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• Major American banks all passed the Federal Reserve's annual stress tests, paving the way for more dividend payouts.

The annual stress test results of the Federal Reserve show that in a series of "extremely unfavorable" economic scenarios where the US unemployment rate soared to 10%, the stock market value plummeted by 55%, and commercial real estate prices plummeted by 40%, all 31 participating banks in the test did not fall below the bottom line of the minimum capital requirements, demonstrating the resilience and stability of the US banking industry in the face of potential economic risks. The banking industry is very optimistic about this and has increased its share buyback efforts, and there is also a possibility of a trend towards a more relaxed regulatory environment.

• New home inventory in the US hits a new high since 2008, threatening the construction industry.

The latest government data released on Wednesday showed that the total number of single-family homes for sale in May increased to 481,000, the highest level since 2008. Of these, nearly 100,000 are completed but still awaiting buyers, the most in 14 years. At the current sales rate, it would take 9.3 months to deplete all the inventory, the longest since 2022. As both the real estate industry and potential homebuyers are anxiously waiting for lower borrowing costs, these data pose risks to the prospects of residential construction.

• The yen falls below 160 mark, hitting a record low since 1986.

A high-ranking official of the Japanese forex agency said he is highly alert to the yen's decline. Masato Kanda, vice minister of Japan's Ministry of Finance, said the Japanese government is keeping a close eye on the yen exchange rate with a high sense of urgency and will take appropriate measures if necessary. After Kanda's remarks, the USD/JPY narrowed its losses and rebounded in the short term, almost hitting the 160 mark, but its losses quickly expanded and fell below 160.80, marking a new low since 1986.

• The Fed sticks to its own path, with a strong US dollar leading the global currency market.

As the market speculates that the Fed's policy divergence with other central banks will continue to widen, the US dollar index rose to 106 on Wednesday, the first since May 1. An indicator measuring the strength of the dollar rose to the highest level since November last year. As the market appears to see no hope for the Fed to cut interest rates in the short term, this encourages global investors to transfer cash to the US. The Bloomberg Dollar Spot Index rose 0.4% to 1,271.36 on Wednesday, the highest level in nearly 8 months, continuing the uptrend since the beginning of this year.

• The Biden administration will reduce the prices of 64 drugs through inflation penalties.

The Biden administration said on Wednesday that it will impose inflationary penalties on 64 prescription drugs in the third quarter of this year to reduce costs for some American seniors in Medicare, lowering drug prices in the US has been a key pillar of its healthcare agenda and 2024 re-election platform. One provision in Biden's inflation reduction bill stipulates that if pharmaceutical companies raise drug prices faster than the inflation rate, they must provide discounts to Medicare.

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

• The three major US indices rose collectively, with Amazon up nearly 4% and its market capitalization exceeding 2 trillion US dollars.

The Dow Jones rose 0.04%, the Nasdaq rose 0.49%, and the S&P 500 rose 0.16%.

Most large technology stocks rose, with Tesla up nearly 5%, Amazon up nearly 4% and its market capitalization exceeding 2 trillion US dollars, and Apple up 2%.

Freight logistics and auto manufacturing had the largest gains, with Rivian up over 23%, FedEx up over 15%, and Lucid up 4%.

China concept stocks rose and fell, with the Nasdaq Golden Dragon China Index up 0.43%. Nio was up more than 6%, and Xpeng, Netease, and Li Auto were up more than 3%. Lucid rose more than 2%.

• Micron Technology fell more than 7% after hours, with earnings better than expected but the guidance for the next quarter not strong enough.

AI demand drives continuous growth in data center revenue.$Micron Technology (MU.US)$Revenue for the third quarter was $6.81 billion, up 81.6% year on year from $3.75 billion in the same period last year, higher than analysts' expectations of $6.67 billion. Net profit for the quarter was $332 million, or $0.30 per share, far exceeding the net loss of $1.9 billion, or $1.73 per share, in the same period last year. The adjusted EPS for the quarter was $0.62 per share, higher than the market's expected $0.51 per share. Micron Technology expects adjusted revenue for the next quarter ending August to be between $7.4 billion and $7.8 billion (i.e., $7.6 billion plus or minus $200 million), with the mid-point of the range basically meeting analysts' expectations of $7.58 billion.

