Alibaba's Success and Bullish Forecasts for China from Top Agencies

Alibaba's Success and Bullish Forecasts for China from Top Agencies

Welcome to Friday! Let’s review the main events happening in the market at the end of the week.

Today’s events:

17:00 GMT+2 - Existing Home Sales

Alibaba surges despite the revenue miss

Alibaba posted a mixed earnings report yesterday. While the adjusted earnings of the e-commerce firm came out at $1.82 per US share vs. analysts’ expectations of $1.7 per share, the results revealed another quarter of weak revenue performance, with $29.12 billion posted vs. $29.6 billion expected.

Despite the mixed data, Alibaba's stock reacted positively to this news, rising by more than 11% within a day. It helped Alibaba's stock to break the upper border of the descending trading channel and rise higher toward the next resistance at $88.00 (100-day SMA). If this level is broken, the buyers' next target will be $95.00 (200-day SMA). The support level lies at $71.30. Keep in mind that positive developments in China's economy (reduction of Covid restrictions, support of real estate developers) have resulted in the upside momentum of Chinese stocks. 

ALIBABADaily.png

Other news worth mentioning:

  • Binance temporarily suspended Solana-based deposits in USDT and USDC. SOLUSD lost 3% on the news.
  • Chipmakers are cutting costs and curtailing aggressive spending plans amid fears of a longer-than-expected slowdown.
  • According to IMF chief Kristalina Georgieva, Russia’s war in Ukraine is the main reason the global economy is weakening.
  • Twitter temporarily shut its offices amid a massive resignation of workers. At the moment, less than half of Twitter’s employees committed to new “extremely hardcore” Elon Musk plans for the company.
  • The number of new Covid-19 cases in Beijing is quickly rising. Meanwhile, Goldman Sachs joined China’s bulls, Bank of America and JPMorgan, thinking China’s stocks are set to outperform in 2023.
  • Today, the European Central Bank will begin the largest withdrawal process of its liquidity from the Eurozone. The Central Bank will announce which share of credits received through the TLTRO must be paid by commercial banks.  According to analysts, banks will repay a loan for approximately 0.5 billion euros, which will be the biggest reduction of liquidity since 2000.

 For more news, fresh market updates, and trade ideas, visit the FBS Telegram Channel

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