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YongGuang
YongGuang
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2021-09-17
Okay
Soul torture of the US money market: How to observe the tightness of liquidity?
摘要 美国货币市场的融资流动性衡量的是企业或者金融机构在货币市场上获得短期批发融资的难易程度。一般而言，如果融资流动性出现问题，企业、机构为获取“现金”而趋同性地选择卖出某类金融资产时，该金融资产的市
Soul torture of the US money market: How to observe the tightness of liquidity?
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YongGuang
YongGuang
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2021-09-10
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YongGuang
YongGuang
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2021-09-09
Yy
Multiple indicators in the United States alarm!
美国人曾憧憬，这个夏天经济能回归常态，上班族回到办公室，孩子们重返校园，街角的咖啡店再次开业。但一切事与愿违，随着疫情复燃，复苏在8月踩下了急刹车。 上周五，让人大跌眼镜的非农就业数据带来了最直接的报
Multiple indicators in the United States alarm!
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YongGuang
YongGuang
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2021-09-03
?
With multiple risks coming, will U.S. stocks usher in big turmoil in September?
伴随9月到来，美股市场正面对着越来越多的潜在风险。
With multiple risks coming, will U.S. stocks usher in big turmoil in September?
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YongGuang
YongGuang
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2021-08-27
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YongGuang
YongGuang
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2021-08-25
?
After buying the bottom of JD.com, "Sister Wood" expressed her position: she is not pessimistic about China
几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。 Ark Investment创始人、有科技股女股神之称的Cathie Wood周二在接
After buying the bottom of JD.com, "Sister Wood" expressed her position: she is not pessimistic about China
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YongGuang
YongGuang
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2021-08-12
?
[Change] Micron Technology fell more than 7% after being downgraded by Morgan Stanley
8月12日，美光科技盘中跌超7%，此前摩根士丹利将美光科技评级降至“持有”。 此前该公司首席执行官Mehrotra指出，公司预计DRAM和NAND内存芯片的供应在2022年将保持紧张，预计2021年的
[Change] Micron Technology fell more than 7% after being downgraded by Morgan Stanley
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YongGuang
YongGuang
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2021-08-07
Bj
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YongGuang
YongGuang
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2021-07-30
Kk
Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again
摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。 海外市场 1、美股周
Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again
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YongGuang
YongGuang
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2021-07-30
Ij
Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again
摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。 海外市场 1、美股周
Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again
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","listText":"Okay ","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/884622819","repostId":"1169468802","repostType":4,"repost":{"id":"1169468802","kind":"news","pubTimestamp":1631861397,"share":"https://ttm.financial/m/news/1169468802?lang=en_US&edition=fundamental","pubTime":"2021-09-17 14:49","market":"us","language":"zh","title":"Soul torture of the US money market: How to observe the tightness of liquidity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468802","media":"静观金融","summary":"摘要\n美国货币市场的融资流动性衡量的是企业或者金融机构在货币市场上获得短期批发融资的难易程度。一般而言，如果融资流动性出现问题，企业、机构为获取“现金”而趋同性地选择卖出某类金融资产时，该金融资产的市","content":"<p><b>SUMMARY</b></p><p><b>The financing liquidity of the U.S. money market measures how easily it is for enterprises or financial institutions to obtain short-term wholesale financing in the money market.</b>Generally speaking, if there is a problem with financing liquidity, and enterprises and institutions choose to sell a certain type of financial asset in order to obtain \"cash\", the market liquidity of the financial asset will drop significantly, and the asset price will also drop rapidly. Therefore, it can be said that financing liquidity is the basis of market liquidity.</p><p><b>The main body of the U.S. money market.</b>We can understand the U.S. money market as: the funding parties are fiscal authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing for clients such as hedge funds), while the funding parties are mainly banks and money market funds.</p><p><b>The U.S. money market: the important functions and \"passive\" status of the Federal Reserve.</b>When the Federal Reserve acts as the source of funds, the policy tools it uses are the reserve rate (IOR) and the overnight reverse repurchase facility (ON RRP). Both policy tools are initiated by the counterparty, which is equivalent to the counterparty's initiative to deposit excess \"money\" with the Federal Reserve. When the Federal Reserve acts as the lender of funds, it is actually when the Federal Reserve is fulfilling its \"lender of last resort\" obligations. As long as the bank provides collateral as required, the Federal Reserve will lend funds to the bank according to the discount window interest rate (DW). In July 2021, the Federal Reserve newly established the Standing Repo Facility (SRF), that is, on the premise of meeting collateral requirements, the Federal Reserve will lend funds in the repo market at the lowest SRF interest rate.