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• Confirmed! The highly anticipated press conference by the Ministry of Finance will take place on Saturday morning at ten o'clock.

The State Council Information Office has announced a preview that the news conference will be held on Saturday, October 12, 2024 at 10:00 AM. The Minister of Finance, Lán Fó'ān, will introduce the relevant information on 'increasing the intensity of fiscal policy counter-cyclical adjustments and promoting high-quality economic development' and answer questions from reporters.

• The Fed meeting minutes 'dampened' expectations of a significant interest rate cut, with serious internal divisions within the FOMC.

The Federal Reserve has released the minutes of its September monetary policy meeting, summarizing that 'the vast majority' of participants agreed to cut the federal funds rate by 50 basis points. However, 'some participants' suggested that a 25 basis point cut would be a better choice. Even more surprising, some members who advocated for a 50 basis point cut actually admitted that they could have supported a 25 basis point rate reduction decision. The market believes that the disagreements among officials are greater than the voting numbers indicate, making it even more challenging for Powell to guide another significant rate cut.

• Fed members of the voting committee are expected to cut interest rates one or two more times this year, with the voting committee next year reiterating a cautious approach.

This year, the chairman of the Fed, Dalio, expressed full support for a 50 basis point rate cut in September, stating that the September rate cut does not represent the future speed and magnitude of rate cuts; next year, the chairman of the Boston Fed, Collins, described the 50 basis point rate cut in September as a "cautious" move under current economic risks; the chairman of the Dallas Fed, Logan, in 2026, expressed support for a gradual rate cut in the face of economic uncertainties.

• Tracking individual stock ETFs 'explode', not enough US stock ETF codes available quickly.

ETFs used in the US market are running out of stock codes at an accelerating rate. Especially for ETFs that track individual stocks, the demand for attractive stock codes is sharply increasing. Because their codes must include the codes of the tracked stocks, the number of optional code combinations is very limited.

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

• S&P 500 index hit a new high for the 44th time this year, helping stabilize the trend of Chinese concept stocks.

The three major U.S. stock indexes collectively closed higher overnight, with the S&P 500 index continuing to hit a new all-time high and the Dow Jones index also setting a new historical closing high.

As of the Wednesday close, the S&P 500 index rose by 0.71%, marking the 44th time this year the index has hit a historical high; the Nasdaq index rose by 0.6%, still about 400 points away from its record high; the Dow Jones Industrial Index rose by 1.03%, reaching as high as 42,628 points on September 28th.

Most of the U.S. tech giants rose, with Apple up 1.67%, Amazon up 1.34%, Microsoft up 0.66%, Nvidia down 0.18%, Meta down 0.4%, Tesla down 1.41%, and Google down 1.53%.

Chinese concept stocks gradually stabilized and rebounded after a rapid decline at the opening. By the close, Alibaba fell by 1.63%, Tencent ADR fell by 1.36%, Baidu fell by 1.84%, Pinduoduo fell by 2.34%, JD.com fell by 1.61%, Nio Inc rose by 0.80%, and Xpeng rose by 3.46%.

• It's happening tomorrow! Tesla's 'Robotaxi Day' event is about to kick off.

At 10:00 on the morning of the 11th Beijing time, $Tesla (TSLA.US)$ Will hold the 'Robotaxi Day' event, with the theme slogan 'We, Robot.' Musk has always referred Tesla not only as an electric car company but also as an AI robot company. This event is seen as the debut of Tesla's Robotaxi, with the next generation Tesla robot 'Optimus Gen3' and the consumer car model known as Model 2 expected to make an appearance.

Renowned technology industry analyst Ming-Chi Kuo stated on Wednesday that his latest supply chain investigation shows that Tesla's Robotaxi (also known as Cybercab) may not start mass production until the first quarter of 2027, so the expectation of a significant increase in stock price after this week's event may be overly optimistic. As of the close on Wednesday, Tesla fell by 1.41%.

• Great expansion! Mark Zuckerberg announced that Meta AI has been launched in six countries including the United Kingdom and Brazil.

