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    600036   CNE000001B33


End-of-day quote Shanghai Stock Exchange  -  2023-02-06
38.41 CNY   +0.16%
02/06China Merchants Bank Grants 6 Billion Yuan Interbank Credit Line to Great Wall Securities
02/01Sinofibers Technology Appoints Deputy General Manager, CFO
02/01Exclusive-Tesla to raise Shanghai output after price cuts stoke demand -memo
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Wall Street ends sharply higher after Powell comments

11/30/2022 | 04:22pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)


Tesla rises as sales in China nearly double in November - data


U.S. private payrolls growth slows in November - ADP


Powell says Fed could scale back rate hikes in December


Indexes end: S&P 500 +3.09%, Nasdaq +4.41%, Dow +2.18%

Nov 30 (Reuters) - Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.

The S&P 500 rallied from an earlier loss and the Nasdaq jumped after the release of Powell's remarks prepared for delivery at the Brookings Institution think tank in Washington.

Powell also cautioned that the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately need to rise and for how long.

"(The market) has waited with bated breath, looking for that clarification in terms of duration and extent of Fed tightening. And anything that gives hope to the idea the Fed is becoming less hawkish is viewed as a positive for stocks, at least on a short-term basis," said Chuck Carlson, Chief Executive Officer at Horizon Investment Services in Hammond, Indiana.

Bets that the Fed will reduce the size of its rate hikes, as well as recent data pointing to a mild cooling in inflation, led the benchmark S&P 500 index to its second straight month of gains.

The CME FedWatch Tool showed futures traders seeing a 75% chance that the Fed will raise interest rates by 50 basis points at its December meeting, up from a 65% chance before Powell's comments were released. The FedWatch tool now shows a 25% chance of a 75 basis point increase.

Nvidia rallied more than 8%, Microsoft jumped 6.2% and Apple climbed 4.9%.

Tesla Inc's shares surged 7.7% after China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y.

The S&P 500 climbed 3.09% to end the session at 4,079.97 points.

The Nasdaq gained 4.41% to 11,468.00 points, while Dow Jones Industrial Average rose 2.18% to 34,589.24 points.

The Philadelphia Semiconductor index surged 5.85%, trimming its loss in 2022 to about 28%.

Volume on U.S. exchanges was heavy, with 15.0 billion shares traded, compared to an average of 11.1 billion shares over the previous 20 sessions.

For November, the S&P 500 climbed 5.4%, the Dow added 5.7% and the Nasdaq increased 4.4%.

An ADP National Employment report showed private employment increased by 127,000 in November, below expectations of 200,000 jobs, suggesting demand for labor was cooling amid high interest rates.

"The ADP employment number not meeting expectations fits into the narrative that the Fed will have room and start slowing down its rate hikes, and that definitely benefits interest rate sensitive assets," said Keith Buchanan, a portfolio manager at Globalt in Atlanta.

The Labor Department's closely watched nonfarm payrolls data is due on Friday. A report showed U.S. job openings falling to 10.334 million in October, against 10.687 million in the prior month.

Another reading showed the U.S. economy rebounded more strongly than initially thought in the third quarter.

The S&P 500 remains down about 14% so far in 2022, while the Nasdaq index has lost about 27%.

Biogen Inc jumped 4.7% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

Advancing issues outnumbered falling ones within the S&P 500 by a 24.1-to-one ratio.

The S&P 500 posted 24 new highs and 1 new low; the Nasdaq recorded 117 new highs and 167 new lows. (Reporting by Shreyashi Sanyal, Devik Jain & Bansari Mayur Kamdar in Bengaluru, and by Noel Randewich in Oakland, Calif.; additional reporting by Stephen Culp in New York; Editing by Shounak Dasgupta, Chizu Nomiyama and Diane Craft)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.33% 153.66 Delayed Quote.16.78%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.68% 0.69364 Delayed Quote.1.54%
BIOGEN INC. 1.00% 291.17 Delayed Quote.2.42%
BRITISH POUND / US DOLLAR (GBP/USD) 0.01% 1.20272 Delayed Quote.-0.43%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.25% 0.74527 Delayed Quote.1.04%
CHINA MERCHANTS BANK CO., LTD. 0.16% 38.41 End-of-day quote.3.09%
CME GROUP 0.00% 0.03 End-of-day quote.0.00%
DOW JONES INDUSTRIAL 0.56% 34081.23 Real-time Quote.2.24%
EURO / US DOLLAR (EUR/USD) -0.16% 1.07129 Delayed Quote.0.81%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.08% 0.012078 Delayed Quote.0.62%
MICROSOFT CORPORATION 3.82% 266.478 Delayed Quote.7.07%
NASDAQ COMPOSITE 1.60% 12077.78 Real-time Quote.13.58%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.08% 0.6312 Delayed Quote.-0.36%
NVIDIA CORPORATION 3.82% 218.9006 Delayed Quote.44.31%
TESLA, INC. -0.06% 194.51 Delayed Quote.58.11%
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Analyst Recommendations on CHINA MERCHANTS BANK CO., LTD.
More recommendations
Sales 2022 350 B 51 512 M 51 512 M
Net income 2022 134 B 19 770 M 19 770 M
Net Debt 2022 - - -
P/E ratio 2022 7,37x
Yield 2022 4,41%
Capitalization 976 B 144 B 144 B
Capi. / Sales 2022 2,79x
Capi. / Sales 2023 2,58x
Nbr of Employees 103 669
Free-Float 53,8%
Duration : Period :
China Merchants Bank Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHINA MERCHANTS BANK CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 31
Last Close Price 38,41 CNY
Average target price 50,13 CNY
Spread / Average Target 30,5%
EPS Revisions
Managers and Directors
Hui Yu Tian Chief Executive Officer
Liang Wang President, CFO, Joint Secretary, Director & EVP
Jian Min Miao Chairman
Liangjun Xiong Chairman-Supervisory Board
See Hong Wong Independent Non-Executive Director