Breakfast | Global markets rapidly shift to risk-off mode, ByteDance's US e-commerce business challenges Amazon's scale.

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Market: Overnight and this morning

Nasdaq falls for the fourth consecutive day, with Tesla leading the decline in blue-chip technology stocks, and chip stocks underperforming the market for two days

The minutes of the Federal Reserve's December monetary policy meeting, released on Wednesday, failed to support the rate cut expectations that drove the surge in US stocks last year. The three major US stock indexes opened and traded lower for the second consecutive day, with the Nasdaq falling for the fourth consecutive trading day and the S&P falling for three consecutive days.

Leading technology stocks fell at the beginning of the trading session, but some turned positive later. Tesla fell 4%, Apple fell nearly 0.8%, Amazon fell nearly 1%, Meta fell 0.5%, Microsoft rose slightly, Netflix rose nearly 0.4%, and Alphabet rose over 0.5%.

Most popular Chinese concept stocks rebounded and outperformed the market. Xpeng Motors rose over 3%, NIO rose over 1%, and Li Auto rose nearly 1%. Bilibili and NetEase rose by about 4%, Alibaba and Pinduoduo rose over 2%, Baidu rose by about 2%, JD.com rose by about 1%, and GDS Technology fell by about 5.6%.

What happened to blue-chip stocks and hot stocks

Media: TikTok reportedly plans to expand its US e-commerce business to reach $17.5 billion, challenging Amazon.

The media also reported that TikTok Store is increasing the sales fees for sellers and canceling subsidies to sellers.

Media: Pinduoduo sets its sights on local life, but it is currently suspended

Pinduoduo's community group-buying business, Duoduo Maicai, launched the recruitment of local life in-store business in mid-December, focusing on weak third-tier cities where Meituan and Douyin have not yet penetrated. The original plan was to launch nationwide after the Spring Festival in February, but the local life business has been completely suspended for now.

ASML: All Chinese orders have been delivered

SpaceX launches the first batch of 6 telecommunication satellites: providing direct services to mobile phones

It is estimated that SpaceX's "Starlink" service will generate approximately $10 billion in total sales this year, surpassing its rocket launch business and accounting for two-thirds of the company's total sales.

Xiaomi denies rumors of car prices circulating on the internet

Wang Hua, General Manager of the Public Relations Department of Xiaomi Group, said, "It's obviously fake! Not only is the font wrong, but there is also no Xiaomi logo. It's just a hasty overlay of the letter 'P' on a screenshot of the official website."

Suning.com: Plans to open over 3,000 new stores in 2024, accelerating the transformation of e-commerce business and development model

Zhang Jindong, Chairman of Suning Group, said, "We must continue to have the ability to adjust and the motivation to grow, and in 2024, we will turn the tide in the industry and society."

Macro: Taking you to see the world

Minutes of the December Federal Reserve meeting: The rate hike cycle may have ended, no discussion on when to cut rates

Officials generally believe that interest rates may have peaked, but some officials believe that there is a possibility of further rate hikes; the time for rates to stay at their peak may be longer than expected; the issue of considering adjusting the balance sheet was discussed. The dot plot of the Federal Reserve shows that the bank plans to cut rates three times in 2024. Fed's Powell: Greater possibility of a soft landing. Possibility of further rate hikes still exists.

Chinese Finance Minister Lou Jiwei: Moderately expand fiscal expenditure

In terms of "moderate reinforcement," the main focus is on strengthening the coordination of fiscal resources and utilizing various policy tools such as special bonds, government bonds, tax incentives, fiscal subsidies, fiscal interest subsidies, and financing guarantees. The goal is to moderately expand fiscal expenditure. Firstly, to maintain an appropriate level of expenditure and send positive signals. Secondly, to arrange government investment in a reasonable manner and maximize its multiplier effect. Thirdly, to increase the intensity of balanced transfer payments and ensure the bottom line of "three guarantees" at the grassroots level. Fourthly, to optimize and adjust tax and fee policies, improving accuracy and targeting.

Insider: SEC to approve Bitcoin spot ETF this Friday, trading may begin as early as next week

Lawyers from the U.S. Securities and Exchange Commission's Division of Trading and Markets will meet with executives from major exchanges, including the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange, on Wednesday.

Bitcoin plummets, $500 million position liquidated

Market concerns over the imminent approval of a Bitcoin spot ETF led to a sharp decline in Bitcoin on Wednesday, with derivatives exchanges liquidating $500 million in positions. "The likelihood of the ETF being approved is becoming increasingly slim, and the market has reached a stalemate. The weakness of cryptocurrency stocks and the sell-off of several cryptocurrency-related U.S. stocks have also reinforced market skepticism."

Institutions: Global high-end smartphone sales to reach a new record in 2023

Counterpoint Research has released its latest report, stating that global high-end smartphone sales (wholesale price exceeding $600) will increase by 6% YoY in 2023, accounting for nearly 25% of the global market share; sales revenue will account for nearly 60%.

Italy plans to invest $1 billion to promote electric vehicle sales

The Italian government is considering a €930 million plan to encourage the purchase of electric vehicles, including a €13,750 fiscal incentive for citizens with an annual income below €30,000 to give up Euro 2 vehicles that are over 20 years old and switch to electric cars.