Global macro

• The three major stock index futures rose collectively before Friday's trading.

• During eight US recessions, the S & P 500 fell by an average of 32% from peak to trough

If history is any guide, the S & P 500 should fall sharply further if it is to absorb the effects of the US recession. In eight recessions since 1969, the s & p 500 has fallen by an average of 32% from peak to trough, according to a study. If the index falls by a similar amount from its January high, it will fall to 3262. The S & P closed at around 4200 on Thursday.

• Bank of America: us stocks have not reached the bottom yet

As Wednesday's July CPI data showed signs of falling inflation, US stocks rebounded strongly to nearly three-month highs, and the Nasdaq index rebounded 20% from its previous low, entering a "technical bull market."

But BofA believes that households, not hedge funds or other companies, are the biggest shareholders in U. S. stocks. At present, BofA has not found the phenomenon of U. S. household selling out, which means that the U. S. stock has not yet hit bottom. Investors still prefer cash, credit and stocks, at least until households decide to sell is the bottom of U. S. stocks, and a good time to buy.

• Goldman Sachs Group: the oil price will stand above the $130 mark by the end of this year.

Goldman Sachs Group, known as the "standard-bearer of commodities", pointed out that oil prices are expected to climb to $130 a barrel by the end of the year. Goldman Sachs Group pointed out that the reason why oil-importing countries frantically release stocks to the market at a time of skyrocketing prices is because they believe that once the oil market is oversupplied, oil prices will weaken across the board and they will be able to replenish inventories at low prices. However, if the optimistic expectations of oil-importing countries about market oversupply do not materialize, such "destocking" is expected to exacerbate oil shortages and significantly push up oil prices this autumn.

• Citigroup Q2 position: selling Amazon.Com Inc and NVIDIA Corp sharply

$Citigroup Inc (C.US) $The position report for the second quarter ended June 30, 2022 (13F) was submitted. From the change of position ratio, the top five buying targets are: iShares iBoxx US dollar high-yield corporate bond ETF put option, iShare Russell 2000 index ETF put option, iShare Russell 2000 index ETF call option, PowerShares QQQ Trust, Series 1 call option, iShares 20-year treasury bond ETF call option.The top five sellers are: ETF put option on the S & P 500 Index, Amazon.Com Inc call option,$Amazon.Com Inc (AMZN.US) $、$NVIDIA Corp (NVDA.US) $And iShare Russell 2000 index ETF.

• UBS Q2 substantially increased its position in the Nasdaq 100 put options and reduced its holdings in technology stocks such as Apple Inc and Microsoft Corp.
  

UBS (UBS.US) $According to the position report in the second quarter, the top five buying targets are: Nasdaq ETF put option, inflated Bond Index ETF put option, S & P 500 Index ETF, Euro-Australian far East Index ETF put option, SPDR Financial Industry ETF put option. The top five sellers are: SPDR gold ETF call option, bond index ETF put option,$Amazon.Com Inc (AMZN.US) $、$Apple Inc (AAPL.US) $、$NVIDIA Corp (NVDA.US) $。

• The position of Bridge Water Fund in the second quarter is exposed.

According to the latest 13F documents, the market capitalization of Qiao Shui's positions in US stocks reached nearly $23.6 billion at the end of the second quarter of this year, slightly less than at the end of the first quarter. By the end of the second quarter of this year, Procter & Gamble Co was the largest stock in Qiaoshui, and the top 10 stocks also included Johnson & Johnson, two emerging market ETF, two S & P 500ETF, Coca-Cola Company, PepsiCo Inc, Costco Wholesale Corp and Walmart Inc.

It is worth noting that Qiaoshui cleared BABA ADR and JD.com ADR in the second quarter of this year, but there is market news that Qiaoshui may have changed its holdings from US-listed ADR to Hong Kong's secondary listed shares. In addition, Qiaoshui also increased its positions in US stocks such as Baidu, Inc. and NIO Inc., and reduced its holdings of Pinduoduo.

Hot news

• Most of the star technology stocks rose before the market.

• WSB concept stocks strengthened before trading, AMC cinema chain rose by more than 3%

$AMC cinema line (AMC.US) $It rose by more than 3%.$3B (BBBY.US) $Increase by more than 2%$Roblox (RBLX.US) $、$Game Station (GME.US) $Follow the rise. The most frequently mentioned name on Reddit's Wall Street Bets channel is still 3B Home, followed by game stations and AMC cinema.

