Hot news

• Pre-market on Wednesday, the three major US stock index futures rose across the board.

• Pre-market, the stock prices of star technology companies varied, with ASML falling more than 3% and Taiwan Semiconductor rising more than 1%.

• Cryptocurrency concept stocks rose across the board in pre-market trading, with Bitcoin once rising above $68,000, the highest level since July 30th.

As of press time,$Iris Energy (IREN.US)$,$Cipher Mining (CIFR.US)$rose more than 6%,$CleanSpark (CLSK.US)$Rises more than 5%, $MARA Holdings (MARA.US)$,$Bit Digital (BTBT.US)$rose more than 4%.

• Pre-market gains for golden industrial concept stocks, industry association predicts that gold price will rise by 10% within a year.

$Gold Fields (GFI.US)$rose more than 4%,$Harmony Gold Mining (HMY.US)$Rising nearly 4%. On the news front, the international gold price continues to rise, with London gold rising by 0.9% approaching historical highs. According to a survey conducted at an annual summit in the precious metals industry, gold is expected to rise by 10% within one year, continuing to set new historical highs.

• tesla's Robotaxi vision is being hindered by USA laws! Cybercab may become a niche product.

Last week, Musk announced plans to begin producing a prototype Cybercab without a steering wheel and pedals from 2026, and expects to reach a considerable production volume by 2027. However, good dreams sometimes have to face harsh realities.$Tesla (TSLA.US)$To mass-produce the self-driving Cybercab taxi, it is necessary to overcome the significant obstacles imposed by the U.S. government regulations. The U.S. National Highway Traffic Safety Administration stated on Tuesday, October 15 that Tesla has not yet applied for a road waiver for the Cybercab without a steering wheel.

• Intel's pre-market drop by nearly 2%, China Internet Security Association recommends a system check for Intel product cybersecurity risks.

$Intel (INTC.US)$Pre-market drop by nearly 2%. On the news front, the China Internet Security Association stated that vulnerabilities are frequent and failure rates are high. The association recommends a system check for Intel product cybersecurity risks. The China Internet Security Association pointed out that Intel's security vulnerabilities are rampant, reliability is poor, user complaints are being ignored, remote management is used for user monitoring, backdoors are covertly set up, posing risks to network and information security.

• Is intel's fate also related to the USA election? Qualcomm reportedly will decide on the acquisition after the election.

According to insiders who leaked to the media, $Qualcomm (QCOM.US)$After the end of the US presidential election in November, the decision to acquire Intel will be made. It is reported that Qualcomm hopes to first understand the US leaders' stance on antitrust and Sino-US trade issues before making major decisions. Considering that Qualcomm's acquisition of Intel will be a rare major move in the industry, Qualcomm may further delay the decision and consider Intel's issues after the official inauguration of the US president in January next year.

• Pre-market surge of over 3%, Morgan Stanley's third-quarter performance significantly exceeds expectations.

$Morgan Stanley (MS.US)$Up more than 3% pre-market, with third-quarter net revenue of $15.38 billion, market expected $14.35 billion. Third-quarter wealth management net income was $7.27 billion, market expected $6.88 billion. Investment banking revenue was $1.46 billion, market expected $1.37 billion. Fixed income, currency, and commodity (FICC) sales and trading revenue were $2 billion, market expected $1.85 billion.

• Performance below expectations, ASML down nearly 3% pre-market.

$ASML Holding (ASML.US)$Down nearly 3% pre-market. ASML announced last night that third-quarter orders were €2.63 billion, far below the market's expected €5.39 billion; it is expected that net sales in the fourth quarter will be between €8.8 billion and €9.2 billion, market expected €8.95 billion. Expected full-year net sales of €28 billion, market expected €27.71 billion. Estimated net sales in 2025 will be between €30 billion and €35 billion, market expected €35.94 billion.

• Major conference to open! Fangdd Network soaring over 30% pre-market, KE Holdings up more than 3%.

