Global macro

• The futures of the three major US stock indexes fell slightly before Friday's trading.

  

• Us stocks have not yet hit bottom? Us asset management giant: only when inflation continues to fade can the bear market end.

Although the S & P 500 has had its worst first half since 1970, Saira Malik, head of investment at Nuveen Investments, a US asset manager, points out that with consumers still cutting back on spending, the market has more room to fall. The bear market will continue until inflation begins to subside. "what we are seeing is probably a bear market rebound, and we don't think the S & P has hit bottom yet," Malik said in an interview. She further warned that companies with weak pricing power would continue to be hit by inflationary pressures in the second half of the year.

• Biden had no choice but to have a showdown: there is no end to high oil prices before the end of the conflict between Russia and Ukraine.

Us President Joe Biden said at a news conference in Madrid, Spain on Thursday: there may be no end to high oil prices in the United States until the conflict between Russia and Ukraine ends.Us gasoline prices have soared since the start of the year, breaking a record $5 a gallon two weeks ago. The average price of gasoline in the United States today was $4.842, down slightly from the previous two weeks, according to AAA, a US gasoline website.

• What about the financial subsidy we talked about? Obstacles to rebuilding the chip manufacturing industry in the United States

On Friday, according to media reports, although a number of chipmakers have announced plans to expand their plants in the United States, but it ultimately depends on whether Congress will allocate funds to help it build under the creation of beneficial incentives for the production of semiconductors in the United States (the Chip Act). The uncertainty of the Chip Act has raised concerns among chipmakers planning to build factories, which may have to postpone expansion plans.

• Motorcycle CIO: stagflation and recession are more likely to occur than soft landings

Compared with the stagflation crisis in the early 1980s, JPMorgan Chase & Co Asset Management's CIO believes that the economic outlook now looks worse and that a US recession is more likely than a soft landing. It believes that central banks still have a long way to go to reverse excessive easing at a time when inflation looks increasingly entrenched.

• Lun copper fell below $8000, its lowest level in more than a year.

The price of copper in London, seen as a barometer of the world economy, fell 3.5 per cent to $7970.50 a tonne on Friday, extending its decline after its worst quarter since the outbreak, hitting its lowest level since early 2021. Analysts expect the copper market to face a supply glut of about 10 per cent over the next two years in the face of hard landings in the US and Europe.

Hot news

• Star technology stocks fell before trading, Micron Technology Inc fell more than 4%, NVIDIA Corp fell more than 1%

• Tesla, Inc. applied for the expansion of the Texas super factory, with plans to expand nearly 50, 000 square meters

According to Teslarati,$Tesla, Inc. (TSLA.US) $The application for an additional 500000 square feet (46451 square meters) of the Texas plant and the expansion of General Assembly 2 and 3 will be applied, according to documents filed on Wednesday. Given that the Texas plant has more than one floor, the expansion project, if approved, is expected to eventually provide at least 1 million square feet (nearly 100000 square meters) of working space for the Tesla plant. Mr Musk had previously estimated that Tesla, Inc. would start producing cyber electric pickup trucks and Semi electric trucks sometime next year. Although the location of the cyber electric pickup truck has not been officially announced, it is likely to be at the Texas factory.

• Guo Mingyi believes that the demand of Apple Inc iPhone14 in China will be much higher than that of iPhone13.

$Apple Inc (AAPL.US) $Guo Mingyi, an analyst, said that based on the results of his latest survey of Chinese dealers, retailers and scalpers, the Chinese market was likely to have stronger demand for iPhone14 than iPhone13, forcing them to pay "the largest down payment ever" for iPhone14 to ensure a stable supply. He pointed out that at present, the deposit of Apple Inc iPhone14 in the Chinese market is significantly higher than that of the iPhone13 series, and even doubled in some areas. Component suppliers and logistics analysts predict that Apple Inc iPhone14's shipments in the second half of this year may reach about 100m or 90 million.

• Meta slashed its hiring plans, and Zuckerberg warned: the worst recession in recent years is coming!

Mark Zuckerberg, chief executive of $Meta Platforms (META.US) $, told employees on Thursday that the company would cut its engineer recruitment plan by at least 30 per cent this year and tighten performance reviews and step up elimination efforts. He warned that employees should be prepared for a severe recession.

• The price of Apple Inc's products has been raised across the board in Japan since July 1st.

