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• The most important global conference this week, the 2024 Jackson Hole Central Bank Annual Meeting will be held from August 22 to 24.

Central bank governors and economists from around the world will gather at the annual Jackson Hole Global Central Bank conference, where Federal Reserve Chairman Powell and Bank of England Governor Bailey will attend and deliver speeches. The media will conduct interviews with many officials attending the conference regarding policy prospects. Goldman Sachs detailed the agenda for this year's conference in this week's report, with Powell delivering a keynote speech at 10:00 a.m. EST on August 23 (10:00 p.m. Beijing time on Friday), which will be broadcast live but without a Q&A session.

• Fed Voter: It's time to consider a rate cut.

This year, Daly, who has voting rights at the FOMC meeting and is the president of the Federal Reserve Bank of San Francisco, said recent economic data has made her "more confident" that inflation is under control. She said it was time to consider adjusting rates from the current range of 5.25-5.5%. She called for a "cautious" approach to gradually cutting interest rates. In addition, Chicago Federal Reserve Chairman Guolsby said the U.S. economy showed no signs of overheating, and central bank officials should be wary of whether the maintenance of restrictive policies has exceeded the necessary scope.

• Harris unveiled her economic agenda: building houses and subsidizing down payments.

U.S. presidential candidate Kamala Harris made her first campaign economic agenda on Friday. At a rally in North Carolina, she proposed the concept of a "opportunity economy," which included policies to combat excessive price hikes by retailers, provide tax credits to newborns and children's families, limit prescription drug expenditures, increase property supplies, and provide subsidies of 0.025 million dollars for first-time homebuyers' down payments.

• Goldman Sachs top trader: Keep your investment portfolio stable, August liquidity is poor, and we will enter a "very busy" autumn.

Goldman Sachs' top trader and chief global hedge fund business executive Pasquariello said that the trading environment will remain volatile, so he will keep his portfolio stable and reduce assets to the highest quality assets. He believes that the U.S. economy is durable, and the overall consumption situation is not as bad as the market worries. The Federal Reserve will cut interest rates a total of 200 basis points, which is a healthy macro environment for risk assets. The market will continue to focus on growth trajectory and political/geopolitical news. The narrative around AI is not as one-sided as it was a few months ago.

• International gold prices have broken through $2,500 an ounce to set a new high. With growing optimism in the market for loose monetary policy and central banks around the world buying gold in bulk, gold has risen more than 20% this year. In addition, as geopolitical risks continue to rise, including tensions in the Middle East and conflicts between Russia and Ukraine, the demand for gold as a hedge asset has also increased.

Boosted by hopes of an impending interest rate cut by the Federal Reserve, the price of gold has surpassed the $2,500 per ounce mark for the first time. With growing optimism in the market for loose monetary policy and central banks around the world buying gold in bulk, gold has risen more than 20% this year. In addition, as geopolitical risks continue to rise, including tensions in the Middle East and conflicts between Russia and Ukraine, the demand for gold as a hedge asset has also increased.

• After the arbitrage trade of the hedge fund was liquidated, it turned to be long on the yen.

The dramatic volatility in the foreign exchange market resulted in a hot yen trade being blown up, and hedge fund attitudes toward the currency have done a 180-degree turn for the first time since 2021. Speculative trades betting on the rise of the yen became a net long position, according to the latest data from the Commodity Futures Trading Commission (CFTC), covering the week ending August 13. CFTC data shows that leveraged funds hold 86 contracts betting on the yen's appreciation, worth about $7 million.

Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.

• Last Friday, the three major U.S. stock indices rose slightly, with the China concept stock index up nearly 2%.

Last Friday, the Dow rose 0.24%, up 2.94% for the week; the Nasdaq rose 0.21%, up 5.29% for the week; and the S&P 500 rose 0.2%, up 3.93% for the week.

Most large-cap technology stocks were up, with Nvidia and Google up more than 1% and Meta down more than 1%.

Popular Chinese concept stocks rose across the board, with JD.com up more than 8%, Li Auto up more than 6%, and Alibaba up more than 4%.

• During the August stock market crash, hedge funds and individual investors heavily bought into technology giants for bargain prices.

Since the U.S. stock market experienced a sharp decline on August 5, there has been a major rebound in the stock market with data showing continued expansion of the U.S. economy and inflation easing. In investors' view, this is a reset that eliminates some of the bubbles in valuations-they are re-entering. Leading the rebound of this round are heavyweight stocks that have dragged down the stock market. $NVIDIA (NVDA.US)$It has rebounded about 26% from this month's low point, with a market cap adding over 600 billion US dollars. $Apple (AAPL.US)$ Rising for eight consecutive days, it is only 4% away from the historical record. The index of seven large technology giants has risen more than 10%.

• Alibaba's stock price strengthened after being reiterated as a buy by analysts.

After a mixed earnings report on Thursday, $Alibaba (BABA.US)$ On Friday, Ali rose by 4.58% in a flurry of optimistic analyst evaluations. Bank of America Securities and Truist maintained their "buy" rating on Ali, mainly because they expect the growth of customer management revenue (CMR) to catch up with the volume of commodity trades (GMV) within the next year, cloud business achieve double-digit percentage growth and increase profits, etc. In terms of product structure, product operating income for 10-30 billion yuan are 401/1288/60 million yuan respectively.

• Monkeypox concept stocks continued to be driven by the spread of the epidemic.