Five departments will hold a press conference on real estate tomorrow.$Fangdd Network (DUO.US)$more than 30%, respectively. $KE Holdings (BEKE.US)$Up more than 3%. In terms of news, the State Council Information Office has scheduled a press conference at 10:00 a.m. on October 17th, where the Minister of Housing and Urban-Rural Development Ni Hong, along with representatives from the Ministry of Finance, Ministry of Natural Resources, People's Bank of China, and the China Banking and Insurance Regulatory Commission, will introduce relevant information on promoting the stable and healthy development of the real estate market.

• Alibaba's progress in selling equity in sunart retail: receiving tender offer letter, no agreements or trades have been reached yet.

Trading suspension for nearly 20 days.$Alibaba (BABA.US)$There has been a latest development in the sale of Sunart Retail. Sunart Retail announced last night (15th) on the Hong Kong Stock Exchange that the Board of Directors received a contact letter from a potential offerer on September 27, 2024, expressing the intention to make a voluntary conditional offer for all the company's issued shares subject to certain conditions. It is reported that Alibaba Group indirectly holds approximately 73.66% of the issued shares of Sunart Retail through its wholly-owned subsidiary.

• Tencent Music is up more than 2% in pre-market trading, with Citigroup bullish on its stable growth in subscription revenue and good profit visibility.

$Tencent Music (TME.US)$Pre-market trading in USA rose over 2%. On the news front, Citigroup issued a report indicating that Tencent Music's total revenue in the third quarter is expected to increase by 7% year-on-year to 7 billion yuan, in line with market expectations; among them, online music revenue is expected to rise by 23% year-on-year to 5.57 billion yuan, mainly driven by a 21% year-on-year growth in subscription revenue, while the number of paid users is expected to increase by 15.3% year-on-year to 0.119 billion. Citigroup maintains a 'buy' rating on Tencent Music with a target price of $15.

• Cisco rose 1.59% pre-market, with institutions raising its target price to $78.

$Cisco (CSCO.US)$Pre-market trading in USA rose 1.59%. Tigress Financial analyst Ivan Feinseth maintains a 'buy' rating on Cisco and has raised the target price from $76 to $78. According to Capital IQ's analyst survey, the average rating for the company is outstanding, with price targets ranging from $49 to $78.

• EHang Intelligent rose over 2% pre-market, as the Hong Kong Special Administrative Region Government will establish a 'Low Altitude Economy Development Working Group'.

$EHang (EH.US)$Rose over 2% pre-market. On the news front, John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region, today delivered his third 'Policy Address' during his term, stating that the Hong Kong Special Administrative Region Government will establish a 'Low Altitude Economy Development Working Group,' led by the Deputy Secretary for Financial Services and the Treasury as the team leader, to develop low-altitude economic development strategies and action plans, promote regulatory reform, and deploy infrastructure construction.

• Software platform operator Versus Systems soared more than 300% in pre-market trading, securing a $2.5 million funding.

$Versus Systems (VS.US)$Surging over 300% in pre-market trading. In terms of news, the company announced two important agreements with Aspis Cyber Technologies, Inc. The first agreement is a commercial financing agreement, stipulating that ASPIS will invest $2.5 million in Versus Systems. The second agreement is the Technology License and Software Development Agreement, which authorizes ASPIS to license Versus Systems' gamification, interactive, and QR code technology to integrate it into their cybersecurity products.

• Biodexa Pharmaceuticals surged over 140% in pre-market trading as the company announced a successful appeal regarding delisting from Nasdaq.

$Biodexa Pharmaceuticals (BDRX.US)$Surging over 140% in pre-market trading. On the news front, the company announced a successful appeal regarding delisting from Nasdaq, with the Nasdaq hearing panel approving the company's request for an extended listing time.

• Novavax plunged over 20% in pre-market trading as the FDA temporarily halted the company's clinical trial application for a new coronavirus and influenza vaccine.

$Novavax (NVAX.US)$Pre-market trading fell more than 20%. The U.S. Food and Drug Administration (FDA) has temporarily suspended the company's application for clinical trials of its new COVID-19 influenza vaccine. In response, Novavax Pharmaceuticals stated that the clinical hold was due to a spontaneous report of a serious motor neuron event in a single participant in the Phase 2 trial.

