Video: S&P500 uptrend intact, Uber sees first ever full year of profits ahead, China students are Aus' bound

US equities (US500.I and USNAS100.I): Indices step lower, bumpy uptrend continues

US stocks retreated led by a selloff in AI tech companies, with Google falling the most in three months (7.4%) on concerns of several new entrants coming to market. While on the other side-  ‘surprise-surprise’ we had hawkish rhetoric from the Fed being breathed on markets. Four Fed officials stressed the need to keep raising interest rates, saying more had to be done to fight against inflation. Fed speakers Williams and Kashkari see the peak in rates rising above 5% this year, while Waller cautions that Fed may need rates ‘higher for longer’. As for positives - its seems the S&P500 and Nasdaq are still in their technical uptrends for now. As for positive company news, Uber shares gained 5% continuing its uptrend and rally from January, with Uber reporting stronger than expected quarterly results. Uber also expects its first ever year of profits, including for its ride and Uber eats businesses. This is extraordinary - for a company that’s been unprofitable since its inception. It comes as Uber received its highest ever amount of trips, 2 billion trips in a quarter, for the first time- that’s nearly 1 million trips per hour, while its also receiving more advertising dollars, and on track to achieve its $1 billion ad revenue in 2024.

Australian equites (ASXSP200.I): This quarter, focus will be on energy companies and companies benefiting from Chinese students returning

ASX200 futures suggest a 0.4% fall on Thursday. However, focus will be on energy companies again with oil markets moving up. In company news, Nine Entertainment (NEC): won the rights to the 2024-2032 Olympic Games so that will excite some. Fortescue Metals (FMG) is hoping its iron project in Gabon will one day rival the giant mines of Australia’s Pilbara, with the West African nation giving the go-ahead for digging to start this year. Also keep an eye on travel businesses and educational firms in the quarter ahead with at least 50,000 students from China expected to return to Australia before the start of semester  - with Beijing’s government ruling that degrees earned online will no longer be accredited.

Crude oil (CLH3 & LCOJ3) jumps again, supporting our long-term positive view in oil

Oil broke 1.7% higher to $78.48 with restricted supply and rising demand continue to play a part. On the demand side, TotalEnergies sees oil demand will rise to a record this year, in line with the EIA’s messaging. As for supply, consider we are just five day in to the EU banning imports of Russian oil products. Also impacting supply, BP declared force majeure (.i.e. it’s not able to fulfil contractual obligations) on Azeri oil exports, from Turkey's Mediterranean port of Ceyhan, with seaborne flows from the BTC pipeline still being halted.  For Saxo’s view, read out Quarterly Outlook.

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