As of the close of last Friday, US monkeypox concept stocks had experienced another round of highs. Among them, SIGA Technologies (SIGA.US) rose by 9.04%, Monkeypox Biotech (monkeypox concept stock) rose by 24.02%, and Bio-therapeutic Biotech (monkeypox concept stock) rose by 110.75%. Previously, the World Health Organization announced that monkeypox had once again become a global public health emergency, with Sweden, Pakistan and other places reporting new cases of monkeypox. The European Center for Disease Control also raised the warning level for monkeypox last Friday.$SIGA Technologies (SIGA.US)$rose by 9.04%,$Emergent BioSolutions (EBS.US)$rose by 24.02%,$GeoVax Labs (GOVX.US)$rose by 110.75%. Previously, the World Health Organization announced that monkeypox had once again become a global public health emergency, with Sweden, Pakistan and other places reporting new cases of monkeypox. The European Center for Disease Control also raised the warning level for monkeypox last Friday.

• Apple's control over its iPhone ecosystem is loosening in Europe. Fortnite maker Epic Games has announced plans to launch an alternate app store for iPhone users in Europe. Spotify began guiding European users to register for subscriptions on its website from within the company's iOS music streaming app last week, something that was previously not allowed. In addition, Apple plans to allow US and several other countries' developers to provide secure contactless payments through their apps on the iPhone.

For a long time, $Apple (AAPL.US)$ has firmly controlled its iPhone ecosystem. In Europe, however, Apple's control is beginning to loosen. Fortnite maker Epic Games has announced plans to launch an alternate app store for iPhone users in Europe. Spotify began guiding European users to register for subscriptions on its website from within the company's iOS music streaming app last week, something that was previously not allowed. In addition, Apple plans to allow US and several other countries' developers to provide secure contactless payments through their apps on the iPhone.

• Amazon has launched the "refund only" feature, which is turned off by default and is applicable to commodities below $75.

$Amazon (AMZN.US)$ Amazon announced that it will provide efficient inventory processing for US sellers using Amazon Logistics (FBA) by offering flexible "refund without return" options for products priced below $75 (currently about CNY 536). After the "refund only" feature goes online, Amazon sellers expressed their dissatisfaction, with some even stating that this is a "full permission" for scammers.

If you want to play this game, you must believe in yourself and your judgment.

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 bought over HKD 2 billion of Tracker Fund of Hong Kong and sold over HKD 0.2 billion of Meituan.

On August 16th (last Friday), Southbound funds net bought HKD 4.726 billion worth of Hong Kong stocks.

$TRACKER FUND OF HONG KONG (02800.HK)$,$CSOP Hang Seng TECH Index ETF (03033.HK)$,$Hang Seng H-Share Index ETF (02828.HK)$They respectively received net purchases of HKD 2.38 billion, HKD 0.693 billion and HKD 0.419 billion; and net sales of HKD 0.259 billion, HKD 0.132 billion and HKD 67.69 million.

$MEITUAN-W (03690.HK)$,$China Construction Bank Corporation (601939.SH)$,$HSBC Holdings (HSBC.US)$They were respectively net sold for HKD 0.259 billion, HKD 0.132 billion, and HKD 67.69 million.

• Hang Seng Index Company announced the quarterly review results, involving many companies such as New Oriental.

Hang Seng Index Company announced the quarterly index review results after Friday's market close. The report shows that the number of Hang Seng Index constituent stocks remains at 82. Hang Seng China Enterprise Index will join Hang Seng Index and Hang Seng H-Share Index ETF will be included in Hang Seng China Enterprise Index, while Other stocks will be removed.$J&T EXPRESS-W (01519.HK)$,$NEW ORIENTAL-S (09901.HK)$ removed$SENSETIME-W (00020.HK)$,$JD LOGISTICS (02618.HK)$They respectively received net purchases of HKD 2.38 billion, HKD 0.693 billion and HKD 0.419 billion; and net sales of HKD 0.259 billion, HKD 0.132 billion and HKD 67.69 million.$Hang Seng TECH Index (800700.HK)$Tracker Fund of Hong Kong ETF removed Ping An Healthcare and added$ASMPT (00522.HK)$.

The largest magnitude of change this time is$Hang Seng Composite Index (800701.HK)$constituent stocks,$HANG LUNG GROUP (00010.HK)$are among the 38 stocks newly included in Hang Seng Composite Index; while$XIABUXIABU (00520.HK)$are among the 29 stocks removed, increasing the number of constituent stocks from 509 to 518.

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: Federal Reserve Governor Lael Brainard's Speech; July US Conference Board Leading Index Month-on-Month Rate

On Monday, on the economic data front, the US will release the Conference Board Leading Index month-on-month rate for July.

On the financial front, Federal Reserve Board of Governors Lael Brainard will give opening remarks on money, banking, payments, and finance at the summer conference.

In terms of financial reports, $SMOORE INTL (06969.HK)$Financial report will be released today;$ZIM Integrated Shipping (ZIM.US)$ Will announce earnings before the US pre-market trading.$Bit Digital (BTBT.US)$Keywords: US ISM non-manufacturing PMI, US Markit services PMI final value

In terms of new stocks, $Breathe BioMedical Inc. (BRTH.US)$ Will be listed today.

Futubull Morning News:

A breakthrough after intensive price consolidation is usually a worthwhile trading opportunity. - Andre Costolani

-Andre Costolani

Editor/new