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Biden insists on not withdrawing from the election as market prices the possibility of "Biden weekend dropout".
As speculation over whether US President Biden will withdraw from the race increases in American public opinion, Biden said in an online conference, "I'm running, no one can make me leave. I won't withdraw, but will campaign to the end and win the victory."
Currently, global markets has started to rapidly adjust investment portfolios in preparation for the possibility of Biden dropping out. The "Trump trade" is coming back, with strong US dollar, rising US bond yields, and increases in stocks of banks, medicals, and energy. JPMorgan says the next three weeks are crucial for the "Trump trade". If Biden's poll numbers in swing states drop significantly in the next three weeks, he will face tremendous pressure to withdraw from the race.
Temporary tariffs on electric cars in the EU will be imposed, and a final decision will be made four months later.
On July 4, according to a statement by the European Commission, the EU will officially impose temporary anti-subsidy duties on imported pure electric cars from China starting on July 5. The Ministry of Commerce of China introduced the progress of consultations between China and the EU on the EU's anti-subsidy investigation against Chinese electric vehicles. The spokesman of the Ministry of Commerce said that there is a four-month window period before the EU makes its final ruling. We hope that the EU and China will work together, show sincerity, promote consultation process, and reach a solution that both sides can accept as soon as possible based on facts and rules.
Top rating agencies around the world warns of approaching US and European debt crises, with market panic intensifying during the election season.
Two top credit rating agencies, Standard & Poor's Global Ratings and Scope Ratings, have recently warned about the rising debt problems in the United States and other developed economies. Standard & Poor's pointed out in the report that unless facing tremendous market pressures, it is difficult for countries such as the United States, Italy, and France to change their current debt trajectory. At a sensitive time when the G7 and other equivalent economies are about to face elections, the Bank for International Settlements has also issued a warning, saying that governments may face the risk of a rapid decline of confidence, which further exacerbates the market's concerns about these countries' lending conditions.
Asia-Pacific stock markets rise: Taiwan Stock Exchange and India Stock Exchange hit historic highs; Japan Stock Exchange approaches new highs, South Korea Stock Exchange and Singapore Stock Exchange hit phase highs.
Yesterday, the Asia-Pacific stock market rose collectively. Among them: the South Korean stock market hit a 29-month high; the Japanese stock market approached the historical high set in March; the Indian stock market hit a new record high again; the Taiwan Stock Exchange hit a new historical high again, and the Taiwan Weighted Index has risen by 31% this year. TSMC and Hua-Chuang Motor share prices hit 1000NTD for the first time, and two thousand-dollar stocks were born in the Taiwanese stock market in one day.
The Federal Reserve hints it is not yet ready to cut interest rates, and Bitcoin falls to a two-month low.
According to data from the cryptocurrency ranking website CoinGecko, Bitcoin fell to $56,837, breaking the $57,000 mark for the first time since May 1. After the approval of the first US spot Bitcoin ETF, which propelled the token to historic highs of above $0.07 million, the coin has been fluctuating in a narrow range. The Fed released the minutes of the June meeting, which showed that the Fed is not yet ready to cut interest rates unless more data shows that inflation is approaching the Fed's 2% target. On Thursday, Bitcoin fell to around $57,000, hitting a two-month low.
Company news.
Tesla delivered more than expected in the second quarter, causing short sellers to lose $3.5 billion in just two days.
According to S3 Partners' data,$Tesla (TSLA.US)$According to S3 Partners data, since releasing its delivery data, the stock has risen 17% in two trading days, causing short sellers to lose about $3.5 billion. Tesla's share price has soared 73% since its low point in April. The short equity of Tesla currently accounts for 3.5% of the floating stock, or 97 million shares, with nominal value of $22.4 billion.
Walking speed increased by 30%! Tesla's second-generation humanoid robot Optimus appeared at WAIC.
On July 4th, at the 2024 World Artificial Intelligence Conference (WAIC 2024), Tesla's second generation humanoid robot Optimus made its official debut. According to a Tesla representative, Optimus has increased its walking speed by 30% on the basis of upright walking. Its fingers have also evolved to not only perceive and touch, but also handle delicate objects such as eggs and heavy items with ease. Recently, the second generation Optimus has been trying to work at Tesla's factory. With the help of visual neural networks and FSD chips, second generation Optimus can imitate human operations and train for battery sorting.
Stock prices hit new highs, and executives are busy reducing holdings: Huang Renxun reduced his holdings by $0.16 billion, and Bezos plans to sell $5 billion.
$NVIDIA (NVDA.US)$After the stock price surged in June, surpassing Microsoft to become the "most valuable company in the world", CEO Huang Renxun also sold 1.3 million shares of Nvidia stock in June, worth about $0.169 billion, which is also his largest single sale of Nvidia. Right now, with stock prices hitting new highs, founder Bezos also plans to sell 25 million shares. Based on the stock price level of Amazon in the last two trading days, the value of the stocks Bezos intends to sell this time is close to $5 billion.$Amazon (AMZN.US)$Bill Gates: The craze for AI now far exceeds the Internet bubble, and it will experience two more rounds of expansion.
