Market Highlight

Asia stocks and US futures rose as swaps priced in a Fed rate cut in September. The yen retreated, with some investors warning the recent rally may be at risk of shattering as soon as next week. The US 10-year yield was little changed.

The Hang Seng Index opened 1.1% higher at 17,189.34 in Hong Kong. Tencent Holdings Ltd. contributed the most to the index gain, increasing 1.8%. Haier Smart Home Co. had the largest increase, rising 5.7%. In early trading, 71 of 82 shares rose, while 11 fell; all sectors were higher, led by commerce and industry stocks.

Option Summary

Bloomberg Most Active Option Summary

Option Name	Last Price	Volume	IVM
Hong Kong
700 HK 07/30/24 C360 Equity	1.79	8031	30.375
700 HK 07/30/24 P350 Equity	2.05	6297	29.832
700 HK 07/30/24 C370 Equity	0.53	5291	34.984
939S HK 07/30/24 P4.4 Equity	0.002	3000	99.041
9618 HK 07/30/24 C105 Equity	0.73	2023	41.382
1810 HK 07/30/24 P17.5 Equity	1.09	2001	50.117
700 HK 08/29/24 P330 Equity	2.7	1472	26.423
1398S HK 07/30/24 P4.3 Equity	0.015	1444	23.247
388 HK 07/30/24 C230 Equity	1.51	1433	24.03
2318 HK 08/29/24 C35 Equity	0.64	1432	28.216
US
TSLA US 07/26/24 P215 Equity	3.6	178981	55.188
NVDA US 07/26/24 C120 Equity	0.43	176592	54.598
TSLA US 07/26/24 P210 Equity	2	173537	57.636
TSLA US 07/26/24 P220 Equity	6.6	145691	54.7
TSLA US 07/26/24 C220 Equity	2.42	136614	55.197
NVDA US 07/26/24 P115 Equity	2.56	132966	54.816
TSLA US 07/26/24 P200 Equity	0.53	117468	66.016
NVDA US 07/26/24 C118 Equity	0.85	109072	53.212
TSLA US 07/26/24 C225 Equity	1.22	98141	55.768
TSLA US 07/26/24 C230 Equity	0.59	89908	57.331

Important News

• Chinese home appliance and auto maker stocks rally after the nation announced measures to support trade-in and upgrade subsidy programs for consumers.

 

• The Hang Seng China Enterprises Index wipes out earlier gains exceeding 1% to decline as much as 0.3%, on track for its fourth straight session of losses as bearish sentiment in the market deepens.

 

• Hong Kong stocks rebounded from three-month lows as expectations grew that China will unveil more policy easing measures, after the country's central bank announced unexpected cuts in key interest rates this week.

 

• Bill Ackman’s IPO for a closed-end fund is poised to raise far less than the $25 billion he floated two weeks ago. He’s now expected to raise just $2.5 billion to $4 billion, a filing showed, though the ultimate size will depend on demand.

 

• Dexcom plunged 37% in late trading after it cut its full-year sales forecast for its glucose monitoring devices.

 

• Russia is throttling access to YouTube as it moves toward blocking the social media site.

 

• Hermès sales jumped as it weathered the luxury slowdown.

 

• Hermes Li’s Aspex hedge fund returned 21% in the first half, helping boost assets under management to more than $9 billion, people familiar said.

 

• Janet Yellen reiterated US commitment to market-determined exchange rates, with interventions only meant for periods of undue volatility. She also lauded Harris’s appreciation of American global leadership.

 

• US eco: June PCE inflation data due Friday may offer positive news for the Fed.

 

• Asian currencies — especially the yuan, Malaysian ringgit and Thai baht — are set to weaken if Trump wins office and implements stiff tariffs, Goldman Sachs Asset Management said.

 

• Eco: Tokyo’s core inflation accelerated to 2.2% in July as expected. Singapore’s central bank kept its monetary policy settings unchanged for a fifth straight time

 

• The $8 billion merger between Paramount and Skydance would cost Paramount’s public shareholders more than $1.6 billion, according to a lawsuit challenging the transaction.

 

• EssilorLuxottica confirmed that Meta is interested in buying a stake in the eyewear maker.

 

• Banco Sabadell’s CEO stepped up his criticism of BBVA’s hostile bid, saying a plan won’t work without staff cuts.

 

• Nasdaq CEO Adena Friedman expects IPO momentum to pick up in 2025.

 

• Meta is facing an EU antitrust fine for tying Marketplace with its Facebook network.

 

• Cruise is targeting a return to running fully autonomous rides later this year. The self-driving vehicle unit majority owned by GM may charge fares by early 2025, people familiar said.

 

• OpenAI launched a challenge to Google: SearchGPT. The search engine prototype is only available to a limited number of users via a web browser.

 

• Google DeepMind launched two new AI programs, AlphaProof an AlphaGeometry 2, that specialize in solving complex math problems, a task it has historically struggled with.

 

• Elon Musk’s xAI is moving at an accelerated pace to build the “world’s largest supercomputer” in South Memphis by 2025. But locals are concerned about the lack of public details.