</p><p><b>Supply and demand of financing liquidity: The borrowers are fiscal authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing to clients such as hedge funds), while the borrowers are mainly banks (general HQLA asset part + FHLBs) and money market funds.</b>For the main lender bank HQLA portfolio and money market funds, they generally have three asset options: lending funds to the Treasury Department (to buy U.S. bonds), lending funds through the repo market, and lending funds to the Federal Reserve, but the interest rates of lending funds in the latter two markets are not the same. Bank HQLA portfolio In the repo market, the interest rate of lending funds is the General Collateral Repo Rate (GC Repo). The interest rate at which money market funds lend funds in the repo market is the Tri-party Repo rate. The interest rates at which they lend funds to the Federal Reserve are IOR and ONRRP respectively, which are the two policy rates used by the Federal Reserve to control the overnight interest rate market.</p><p><b>Soul torture of the US money market: How to observe the tightness of liquidity? If a money market fund uses the Fed's overnight reverse repurchase facility, it means that it has no better asset choice, and the needs of major financiers have been met.</b>It should be pointed out that the absolute amount of reserves does not reflect the tightness of liquidity in the money market. In the stage of reserve decline, it can be a period of loose liquidity in the money market; The stage of rising reserves may also be a period of liquidity tightening in the money market. We need to observe the use of the Fed's reverse repurchase facility to judge money market liquidity.</p><p><b>text</b></p><p>Domestic investors are often confused about the transmission mechanism of US dollar liquidity. We believe that only comprehensive consideration<a href=\"https://laohu8.com/S/CNBC\">Central Bank</a>, banking system, non-bank system and fiscal authorities can piece together a relatively complete picture of US dollar liquidity. In view of this, we will use three reports to sort out the research framework of US dollar liquidity. In the third part, we introduce how to judge and evaluate the liquid environment of the U.S. money market.</p><p><b>1. Our definition of liquidity in the US money market</b></p><p>The term \"liquidity\" is widely used in discussions in financial markets. In order not to cause ambiguity, we first need to define the liquidity mentioned in this report: it refers to the financing liquidity of the U.S. money market, which is used to measure the difficulty of enterprises or financial institutions obtaining short-term financing in the money market. degree.</p><p>In addition to financing liquidity, there is also \"market liquidity\", which is used to measure the difficulty of enterprises and financial institutions selling financial assets in exchange for \"cash\". Generally speaking, if there is a problem with financing liquidity, and enterprises and institutions choose to sell a certain type of financial asset in order to obtain \"cash\", the market liquidity of the financial asset will drop significantly, and the asset price will also drop rapidly. Therefore, it can be said that financing liquidity is the basis of market liquidity.</p><p>Generally speaking, the better the financing liquidity, the better the market liquidity. The easier it is for a financial intermediary responsible for matching transactions to raise funds from the money market, the more flexible its balance sheet will be, and the easier it will be to buy assets sold by others or sell assets desired by others. This phenomenon is more obvious in markets such as U.S. debt that rely on trading intermediaries for transactions.</p><p><b>2. The US Money Market: The Important Functions and \"Passive\" Position of the Federal Reserve</b></p><p>To understand whether financing liquidity is loose or tight, the first thing we need to understand is the participants and hierarchical structure of the US money market: that is, who is the integrating party? Who is the merger? Through what market to borrow money? To simplify the problem, we focus our discussion on the fiscal authorities, monetary authorities (Federal Reserve) and major financial institutions. Under such a framework, the money market can be understood as: the funding parties are financial authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing for customers such as hedge funds), while the funding parties are mainly banks (because it does not affect the overall framework, this article does not list Federal Home Loan Banks separately) and money market funds.</p><p>Due to the provisions of Basel III's liquidity coverage ratio (LCR), banks are required to hold an equivalent amount of high-quality liquid assets (HQLA) based on their expected net cash outflows over the next 30 days. HQLA mainly includes reserves, Treasury Bond and short-term repurchases with Treasury Bond as collateral. Because some banks hold large amounts of short-term U.S. debt and overnight repurchases in their HQLA, banks play an important role in the money market.