Bill Gates: The current AI craze far exceeds the internet bubble and will experience two more scale upgrades.
$Microsoft (MSFT.US)$Co-founder Bill Gates said on a well-known podcast that the development of artificial intelligence technology is fast and the upper limit of potential is even harder to predict, and future superhuman AI will eventually become a reality. Headphones and smart glasses will be the focus of the development of AI hardware devices, and personal smart bodies will replace human assistants in the future. The AI scaling law still holds, and the entire AI industry will undergo two more scale upgrades.
Trump Media & Technology Group has reached an agreement to acquire assets in support of its television streaming media service.
$Trump Media & Technology (DJT.US)$On Wednesday, a stock-for-stock acquisition agreement was signed to acquire almost all of the assets of WorldConnect Technologies (WCT) or its affiliates. This transaction aims to provide linear TV streaming services for the media company's planned content distribution network (CDN)- initially through the Truth Social platform, and later through an independent application.
Softbank's stock price has broken through its 24-year high and reached a historic new high! Benefiting from the AI boom and Arm investment.
On Thursday, the financial report for the first quarter of 2024 was released. The report showed that NIO Inc.'s revenue in the first quarter of 2024 declined 7.2% year-on-year and 42.1% quarter-on-quarter, but through effective cost control, the company's gross margin increased to 4.9%, and gross profit surged 200.5% year-on-year.$SoftBank (9434.JP)$The stock price has reached an all-time high, closing at 11,190 yen. Analysts pointed out that the rise in Softbank's stock price is mainly due to the outstanding performance of Arm and the improvement in the financial situation of the Vision Fund. On the one hand, SoftBank holds 90% of Arm's shares, and Arm has risen by 123.9% so far this year, driving up SoftBank's stock price. On the other hand, under the background of the general recovery of technology stocks, the financial situation of SoftBank's huge technology investment department, Vision Fund, has improved, supporting the upward trend of SoftBank's stock price.
BeiShui crazily bought China Mobile for nearly HKD 1.8 billion and sold Tencent for about HKD 200 million. On Monday (June 3rd), Southbound funds net purchased HKD 3.4 billion of Hong Kong stocks.
Beishui continues to add holdings in ICBC and CCB in a big way and sells nearly 0.5 billion Hong Kong dollars of Meituan.
On Thursday, the net buy of southbound capital in Hong Kong stocks was HKD 0.946 billion.
$ICBC (01398.HK)$, $CCB (00939.HK)$, $SINOPEC CORP (00386.HK)$Net purchases of HKD 0.738 billion, HKD 0.466 billion, and HKD 0.322 billion, respectively;$TRACKER FUND OF HONG KONG (02800.HK)$, $MEITUAN-W (03690.HK)$, $CHINA MOBILE (00941.HK)$Net sales of HKD 1.059 billion, HKD 0.487 billion, and HKD 0.326 billion, respectively.
BYD's first overseas passenger car factory began construction, and the 8 millionth new energy vehicle was off the production line.
At the completion ceremony of the Thai factory,$BYD COMPANY (01211.HK)$the 8 millionth new energy vehicle was also produced simultaneously. From the production of the 7 millionth new energy vehicle on March 25 this year to the 8 millionth new energy vehicle on July 4th, BYD took less than four months to produce 1 million new energy vehicles, which is much faster than the industry average. Wang Chuanfu, chairman and president of BYD, said, 'Now in Thailand, every third pure electric vehicle sold is a BYD.'
Xpeng and NIO responded to additional EU tariffs.
Earlier, the EU announced that it would impose additional tariffs on battery electric vehicles imported from China from July 5.$NIO-SW (09866.HK)$ and $XPENG-W (09868.HK)$They each gave their own response. NIO stated that it will maintain pricing in the European market and evaluate market strategies based on tariff policies. XPeng stated that the company is actively evaluating the feasibility of establishing local manufacturing capabilities in Europe and taking appropriate measures to meet market demand. All current consumers waiting for delivery and future customers who placed orders before the new tariffs took effect will not be affected by any price increases.
The company's overall sales volume in 2023 was 18,000 kiloliters, with a year-on-year increase of 28.10%, indicating significant growth. In terms of product structure, the operating income of products worth 10-30 billion yuan were 401/1288/60 million yuan respectively.
Keywords: US June Unemployment Rate, US June Non-Farm Payrolls, New York Fed President Williams' speech
On Friday, in terms of economic data, the US June Unemployment Rate and June seasonally adjusted non-farm payrolls are coming.
In terms of financial events, New York Fed President Williams will give a speech.
Futubull Morning News:
Ultimately, the fate of investors is not decided by the stock market or the listed companies, but by investors themselves deciding their own fate. - Peter Lynch
-Peter Lynch
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