“We believe the policy rate should be raised to 5-5.25% and maintained at that level for some time into 2024,” Atlanta Fed President Raphael Bostic said on Thursday. 5-5.25% was the terminal rate market participants had predicted by January of this year. With many economic indicators released in February showing persistent inflation rates, expectations for an early interest rate cut have receded, and there is even the possibility of an interest rate hike after May.
Also on the same day, Minneapolis Fed President Neel Kashkari said he was open-minded about whether the FOMC rate hike in March would be 25bp or 50bp, saying, “Wage growth is too high to be consistent with the Fed’s 2% inflation target. He said keeping inflation in check remains the Fed’s top priority.
In the US interest rate futures market, speculation that the Fed will raise the policy rate to 5.5% to 5.75% by September has strengthened in the US interest rate futures market as a sign of rising price pressure due to rising input prices in the manufacturing sector.
March economic data (first two weeks)
- March 3, 23:45 (Friday): February Service Sector Purchasing Managers Index (PMI, revised value)
- March 3, 23:45 (Friday): February Composite Purchasing Managers Index (PMI, revised value)
- March 8, 22:15 (Wednesday): February ADP employment statistics (month-on-month change)
- March 10, 22:30 (Friday): February average hourly wage (month-on-month) / change in the number of employees in the non-agricultural sector in February (month-on-month)
connection: What is the US monetary policy meeting “FOMC” that attracts the attention of global investors | Easy-to-understand explanation
Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)
- Coinbase｜$64.6 (-0.25%/+10.7)
- Silvergate Capital | $13.5 (-2.7%/-5.6%)
- Marathon Digital Holdings | $6.5 (-8.3%/-2.4%)
Silvergate Capital Bank announced today that it will defer the filing of its 10-K annual report with the SEC. “We are currently analyzing certain regulatory and other inquiries and investigations pending against us,” it said. Shares plunged -27.8% after hours following the postponement announcement.
connection: Recommended for cryptocurrency investors, advantageous shareholder benefits “10 selections”
connection: Top 10 cryptocurrency stocks in Japan and the US
GM radio of the week
The 10th GM Radio will be streamed today, March 2 (Thursday) at 15:00 on the CP_Global Twitter space. Our guest is Stephen Richardson, Head of APAC and Head of Financial Markets at Fireblocks.
connection: Fireblocks, a unicorn company in the virtual currency industry, will participate in “GM Radio” next time
GM radio on Mondays
Coinpost Global held the 9th GM Radio on the afternoon of the 27th. This time, we talked with Mike Jarmuz, managing partner of Lightning Ventures, on the theme of “Building on Bitcoin”.
Massive thanks to @MikeJarmuz of @ltngventures for a fascinating conversation on VC investing, token funding concerns, Bitcoin/Lightning Network startups, and more!
The first Space cut out midway so here are both Space recordings ⬇️⬇️
Thanks to everyone who stuck with us!
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 27, 2023
connection: “GM Radio” Bitcoin-specialized VC “Lightning Ventures” participates