 

• Chart of the Day: Investors showed appetite for the rotation trade away from large tech companies. “We’re in the midst of a great, rate-led rotation from tech to everything else,” said Callie Cox at Ritholtz.

            

 

            

 

 

      [AI Translation]

• 在国家宣布支持以旧换新和为消费者提供升级补贴计划的措施后，中国家电和汽车制造商股票大涨。
• 由于市场看跌情绪加深，恒生中国企业指数抹去早些时候超过1%的涨幅，最多下跌0.3%，有望连续第四个交易日下跌。
• 在中国央行本周意外宣布下调关键利率后，市场对中国将推出更多宽松政策措施的预期升温，香港股市从三个月低点反弹。
• 比尔-阿克曼（Bill Ackman）的封闭式基金首次公开募股（IPO）预计募集资金将远低于两周前的 250 亿美元。一份文件显示，他现在预计只筹集 25 亿至 40 亿美元，但最终规模将取决于需求。
• Dexcom 在下调了葡萄糖监测设备的全年销售预期后，尾盘暴跌 37%。
• 俄罗斯正在限制对 YouTube 的访问，以逐步封杀这一社交媒体网站。
• 爱马仕（Hermès）在奢侈品市场放缓的情况下，销售额大幅增长。
• 熟悉情况的人士称，爱马仕李嘉诚的Aspex对冲基金上半年回报率达到21%，帮助其管理的资产增至90多亿美元。
• 珍妮特-耶伦（Janet Yellen）重申了美国对市场决定汇率的承诺，只有在出现过度波动时才会进行干预。她还赞扬了哈里斯对美国全球领导地位的赞赏。
• 美国生态：周五将公布的6月份PCE通胀数据可能会给美联储带来利好消息。
• 高盛资产管理公司（Goldman Sachs Asset Management）表示，如果特朗普胜选并实施严厉的关税措施，亚洲货币--尤其是人民币、马来西亚林吉特和泰铢--将走软。
• 经济东京 7 月份核心通胀率如期加快至 2.2%。新加坡央行连续第五次维持货币政策设定不变
• 派拉蒙和 Skydance 之间价值 80 亿美元的合并将使派拉蒙的公众股东损失超过 16 亿美元，根据一项对该交易提出质疑的诉讼。
• EssilorLuxottica 证实 Meta 有意收购这家眼镜制造商的股份。​​​​​​​
• 萨瓦德尔银行首席执行官加大了对 BBVA 恶意收购的批评力度，称如果不裁员，收购计划将无法实施。
• 纳斯达克首席执行官阿德娜-弗里德曼预计 2025 年首次公开募股的势头将加快。
• Meta 因将 Marketplace 与其 Facebook 网络捆绑而面临欧盟反垄断罚款。
• Cruise 的目标是在今年晚些时候恢复全自动驾驶。知情人士称，通用汽车拥有多数股权的自动驾驶汽车部门可能会在 2025 年初收取车费。
• OpenAI 向谷歌发起挑战：SearchGPT。该搜索引擎原型仅通过网络浏览器向少数用户开放。
• 谷歌 DeepMind 推出了两款新的人工智能程序 AlphaProof 和 AlphaGeometry 2，专门解决复杂的数学问题，而这是它历来难以完成的任务。
• 埃隆-马斯克（Elon Musk）的 xAI 正在加快步伐，力争到 2025 年在南孟菲斯建造 "世界上最大的超级计算机"。但当地人对缺乏公开细节表示担忧。
• 今日图表：投资者对远离大型科技公司的轮换交易表现出兴趣。"Ritholtz公司的Callie Cox说："我们正处于一场由利率主导的从科技公司到其他公司的大轮动中。

 

FX and Commodity Highlight for the Day

The yen edged lower from a 2-1/2-month high against the U.S. dollar on Thursday, as financial markets stabilized, with investors looking ahead to next week's Bank of Japan meeting which could see a potential rate hike.

Oil prices steadied in Asian trade on Friday, taking some support from positive U.S. gross domestic product data, but concerns over sluggish demand conditions in Asia put crude on course for a third week of losses.

Top Traded Underlying at Goldhorse
From weeks of Jul 8 – Jul 19

US/Global Stocks/Other Asset Classes/Indexes

1. Nvidia (NVDA US)
2. Tesla (TSLA US)
3. TSMC (TSM US)
4. Microsoft (MSFT US)
5. AMD (AMD US)
6. Apple (AAPL US)
7. Alphabet (GOOGL US)
8. Amazon (AMZN US)
9. Meta (META US)
10. Broadcom (AVGO US) → newly added this week

 

HK Stocks

1. Tencent (700 HK)
2. Alibaba (9988 HK)
3. HKEX (388 HK)
4. HSBC (5 HK) → newly added this week
5. JD.com (9618 HK)
6. BYD (1211 HK)
7. AIA (1299 HK)
8. Li Auto (2015 HK) → newly added this week
9. Meituan (3690 HK) → newly added this week
10. Netease (9999 HK) → newly added this week