Hot news

• The decline in consumer spending stimulated Wall Street's sensitive nerves, and forecasters downgraded the outlook for the US economy.

Us consumer spending, adjusted for inflation, fell for the first time this year in May, while the core consumer expenditure price index (PCE) rose less than expected from a month earlier to the smallest year-on-year increase since November, as forecasters downgraded the outlook for the US economy. The Atlanta Fed's GDPNow model's forecast for second-quarter GDP plummeted to 1% on Thursday, up from 0.3% earlier this week. Economists at Morgan Stanley now expect GDP to grow at an annualised rate of 0.3% in the second quarter, well below the 2% forecast a few days ago.

• The 10-year yield on US Treasuries falls below 3%, and traders are expected to cut interest rates next year.

Treasury yields fell sharply as bond investors increasingly believed that the Fed's rate hike would plunge the economy into recession as consumer spending and inflation indicators rose less than expected. Five-year earnings led the decline, falling more than 10 basis points to nearly 3.03 per cent. The yield on the 10-year note fell 9.3 basis points at one point, falling below 3 per cent for the first time since June 10.

Traders continue to expect interest rates to rise by 75 basis points in July, while swap contracts linked to the Fed's policy session show that interest rates will peak at nearly 3.5 per cent in March 2023 and then fall to about 3 per cent by the end of the year.

• The job market is tight, and the number of people claiming unemployment benefits in the United States rose to 231000 last week, close to the January level.

According to data released by the Labor Department on Thursday, there were 231000 initial claims for unemployment benefits in the week ended June 25, compared with an expected 228000, compared with a previous value of 229000. The number of Americans continuing to claim unemployment benefits rose slightly to 1.328 million in the week ended June 25. As shown in the chart below, initial jobless claims in the US in the week ended June 25 were close to January levels, indicating that labour market conditions are slowing.

• Us FDA recommends updating COVID-19 Vaccine strengthening injection to target O'Micron BA.4/5

On Thursday, the US Food and Drug Administration (FDA) said COVID-19 vaccine manufacturers should update their COVID-19 vaccine enhancements to target the O'Micron BA.4 and BA.5 variants that have recently spread in the United States.

At present, BA.4 and BA.5 have become the main epidemic strains in the United States, their infectivity is stronger and their immune escape ability is increased, which indicate that novel coronavirus will continue to spread on a large scale this summer.

• Russian Ministry of Agriculture: Russia will temporarily restrict the export of amino acid feed and rice from July 1.

From July 1 to December 31, Russia will temporarily restrict the export of amino acid feed and rice, the Russian Ministry of Agriculture said in a statement on June 30, local time. The Russian Ministry of Agriculture said that the purpose of the decision is to ensure food security in Russia, to ensure the price stability of these products in Russia and to support the Russian animal husbandry and processing industries.

• The U.S. Supreme Court ruled to limit the climate power of the Environmental Protection Agency, dealing a new blow to Biden.

The Supreme Court ruled 6-3 on the judicial interpretation of the Clean Air Act, which could prevent the government from implementing the kind of broad emissions reduction plan that EPA tried to implement during the Obama presidency, limiting the tools available to the agency. The ruling raises new doubts about Biden's ability to meet his emissions reduction commitments. Biden promised to halve US emissions by 2030 and build a carbon-free grid by 2035. According to several analyses, this cannot be achieved without regulations to curb greenhouse gases from oil wells, cars and power plants, as well as tax breaks designed to stimulate clean energy.

• Worry about recession and energy slump! Oil prices fell more than 4%, and US natural gas plummeted 16%.

Investors faced the worst first-half performance of U. S. stocks since the 1970s and worried that a recession was imminent. In addition, the price of WTI crude fell to an intraday low after US President Joe Biden admitted that he might at least "meet" Saudi Crown Prince Ben Salman during his upcoming visit to Saudi Arabia. The market believes the visit could be a plan by Washington to persuade Saudi Arabia to increase oil production, although the Biden administration has always insisted that the visit has nothing to do with oil.

On the same day, international oil and gas prices fell sharply, oil distribution fell by more than 3.5% at one time, falling below US $110, while WTI crude oil fell by more than 4% at one time. Us natural gas futures tumbled 16 per cent.

Review of US stocks

• The S & P 500 fell 21% in the first half, the worst first-half performance in more than 50 years.

The three major indexes of US stocks closed down in June, with the Dow down 0.82% and 15.3% in the first half of the year. The S & P 500 fell 0.88% and fell 21% in the first half, the worst performance since 1970. The Nasdaq 100 index fell 30% in the first half of the year, the biggest decline since 2002.

Large-scale technology stocks generally fell, Amazon.Com Inc and Alphabet Inc-CL C fell by more than 2%, and Apple Inc, Microsoft Corp and Tesla, Inc. fell by more than 1%.

