Finimize - 🧧 China partied hard

China’s celebrations bode well for the economy | ASML hit it out of the park |

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Today's big stories

  1. Stats from China’s holiday season showed that the country's slowly getting back on its feet
  2. Crypto looks like it could be turning over a new leaf – Read Now
  3. ASML’s quarterly results show the firm’s thriving despite the chip slowdown

High-Flown Celebrations

High-Flown Celebrations

What’s Going On Here?

Data out on Wednesday showed that Chinese families celebrated the Lunar New Year in high style.

What Does This Mean?

Relaxing Covid restrictions was never going to set China’s economy straight overnight, but there have been some promising signs that the country’s finding its feet again. Just look at the stats for China’s most important holiday, the Lunar New Year: the first four days of the break each notched up an average 24 million journeys by road, rail, air, and water, as Chinese folk packed up en masse and headed home to be with family. And box office takings were also hale and hearty, coming in even higher than pre-pandemic levels – a feat that hotel bookings managed to pull off too. In short, there’s been a mood shift after last year, when the economy grew at its second-slowest pace since the ‘70s, and that suggests China could come back swinging even faster than expected.

Why Should I Care?

The bigger picture: Feeling flush.
China’s holidaymakers weren’t all warming themselves by the family hearth, mind you: some sought more exotic locales, with experts estimating that outbound air travel quadrupled compared to last year, while overseas hotel stays doubled. That’s got analysts hoping that China’s waves of pent-up demand will turn the tide of the global economy and underpin a full-blown recovery. And the country has the ammunition to do it: data out earlier this week showed that Chinese households added a massive $2.6 trillion to the bank last year – the biggest pool of new savings in history.

For markets: Infectious optimism.
China’s good mood seems to be rubbing off on everyone else: things have been looking up for all kinds of assets since restrictions eased, from shares in mining companies to stock markets in popular tourist destinations. In fact, research from Bank of America showed that investors poured a record-breaking $12.7 billion into emerging-market debt and equity funds in a single week earlier this month.

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Analyst Take

Three Reasons To Believe The Crypto Bottom Is Behind Us

Three Reasons To Believe The Crypto Bottom Is Behind Us

By Jonathan Hobbs, Analyst

This year has barely started and it’s already been good for crypto, with the overall market up about 34%

And sure, there are caveats here (not to mention a chance of volatile pullbacks in the short term).

But when I look at the bigger picture, I see three reasons to believe the crypto market has already bottomed out. 

So, that’s today’s Insight: three things that suggest the worst is over for crypto.

Read or listen to the Insight here

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Blue Chips

Blue Chips

What’s Going On Here?

Chip equipment maker ASML gave a knockout quarterly update on Wednesday.

What Does This Mean?

The demand for chips in smartphones, computers, and data centers has been dragged down by the sluggish global economy, but ASML has managed to dodge the worst of it so far. See, the company’s the one and only purveyor of the complex machines that chip giants like TSMC, Intel, and Samsung need to make the most advanced chips. And those all-important customers aren’t keen to cut back: after all, the wait time for these machines is actually longer than the expected length of the recession, so they need to make sure they’re well-equipped for the rebound that's predicted to hit later this year. ASML won’t be complaining: the firm reported an unexpectedly strong profit last quarter, and said it expects sales to grow over 25% this year.

Why Should I Care?

The bigger picture: Bargaining chips.
ASML has a $45 billion gold mine of backlogged orders, so that sales outlook doesn’t seem too far-fetched. But every gold mine comes with a few hazards: in this case, there’s the US’s ban on sending cutting-edge chip machines to China. But luckily for ASML, the equipment it ships to Chinese firms is generally less advanced technology that isn’t under embargo, which explains why the firm believes the restrictions will only dent its backlog by 5%.

For markets: Shape up or chip out.
The chip industry isn’t out of the woods yet, but it looks like it might be heading in the right direction: now that China’s re-opening and artificial intelligence is on everyone’s lips, some analysts think the sector will avoid hitting the lows of a few months ago. And the forward-looking stock market’s cottoned on to that too, with an index that tracks chip colossuses jumping 15% this year.

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“Every improvement in communication makes the bore more terrible.”

– (Frank Moore Colby, an American writer)
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📑 The Risks And Regulations When Investing In Crypto: 10am, January 27th
📈 How To Hedge Against Volatility With Crypto: 5pm, February 2nd
💰 How To Build A Smart Portfolio: 1pm, February 14th
👩‍💻 Opportunities For Women In Blockchain 2023: 12.30pm, February 16th

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