• Nvidia shareholders' meeting: Jensen Huang boasted about his product price ratio and the next target is the industrial robotics market.

Continuous for only half an hour.$NVIDIA (NVDA.US)$Shareholders' meeting approved Huang Renxun's $34 million salary plan for FY 2024, up 60% from the previous year. Shareholders also passed a measure to change some issues that previously required a two-thirds majority vote to a simple majority vote, including the arbitrary dismissal of directors and amendments to the company's articles of association.

Huang Renxun said he is very optimistic about the Blackwell platform released in March, "The Blackwell architecture platform is likely to be the most successful product in Nvidia's history and in the history of computers as a whole." The company hopes to open up new markets for its AI, such as industrial robots, and plans to work with every computer manufacturer and cloud provider "The next wave of AI will automate heavy industry worth $50 trillion."

• Amazon's optimistic sentiment about artificial intelligence has driven its rise to a $2 trillion market cap club.

E-commerce and cloud computing giants.$Amazon (AMZN.US)$Up nearly 4% overnight, joining the $2 trillion market cap ranks. The stock rose as much as 3.2% to $192.33 on Wednesday, pushing its market cap beyond $2tn. Amazon is up about 27% this year, with artificial intelligence accelerating its cloud computing business and the company's growth prospects improving. Google broke through this barrier in April, while the market cap of Nvidia, Microsoft and Apple are all now above $3tn.

• Moderna plunged more than 11% as RSV vaccine efficacy declined sharply.

American vaccine manufacturer.$Moderna (MRNA.US)$The stock fell more than 11% as the efficacy of its respiratory syncytial virus (RSV) vaccine was far lower than that of competitors Pfizer and GlaxoSmithKline. Data released by the US Centers for Disease Control and Prevention (CDC) that day showed that more than a year after receiving the Moderna RSV vaccine mRESVIA, its efficacy against RSV-related lower respiratory tract disease was 50%. By comparison, Pfizer's RSV vaccine Abrysvo was 78% effective in the second year, and GlaxoSmithKline's RSV vaccine Arexvy remained 78% effective through the second RSV season. This result could further fuel doubts about Moderna's vaccine prospects and put further pressure on its stock price.

• Intel demonstrates the first fully integrated optical computing interconnect, revolutionizing high-speed data processing for AI infrastructure. It has launched the first OCI chipset, which enables different parts of a computer (such as processors and memory) to transmit data via light (rather than traditional electricity), which is faster and more energy-efficient than using electricity, especially for AI applications that require processing large amounts of data and performing complex calculations. Intel says current interconnect technology is rapidly approaching the limit of electrical input/output performance, and our OCI chips are expected to fundamentally change high-performance AI infrastructure.

$Intel (INTC.US)$Buy north water nearly HKD 600 million in Industrial and Commercial Bank of China, sell nearly HKD 300 million in CNOOC.

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.

• On Wednesday, June 26, southbound funds net bought HKD 3.809 billion of Hong Kong stocks.

$Hang Seng H-Share Index ETF (02828.HK) $

$TRACKER FUND OF HONG KONG (02800.HK)$, $Hang Seng H-Share Index ETF (02828.HK)$, $ICBC (01398.HK)$Net sold HKD 262 million, HKD 107 million, and HKD 93.67 million, respectively.

$CNOOC (00883.HK)$, $CHINA SHENHUA (01088.HK)$, $CHINA MOBILE (00941.HK)$"I just wait until there's money lying in the corner, and all I have to do is go over there and pick it up." - Rogers

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: Final Q1 Actual GDP Annualized Quarterly Rate, Final Q1 Core PCE Price Index Annualized Quarterly Rate, Initial Jobless Claims; Fed to release the results of its annual bank stress tests.

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