The Nasdaq Golden Dragon Index fell 0.3%, Tuniu Corp continued to rise 26%, iQIYI, Inc. fell more than 5%, BABA, Tencent and Pinduoduo fell more than 2%, Baidu, Inc. and XPeng Inc. fell more than 1%.

• Chinese stocks listed in the United States were elated, outperformed American stocks and achieved the best monthly performance in three years.

Us-listed Chinese stocks posted their best monthly performance since the beginning of 2019. At a time when US stocks are stumbling over fears of a recession, investors in pursuit of high returns have poured into the US-listed market. The Nasdaq Golden Dragon China index rose 16 per cent in June for the first time since February 2021, following a 2.6 per cent rise in May. New Oriental Education & Technology Group was the top gainer, with a cumulative increase of 56 per cent, while both Li Auto Inc. and XPeng Inc. rose more than 30 per cent. BABA rose 18%.

• Blackrock's Chinese stock ETF attracts record capital inflows

Under the Blackrock Group$MSCI China ETF-iShares (MCHI.US) $It attracted $333 million on Wednesday, the largest one-day inflow since the fund was launched in 2011. The $8.5 billion ETF is mainly invested in Chinese companies listed in Hong Kong. The fund rose nearly 8 per cent in June, according to Bloomberg data. 'This shows that investors are bottoming out and want to allocate money to assets that are still rising in the current environment, 'said Todd Sohn, an ETF strategist at Strategas Securities.

• Tesla, Inc. 's share price fell 37.5% in this quarter, a record decline in a single quarter.

$Tesla, Inc. (TSLA.US) $It fell 1.8% on Thursday, bringing the decline this quarter to 38%, the worst single-quarter performance in history. Technology stocks have been particularly hard hit this year, with hot star technology stocks performing poorly overall: Tesla, Inc. fell about 36% in the first half of the year.$Apple Inc (AAPL.US) $跌23%，$Microsoft Corp (MSFT.US) $跌24%，$Alphabet Inc-CL C-A (GOOGL.US) $跌25%，$Meta Platforms (META.US) $Down 52%.$Netflix Inc (NFLX.US) $跌71%。

• Organization: Tesla, Inc. is expected to deliver 295000 vehicles in the second quarter.

Analysts expect Tesla, Inc. to deliver 295078 vehicles in the second quarter, according to Refinitiv, a figure Tesla, Inc. will release as early as Friday. In the previous quarter, Tesla, Inc. delivered a record 310048 cars.

• Apple Inc updated CarPlay this autumn: gasoline can be purchased directly through the car screen.

According to foreign media reports$Apple Inc (AAPL.US) $The latest version of the CarPlay software will be launched this fall. At that time, users will be able to buy fuel directly through the on-board screen. This feature was first mentioned at the Apple Inc developer conference earlier this month. It allows CarPlay users to click on an app, navigate to a gas station and buy fuel directly from the screen in the car without having to insert or click on a credit card (the current program). HF Sclair, a Dallas-based fuel company, said today that it plans to use new CarPlay technology and will announce details in the coming months.

• Guo Mingyi: the demand for iPhone14 in China will be much higher than 13.

Guo Mingyi, an analyst at Apple Inc, said that the demand for the iPhone 14 series, which Apple Inc will launch this autumn, is likely to be stronger than the already popular iPhone 13 series. He said that based on the results of his latest survey of Chinese dealers, retailers and scalpers, demand for iPhone 14 was likely to be stronger than that of iPhone 13, and they had to pay "the largest down payment ever" for iPhone 14 to ensure a stable supply. He pointed out that at present, the down payment of Apple Inc iPhone 14 in the Chinese market is significantly higher than that of iPhone 13 series, and even doubled in some areas.

• Pfizer Inc submitted COVID-19 's application for treatment drug Paxlovid to FDA, and the hospitalization or mortality rate was reduced by 84%.

$Pfizer Inc (PFE.US) $The company has submitted an application for a new drug against novel coronavirus's treatment drug Paxlovid to the US Food and Drug Administration (FDA), which will be used to treat high-risk COVID-19 patients, the company announced on Thursday. The new drug application submitted by Pfizer Inc is supported by the research data of phase 2 EPIC-HR and phase 2 EPIC-SR. These studies showed that compared with placebo, patients who took Paxlovid within five days after the onset of symptoms had an overall 84% reduction in hospitalization or mortality. In addition, Pfizer Inc and his partner BioNTech announced a new COVID-19 vaccine supply agreement with the US government, worth a total of US $3.2 billion. Huirui closed 2.93% higher on Thursday.

• Shopify Inc fell more than 5% and proposed to split shares at 10-1.

