Global macro

• The futures of the three major stock indexes of US stocks dived before the day.

As of press time, Nasdaq futures fell 1.15%, S & P 500 futures 0.95% and Dow futures 0.79%.

European stocks fell. As of press time, Italy's FTSE MIB index fell 3.88%, Europe's Stoxx 50 index fell 1.6%, France's CAC40 index fell 1.46%, and Britain's FTSE 100 index fell 1.23%.

• Us CPI rose 8.6% in May

The annual rate of CPI in the United States in May is not quarterly adjusted to 8.6%, the previous value is 8.3%, and the forecast is 8.3%. The annual rate of core CPI in the United States in May is not seasonally adjusted to 6%, the previous value is 6.2%, and the forecast is 5.9%.

• Legendary fund manager Druckenmiller: the bear market will continue and is looking for opportunities to short US stocks and the dollar.

Stanley Druckenmiller, a prominent fund manager, warned Wall Street that the sharp fall in the stock market was not over after the Fed raised interest rates and that he was looking for opportunities to short stocks and the dollar. The catalyst for the stock market crisis is that the Fed has become aggressive in dealing with the highest inflation in decades. Druckenmiller believes this could lead to a recession sometime in 2023. Mr Druckenmiller said he had been shorting fixed income assets, such as government and corporate bonds, and equities over the past six to eight months, avoiding excessive investment in money markets and holding key commodities such as oil, gold and copper.

• Qiaoshui CIO: if the Federal Reserve reduces inflation to 2%, US stocks will plunge 25%

Greg Jensen, co-chief investment officer of Bridgewater, the world's largest hedge fund, said inflation would put more pressure on the Fed to raise interest rates by more than many on Wall Street had expected. But he believes the fed will still tolerate inflation above its 2 per cent target because policy makers cannot tolerate a severe sell-off in the stock market. The latest consumer price index shows that US inflation is still above 8 per cent. Mr Jensen said that if the Fed were really committed to reducing inflation to 2 per cent, the stock market could plunge 25 per cent from its current level because tightening would have to become more aggressive, which would "crush the economy. It may also crush weaker companies in the economy.

• "Big short" prototype: devastating inflation is coming, and the Fed knows nothing about history.

Michael Perry, the archetypal character of the movie "the Big short", tweeted against the Federal Reserve, US President Joe Biden and the US Treasury, saying they knew nothing about history and turned a blind eye to the risk that policies during the pandemic could lead to devastating inflation. Burley also pointed out that inflation is eroding American savings, threatening consumer spending and corporate profits, and making a recession more likely.

• Allianz El-Erian: inflation has not peaked and the Fed cannot go back on its word

Mohamed El-Erian, chief economic adviser to Allianz Group, warned that inflation had not yet peaked as energy prices continued to rise. He also believes that the Fed has made a "policy mistake" on inflation because it did not tighten monetary policy by shrinking its balance sheet and raising interest rates until this year. El-Erian said the Fed's worst action is to "go back on its word," such as raising interest rates first, then suspending them in September, then raising them again, and then suspending them again, which will only make stagflation last longer than it used to be.

• Survey: economists do not expect the Fed to suspend interest rate hikes until next year

Reuters polled 85 economists from June 6 to 9. They all expect the fed to raise interest rates by 50 basis points to 1.25 per cent and 1.50 per cent next week, following similar moves last month. With the exception of a few people who took part in the survey, almost everyone expected another interest rate hike in July. More than 2/3 of respondents expected the Fed to raise interest rates by 25 basis points in September, while more than 1/4 thought the Fed would raise interest rates by another half basis points. This is up from the 1/5 surveyed last month. The median of 43 responses to another question showed a 50 per cent chance of raising interest rates by 50 per cent in September, 30 per cent in November and 25 per cent in December, while nearly 60 per cent of respondents believed that the Fed would suspend rate hikes in the first or second quarter of next year. Nine people expect to suspend interest rate increases in the second half of this year or later, while the rest are expected to be sometime this year.

• Goldman Sachs Group, the "standard-bearer of commodities", said again: the energy supercycle is still in its early stage, and the whole period may be more than ten years.

Jeff Currie, chief commodities analyst at Goldman Sachs Group, reiterated on Thursday that we are in the early stages of the energy supercycle. In his view, Wall Street's rotation into natural resources has not yet begun, as share buybacks and the absence of sellers push share prices higher. Currie believes that the process of rebalancing stock market valuations and development costs will take another three years, after which energy companies will start allocating money to new projects rather than buying back shares. Once this process begins, the project will take another three to four years to develop. After that, supply and demand will begin to return to balance and the cycle will come to an end. The overall process takes 10 to 12 years.

