Market Highlight

The Topix tumbled more than 3% as the yen strengthened past 149. US futures climbed after Powell’s dovish remarks. WTI jumped amid rising tensions in the Middle East.

The Hang Seng Index opened slightly higher at 17,350.97 in Hong Kong. Tencent Holdings Ltd. contributed the most to the index gain, increasing 1.4%. PetroChina Co. had the largest increase, rising 2.4%. In early trading, 34 of 82 shares rose, while 47 fell; 2 of 4 sectors were higher, led by commerce and industry stocks.


Option Summary

Bloomberg Most Active Option Summary

China Resources Land and China Construction Bank were among stocks from the Hang Seng Index that had low and high put-call ratios respectively.

• China Mobile’s call open interest was 0.83 standard deviations above the 20-day mean, while WH Group’s was 2.06 standard deviations above its equivalent average
• HSBC saw elevated activity across both calls and puts
• Sinopharm saw about 22 calls trade per put, while Zhongsheng Group saw 48 calls trade for every 100 puts that changed hands

Option Name	Last Price	Volume	IVM
Hong Kong
5 HK 09/27/24 C72.5 Equity	0.73	3601	17.327
5 HK 09/27/24 C75 Equity	0.35	3050	18.144
883 HK 09/27/24 C22 Equity	0.58	2934	32.988
700 HK 08/29/24 C400 Equity	3	2865	30.499
2020 HK 08/29/24 C70 Equity	2.35	2498	36.045
700 HK 08/29/24 P350 Equity	4.02	2395	26.888
700 HK 08/29/24 C370 Equity	10.54	2165	27.132
1398S HK 10/30/24 C4.2 Equity	0.298	1860	20.153
2331 HK 09/27/24 C15 Equity	0.54	1720	46.882
700 HK 08/29/24 C390 Equity	4.56	1705	29.248
US
NVDA US 08/02/24 C110 Equity	1.32	235695	78.718
NVDA US 08/02/24 P100 Equity	2.04	168746	80.886
NVDA US 08/02/24 P105 Equity	4.23	137627	78.762
NVDA US 08/02/24 C115 Equity	0.48	123351	77.36
NVDA US 08/02/24 C120 Equity	0.18	115727	78.059
TSLA US 08/02/24 C230 Equity	2	114367	48.5
NVDA US 08/02/24 C112 Equity	0.88	106326	77.854
NVDA US 08/02/24 C108 Equity	1.9	95344	79.375
NVDA US 08/23/24 C115 Equity	2.41	90749	56.047
NVDA US 08/02/24 C105 Equity	3	87322	80.617

Important News

• Hang Seng Bank shares fall as much as 7% in Hong Kong, the most since February 2022, extending their loss after the lender reported 1H net interest income that missed average analyst estimates.

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• JPMorgan recommends entering a trade going long HSBC and short Hang Seng Bank on a six-month basis after 2Q results from the larger bank beat forecasts, while those for the smaller one were barely in line

 

• Shares of New Oriental Education plunge as much as 17% in Hong Kong after the firm’s 1Q net revenue forecast for the three-months ending August missed analyst estimates. The stock had already been under pressure following the departure of a celebrity streamer from East Buy, which led to one-off write-offs by some analysts.

 

• Budweiser APAC shares drop as much as 7.4% in Hong Kong, the most since Feb. 29 after the beer brewer posted worse-than-expected net income for the second quarter due to soft China demand.

 

• Jerome Powell said a rate cut could come as soon as September, and officials said they’re watching risks on both sides of the Fed’s mandate, putting jobs into focus alongside inflation. They also noted “some further progress” on getting prices down as the labor market cools.

 

• Tech roundup: Meta jumped 7% postmarket as revenue topped estimates on ad growth. Qualcomm dipped on concerns about a slow smartphone recovery. ARM fell after maintaining a tepid annual forecast. And Nvidia added a record $329 billion in market cap on the Wall Street rally.

 

• Applied Materials was denied a US Chips Act grant for a much-touted $4 billion R&D center, people familiar said.

 

• Bill Ackman’s Pershing Square USA is withdrawing its IPO.

 

• The BOE is seen cutting rates on Thursday for the first time since the start of the pandemic. Consensus is for a 25-bp reduction to 5%.

 

• The China Caixin manufacturing PMI fell to 49.8 in July, unexpectedly shrinking for the first time in nine months.

 

• China’s pro-growth stance will probably keep the PBOC from intervening in the bond market in the short term, analysts said.

 

• AIG fell postmarket after reporting a quarterly loss due to the separation of Corebridge.

