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US Stock Market Preview | Powell's speech tonight is heart-wrenching; Q2 deliveries are higher than expected, Tesla's pre-market rises more than 4%.
It is recommended to take profits! Morgan Stanley: It's time to unwind short positions in US bonds; the US chip industry faces a labor shortage, and the Biden administration is investing heavily to address it; Maersk CEO: the interruption of Red Sea shipping will continue until the third quarter of this year; Tesla's Chinese deliveries in June decreased by 24% year-on-year, and its global production for the second quarter will be announced later.
PDD Holdings' Temu, Online Site Shein Asked to Submit Information on Digital Services Act Compliance
PDD Holdings' (PDD) Temu and private online marketplace Shein were asked by the European Commission to provide more information on the measures they have taken to comply with the Digital Services Act,
Citigroup: Spotlight on Top 8 Potential Catalyst Priorities in Three Centres, ASMPT, China Aluminum, Ico, MGM China, Li Ning and BYD
According to a research report published by Citigroup, the highly anticipated Third Plenary Session will be held from July 15th to 18th, with export and non-real estate infrastructure investment remaining the main driving force of the Chinese mainland economy in the second half of the year. The bank pointed out that although China is expected to achieve a 5% economic growth target this year, more time and policies are expected to be introduced to enhance investor confidence. In addition to gradual measures, no major policy breakthroughs are expected in the second half of the year. Citigroup is bullish on stocks benefiting from export growth and rising commodity prices, with PDD Holdings (PDD.US) and ASMPT Holdings Limited (00522.HK) as top picks in the market.
Bocom Intl Rating: Valuations of the mainland internet plus-related industry have recently pulled back, supported by performance and buybacks
On July 2nd, Guolonghui reported that bocom intl published a research report, rating the mainland internet industry as a leader. The report mentioned that in the second quarter of 2024, there is a sustained significant increase in shareholding of software-related industries in the Hong Kong stock market. Advertising and entertainment remain higher than the industry average, but shareholding in the e-commerce industry continues to decline. International institutional holdings are mainly concentrated in the life service, e-commerce, and gaming industries, with a higher shareholding ratio than the industry average. It has a significant difference in preference from the Hong Kong stock market, and has slightly rebounded in shareholding of entertainment and advertising companies, but still below the average. In June, the sentiment of the Mainland's internet sector fell back, and the China Internet ETF (KWEB) fell by 7% month-on-month, compared with a 6% rise in the Nasdaq and a 2% drop in the Hang Seng Index.
US stock market closed | Nasdaq hit another record high! Tesla rose more than 6%, while Nvidia fell more than 3.5% before bouncing back.
After rising by 1.6%, the China concept index saw its gains halved, with NIO Inc and Li Auto Inc rising by about 6.7%, and Xpeng rising by over 5%.
US stocks closed lower on the last day of June with all three major indexes down. The AI-driven Nasdaq rose 18% in the first half of the year, while Nvidia soared 149%.
After hitting a new high, the S&P and Dow fell together, possibly due to Goldman Sachs and JPMorgan bearish on US stocks. Amazon, Google, and Microsoft fell from their recent highs, while most chip stocks rose. However, Nvidia rose 3% before falling 0.4% as the AI hype drove the Nasdaq up 18% and the S&P up 14.5% in the first half of the year.