• Apple Inc expects to maintain iPhone sales in 2022, counting on wealthy consumers to help offset the market slowdown.

Despite deteriorating forecasts in the smartphone market,$Apple Inc (AAPL.US) $Assemblers are still required to produce 90 million of the latest iPhone, the same number as last year, hoping that wealthy consumers and reduced competition will help offset the downturn in the global electronics market. Apple Inc still expects to produce about 220 million iPhone units in 2022, roughly the same level as last year. Apple Inc's forecast is a closely guarded secret, and the figures show that it is confident of withstanding the decline in consumer spending on smartphones and other devices. The global mobile phone market fell 9% in the second quarter. According to IDC, the global mobile phone market fell 9 per cent in the second quarter of this year and is expected to contract by 3.5 per cent in 2022.

• T2 Biosystems continues to rise before the plate, and plans to develop a rapid molecular diagnostic test for monkeypox.

It soared by more than 26% yesterday.$T2 Biosystems (TTOO.US) $It continued to rise by more than 3% before trading. The company said on Tuesday that it plans to explore the potential of developing a rapid molecular diagnostic test for monkeypox virus, including technical and commercial feasibility. It is reported that there are more than 10,000 confirmed cases of monkeypox in the United States, the largest number in the world.

• Illumina Inc fell more than 15% before trading, with a net loss of US $535 million, turning from profit to loss compared with the same period last year.

Gene sequencing Corp.$Illumina Inc (ILMN.US) $It fell 15.36% to $192.51 in pre-market trading. Illumina Inc Q2 posted a net loss of US $535 million, turning from profit to loss compared with the same period last year. The company slashed its forecast for full-year comprehensive revenue growth and core revenue growth from 14% and 13% to 4% and 3.5% respectively.

• Rivian downgrades its annual performance guidance

American electric car manufacturer$Rivian Automotive (RIVN.US) $Second-quarter results are released after U. S. stocks closed on Thursday, Aug. 11. The company reported revenue of $364 million for the reporting period, higher than market expectations of $337.5 million, and an adjusted loss of $1.62 per share, slightly better than market expectations of $1.63. With regard to the full-year guidance, Rivian said on Thursday that it still expects to produce about 25000 vehicles in 2022, which is in line with the previous guidance. But the company said it now expects a full-year adjusted loss of $5.4 billion before income, tax, depreciation and amortisation, larger than the $4.75 billion loss guidance issued in May.

• The Zantac lawsuit plummeted stock prices, and GlaxoSmithKline PLC and Sanofi issued announcements to appease investors.

Recently, there has been an uproar over the recall of heartburn drug Zantac (ranitidine), which has greatly wiped out the market value of a number of pharmaceutical companies involved. And in order to appease investors$GlaxoSmithKline PLC (GSK.US) $和$Sanofi SA (SNY.US) $Statements were issued on Thursday defending its position at Zantac, pointing out that studies conducted by different agencies and companies since 2019 have shown no evidence that ranitidine causes cancer. As of press time, GlaxoSmithKline PLC was up more than 1% before trading, and Sanofi was up more than 2%.

Focus on China-listed stocks

• Popular US-listed stocks fell before the market.

• Petrochina Company Limited, China Petroleum & Chemical Corp and others plan to delist American depositary shares from the New York Stock Exchange.

$Petrochina Company Limited (PTR.US) $、$China Petroleum & Chemical Corp (SNP.US) $、$China Life Insurance Company Limited (LFC.US) $、$Aluminum Corporation Of China Ltd (ACH.US)$Five central enterprises, including Shanghai Petrochemical and Shanghai Petrochemical Industry, have announced their delisting from the United States. The head of the relevant departments of the CSRC responded that according to the relevant corporate announcement information, these companies have strictly complied with US capital market rules and regulatory requirements since listing in the United States, and made the delisting choice out of their own commercial considerations. These enterprises are listed in many places, and the proportion of securities listed in the United States is very small, and the current delisting plan does not affect enterprises to continue to use domestic and foreign capital markets for financing and development.

Pre-market turnover of US stocks TOP20

Us stock macro calendar reminder:

20:30 Monthly rate of US Import Price Index in July

22:00Preliminary value of Consumer confidence Index of University of Michigan in August

22:00 2024 Barkin, chairman of the Richmond Federal Reserve and FOMC voting committee, delivered a speech.

03:30 Us Commodity Futures Trading Commission (CFTC) releases weekly position report