</p><p>In the entire money market, the position of the Federal Reserve is extremely special. Through different policy tools, it assumes the roles of fund integrator and fund lender at the same time. When the Federal Reserve acts as the source of funds, the policy tools it uses are the reserve rate (IOR) and the overnight reverse repurchase facility (ON RRP). Both policy tools are initiated by the counterparty, which is equivalent to the counterparty's initiative to deposit excess \"money\" with the Federal Reserve. This forms the bottom of the interest rate of funds lending by banks (except FHLBs) and repo market lenders (mainly money market funds). Because their best counterparty (the Federal Reserve) is willing to raise funds into them through IOR and ON RRP, forcing other capital demanders to pay higher interest rates to raise funds.</p><p>When the Federal Reserve acts as the lender of funds, it is actually when the Federal Reserve is fulfilling its \"lender of last resort\" obligations. As long as the bank provides collateral as required, the Federal Reserve will lend funds to the bank according to the discount window interest rate (DW). In July 2021, the Federal Reserve newly established the Standing Repo Facility (SRF), that is, on the premise of meeting collateral requirements, the Federal Reserve will lend funds in the repo market at the lowest SRF interest rate.</p><p><img src=\"https://static.tigerbbs.com/2b4f071b8fe2f51ee36be82475032753\" tg-width=\"994\" tg-height=\"604\" referrerpolicy=\"no-referrer\"><b>3. Supply and demand of financing liquidity</b></p><p>The financial authorities, one of the investors of money market funds, mainly raise funds in the money market by issuing short-term Treasury Bond, which is easy to observe and track. In contrast, traders' financing needs in the money market mainly serve two purposes: (1) market making; (2) Provide financing services to its customers. The demand for these two items is actually unstable, such as market-making demand. When the circulation of U.S. bonds is large or investors' interest in U.S. bonds is limited, it will cause additional financing needs for traders due to increased inventories. Under the above circumstances, the issuance plan of the Ministry of Treasury, the yield difference between U.S. bonds and other sovereign countries, and the exchange rate of the U.S. dollar will all have an impact on the financing needs of traders. Furthermore, the financing needs of this part cannot be accurately tracked.</p><p><img src=\"https://static.tigerbbs.com/fbb1b8ebabe3a1c114d4dc036c652d20\" tg-width=\"972\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p>There is an obvious hierarchical relationship between the lenders of money market funds. For the main lender bank HQLA portfolio and money market funds, they generally have three asset options: lending funds to the Treasury Department (to buy U.S. bonds), lending funds through the repo market, and lending funds to the Federal Reserve, but the interest rates of lending funds in the latter two markets are not the same. Bank HQLA portfolio In the repo market, the interest rate of lending funds is the General Collateral Repo Rate (GC Repo). The interest rate at which money market funds lend funds in the repo market is the Tri-party Repo rate. The interest rates at which they lend funds to the Federal Reserve are IOR and ONRRP respectively, which are the two policy rates used by the Federal Reserve to control the overnight interest rate market.</p><p>As the two most important fund lenders in the money market, banks' HQLA portfolios and money market funds are huge. As of the end of 2020, the scale of JP Morgan's HQLA portfolio alone is around US $600 billion, and the scale of the HQLA portfolio of the entire banking system is even larger. In addition, as of the end of Q1 2021, the current scale of money market funds under management is more than US $4 trillion.</p><p><img src=\"https://static.tigerbbs.com/4b90620a0b20d7307a0d9015ea2c79fb\" tg-width=\"1005\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><b>4. Soul torture of the US money market: How to observe the tightness of liquidity?</b></p><p>As mentioned earlier, for the bank HQLA portfolio, when financing funds in the money market, it should at least obtain IOR income; For money market funds, when funds are raised in the money market, they should at least obtain ON RRP income. Of course, for money market funds, sometimes due to intraday liquidity considerations, and sometimes even though short-term U.S. bond yields are lower than ON RRP, they will hold some short-term U.S. bonds.</p><p>Then, if money market funds start to use the Fed's overnight reverse repurchase facility extensively to obtain ON RRP income, it can be concluded that they have no better asset choice: neither the Treasury nor traders need to integrate funds into them in the money market. In this case, we can think that the liquidity of the whole overnight money market is abundant, and the needs of major financiers have been met.</p><p>As shown in Figure 4, money market funds basically did not use the Federal Reserve's overnight reverse repurchase facility from 2018 to March 2020 (before the global financial market turmoil), indicating that they lent a large amount of funds to traders and the Treasury Department (buy short-term U.S. debt), and there is no remaining funds to repurchase and lend to the Federal Reserve. In sharp contrast, after March 2021, money market funds began to lend large amounts of funds to the Federal Reserve, and traders and the Treasury Department had no demand for money market fund funds.