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• Stimulated by the central bank's policies, Chinese assets continued to surge, with the offshore renminbi hitting a 16-month high.

The People's Bank of China yesterday released a series of policy bullish signals, including reserve ratio cuts, interest rate cuts, reduction of existing home loan rates, and the introduction of innovative monetary tools to support the stock market development. Boosted by this news, Chinese assets experienced a 'Super Tuesday,' with the overnight surge trend continuing. The Nasdaq China Golden Dragon Index closed up over 9%, Hang Seng Index futures night session rose 3.55%, both hitting a 4-month high; FTSE China A50 Index futures rose over 2.6%; offshore renminbi against the dollar retook the 7.0 level, the first time since May last year.

• Federal Reserve Board member Bauman explains why she opposes a 50 basis point rate cut.

Federal Reserve Board member Bauman stated on Tuesday that she believed her colleagues should take a more cautious approach to the steep 50 basis points rate cut made last week, as she is concerned that inflation may reignite. Bauman explained her reason for voting against the rate cut by saying that a 50 basis point cut poses many risks to the Fed's dual mandate of achieving low inflation and full employment.

• Smart money leads the way! Bank of America clients bought the largest amount of U.S. stocks in nearly two years last week.

Bank of America's quantitative strategist Jill Carey Hall pointed out that the bank's clients heavily bought U.S. stocks, with a net purchase of $6.9 billion, the largest inflow since October 2022, and the third largest inflow in Bank of America's historical data records. The so-called 'smart money' inflow was most pronounced. Thanks to lower interest rate pressures, funds flowed most significantly into the technology, non-essential consumer goods, and utilities sectors.

• U.S. consumer confidence in September saw the largest drop in three years, sounding an alarm in the job market.

The proportion of consumers indicating ample job opportunities has continued to decline for the seventh consecutive month, marking the longest consecutive decline since 2008, while the proportion indicating difficulty in finding work has risen to 18.3%, also the highest level since early 2021. Additionally, due to inventory buildup, the rate of house price growth in the United States slowed in July.

• Renowned strategist Ed Yardeni: A significant rate cut by the Federal Reserve echoing 1995, will lead to a major increase in the US stocks, but inflation may reappear.

Ed Yardeni, the founder of Yardeni Research Inc., a well-known strategist on Wall Street, stated that there is an 80% likelihood of the US stock market entering a bull market, with a 20% chance of market turmoil similar to that of the 1970s when global stock markets were in turmoil due to inflation and geopolitical tensions. Furthermore, in the current US election, both candidates have proposed policies that could trigger inflation.

• Bank of Japan Governor implies no rush to raise rates, stating there is 'sufficient time to weigh policy'.

Kuroda reiterates the Bank of Japan's stance that if the data supports it, the Bank of Japan will raise rates again, but will not do so hastily. Some analysts believe that his comments indicate a low possibility of policy action by the Bank of Japan at the next month's meeting.

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

• The three major indices all closed higher, with Chinese concept stocks surging by 9% and Bilibili rising over 17%.

The three major US indices closed higher, with the Dow rising by 0.2%, the Nasdaq by 0.56%, and the S&P 500 Index by 0.25% setting a new closing high.

Most growth tech stocks rose, with Nvidia up nearly 4%, Tesla, Intel up over 1%;

Nasdaq China Golden Dragon Index surged over 9%, marking the largest single-day gain since 2022. Bilibili soared over 17%, JD.com surged over 13%, Xpeng, Weibo, Nio Inc, Li Auto, Futu Holdings Ltd, pdd holdings all soared over 11%.

• Nvidia surged nearly 4%, Huang Renxun completed this round of 'cash out', selling over $0.7 billion in shares.

Huang Renxun executed this round of stock sales through a 10b5-1 trading plan. $NVIDIA (NVDA.US)$ The shares were sold from June 14th to September 13th, with an average selling price of $118.83 per share, totaling $0.713 billion cash out. Huang Renxun's current Nvidia stock sale plan is valid until March 2025, but he completed all planned sales six months before the deadline. Huang Renxun can adopt another plan to sell more shares.

• If Qualcomm acquires Intel, JPMorgan: A new overlord emerges, which is bearish for Taiwan Semiconductor and disastrous for Samsung.

Last week, according to foreign media reports, Qualcomm has contacted Intel and discussed.MergerIntel, this transaction could potentially be the largest in the history of the technology industry.MergerOne of the transactions. JPMorgan believes that the acquisition $Intel (INTC.US)$ will make $Qualcomm (QCOM.US)$ a new dominator in the fields of client computing, automotive computing chips, and datacenter CPUs, but it will also impact the Asian tech supply chain, bearish $Taiwan Semiconductor (TSM.US)$ , posing a significant risk to Samsung.

