March 22nd Macroeconomic Index: Germany's Economic Downturn Eases, Putin Wins Russian Presidential Election
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Domestic News
1. Lixiang Auto lowered its Q1 delivery forecast
2. Meituan: In 2023, the transaction volume of life services doubled year-on-year
3. DCE optimizes futures and options hedging business
4. Ministry of Foreign Affairs: On the Ukraine crisis, China will continue to promote peace talks
International News
1. Germany's economic downturn eased slightly in March, and the manufacturing industry remained sluggish
2. Official announcement: Putin won the Russian presidential election
3. Business activity in France fell in March due to weak demand
The UK's budget deficit in February was higher than expected
Domestic News
1. Lixiang Auto lowered its Q1 delivery forecast
Lixiang Auto (02015.HK): The Company now expects vehicle deliveries of 76,000 to 78,000 units in the first quarter of 2024, compared to its previous expectation of 100,000 to 103,000 units, due to weaker-than-expected sales orders.
2. Meituan: In 2023, the transaction volume of life services doubled year-on-year
Gong Yuqing, head of Meituan's LE (life service) business, revealed at the Shanghai Life Service Industry Summit that door-to-door services have supported a trillion-dollar market. According to Meituan data, in 2023, the transaction volume of life services (including housekeeping, washing, and maintenance) increased by 100% year-on-year, and Shanghai, Beijing, Chengdu, Chongqing, and Guangzhou became the top 5 cities in terms of the number of life service merchants, with consumers aged 20-35 accounting for more than 7 percent, and third-tier cities and below became the "new engine" of growth.
3. DCE optimizes futures and options hedging business
On March 21, DCE issued the Notice on Optimizing the Hedging Business of Futures and Options and the Announcement on Amending the Administrative Measures for the Settlement of the Dalian Commodity Exchange, introducing the function of normalized two-way futures position hedging and closing under the same trading code, and adjusting the effective time of the option hedging application in the member service system, which will take effect from the trading time on March 22, 2024 (i.e., the night trading session on March 21).
4. Ministry of Foreign Affairs: On the Ukraine crisis, China will continue to promote peace talks
When a reporter asked about the situation in Ukraine, the spokesman said that Special Representative Li Hui recently went to Ukraine to shuttle diplomacy and had good communication with the Chief of Staff of the President of Ukraine and other competent officials. The Ukrainian side attaches great importance to China-Ukraine relations, highly appreciates the shuttle mediation efforts of Special Representative Li Hui, and sincerely hopes that the Chinese side will continue to play a constructive role in promoting peace. On the Ukraine crisis, China will continue to act responsibly, promote peace talks, and work with relevant parties to promote a political settlement at an early date. (CCTV News)
International News
1. Germany's economic downturn eased slightly in March, and the manufacturing industry remained sluggish
Germany's economic downturn eased slightly in March as business activity in the country's services sector was close to stability, a preliminary survey showed on Thursday. The preliminary composite PMI rose to 47.4 from 46.3 in March, higher than market expectations. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said: "Overall, Germany is currently teetering on the brink of a technical recession. "The preliminary services PMI rose to 49.8 from 48.3, mainly driven by the near-stabilization of business activity in the services sector. However, the manufacturing PMI fell to a five-month low of 41.6 from 42.5. "The manufacturing sector ended the first quarter of 2024 with an unsettling pace of contraction, echoing the difficulties of last month," de la Rubia said.
2. Official announcement: Putin won the Russian presidential election
Pamfilova, chairman of the Russian Central Election Commission, officially announced the results of the Russian presidential election on the 21st, and the current Russian President Vladimir Putin won the election. (Xinhua News Agency)
3. Business activity in France fell in March due to weak demand
Business activity in France contracted for the 10th straight month in March, as demand for goods and services deteriorated and employment fell, according to a monthly survey. France's preliminary services PMI fell to 47.8 in March, down from 48.4 in February and below market expectations. The French National Statistics Office (INSEE) previously said that the French economy, the second largest economy in the eurozone, is expected to show zero growth in the first quarter and a modest growth of 0.3% in the second quarter.
4. The UK's budget deficit in February was higher than expected
The UK government borrowed more than expected last month, leaving Chancellor of the Exchequer Jeremy Hunt on the verge of exceeding his budget projections for the full financial year. Last month, the country spent 8.4 billion pounds ($10.8 billion) more than revenue, down from 11.8 billion pounds a year ago but higher than economists' expectations of 6 billion pounds. This brings the deficit for the first 11 months of 2023-24 to £106.8 billion. Less than three weeks ago, the UK's Office for Budget Responsibility (OBR) predicted that Hunt would face a budget shortfall of £114.1bn in the 2023-24 financial year, which ends this month.
Domestic Macro Economy Index