</p><p>Back in 2018, the demand for funds from major financiers in the U.S. money market rose. For the Treasury Department, U.S. bond issuance has begun to accelerate. For dealers, its two main financing business needs are also rising at the same time: (1) The demand for market-making financing has increased significantly. It can be seen that the net position of U.S. debt of primary dealers has continued to increase from 2018 to 2019; (2) The demand for repurchase financing measured by SOFR transaction volume is also rising.</p><p><img src=\"https://static.tigerbbs.com/c59a82ef6b10008a8e017429c7e6d04d\" tg-width=\"971\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/72c4fc914e4cb2cacae12b11ed535aae\" tg-width=\"1005\" tg-height=\"537\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57d881951cceed4d8417a1caef6c66d4\" tg-width=\"1013\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p>If we look at the financing parties in the money market, the scale of money market funds is expanding in 2018-2019. But in the context of the Federal Reserve's shrinking balance sheet, the banking system has also shrunk, causing the size of the entire HQLA portfolio of banks to shrink. As the imbalance between supply and demand in the money market continues to become serious, interest rates surged in the repo market in September 2019. The Federal Reserve has balanced the supply and demand of money market funds by opening the repurchase facility and buying short-term Treasury Bond.</p><p>It should be pointed out that the absolute amount of reserves does not reflect the tightness of money market liquidity. During the stage of decline in reserves, it may be a period of loose liquidity in the money market; The stage of rising reserves may also be a period of liquidity tightening in the money market. We need to observe the use of the Fed's reverse repurchase facility to judge money market liquidity.</p><p><img src=\"https://static.tigerbbs.com/2f1bcc3911dcec07087d56f674e3bba2\" tg-width=\"971\" tg-height=\"529\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/79bd2eb7c7b4785fbbc31a13c5a8bfa7\" tg-width=\"984\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Risk warning</b></p><p>(1) Inadequate understanding of the Federal Reserve's monetary policy framework</p><p>(2) The Federal Reserve's monetary policy changes exceed expectations</p>","source":"lsy1571618842096","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Soul torture of the US money market: How to observe the tightness of liquidity?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoul torture of the US money market: How to observe the tightness of liquidity?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">静观金融</strong><span class=\"h-time small\">2021-09-17 14:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>SUMMARY</b></p><p><b>The financing liquidity of the U.S. money market measures how easily it is for enterprises or financial institutions to obtain short-term wholesale financing in the money market.</b>Generally speaking, if there is a problem with financing liquidity, and enterprises and institutions choose to sell a certain type of financial asset in order to obtain \"cash\", the market liquidity of the financial asset will drop significantly, and the asset price will also drop rapidly. Therefore, it can be said that financing liquidity is the basis of market liquidity.</p><p><b>The main body of the U.S. money market.</b>We can understand the U.S. money market as: the funding parties are fiscal authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing for clients such as hedge funds), while the funding parties are mainly banks and money market funds.</p><p><b>The U.S. money market: the important functions and \"passive\" status of the Federal Reserve.</b>When the Federal Reserve acts as the source of funds, the policy tools it uses are the reserve rate (IOR) and the overnight reverse repurchase facility (ON RRP). Both policy tools are initiated by the counterparty, which is equivalent to the counterparty's initiative to deposit excess \"money\" with the Federal Reserve. When the Federal Reserve acts as the lender of funds, it is actually when the Federal Reserve is fulfilling its \"lender of last resort\" obligations. As long as the bank provides collateral as required, the Federal Reserve will lend funds to the bank according to the discount window interest rate (DW). In July 2021, the Federal Reserve newly established the Standing Repo Facility (SRF), that is, on the premise of meeting collateral requirements, the Federal Reserve will lend funds in the repo market at the lowest SRF interest rate.</p><p><b>Supply and demand of financing liquidity: The borrowers are fiscal authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing to clients such as hedge funds), while the borrowers are mainly banks (general HQLA asset part + FHLBs) and money market funds.</b>For the main lender bank HQLA portfolio and money market funds, they generally have three asset options: lending funds to the Treasury Department (to buy U.S. bonds), lending funds through the repo market, and lending funds to the Federal Reserve, but the interest rates of lending funds in the latter two markets are not the same. Bank HQLA portfolio In the repo market, the interest rate of lending funds is the General Collateral Repo Rate (GC Repo). The interest rate at which money market funds lend funds in the repo market is the Tri-party Repo rate. The interest rates at which they lend funds to the Federal Reserve are IOR and ONRRP respectively, which are the two policy rates used by the Federal Reserve to control the overnight interest rate market.