• Buffett further reduces his stake in Bank of America, reducing his ownership to 10.5%.

Regulatory filing shows that Berkshire Hathaway further reduced its holdings in the three trading days ending on Tuesday, currently holding a $Bank of America (BAC.US)$% stake. As long as it remains above the 10% threshold, the company must disclose the trading activity within a few days. The 94-year-old Buffett started reducing this massive investment in mid-July. Even after months of selling, based on Tuesday's closing price, Berkshire's remaining stake in Bank of America is still valued at a staggering $32.1 billion, maintaining its position as the largest shareholder.

• Nvidia partners with Alibaba to jointly develop software for autonomous electric vehicles.

$NVIDIA (NVDA.US)$ and $Alibaba (BABA.US)$ Recently announced, the two parties will jointly develop vehicle software for self-driving electric cars. This collaboration will integrate the large multi-purpose vehicle model (LMM) jointly developed by Nvidia and Alibaba on Nvidia's autonomous driving platform "ORIN", and supply it to Rio Tinto, Geely, Xiaomi, and other Chinese electric vehicle manufacturers, becoming the focus of attention for RockGlobal.

• Institutions: Tesla is expected to achieve its 'best quarter in history' in China in the third quarter.

Piper Sandler analyst Alexander Potter raised the target price and expected delivery volume, stating that this electric car manufacturer is expected to achieve its best quarterly performance in China to date. The current estimated delivery volume for the third quarter is 0.459 million vehicles, with an annual delivery volume of approximately 1.75 million vehicles. Potter raised Tesla's target price from $300 to $310; maintains an "overweight" rating. $Tesla (TSLA.US)$ Piper Sandler analyst Alexander Potter raised the target price and expected delivery volume, stating that this electric car manufacturer is expected to achieve its best quarterly performance in China to date. The current estimated delivery volume for the third quarter is 0.459 million vehicles, with an annual delivery volume of approximately 1.75 million vehicles. Potter raised Tesla's target price from $300 to $310; maintains an "overweight" rating.

Top 20 US stock transactions

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 significantly increased its holdings of Alibaba by over 3 billion Hong Kong dollars, bought nearly 1.2 billion Hong Kong dollars in Hong Kong Stock Exchange, and sold over 1.7 billion Hong Kong dollars of Meituan.

On September 24 (Tuesday), southbound funds net sold 4.308 billion Hong Kong dollars of Hong Kong stocks.

$BABA-W (09988.HK)$and$HKEX (00388.HK)$N/A.$KUAISHOU-W (01024.HK)$Net purchases of 3.058 billion Hong Kong dollars, 1.185 billion Hong Kong dollars, 0.284 billion Hong Kong dollars, respectively;

$TRACKER FUND OF HONG KONG (02800.HK)$,$MEITUAN-W (03690.HK)$,$TENCENT (00700.HK)$Net sales of 3.611 billion Hong Kong dollars, 1.733 billion Hong Kong dollars, and 0.801 billion Hong Kong dollars, respectively.

• Meituan issued $2.5 billion of preferred notes for offshore debt refinancing.

$MEITUAN-W (03690.HK)$ Announcement, issuing $1.2 billion 4.500% senior notes due in 2028 and $1.3 billion 4.625% senior notes due in 2029. The company will apply for listing and trading only to professional investors for the approved notes. The company intends to use the net proceeds from the note issuance mainly for refinancing existing offshore debts and other general corporate purposes.

• CG Services plans to sell approximately 1.49% equity of Zhuhai Wanda for 3.142 billion yuan.

$CG SERVICES (06098.HK)$ Announced on September 24, 2024, Country Garden Property Hong Kong (an indirect wholly-owned subsidiary of the company) entered into a supplemental agreement (3) with Zhuhai Wanying and Dalian Wanda. Country Garden Property Hong Kong agreed to sell approximately 1.49% equity of Zhuhai Wanda to Wanda Group for approximately RMB 3.142 billion.

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: Micron Technology financial report; US New Home Sales Annualized

In terms of financial data, the U.S. will continue to release API crude oil inventory for the week ending September 20th, U.S. August new home sales annualized, and EIA crude oil inventory for the week ending September 20th.

In terms of financial events, the People's Bank of China will carry out a 591 billion yuan Medium-term Lending Facility (MLF) continuation; the Swedish central bank will announce its interest rate decision.

Regarding financial reports,$Micron Technology (MU.US)$Please use your Futubull account to access the feature.$Cintas (CTAS.US)$ Will announce its performance today. $Jefferies Financial (JEF.US)$ Will announce financial results after the US stock market closes.

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The market is born in despair, grows in doubt, matures in longing, and dies in hope.

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