• Greenlight Capital Einhorn: the Fed's rate hike is a bluff, gold prices may rise sharply

David Einhorn, founder of Greenlight Capital, said on Thursday that the Fed was bluffing, pretending that it could tame inflation and that gold prices could rise sharply in the current environment of rising prices. He said the Fed's tools to control inflation were limited, mainly because of the US deficit. When interest rates rise, so does America's debt. Einhorn has always believed that gold is a very important asset in the portfolio. His fund is up 20.9% this year, thanks to investments in gold, macro trading and bets that the shares of some unnamed companies will fall.

• IMF: global economic growth forecast for this year is expected to be further lowered

After the World Bank and the Organization for Economic Cooperation and Development (OECD) downgraded their global economic outlook this week, International Monetary Fund (IMF) spokesman Condoleezza Rice also said that the global economic growth forecast is also expected to be lowered this time, mainly because of the continuing conflict between Russia and Ukraine, volatile commodity prices, high food and energy prices, and rising interest rates in some developed economies. If the downgrade is confirmed, this will be the third time that IMF has lowered its forecast this year. In April, IMF cut its forecast for global economic growth in 2022 and 2023 by nearly a percentage point to 3.6 per cent.

Hot news

• Star technology stocks rose before the market.

• Meta launches new stock symbol

Facebook Inc belongs to the company on June 10, Beijing time.$Meta Platforms (META.US) $Formally abandon the "FB" stock symbol and enable the new stock symbol "Meta". On October 28, 2021, Zuckerberg announced at Facebook Inc Connect that the name of the company would be changed from Facebook Inc to "Meta", emphasizing the company's emphasis on "meta-universe". On June 1 this year, Meta announced that its Class A common shares will be traded on Nasdaq under the symbol "Meta", which will be changed before the opening of trading on June 9, 2022. The company has been using the stock symbol "FB" since its initial public offering in 2012. As of press time, Meta was up nearly 1% before trading.

• Insider: Apple Inc plans to launch a 15-inch MacBookAir and a new 12-inch laptop next year.

According to Taiwan media, people familiar with the matter are quoted$Apple Inc (AAPL.US) $The 15-inch Macbook Air with M2 chip is planned for launch next year, while efforts are being made to develop a 12-inch laptop, which is expected to be launched next year or the year after next. This will be Apple Inc's smallest new laptop since the 12-inch MacBook was discontinued in 2019. As of press time, Apple Inc rose 0.22% before trading.

• Britain conducts antitrust investigation against Alphabet Inc-CL C and Apple Inc

It is reported that the British Competition and Market Authority (CMA) launched a response to$Alphabet Inc-CL C-C (GOOG.US) $/$Alphabet Inc-CL C-A (GOOGL.US) $A new round of investigation into suspected anti-competitive behavior in app stores; the agency also said it plans to further investigate$Apple Inc (AAPL.US) $And Alphabet Inc-CL C's influence in the mobile browser market and Apple Inc's restrictions on cloud games. Apple Inc and Alphabet Inc-CL C dominate how people use their phones, but their strong control over the mobile ecosystem keeps them out of competitors, hampers the development of the UK technology industry and limits choices, said Andrea Coscelli, chief executive of CMA.

• Us regulators upgrade their investigation into Tesla, Inc. 's Autopilot, one step closer to the recall

The National Highway Traffic Safety Administration (NHTSA) said on Thursday that it was upgrading 830000 vehicles equipped with autopilot.$Tesla, Inc. (TSLA.US) $The investigation of cars, which is a necessary step before the recall of these cars may be required. In August last year, NHTSA launched a preliminary assessment of the Autopilot performance of 765000 Tesla, Inc. cars after about 12 collisions between Tesla, Inc. cars and emergency vehicles parked on the side of the road. NHTSA said on Thursday that it had confirmed six other accidents and was upgrading the investigation to engineering analysis. Tesla, Inc. rose nearly 2% before trading, but as of press time, the increase has narrowed to 0.28%.

• Tesla, Inc. 's output in the second quarterExpectationIt was 115300, down at least 30% from the previous month.