</p><p><b>Soul torture of the US money market: How to observe the tightness of liquidity? If a money market fund uses the Fed's overnight reverse repurchase facility, it means that it has no better asset choice, and the needs of major financiers have been met.</b>It should be pointed out that the absolute amount of reserves does not reflect the tightness of liquidity in the money market. In the stage of reserve decline, it can be a period of loose liquidity in the money market; The stage of rising reserves may also be a period of liquidity tightening in the money market. We need to observe the use of the Fed's reverse repurchase facility to judge money market liquidity.</p><p><b>text</b></p><p>Domestic investors are often confused about the transmission mechanism of US dollar liquidity. We believe that only comprehensive consideration<a href=\"https://laohu8.com/S/CNBC\">Central Bank</a>, banking system, non-bank system and fiscal authorities can piece together a relatively complete picture of US dollar liquidity. In view of this, we will use three reports to sort out the research framework of US dollar liquidity. In the third part, we introduce how to judge and evaluate the liquid environment of the U.S. money market.</p><p><b>1. Our definition of liquidity in the US money market</b></p><p>The term \"liquidity\" is widely used in discussions in financial markets. In order not to cause ambiguity, we first need to define the liquidity mentioned in this report: it refers to the financing liquidity of the U.S. money market, which is used to measure the difficulty of enterprises or financial institutions obtaining short-term financing in the money market. degree.</p><p>In addition to financing liquidity, there is also \"market liquidity\", which is used to measure the difficulty of enterprises and financial institutions selling financial assets in exchange for \"cash\". Generally speaking, if there is a problem with financing liquidity, and enterprises and institutions choose to sell a certain type of financial asset in order to obtain \"cash\", the market liquidity of the financial asset will drop significantly, and the asset price will also drop rapidly. Therefore, it can be said that financing liquidity is the basis of market liquidity.</p><p>Generally speaking, the better the financing liquidity, the better the market liquidity. The easier it is for a financial intermediary responsible for matching transactions to raise funds from the money market, the more flexible its balance sheet will be, and the easier it will be to buy assets sold by others or sell assets desired by others. This phenomenon is more obvious in markets such as U.S. debt that rely on trading intermediaries for transactions.</p><p><b>2. The US Money Market: The Important Functions and \"Passive\" Position of the Federal Reserve</b></p><p>To understand whether financing liquidity is loose or tight, the first thing we need to understand is the participants and hierarchical structure of the US money market: that is, who is the integrating party? Who is the merger? Through what market to borrow money? To simplify the problem, we focus our discussion on the fiscal authorities, monetary authorities (Federal Reserve) and major financial institutions. Under such a framework, the money market can be understood as: the funding parties are financial authorities (short-term Treasury Bond) and dealers (whose financing needs mainly come from market making and providing financing for customers such as hedge funds), while the funding parties are mainly banks (because it does not affect the overall framework, this article does not list Federal Home Loan Banks separately) and money market funds.</p><p>Due to the provisions of Basel III's liquidity coverage ratio (LCR), banks are required to hold an equivalent amount of high-quality liquid assets (HQLA) based on their expected net cash outflows over the next 30 days. HQLA mainly includes reserves, Treasury Bond and short-term repurchases with Treasury Bond as collateral. Because some banks hold large amounts of short-term U.S. debt and overnight repurchases in their HQLA, banks play an important role in the money market.</p><p>In the entire money market, the position of the Federal Reserve is extremely special. Through different policy tools, it assumes the roles of fund integrator and fund lender at the same time. When the Federal Reserve acts as the source of funds, the policy tools it uses are the reserve rate (IOR) and the overnight reverse repurchase facility (ON RRP). Both policy tools are initiated by the counterparty, which is equivalent to the counterparty's initiative to deposit excess \"money\" with the Federal Reserve. This forms the bottom of the interest rate of funds lending by banks (except FHLBs) and repo market lenders (mainly money market funds). Because their best counterparty (the Federal Reserve) is willing to raise funds into them through IOR and ON RRP, forcing other capital demanders to pay higher interest rates to raise funds.