Hot news

• How to view the China stock market skyrocketing? Dalio: The past week will be "recorded in history", comparable to the turning point of the European debt crisis.

Regarding the recent surge in the Chinese market, Dalio posted on LinkedIn on Monday, stating that the series of policy shifts last week was an important step in stimulating creative productivity. Considering that Chinese assets are still very cheap, various factors have ignited the market's "animal spirit", leading to a large number of investors entering the market to buy the dip.

• "No one wants to miss out on such an opportunity! Funds are flowing out of the stock markets in Japan, South Korea, and Southeast Asia, heading towards the stock market in China."

Market observers indicate that funds which previously left the Chinese stock market for Japan and Southeast Asian stock markets are set to return. Last week saw net outflows from the stock markets of South Korea, Indonesia, Malaysia, and Thailand; BNP Paribas revealed that over $20 billion had been withdrawn from the Japanese stock market in the first three weeks of September. Eric Yee, Senior Portfolio Manager at Singapore's Atlantis Investment Management, mentioned reducing long positions in Asia to fund investments in Chinese stocks.

• JS Fund: High-quality assets in A-shares and Hong Kong stocks already have allocation advantages.

Zhang Jintao, Director of Jia Shi Fund's Value Style Investment, pointed out that from a global market valuation attractiveness and fund rebalancing perspective, A-shares and high-quality assets in Hong Kong have a strategic advantage. For example, China's leading internet companies are undervalued globally, and if foreign capital returns, they may prefer to buy these types of high-quality assets with certain growth prospects and good competitive positioning. With overseas risk-free interest rates declining, undervalued and high-dividend Chinese assets are more attractive, and Hong Kong stocks are expected to be the preferred choice for global fund allocations into Chinese assets.

• Hoisting the bull flag high! Goldman Sachs reiterated its bullish view on the Chinese stock market and stated that the S&P may break through 6000 points by the end of the year.

Research fund flow expert Scott Rubner, who accurately predicted the US stock market correction by the end of this summer, expects that by the end of the year, the upward trend in the US stock market may exceed his expectations. The s&p 500 index may break through the target of 6000 points by the end of the year, but over the next few weeks, the US stock market may decline. He also reiterated his bullish view on the Chinese stock market.

• Turning dovish right after taking office? The new Japanese prime minister stated that it is not appropriate to further raise interest rates now.

The day after being elected as prime minister and the first day of the new cabinet, Fumio Kishida expressed that the current environment in Japan is not suitable for further interest rate hikes, as the economy is not prepared for it. Commentators noted that this is the clearest stance against further interest rate hikes that Kishida has taken so far, apparently trying to shed his image as a monetary policy hawk. Analysts said this encourages investors to reduce their short positions in the yen.

• OPEC+ maintains its plan to increase production starting in December. Saudi Arabia warns that failure to comply with the production cut agreement could cause oil prices to drop to $50.

On Wednesday, the major OPEC+ members held an online meeting to discuss whether to relax production limits, emphasizing the importance of full compliance and production compensation. OPEC+ made no changes to its production policy, maintaining the plan to increase production starting in December. Earlier on the same day, according to media reports, the Saudi oil minister stated that if OPEC+ members do not adhere to the agreed production limits, oil prices could drop to $50 per barrel.

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

• China concept stocks continue the surge, with the Golden Dragon Index rising nearly 5%.

On Wednesday, the U.S. stock market traded narrowly, with all three major indices closing slightly higher, but with gains not exceeding 0.1%.

China concept stocks continued to surge, with the Nasdaq Golden Dragon Index rising by 4.93%, marking the fifth consecutive trading day of gains, closing at the highest level since February last year. Popular China concept stocks rose across the board, with Fangdd Network up 29.20%, Bilibili up 10.96%, pdd holdings up 4.85%, Li Auto Inc up 4.55%, JD.com up 4.36%, xpeng up 3.81%, Nio Inc up 2.56%, and Alibaba up 2.23%.

In the US stock market, ETFs tracking Chinese assets performed particularly strong, with the 3x long FTSE China ETF-Direxion (YINN) up 21.81%, and the 2x long CSI 300 ETF-Direxion (CHAU) up 15.23%.

Most large-cap tech stocks trended lower, with Tesla down 3.49%, Microsoft down 0.85%, Google Class C down 0.66%, Meta Platforms down 0.63%, Amazon down 0.20%, Apple up 0.25%, and Nvidia up 1.58%.

• Huang Renxun stated that the demand for Blackwell chips is "crazy", with nvidia rising more than 1% after hours.

