Cultivating CFD Trading Era

Junko Nakagawa, a board member of the Bank of Japan: Short-term and medium-term government bond yields are still in negative range.

Bank of Japan board member Junko Nakagawa: Markets are nervous and uncertainty is increasing.

Germanys March PPI monthly rate and Switzerlands March trade account will be announced in ten minutes.

April 17, Deutsche Bank expects the European Central Bank to cut interest rates by 25 basis points to 2.25% at its April meeting. Although the ECB left the option open in March to continue or pause rate cuts, the balance of risks has since shifted decisively toward easing. The economic blow from reciprocal tariffs, rising uncertainty and tightening financial conditions appears to be more severe than the ECB expected. In addition, the assumption that tariffs will push up inflation is now being challenged as anti-inflationary forces become increasingly dominant. The main (inflation) downside risks include a rapid appreciation of the euro, falling oil prices and an increased likelihood of trade diversion, all of which put pressure on the inflation outlook. Deutsche Bank pointed out that inflation risks are currently clearly biased to the downside. While guidance after the tariff suspension may be only mildly dovish, the ECB must remain flexible in the face of complex and evolving shocks. Deutsche Bank sticks to its view that the final interest rate will be set at 1.5%, and warns that the market may still underestimate the risk of deflation.

Bank of Japan board member Junko Nakagawa: There are still two weeks until the next policy meeting, and the factors to be considered include the progress of tariff negotiations.

On April 17, TSMC (TSM.N) announced its first quarter financial report for 2025. Its consolidated revenue was approximately NT$839.25 billion, and its net profit after tax was NT$361.56 billion. Its gross profit margin in the first quarter of 2025 was 58.8%, its operating profit margin was 48.5%, its net profit after tax was 43.1%, and its earnings per share after tax (EPS) was NT$13.94. TSMC pointed out that compared with the same period last year, its consolidated revenue in the first quarter of 2025 increased by 41.6% year-on-year, and its net profit after tax and EPS increased by 60.3% and 60.4% respectively. Compared with the fourth quarter of last year, its consolidated revenue decreased by only 3.5% quarter-on-quarter. In US dollars, its revenue in the first quarter of 2025 was US$25.88 billion, an increase of 35.3% over the same period last year and a slight decrease of 5.1% from the previous quarter.

Bank of Japan board member Junko Nakagawa: The impact of tariffs on prices is still unclear.

Bank of Japan board member Junko Nakagawa: Financial markets are reflecting an uncertain situation.

Berenberg: Lowered ASML (ASML.O) target price from 800 euros to 740 euros.

On April 17, TSMC (TSM.N) announced today that its revenue for the first quarter ending March 31, 2025 was $25.53 billion, a year-on-year increase of 35.3%, but a month-on-month decrease of 5.1%. In the first quarter, 3nm shipments accounted for 22% of total silicon wafer revenue; 5nm accounted for 36%; and 7nm accounted for 15%. Advanced technology (defined as 7nm and more advanced technology) accounted for 73% of total silicon wafer revenue.

Bank of Japan board member Junko Nakagawa: No comment on discussions on foreign exchange or tariffs.

The main crude oil futures contracts rose in the afternoon, with the main SC crude oil contract rising by more than 3%, and the main low-sulfur fuel oil (LU) contract rising by 2.40%. The main fuel oil contract rose by more than 2.00% during the day.

April 17, the worlds largest chipmaker TSMC (TSM.N) on Thursday reported a 60% increase in first-quarter net profit, exceeding market expectations, thanks to a surge in demand for semiconductors in artificial intelligence applications. TSMCs customers include Apple and Nvidia, and the companys net profit in January-March increased to NT$361.6 billion from NT$225.5 billion in the same period last year, exceeding the agencys expectation of NT$354.6 billion.

The main fuel oil contract expanded its intraday increase to 2.00% and is now trading at 2,984.00 yuan/ton.

On April 17, as we enter 2025, consumer finance companies are still accelerating the liquidation of non-performing assets. According to the data from the China Banking and Insurance Regulatory Commission, the scale of non-performing loan transfers in the consumer finance industry reached 14.39 billion yuan in the first quarter of 2025, with a significantly higher growth rate. From the perspective of a single institution, since April, six licensed consumer finance institutions, including China UnionPay, Nanyin Bank, and BNP Paribas, have intensively listed and transferred packages of non-performing assets, and the transfer price has also been as low as the "floor price". Analysts believe that due to factors such as stricter supervision and profit pressure, the bulk transfer of non-performing assets is becoming a "standard action" for consumer finance companies to optimize their capital structure. While reducing the "burden", it also helps them optimize their capital structure, better resolve financial risks, and optimize the allocation of financial resources.

Futures news on April 17: 1. The trading volume of WTI crude oil futures was 926,947 lots, an increase of 182,164 lots from the previous trading day. The open interest was 1,901,813 lots, a decrease of 16,404 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 159,865 lots, an increase of 25,698 lots from the previous trading day. The open interest was 187,858 lots, an increase of 860 lots from the previous trading day. 3. The trading volume of natural gas futures was 563,012 lots, an increase of 33,781 lots from the previous trading day. The open interest was 1,492,916 lots, a decrease of 13,493 lots from the previous trading day.

TSMC (TSM.N)s revenue in the first quarter of 2025 was NT$839.254 billion, compared with NT$592.64 billion in the same period last year.

TSMC (TSM.N) stocks rose in overnight trading in the U.S., with gains expanding to 2%.

TSMC (TSM.N): Capital expenditure in the first quarter was US$10.06 billion.