Hot news
Before the market opens on Monday, the three major index futures are all rising.
Large-cap technology stocks are slightly up in pre-market trading, with Meta and Tesla up over 1%.
China concept stocks are mostly up in pre-market trading, with jd.com, Ctrip, and Li Auto up over 1%, while Nio Inc. is down over 2%.
Omdia: iPhone 15 Pro Max was the best-selling smart phone globally in the first half of the year, with shipments reaching 21.8 million units.
Market research firm Omdia's latest data shows, $Apple (AAPL.US)$ iPhone 15 Pro Max was the best-selling smartphone globally in the first half of 2024, with a total shipment of 21.8 million units. Following the success of the iPhone 14 Pro Max in 2023, the iPhone Pro Max series maintains its champion status for the second year in a row.
Intel rose nearly 5% in pre-market trading again, reportedly with Qualcomm interested.Merger, further revealing that private equity firm Apollo is interested in investing 5 billion US dollars.
Following a 3.31% increase last Friday, $Intel (INTC.US)$ Pre-market trading rose again by over 4% today. There are reports that the major US chip maker, $Qualcomm (QCOM.US)$ Recently, a takeover bid has been submitted to Intel. It is reported that Qualcomm's CEO is personally involved in the company's acquisition negotiations, exploring various transaction options. In addition, according to media reports, sources have revealed that the U.S. private equity giant Apollo is considering up to $5 billion in private equity investment in Intel to support its financial situation and future development.
Trump Media Technology Group's pre-market trading is volatile, with Trump stating that he has no plans to sell his shares.
$Trump Media & Technology (DJT.US)$ In pre-market trading, US stocks once rose by over 3%, but now the increase has narrowed to 0.37%. Previously, due to the lifting of the stock sales ban, the stock fell more than 8% to a low of $13.5 last Friday, hitting a new low in over a year. As the largest shareholder, Republican presidential candidate Trump holds about 0.115 billion shares, accounting for 57% of the issued shares. Recently, Trump stated that he has no plans to sell any of his shares in the company.
Novo Nordisk faces questioning from the US Senate on weight loss drug pricing.
The US Senate website shows that the US Senate will hold a hearing on September 24 local time to review $Novo-Nordisk A/S (NVO.US)$ whether to provide overpriced semaglutide products Ozempic and Wegovy for diabetes and obesity patients.
General Motors continues to wield the layoff sword, planning to lay off nearly 1700 people at the Kansas factory.
$General Motors (GM.US)$ stating that it will lay off nearly 1700 employees at its Fairfax assembly and stamping plant in Kansas. The automaker announced this news in worker adjustment and retraining notices submitted to the Kansas Department of Commerce. It is reported that layoffs of 680 people will begin on November 18.
Goldman Sachs: Maintains a 'buy' rating on Alibaba, expecting a per-share profit turnaround in the third fiscal quarter.
Goldman Sachs released a report stating that so far, $Alibaba (BABA.US)$ The group's Gross Merchandise Volume (GMV) growth has re-accelerated. The adjustment in growth and user-oriented strategy indicate that the top priority for the development of Taobao and Tmall's core operations is on the right track. Upgrades to Alibaba's advertising technology tools and the recent increase in customer management revenue (CMR) from software services fees will drive profit stability in the second half of the 2025 fiscal year. The bank continues to anticipate that Alibaba's earnings per share will transition in the third quarter of the fiscal year ending December 2024, the quarter ending March 2025, until 2026. The recovery in revenue growth will bring greater valuation repair potential.
JD.com rose more than 1.5% in pre-market trading, with the number of merchants who achieved over 5 million in sales on Singles' Day increasing by over 50%.
Recently, at the JD.com 11.11 Merchant Ecological Partners Summit, JD.com's CEO, Xu Ran, stated that the company will allocate the maximum resources, starting from the core dimensions of traffic, operation, and service that are most crucial to merchants, striving to provide merchants with a new experience of "more traffic, faster operations, better services, and lower costs", aiming to help the number of small and micro-merchants achieving daily sales exceeding ten thousand during JD.com's 11.11 period to grow by over 2 times compared to the previous year, while increasing the number of merchants with sales exceeding 5 million by over 50%. $JD.com (JD.US)$ USA stocks rose by 1.54% in pre-market trading.
HSBC may face defaults on Hong Kong real estate loans of up to 3.2 billion USD, a more than 4-fold increase in half a year.
According to the Financial Times of the United Kingdom, as of the end of June this year, $HSBC Holdings (HSBC.US)$ Banks in Hong Kong saw a sharp increase in commercial real estate loan defaults to $3.2 billion, a 4.56 times increase from $0.576 billion six months ago. The involved lenders have violated loan terms, including payment delays, and their properties may not meet certain non-financial indicators. The report mentioned that Hong Kong is HSBC's largest commercial real estate loan market, accounting for 45% of its risk exposure.