Post-market trading on Wednesday, October 2nd, US Eastern Time, $NVIDIA (NVDA.US)$ CEO Huang Renxun stated in an interview with CNBC that Nvidia's Blackwell architecture chips are now "fully in production," with "insane demand for Blackwell (chips)." Following Huang Renxun's remarks, Nvidia's stock price, which had already risen by nearly 1.6% on Wednesday, further increased by around 1.6% in after-hours trading.

• Q3 delivery volume falls short of expectations! Tesla drops over 3%.

$Tesla (TSLA.US)$ Between July and September, a total of 462,890 cars were delivered, which was lower than the average analyst's previous expectation of 463,900 cars. Following this news, Tesla's US stock fell by as much as 6.4% in early trading, hitting a low of $241.50 per share, and eventually closing down 3.49%.

• Nike dropped nearly 7%, with a 10% year-on-year decline in Q1 revenue.

$Nike (NKE.US)$ Dropping nearly 7%, first-quarter revenue declined by about 10% compared to the same period last year, leading to a withdrawal of the full-year performance outlook and postponement of Investor Day activities.

• Official announcement! OpenAI secures a $6.6 billion financing, with the latest valuation exceeding Goldman Sachs' total market capitalization.

OpenAI announced on Wednesday that it has completed a new round of financing of $6.6 billion, bringing the artificial intelligence company's valuation to $157 billion, making it the largest venture capital round in history. If it goes public at a valuation of $157 billion, OpenAI's market cap will surpass that of top investment bank Goldman Sachs and the world's largest mobile travel company, Uber.

According to Bloomberg News, this round of financing was led by venture capital firm Thrive Capital led by Josh Kushner, with participation from other global investors, including $Microsoft (MSFT.US)$Please use your Futubull account to access the feature.$NVIDIA (NVDA.US)$Please use your Futubull account to access the feature.$SoftBank Group (9984.JP)$ Among others, Microsoft invested about $750 million in the latest round of financing for OpenAI, while "Queen of Wood" Cathie Wood's Ark Investment also invested at least $250 million.

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.

• Institutions: Since mid-to-late September, Hong Kong stocks have seen a net inflow of 39.6 billion Hong Kong dollars from foreign investors, exceeding the southbound funds.

Huafu Securities' macro research team released research reports indicating that from the latest marginal changes, overseas funds in Hong Kong stocks have started to turn into net inflows since September, with international intermediary institutions seeing a net inflow of 39.6 billion Hong Kong dollars since the second half of the month, surpassing the net inflow of 20.5 billion Hong Kong dollars in Southbound funds. The current trend in Hong Kong stocks is still ongoing, with further upside potential. In terms of structure, if the international intermediary funds in Hong Kong stocks continue to flow back, growth sectors represented by Hang Seng Technology are expected to continue to lead.

• Hang Seng Index Company will announce the results of the third quarter review on November 22.

Hang Seng Index Company announced that the results of the Hang Seng Index series review for the third quarter of 2024 will be released on November 22 (Friday). The changes to the constituents of the Hang Seng Index series will take effect on December 9 (Monday).

• Alibaba repurchased $4.1 billion of stocks in the third quarter.

$BABA-W (09988.HK)$ In an announcement issued by the Hong Kong Stock Exchange, as of the quarter ended September 30, 2024, the company repurchased a total of 0.414 billion ordinary shares (equivalent to 52 million American depositary shares) at a total price of $4.1 billion. These repurchases were conducted in the U.S. and Hong Kong markets under the company's share repurchase program. There remains $22 billion in repurchase authorization under the board-approved share repurchase program, valid until March 2027.

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: Initial Jobless Claims in the usa; Non-Manufacturing ISM PMI in usa

In terms of economic data, Initial Jobless Claims in the usa, s&p global Composite PMI Final Value for September in the usa, Non-Manufacturing ISM PMI for September in the usa, Final Values for September Services/Composite PMIs in France/Germany/Eurozone will be released.

In financial events, Minneapolis Fed Chair Kashkari and Atlanta Fed Chair Bostic will have a fireside chat on inclusive economics.

In terms of financial reports, $Constellation Brands (STZ.US)$ Will release financial report ahead of the U.S. pre-market trading, $TESCO PLC SPN/AD (TSCDY.US)$Financial reports will also be released.

During National Day, A-shares will be closed, and trading in the Hong Kong Stock Connect and Shanghai-Shenzhen Stock Connect will be suspended.

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