$Apple Inc (AAPL.US) $In Japan, a comprehensive price increase has been implemented for major products, including "iPhone". Take the lowest price of the latest model "iPhone 13" as an example, the price increase rate reached 19%. Against the backdrop of the widening interest rate gap between Japan and the United States, the yen has depreciated sharply, and the prices of consumer durables familiar to the Japanese are also beginning to be affected.

• Cell phones and computers start the downlink cycle? Memory chip supplier Meguiar downgrades its performance outlook

$Micron Technology Inc (MU.US), one of the big three memory chips, hinted on Thursday that smartphone and computer sales will be less optimistic for the rest of 2022. Micron, one of the major suppliers of memory chips for smartphones and computers, has noticed that its customers are adjusting their inventory.Micron's chief executive said at the earnings conference that smartphone sales were expected to fall by about 5 per cent compared with last year and computers by 10 per cent.If it is converted into specific units, compared with the forecast earlier this year, smartphone sales will fall by 130 million and computers will be reduced by 30 million. As of press time, Micron Technology Inc was down more than 4 per cent before trading.

• JMP Securities: reduce the target price of Meta Platforms from $265to $240and maintain its outperform rating.

In a broader study of the Internet and digital media, Andrew Boone, an analyst at JMP Securities, will$Meta Platforms (META.US) $It lowered its target price to $240 from $265 and maintained its outperform rating on the stock. The macro background of high inflation, persistent supply chain problems, rising interest rates and deteriorating business and consumer confidence is deteriorating, the analyst said. Boone expects growth in digital advertising to slow in the second quarter and expects global digital advertising to grow by 11% by 2022 and not rebound until 2023.

• Join the bearish queue? Bank of America: Tesla, Inc. 's US market share is expected to plummet in the next three years

John Murphy, an analyst at Bank of America Corporation, said in his annual forecast called "Automobile War" (Car Wars) that by 2025, with competitors launching about 135new electric vehicles, $Tesla, Inc. (TSLA.US) $could be replaced by GM or Ford in the US electric car market. Tesla, Inc. will continue to grow as electric vehicle sales continue to soar, but its market share will plummet from more than 70 per cent today to about 11 per cent in 2025, it wrote.

Focus on China-listed stocks

• Most of the hot Chinese stocks fell before the day.

• The report card of Wei Xiaoli, the new force of car building, was released in June.
  

$Li Auto Inc. (LI.US) $13024 ideal ONE were delivered in June, up 68.9% from a year earlier, and 28687 ideal ONE were delivered in the second quarter, up 63.2% from the same period last year.

XPeng Inc. (XPEV.US) delivered 15295 vehicles in June, an increase of 133% over the same period last year; a total of 34422 units were delivered in the second quarter, winning the championship of new power delivery for four consecutive quarters; and a total of 68983 units were delivered from January to June, 2.2 times the cumulative delivery in the same period last year.

NIO Inc. (NIO.US) delivered 12961 vehicles in June, up 60.3 percent from the same period last year; 25059 vehicles were delivered in the second quarter, up 14.4 percent from the same period last year; and NIO Inc. delivered 50827 new cars in the first half of 2022, up 21.1 percent from the same period last year. As of June 30, 2022, NIO Inc. 's cumulative delivery volume has reached 217897.

As of press time, XPeng Inc. rose by more than 2% before trading, NIO Inc. by nearly 2%, and Li Auto Inc. by more than 1%.

• Taiwan Semiconductor Manufacturing Co Ltd was hacked by three major clients? The company responded: do not comment on market speculation or rumors

$Taiwan Semiconductor Manufacturing Co Ltd (TSM.US) $Down more than 3% before trading, it was reported that Apple Inc, AMD and NVIDIA Corp, the three major customers of Taiwan Semiconductor Manufacturing Co Ltd, reduced their orders. In this regard, the relevant departments of Taiwan Semiconductor Manufacturing Co Ltd replied that they would not comment on market speculation or rumors.

• HSBC Research: raise the target price of NIO Inc. from $26 to $28 and maintain its buy rating

HSBC research analyst Yuqian Ding will$NIO Inc. (NIO.US) $The target price was raised to $28 from $26 and the buy rating on the stock was maintained, citing increased confidence in the fundamental outlook. Since the end of March, US stock prices have rebounded 6 per cent on the back of NIO Inc. 's renewed sales momentum. Ding expects monthly sales to continue to improve as sales of three new models increase in the second half of the year and more new models are expected to be launched after 2022.

Pre-market turnover of US stocks TOP20

American Macro Calendar reminder:

21:45 final value of Markit manufacturing PMI for June in the United States

22:00 June US ISM Manufacturing PMI