China PMI Surprises To Upside

Good Morning Everyone!

China stuns the world with manufacturing activity expanding at the fastest pace in more than a decade in February. 

The Hong Kong stock index is up +4%. Maybe the economy won’t crash after all.

Prices as of 4 pm EST 2/28/23; % YTD


S&P 500

  • February -2.6%    

FOMC meeting is March 22

We start March 2023 sitting on the 200-day moving average

10 a.m. ISM manufacturing data

Crude 76.50 -1%

  • Good news: China PMI

  • Bad news: weekly API crude build and higher OPEC+ production in February


  • Next week National People’s Congress

  • Will release new growth target

  • Overnight, China reported strong PMI of 52.6

  • Second straight month of expanded economic activity

  • Home sales expanded in China for the first time in 20 months

  • Export orders expanded for the first time in almost 2 years

Eli Lilly LLY

  • To cut prices of Insulin drugs by 70%

Tesla TSLA

  • Investor day

  • Update on battery targets, Gen 3 manufacturing platform, Scale

  • Model Y revamp for 2024

  • Update on the Cyber truck or a DeLorean pickup as some people call it


  • Monster MNST -4% sales and EBIT below consensus

  • Agilent A -3% top line beat, Q2 guide light        

  • Ross ROSS -2% Q4 EPS beat, conservative guide

  • HP HPQ +3% revenue light but better than expected 

  • Rivian RIVN -8% losses better than expected, slow volume ramp

  • Lowe’s LOW +1% inline quarter and guide, inventory looks healthy

  • Dollar Tree DLTR -3% Q4 EPS inline, SSS up 7.4%, 2023 guide below street


FTX saga

  • Former Director of Engineering Nishad Singh pleaded guilty to 6 criminal charges

Yuga Labs

  • Next NFT drop will be on Bitcoin BTC/USD blockchain

  • NFTs minted on Ordinal

  • 300-piece collection, “TwelveFold”

  • Yuga Labs is also being Bored Apes (BAYC)

Crypto Fear & Greed


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