$Shopify Inc (SHOP.US) $It closed down 5.48% at $31.24, with a total market capitalization of $39.4 billion. On the face of the news, Shopify Inc approved the split at a ratio of 10-1. Some analysts had expected that the split would have a positive impact on share prices, such as the split of Amazon.Com Inc and Tesla, Inc., which stimulated equity changes and retail investment enthusiasm. D.A. Davisdon analyst Tom Forte pointed out that the decline in nominal share prices is likely to attract more investors to buy. The split was approved in early June and the company also approved the founder's share allocation mechanism of CEO Toby Lutek. The rule that executives retain 40 per cent of the company's voting rights even if their shareholdings are reduced has shocked some well-known consulting firms and investors.

• Micron Technology Inc fell more than 6% in after-hours trading, and the performance guidance fell far short of expectations.

After the US stock market opened on Thursday, the semiconductor manufacturing giant$Micron Technology Inc (MU.US) $It released results for the fiscal third quarter ended June 2, 2022, with operating cash flow of $3.84 billion and estimated earnings of $4.42 billion for the fiscal year ended 2022, and adjusted earnings per share of $2.59 and estimated $2.45 for the third quarter. Fourth-quarter adjusted EPS is expected to be $1.43-$1.83, below analysts' expectations of $2.57, and fourth-quarter adjusted income is expected to be $68-$7.6 billion, below analysts' expectations of $9.14 billion. Micron Technology Inc fell more than 6 per cent at one point in after-hours trading.

• Tuniu Corp rose nearly 26%, and his share price doubled this week.

Tuniu Corp (TOUR.US) $closed up 25.99% to $1.05, with a total market capitalization of $130 million, up more than 104% this week. The Ministry of Industry and Information Technology announced yesterday that the "asterisk" mark of the communication itinerary card would be cancelled from now on. Enquiries found that itinerary cards in key cities such as Beijing, Shanghai and Nanjing have been marked with an "asterisk". The national itinerary card also cancels the "asterisk" mark, which will speed up the release of domestic travel demand.

• The third largest shipping company in the world announced a targeted price reduction of 10%, 20%.

In response to the French government's call, Dafei, the world's third-largest container shipping company, announced on Thursday that it would offer about 10 per cent freight discounts to large local retailers. Starting from August 1 this year, when large French retailers import consumer goods through Dafei, they can get a discount of 500 euros per 40-foot standard container, which is roughly equivalent to a 10% discount. For all containers destined for French overseas territories, you can also get a discount of 500 euros, with a discount of about 10% and 20%.

Yesterday's turnover of US stocks TOP20

The Prospect of Hong Kong City

• Beishui increased its positions by HK $53.4 billion in June and bought more than HK $1.4 billion from Tencent.

On Thursday, June 30, China Southern Capital bought a large net HK $7.52 billion and increased its positions to HK $53.4 billion in June, a 16-month high.

Tencent, China Construction Bank Corporation and Industrial and Commercial Bank of China received a net purchase of HK $1.438 billion, HK $1.028 billion and HK $475 million respectively. ANTA Sports Products ranks first in net sales, with a value of HK $138 million.

• Changes in constituent stocks of the Hang Seng Index
  

Hang Seng Index issued a notice entitled "changes in constituent stocks of the Hang Seng Index Series", saying that due to the continued suspension, the Hang Seng Composite Index excluded Shimao Group, Kaisa Group, Sunac China, China Evergrande Group, China Olympic Garden and Evergrande Property Services. In addition, the Hang Seng China Enterprises Index will exclude Sunac China and include Bilibili Inc., with the number of constituent stocks maintained at 50.

• $Tencent (00700.HK) $Repurchase for the third day in a row, at a total cost of over HK $900 million

Tencent announced on the Hong Kong Stock Exchange that 840000 shares would be repurchased on June 30, 2022 at a price of HK $354-HK $362, at a cost of about HK $301 million. A total of 2.5 million shares were repurchased from 28 to 30 June, at a cost of more than HK $900 million.

• China exemption re-submitted its application for listing of H shares to the Stock Exchange and published the application materials.

China China waives the announcement that the company is in the process of applying for the issuance of overseas listed foreign capital shares (H shares) and listing on the main board of the Hong Kong Stock Exchange. According to the schedule of this offering, the company resubmitted its application for listing to the Hong Kong Stock Exchange on June 30, and published the application information on the website of the Hong Kong Stock Exchange on the same day.

Focus today

Keywords: Hong Kong stock market closed, Hong Kong Stock Connect / A Stock Connect suspended trading, China Caixin manufacturing PMI in June, US June Markit manufacturing PMI final value, US June ISM manufacturing PMI

Friday isHong Kong stocks will be closed on the Hong Kong Special Administrative region Establishment Day.Hong Kong Stock Connect / A share Stock Connect suspended trading.

In terms of economic data, investors need to pay attention to China's Caixin manufacturing PMI in June, the US Markit manufacturing PMI in June, and the US ISM manufacturing PMI in June.

Niuniu morning reading:

Investors rarely need to do anything else as long as they can avoid big mistakes.

-- Buffett