$Meta Platforms (META.US)$ CEO Zuckerberg announced on Wednesday that the company's AI chatbot Meta AI has been launched in six countries, including Brazil, the United Kingdom, the Philippines, Bolivia, Guatemala, and Paraguay.

• Huang Renxun: The future of AI lies in 'reasoning', and a significant drop in chip costs is key.

$NVIDIA (NVDA.US)$ CEO Huang Renxun recently stated that the future of artificial intelligence (AI) will be services capable of "reasoning", but to reach this stage, the cost of computation needs to be reduced. He mentioned that NVIDIA will lay the foundation for these advancements by increasing chip performance by two to three times annually while maintaining the same cost and power consumption levels.

• Rio Tinto made a bold move of 6.7 billion to enter the lithium resources market, thereby joining the ranks of the world's top suppliers.

Global mining giant $Rio Tinto (RIO.US)$ announced that it has reached a final acquisition agreement worth 6.7 billion US dollars with American lithium producer $Arcadium Lithium (ALTM.US)$ According to the agreement, Rio Tinto will fully acquire Arcadium in cash at a price of $5.85 per share, offering a 90% premium compared to Arcadium's closing price on the US stock market on October 4th of $3.08 per share. Following the latest news, as of the time of writing, Arcadium's pre-market trading soared over 30%. In the previous two trading days, Arcadium had already surged by 37.66%.

• OpenAI hinted at facing a potential loss of up to $14 billion in 2026.

According to the latest report from The Information, OpenAI's forecast indicates that the company is expected to achieve profitability by 2029, with revenue reaching $100 billion. Based on the analysis of data in OpenAI's financial documents, it is projected that the company's loss could reach as high as $14 billion by 2026, nearly three times the expected loss this year. This estimate does not include stock-based compensation, which is one of OpenAI's largest expenses, even though it is not paid in cash.

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 1.2 billion Hong Kong dollars worth of Alibaba, sold nearly 1.5 billion Hong Kong dollars of Meituan, and sold almost 1.4 billion Hong Kong dollars of HKEX.

On October 9 (Wednesday), southbound funds net sold 0.638 billion Hong Kong dollars of Hong Kong stocks.

$BABA-W (09988.HK)$,$SMIC (00981.HK)$,$XIAOMI-W (01810.HK)$Received net purchases of 1.249 billion Hong Kong dollars, 0.636 billion Hong Kong dollars, 0.308 billion Hong Kong dollars respectively;

$MEITUAN-W (03690.HK)$and$HKEX (00388.HK)$Please use your Futubull account to access the feature.$CICC (03908.HK)$ Net sales of 1.494 billion Hong Kong dollars, 1.39 billion Hong Kong dollars, and 0.505 billion Hong Kong dollars respectively.

• The proposed merger of GTJA and Haitong Sec has been finalized, and both will resume trading today.

$GTJA (02611.HK)$ Announcement: The company held the 28th temporary meeting of the sixth board of directors on October 9, 2024, and passed the proposal related to this transaction, such as the Proposal on the Exchange and Merger of GTJA Securities Co., Ltd. with Haitong Securities Co., Ltd. and the Solicitation of Matching Funds and Related Party Transactions Proposal. After applying to the exchange, GTJA A shares and H shares will resume trading from October 10, 2024.$HAITONG SEC (06837.HK)$ Similar announcements are made, declaring that the company's A shares and H shares will resume trading from the market opening on October 10.

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.

Key points: US CPI YoY for September, US initial jobless claims up to October 5, and comments from Federal Reserve officials.

On Thursday, in terms of economic data, the US will release September non-seasonally adjusted CPI YoY and MoM, as well as data on initial jobless claims for the week.

In terms of financial events, Federal Reserve officials spoke at different occasions: Richmond Fed President Barkin participated in a fireside chat, while New York Fed President Williams delivered a speech on economic outlook and monetary policy, and joined the discussion.

In terms of performance, Hong Kong stock$FAST RETAIL-DRS (06288.HK)$ Will release the latest performance; pre-market trading usa $Delta Air Lines (DAL.US)$Please use your Futubull account to access the feature.$Domino's Pizza (DPZ.US)$ Will announce financial reports before the market opens.

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