Shares have been climbing north after Chinese regulators imposed a much smaller fine on Meituan, which is seen as a relief that regulatory pressure on tech giants might be softening. Moreover, a filing shows Charlie Munger’s Daily Journal had purchased a significant stake in the e-commerce giant.
While Pika World has reduced exposure to the company, we are optimistic about its long-term outlook. However, our concern remains on the SEC’s harsh plan to delist Chinese companies that do not comply with the US auditing rules.
Pika World will be exploring an opportunity to accumulate shares in any given pullback.
🍎Apple: A robust quarter ahead?🍏
The waiting time for iPhone appears to be a good sign for the company in most situations. However, this year might prove to be tricky. Customers looking for iPhone 13 Pro and Pro Max series have to wait for around 4 weeks, the most extended waiting period for the past 4 years.
Very frequently, analysts use waiting time as a proxy to estimate the demand for the device. In this regard, we should be expecting robust sales. However, with the ongoing supply chain issues, the long waiting time may cloud the reliability of such an assessment.
Nonetheless, Pika World remains positive on the company and will wait for more indicators on the demand of the devices.
🚘Tesla: Gem of Pika World🚖
The EV giant is an old-time favourite of Pika World. It had sold a record number of vehicles in China for September even as the macro auto demands softened in China.
The sale of 56,006 vehicles is the largest since its production in Shanghai and is 27% higher than the August figure. While the company has faced some PR issue previously, the strength of the EV market is consolidating and points to the brightening prospect for Tesla.
Pika World continues to seek accumulation in the company.
📮What’s on the Menu Today?
We have reached the most crucial day of the week.
At 8.30 pm, we will receive the Core CPI (MoM) data which we expect to climb by 0.3% compared to the prior period of 0.1%. This will be a critical piece of data as it is the last piece before moving into the FOMC meeting in early November.
The FOMC meeting minutes will be released at 2 am, which will give us insights into the Fed panel’s thoughts.
At 4.30 am, FOMC Member Brainard will speak, and consistent with other FOMC speakers, markets will be looking for clues on tapering schedule and pace.
It is 13 October, Wednesday, 7.35 am in Singapore and 7.35 pm in New York. Pika World wishes all an enchanting and blissful day.
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