Economists warn: the United States is falling into a double-dip recession; Intel Corp fell more than 14% and will delay production of 7nm processors for six months; Li Bin said NIO Inc. 's gross profit margin in the second quarter will definitely become positive; following the Cybertruck, Tesla, Inc. plans to launch two new electric cars.

Global macro

• The futures of the three major stock indexes fell, led by the Nasdaq 100 index.

• Economist Stephen Roach warns: the United States is in a double-dip recession

Economist Stephen Roach warns that Wall Street's enthusiasm for a V-shaped recovery is leading investors astray. Compared with China, Roach believes that despite the economic restart in the United States, consumer demand in the United States will face a difficult recovery. He also said that the US economy is facing a second sharp recession and that "the dollar is in the early stages of a prolonged decline." "

• The Fed's forward guidance is expected to be released by the end of September and linked to inflation.

Economists surveyed by Bloomberg believe that the Fed's forward guidance on future interest rate paths is most likely to be linked to inflation and will be released by the end of September. Respondents expect little change in the policy statement issued at the end of the meeting at 14:00 Washington time. One reason the committee will not make big moves at this meeting is that Congress is discussing the next fiscal stimulus package.

"details of the upcoming fiscal plan will be an important consideration when the Fed considers the extent of long-term monetary easing," Brett Ryan, senior US economist at Deutsche Securities, wrote in a reply to the survey. Nearly 2/3 of respondents expect the FOMC to link the eventual increase in the scope of the federal funds target to meeting or slightly exceeding the central bank's 2 per cent inflation target.

• The dollar may have its biggest monthly decline in two and a half years. Analysts warn that the selling will continue

The dollar may have its biggest monthly decline since early 2018 this month. And many strategists believe the sell-off will continue. Standard Chartered Bank said the continued sell-off of the dollar in New York over the past few days was a negative sign that US asset managers were bearish on the dollar, while other currencies performed well in the local market.

Royal Bank of Canada believes that the rise of the S & P 500 above the key double-top technical level indicates a further decline in the dollar, as the short-term negative correlation between the stock market and the dollar index is at its highest since 2016. The rebound in commodity prices has also put pressure on the dollar.

• Us opinion polls show Zuckerberg more unpopular than Trump

According to a new poll, Zuckerberg and Facebook Inc have the lowest approval ratings of any technology company or technology CEO in the United States, and more and more American voters are beginning to oppose Facebook Inc, believing that its social impact does more harm than good, and is widely dissatisfied with the company's CEO Mark Zuckerberg and his power. In the minds of American voters, Zahlberg is even more unpopular than Trump.

The survey was conducted by Accountable Tech and GQR Research, a US non-profit organization focused on science and technology policy, from July 15 to 19.

• European stocks generally fell.

Hot news

• Large US technology stocks fell across the board before the day, while most of the hot Chinese stocks fell.

Large US technology stocks fell across the board due to geopolitical factors. Among them$Intel Corp (INTC.US) $Drop by more than 13%$Tesla, Inc. (TSLA.US) $Drop by more than 5%$Apple Inc (AAPL.US) $跌1.5%，$Alphabet Inc-CL C (GOOG.US) $Drop by more than 1%$Facebook Inc (FB.US) $It fell by nearly 1%. In terms of China-listed stocks$NIO Inc. (NIO.US) $Plunged by more than 5%$Bilibili Inc. (BILI.US) $Drop by more than 3%$Pinduoduo (PDD.US) $Drop by more than 3%$BABA (BABA.US) $It fell by nearly 2.4%.

• Intel Corp fell more than 13% before trading and will postpone production of 7nm processors for six months.

Before the US stock market opened on Friday$Intel Corp (INTC.US) $Shares tumbled more than 13% after the company pointed out in its earnings report that its 7nm processor would be six months behind target. Intel Corp had planned to launch 7nm processors by the end of 2021, but at the current pace it will be delayed until at least 2022. After the announcement of the results, Bank of America Merrill Lynch downgraded Intel Corp from buy to neutral.

• Youxin's revenue in the first quarter was 103.9 million yuan, down 69% from the same period last year.

$Uxin Ltd. (UXIN.US) $The first-quarter results for the period from January 1 to March 31, 2020 were released. According to the financial report, Youxin's total revenue in the first quarter was 103.9 million yuan, compared with 335.8 million yuan in the same period last year, down 69 per cent from a year earlier. The net loss was 2.0344 billion yuan, compared with 295.5 million yuan in the same period last year. Without the usual US accounting standards, the net loss was 2.0665 billion yuan, compared with 246 million yuan in the same period last year.

• NIO Inc. Automobile CEO Li Bin: the gross profit margin reported in the second quarter will definitely become a positive one.

$NIO Inc. (NIO.US) $CEO Li Bin said in an interview that NIO Inc. Automobile's gross profit margin in the second quarter will definitely become positive, and the loss is narrowing. In addition, Li Bin said the NIO Inc. Jianghuai plant is increasing its production capacity, which will increase by 25% to 5000 vehicles a month by September at the latest. If nothing happens, NIO Inc. 's fourth car will also be settled in Jianghuai factory. He also said that EC6 competes directly with Tesla, Inc. Model Y.

• It is said that JD.com plans to list JD Health in Hong Kong. The official response: no comment.

According to IFR on July 24,$JD.com (JD.US) $It plans to list JD Health in Hong Kong and raise US $1 billion. JD.com responded to the TechWeb and declined to comment.

• Musk: after the Cybertruck, Tesla, Inc. plans to launch two new electric vehicles

According to foreign media reports$Tesla, Inc. (TSLA.US) $CEO Elon Musk (Elon Musk) initially confirmed that Tesla, Inc. plans to launch two new electric vehicles, including a small electric car, after the Cybertruck electric pickup truck.

• Goldman Sachs Group confirmed that he reached a $3.9 billion settlement agreement with the Malaysian government on the 1MDB case.

$Goldman Sachs Group (GS.US) $Confirm that an agreement has been reached in principle with the Government of Malaysia to resolve all criminal and regulatory investigations involving the company in Malaysia. The agreement includes pending criminal proceedings against Goldman Sachs Group's subsidiaries and some of their current and former directors in the 1MDB case, which in principle includes the payment of $2.5 billion to the Government of Malaysia and guarantees that the Government of Malaysia will receive at least $1.4 billion from 1MDB-related assets seized by government agencies around the world. Goldman Sachs Group expects a substantial increase in his provisions for litigation and regulatory procedures in the second quarter of 2020.

• Telecom giant Vodafone asked: do not extend the decision to ban Huawei in the UK to other European regions

Vodafone (VOD.US) $Nick Read, chief executive, pointed out that the decision to ban Huawei equipment in China on the UK's 5G network should not be extended to the rest of Europe because other countries have different geopolitical considerations. Read also said Vodafone was in discussions with the government on how to ease the company's burden of removing Huawei equipment from its UK network, noting that there were a variety of options available, such as spectrum costs.

Financial and economic notice

Key words: initial PMI of Markit manufacturing and service industries in the United States in July

The prospect of financial report