 

• Hedge fund Walleye is closing its Houston office, and at least one energy trader is leaving the firm, people familiar said.

 

• Chart of the Day: Powell’s remarks put Friday’s jobs report in focus as investors await further evidence of a cooling labor market. Swaps are still fully priced in for a quarter-point cut in September — and a total of almost 70 bps worth of reductions for the year. “The market has priced in quite a lot of easing — the pressure is for data to validate that,” said Ed Al-Hussainy at Columbia Threadneedle.

 

          

 

      [AI Translation]

• 恒生银行（Hang Seng Bank）公布的上半年净利息收入不及分析师平均预期，该行股价在香港下跌多达 7%，创 2022 年 2 月以来最大跌幅，跌幅扩大。
• 摩根大通建议在六个月内做多汇丰银行，做空恒生银行，因为汇丰银行第二季度业绩超出预期，而恒生银行第二季度业绩勉强符合预期。
• 新东方教育第一季度截至 8 月的三个月净收入预期不及分析师预期，该公司股价在香港大跌达 17%。新东方教育的股价在一位名人离开东购后已经承压，导致一些分析师对其进行一次性注销。
• 由于中国需求疲软，啤酒酿造商公布的第二季度净收入不及预期，百威亚太区股价在香港最多下跌 7.4%，为 2 月 29 日以来最大跌幅。
• 杰罗姆-鲍威尔（Jerome Powell）表示，美联储最快可能在9月份降息，官员们还表示，他们正在关注美联储职责范围内的两方面风险，在关注通胀的同时也关注就业。他们还指出，随着劳动力市场降温，在降低物价方面取得了 "进一步进展"。
• 科技综述：Meta 盘后大涨 7%，因广告业务增长，营收超出预期。高通公司（Qualcomm）因担心智能手机复苏缓慢而下跌。ARM在维持不温不火的年度预期后下跌。英伟达（Nvidia）在华尔街大涨的背景下市值达到创纪录的 3290 亿美元。
• 据知情人士透露，应用材料公司（Applied Materials）未能获得美国芯片法案（US Chips Act）的拨款，以建立一个备受瞩目的价值 40 亿美元的研发中心。
• 比尔-阿克曼（Bill Ackman）的美国潘兴广场公司（Pershing Square USA）撤回其首次公开募股计划。
• 英国央行周四将降息，这是自流感爆发以来的首次降息。共识是降息 25 个基点至 5%。
• 中国 7 月财新制造业采购经理人指数降至 49.8，为 9 个月来首次意外萎缩。
• 分析师说，中国支持经济增长的立场可能会使中国人民银行在短期内不会干预债券市场。
• 美国国际集团（AIG）因分拆 Corebridge 公司而报告季度亏损，盘后下跌。
• 熟悉情况的人士称，对冲基金 Walleye 将关闭其休斯顿办事处，至少一名能源交易员将离开该公司。
• 今日图表：鲍威尔的讲话使周五的就业报告成为焦点，投资者正在等待劳动力市场降温的进一步证据。掉期利率仍被完全定价为在9月份下调四分之一个基点--全年总计下调近70个基点。"哥伦比亚Threadneedle公司的Ed Al-Hussainy说："市场已经为相当大的宽松政策定价--压力在于数据能否验证这一点。

 

FX and Commodity Highlight for the Day

The dollar added to losses on Wednesday after the Federal Reserve held interest rates steady but opened the door to reducing borrowing costs as soon as its next meeting in September.

Oil prices rose in Asian trade on Thursday, extending a sharp rebound from the prior session as the killing of Hamas’ leader in Iran kept fears of a bigger Middle East war largely in play.

Top Traded Underlying at Goldhorse
From weeks of Jul 15 – Jul 26

US/Global Stocks/Other Asset Classes/Indexes

1. Tesla (TSLA US)
2. Nvidia (NVDA US)
3. Microsoft (MSFT US)
4. Alphabet (GOOGL US)
5. TSMC (TSM US)
6. Apple (AAPL US)
7. Meta (META US)
8. Broadcom (AVGO US)
9. iShares 20+ Year Treasury Bond ETF (TLT US) → newly added this week
10. AMD (AMD US)

 

HK Stocks

1. Tencent (700 HK)
2. Alibaba (9988 HK)
3. JD.com (9618 HK)
4. HKEX (388 HK)
5. Netease (9999 HK)
6. Li Auto (2015 HK)
7. Baidu (9888 HK) → newly added this week
8. BYD (1211 HK)
9. Meituan (3690 HK)
10. ChinaAMC CSI 300 Index ETF (3188 HK) → newly added this week