Macro trends

US non-farm payrolls in March +303K, expected +200K.

The number of US non-farm payrolls increased by +303K in March, and is expected to be +214K. This strong momentum reinforces the Federal Reserve's recent slogan that interest rates will continue to rise. The unemployment rate was 3.8% in March, expected at 3.8%, and in February it was 3.9%. The average hourly wage rate is +0.3% per month, and the annual rate is 4.1% (both as expected).

JOLTS job vacancies rose to 8.75 million in February

According to the Bureau of Labor Statistics (Bureau of Labor Statistics) of the US Department of Labor Statistics (Bureau of Labor Statistics), the number of job vacancies measuring labor demand increased by 8,000 to 8.756 million on the last day of February. The January data was revised to be 8.748 million unfilled positions, instead of the 8.863 million previously reported.

Compared to February, there was a drop in used car prices in March.

The Mannheim Used Car Value Index (MUVVI) fell to 203.1, a year-on-year decrease of 14.7%.

Funding trends

The price of gold has reached a record high of more than 2,300 US dollars. Experts say it's not over

On Wednesday (April 3), the spot price of gold reached a new high, hitting $2313.50 per ounce.

Although geopolitical concerns and the central bank's strong buying helped depress the price of gold, many experts believe that once the Federal Reserve starts cutting interest rates, the price of gold will actually start to rise. Neptune Global President Chris Blasi (Chris Blasi) said he believes precious metals are in the third phase of the 20-year bull market. This period will see the returns that many in the precious metals investor community have been looking forward to for more than a decade”.

A number of investment banks have already taken the Copper Price Express.

The tight supply caused by production shutdowns, such as the closure of a large copper mine in Panama, combined with strong demand, brought the price of copper back to the $9,000 per pound mark, and is likely to rise another 22% to reach a record $11,000 per pound.

Morgan Stanley (Morgan Stanley) believes that the fundamentals of tight supply and demand in the copper market have elevated the metal to the top of its preferred commodity.

“Copper prices surpassed $8,700 per ton for the first time since August due to accelerated expectations of a huge deficit,” Morgan Stanley said. We continue to be optimistic about copper prices, which are expected to reach $10,200/ton by the third quarter of 2024.

Company news

Reports say Tesla is abandoning the low-cost car plan, and Elon Musk denies this claim.

Tesla was lower in the intraday market on Friday after reports that the electric car maker abandoned its low-cost car plans amid competition in the Chinese market.

Tesla has cancelled its much-anticipated plans to produce affordable cars, which deviates from CEO Elon Musk's original intention — to create electric cars for more people, according to an exclusive report from Reuters.

The report also said that this decision has weakened Tesla's hopes of expanding market coverage and marks the company's shift to focus on developing autonomous robots on the same car platform.

Interestingly, in his latest tweet, Musk questioned the credibility of the report.

Morgan Stanley (Morgan Stanley) set Tesla's $310 price target at $104 as an FSD authorized valuation.

Investment banks are beginning to view the increased probability of FSD-authorized transactions as a major factor in TSLA valuations. MS's Jonas now attributes only $32/share of Tesla's $310/share price target to the core automotive business and $104 per share to a third-party authorized transaction (he assumes an ARPU value of $180 for 16.1 million MAUs).

Tesla's sales are at their highest in history, and electric cars have been hit hard.

Tesla delivered only 386,810 cars in the first three months of this year, far from Bloomberg's average expectations, which is the biggest gap in seven years. Tesla shares fell 4.9% in New York on Tuesday, extending the 2024 decline to 33%, ranking second in the S&P 500.

Nvidia plans to establish a US$200 million artificial intelligence center in Indonesia to enter the Southeast Asian market

Nvidia (Nvidia) plans to partner with local telecom giant Indosat Ooredoo Hutchison to establish an artificial intelligence center worth 200 million US dollars in Indonesia. As the darling of the US tech community, Nvidia will continue to enter the Southeast Asian market.

With the development of the digital economy, data demand in Southeast Asia has increased dramatically, and Nvidia's business growth in Indonesia represents the company's broader expansion into the Southeast Asian market this year.

In January of this year, Singapore Telecom operator Singtel (Singtel) announced a partnership with Nvidia (Nvidia) to deploy artificial intelligence capabilities in data centers in Southeast Asia.

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