• Nvidia's stock price retraced yesterday, with a surge in bullish options betting on a rebound.

$NVIDIA (NVDA.US)$Overnight, the options trading volume fell nearly 5%, surging by nearly 50% to 5.32 million contracts. The proportion of call options has risen for two consecutive days, reaching 68%; On the options chain, the highest trading volume was for calls expiring this Friday with strike prices of $140 and $135, followed by calls expiring on December 20 with strike prices of $125 and $110.

Investigating unusual options activity reveals that when nvidia's stock price was $132.645, a trader sold calls expiring on December 20 with a strike price of $110 while simultaneously buying calls expiring on December 20 with a strike price of $125, involving over $0.6 billion, executing a bearish call spread strategy.

Global macro

• The epic rise of the US stock market 'conquering' Wall Street, strategists shouting out a target of 6100 points

With the strongest rebound in nearly 30 years in the US stock market, Wall Street strategists have raised their forecasts for the US stock market. Strategists from BMO Capital Markets, Goldman Sachs, and UBS have raised their year-end target for the S&P 500 index over the past month, expecting the index to continue its upward trend. Earlier this month, Goldman Sachs' Chief Stock Strategist David Kostin raised the year-end target for the S&P 500 index to 6100 points. This is the fourth time he has raised his forecast since the last few months of 2023.

• What signal? New York Fed: Consumers expect highest probability of defaulting on debt in four years

A survey by the Federal Reserve Bank of New York showed that last month, American households' expectations of possibly defaulting on debt had risen to the highest level since April 2020, during the most difficult period of the COVID-19 outbreak. The monthly Consumer Expectations Survey released by the New York Fed on Tuesday showed that in September, the probability that Americans would be unable to pay the minimum debt in the next three months rose to 14.2%, marking the fourth consecutive month of increase. This growth was driven by middle-aged respondents.

• Sell India and buy China! Latest survey by Bank of America: Global fund managers are rushing into the Chinese stock market

A survey by Bank of America showed that after China, the largest economy in Asia, introduced stimulus measures, global fund managers increased their investments in China, sacrificing their positions in India. Bank of America stated, 'Growth expectations for China have been revived following the policy shift.' 'Participants believe this time it's different because they have given up looking for opportunities elsewhere and turned their focus to China.' According to Bank of America's survey, they have refocused on China, at the expense of reducing their allocations to the Indian stock market.

• Refusing to pull back, far exceeding model valuations, Deutsche Bank laments: gold is truly astonishingly strong

On Tuesday, October 15th, Deutsche Bank research analyst Michael Hsueh released a report stating that at times this year, gold has risen without the support of financial fair value. Currently, the Fed still has further room for easing, further strengthening the upward trend of gold. Gold prices are expected to continue to outperform the financial fair value of gold by the end of this year, with the largest increase since 1998. In addition, the relative rate of change between gold prices and the dollar this year is the highest in the past twenty-five years.

• Has oil fallen from grace? IEA: Buyer's market has formed, global energy prices are expected to become even cheaper.

The International Energy Agency (IEA) latest forecast shows that as humans start to use more electricity, there is an oversupply of oil and natural gas, and the world is entering an era of cheaper energy prices. IEA Executive Director Fatih Birol said in an interview: "As the potential market balance of oil and gas is easing, the world will enter a new energy market environment in the second half of this decade. Unless a major geopolitical conflict occurs, we will enter a period where prices will face huge downward pressure."

Bilibili rose more than 3% pre-market trading and was upgraded to "buy" by UBS, which raised its EPS estimate per share.

Reminder for US Macro Events

(All in Peking Time)

20:30 US Import Price Index for September

The next morning

01:00 Federal Reserve Governor Kugler delivered a speech.

04:30 US API crude oil inventories (in 10,000 barrels) for the week ending October 11th.

06:00 US Vice President Harris's interview on Fox News being broadcasted.

Editor/ping