Tesla, Inc. said a total of about 30, 000 electric vehicles were delivered in May and the company said capacity utilization had returned to 100 per cent. Before the outbreak, Tesla, Inc. produced nearly 20, 000 vehicles a week (24 hours a day, 7 days), so Tesla, Inc. will not produce more than 80, 000 cars in June. Based on Tesla, Inc. 's full production of 80, 000 vehicles in June, plus 44301 electric vehicles in April and May, Tesla, Inc. is expected to produce about 120000 electric vehicles in the second quarter, down at least 30 per cent from 178887 in the first quarter.

• AMD and Intel Corp have warned that the PC market will slow down this year.

$Advanced Micro Devices Inc (AMD.US) $Chief Executive Su Zifeng said on analyst Day on Thursday that after two years of "very strong PC market", market growth would slow this year. Su Zifeng said that after a long period of high growth, the slowdown is natural, but it should be pointed out that the market demand for high-performance computing and "adaptive computing" is still very strong. In fact, it's not just AMD, but earlier.$Intel Corp (INTC.US) $An internal memo also indicates that the market is likely to slow. Research firm Canalys said in a report last week that demand in the consumer and education PC sector slowed further due to market saturation and inflation concerns.

• The electronic signature company DocuSign:Q1 's earnings per share fell by more than 13% compared with the same ratio, which was lower than expected.

Electronic signature Technology Co.$DocuSign (DOCU.US) $The first-quarter results were announced, revenue was $588.7 million, up 25.49% year-on-year, higher than market expectations of $581.9 million; earnings per share were $0.38, down 13.64% from the same period last year, below market expectations of $0.46. DocuSign said its outstanding first-quarter performance was subscription revenue, which rose 26 per cent year-on-year to $569.3 million. As of press time, DocuSigns were down more than 25% before trading.

• Ericsson is investigated by SEC over corruption scandal in Iraq

Swedish 5G communication equipment giant$Ericsson (ERIC.US) $The U.S. Securities and Exchange Commission (SEC) has launched an investigation into the company's actions in Iraq in 2019, it said. The company added that it was working fully with SEC and that it was "too early to confirm or predict the findings." Ericsson has been at the center of a storm of public opinion since it was exposed by the media in February that Ericsson paid "road fees" to terrorists. The company admitted that it may have paid fees to the ISIS terrorist group to obtain the right of way for some transport routes, a scandal dating back to 2011. As of press time, Ericsson was down more than 2% before trading.

• "wooden Sister": Zoom will rise to $1500 in 2026

Casey Wood, the founder of ARK, recently touted it vigorously.$Zoom Video Communications Inc (ZM.US) $It says the company's share price will reach $1500 by 2026, more than 13 times its current share price, meaning a compound annual growth rate of 76 per cent. Casey has always been bullish on Zoom, and she even predicts that the stock will rise to $2000 in a bull market and $700 in a bear market. Currently, ARK's largest holding company is Zoom. As of press time, Zoom was down 0.7% before trading.

Focus on China-listed stocks

• Popular US-listed stocks rose before the session.

• New Oriental Education & Technology Group: buy back 240 million US dollars of bonds maturing in 2025

$New Oriental Education & Technology Group (EDU.US) $The company further bought back bonds on June 10, the announcement said. As of June 10, the total amount of bonds repurchased by the company was 240 million US dollars, accounting for about 80 per cent of the initial principal of the bonds. As of press time, New Oriental Education & Technology Group was up more than 8 per cent before trading.

• Taiwan Semiconductor Manufacturing Co Ltd's May sales increased by 65.3% compared with the same period last year. EIA documents related to the plan to build a 2nm plant have been submitted for review.

$Taiwan Semiconductor Manufacturing Co Ltd (TSM.US) $It was announced that sales in May were NT $185.71 billion, up 65.3% from a year earlier and 7.6% month-on-month from January to May. Sales from January to May were NT $849.34 billion, up 44.9% from a year earlier. In addition, the environmental evaluation documents related to Taiwan Semiconductor Manufacturing Co Ltd's 2nm plant construction plan have been submitted for review, with a view to passing the EIA in the first half of next year, and then handing over the land to build the plant. The first phase of the plant is expected to be put into production by the end of 2024. As of press time, TSMC rose 1% in front of the market.

Pre-market turnover of US stocks TOP20

American Macro Calendar reminder:

20:30The annual rate of core CPI in the United States in May is not adjusted quarterly.

22:00Preliminary data of US Consumer confidence Index at the University of Michigan in June

01:00 the next dayTotal number of drilling in the United States in the week ended June 10