Global macro
Heavy week ahead! US PCE data accompanied by speeches from Federal Reserve officials taking turns in the spotlight.
This week, global financial markets will see a series of important data and major events. Slowing of the price indicators and strong consumer demand, which the Federal Reserve favors, will support the Fed's decision to significantly cut interest rates and Fed Chairman Powell's view that the economy remains robust. Economists expect that the US August PCE price index, to be released on Friday, will rise by only 0.1% month-on-month for the second time in three months.
On Thursday, Federal Reserve Chairman Powell delivered opening remarks via pre-recorded video for an event. In addition, Federal Reserve Board Governor Michelle Bowman, Adriana Kugler, Lisa Cook, as well as regional Fed chairs Raphael Bostic and Austan Goolsbee, will attend various events.
Federal Reserve senior official Neel Kashkari: Expected to further cut interest rates by 50 basis points within the year.
On September 23, 2026, FOMC voter and Minneapolis Fed President Neel Kashkari stated that the Fed is expected to further cut interest rates by 50 basis points within the year. The future interest rate path will depend on the overall performance of the upcoming data. He expects the Fed's policy rate to be 4.4% at the end of 2024, further decreasing to 3.4% by the end of 2025, in line with the median forecast of Fed FOMC officials.
Bull market strengthens confidence! Goldman Sachs looks forward to the S&P 500 reaching 6000 points by the end of the year, but a rebound is expected after short-term volatility.
Scott Rubner, Managing Director of Global Markets at Goldman Sachs, stated that the U.S. stock market is expected to rebound before the end of the year, but will rebound only after experiencing unfavorable short-term situations such as technical positioning, capital flows, and pre-election anxiety. Goldman Sachs data shows that in the past two trading days until September 20, long positions decreased by approximately $6.1 billion, marking the third largest reduction since 2019.
Bank of America warns: Bubble risks return, recommends buying bonds and gold.
Global banking strategist Michael Hartnett warned that the excitement in the stock market after the Fed's rate cut has intensified the bubble risk, making bonds and gold attractive tools to hedge against economic downturn or rising inflation. The strategist also mentioned that in the economy.But after the bursting of the internet bubble and the Fed's rate cut in 2001, the ROI dropped by more than 10%.The strategist also stated that in an economic [context], stocks and commodities outside of the USA are good symbols, and the latter is a tool to hedge against inflation. He stated that international stock prices are low and are starting to outperform US stocks.
A looming strike by U.S. port workers, who handle 41% of the country's throughput, is imminent.
The latest statement from the International Longshoremen’s Association (ILA) warns that if a new labor agreement is not reached with the United States Maritime Alliance (USMX) before the contract expires on September 30, its 25,000 members will strike. On September 17, the ILA announced its readiness for 'final action to secure a fair contract and will strike on October 1.' The union stated that the strike would affect ports from Maine to Texas, causing supply chain disruptions worse than those seen during the COVID-19 shutdown.
Harris caught up later? The approval rating has continued to rise, now leading Trump comprehensively.
On Sunday, NBC released a poll showing Harris leading Trump by a 5-point margin. The survey found that since becoming the Democratic presidential candidate, perceptions of her have significantly improved among respondents. Economists believe that despite being the vice president, Harris has successfully avoided public scrutiny of Biden's policies, while some of her campaign promises have gained voter support.
Harris's first statement: will support cryptos investment.
As the pace of the US election approaches, the confrontation between Harris and Trump is intensifying, with the 'coin circle' becoming a new target they are vying for. During a fundraising event held last Sunday at Cipriani Wall Street in Manhattan, US Vice President Harris outlined her economic agenda to donors and publicly stated for the first time that if elected, she would support increased investment in the artificial intelligence and cryptocurrency industry. She vowed: 'We will encourage innovative technologies such as artificial intelligence and digital assets, while protecting our consumers and investors.'
Bilibili rose more than 3% pre-market trading and was upgraded to "buy" by UBS, which raised its EPS estimate per share.
Reminder for US Macro Events
(All in Peking Time)
21:45: Preliminary value of the September SPGI Manufacturing PMI in the USA.
20:00: 2024 FOMC voter, and Atlanta Fed President Bostic speaks about the economic outlook.
22:15: 2025 FOMC voter, and Chicago Fed President Guerlsbe joins a fireside chat.
At 01:00 on the next morning: In 2026, FOMC voting member and Minneapolis Fed President Kashkari will deliver a speech.
Editor/Emily