</p><p>When the Federal Reserve acts as the lender of funds, it is actually when the Federal Reserve is fulfilling its \"lender of last resort\" obligations. As long as the bank provides collateral as required, the Federal Reserve will lend funds to the bank according to the discount window interest rate (DW). In July 2021, the Federal Reserve newly established the Standing Repo Facility (SRF), that is, on the premise of meeting collateral requirements, the Federal Reserve will lend funds in the repo market at the lowest SRF interest rate.</p><p><img src=\"https://static.tigerbbs.com/2b4f071b8fe2f51ee36be82475032753\" tg-width=\"994\" tg-height=\"604\" referrerpolicy=\"no-referrer\"><b>3. Supply and demand of financing liquidity</b></p><p>The financial authorities, one of the investors of money market funds, mainly raise funds in the money market by issuing short-term Treasury Bond, which is easy to observe and track. In contrast, traders' financing needs in the money market mainly serve two purposes: (1) market making; (2) Provide financing services to its customers. The demand for these two items is actually unstable, such as market-making demand. When the circulation of U.S. bonds is large or investors' interest in U.S. bonds is limited, it will cause additional financing needs for traders due to increased inventories. Under the above circumstances, the issuance plan of the Ministry of Treasury, the yield difference between U.S. bonds and other sovereign countries, and the exchange rate of the U.S. dollar will all have an impact on the financing needs of traders. Furthermore, the financing needs of this part cannot be accurately tracked.</p><p><img src=\"https://static.tigerbbs.com/fbb1b8ebabe3a1c114d4dc036c652d20\" tg-width=\"972\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p>There is an obvious hierarchical relationship between the lenders of money market funds. For the main lender bank HQLA portfolio and money market funds, they generally have three asset options: lending funds to the Treasury Department (to buy U.S. bonds), lending funds through the repo market, and lending funds to the Federal Reserve, but the interest rates of lending funds in the latter two markets are not the same. Bank HQLA portfolio In the repo market, the interest rate of lending funds is the General Collateral Repo Rate (GC Repo). The interest rate at which money market funds lend funds in the repo market is the Tri-party Repo rate. The interest rates at which they lend funds to the Federal Reserve are IOR and ONRRP respectively, which are the two policy rates used by the Federal Reserve to control the overnight interest rate market.</p><p>As the two most important fund lenders in the money market, banks' HQLA portfolios and money market funds are huge. As of the end of 2020, the scale of JP Morgan's HQLA portfolio alone is around US $600 billion, and the scale of the HQLA portfolio of the entire banking system is even larger. In addition, as of the end of Q1 2021, the current scale of money market funds under management is more than US $4 trillion.</p><p><img src=\"https://static.tigerbbs.com/4b90620a0b20d7307a0d9015ea2c79fb\" tg-width=\"1005\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><b>4. Soul torture of the US money market: How to observe the tightness of liquidity?</b></p><p>As mentioned earlier, for the bank HQLA portfolio, when financing funds in the money market, it should at least obtain IOR income; For money market funds, when funds are raised in the money market, they should at least obtain ON RRP income. Of course, for money market funds, sometimes due to intraday liquidity considerations, and sometimes even though short-term U.S. bond yields are lower than ON RRP, they will hold some short-term U.S. bonds.</p><p>Then, if money market funds start to use the Fed's overnight reverse repurchase facility extensively to obtain ON RRP income, it can be concluded that they have no better asset choice: neither the Treasury nor traders need to integrate funds into them in the money market. In this case, we can think that the liquidity of the whole overnight money market is abundant, and the needs of major financiers have been met.</p><p>As shown in Figure 4, money market funds basically did not use the Federal Reserve's overnight reverse repurchase facility from 2018 to March 2020 (before the global financial market turmoil), indicating that they lent a large amount of funds to traders and the Treasury Department (buy short-term U.S. debt), and there is no remaining funds to repurchase and lend to the Federal Reserve. In sharp contrast, after March 2021, money market funds began to lend large amounts of funds to the Federal Reserve, and traders and the Treasury Department had no demand for money market fund funds.</p><p>Back in 2018, the demand for funds from major financiers in the U.S. money market rose. For the Treasury Department, U.S. bond issuance has begun to accelerate. For dealers, its two main financing business needs are also rising at the same time: (1) The demand for market-making financing has increased significantly. It can be seen that the net position of U.S. debt of primary dealers has continued to increase from 2018 to 2019; (2) The demand for repurchase financing measured by SOFR transaction volume is also rising.</p><p><img src=\"https://static.tigerbbs.com/c59a82ef6b10008a8e017429c7e6d04d\" tg-width=\"971\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/72c4fc914e4cb2cacae12b11ed535aae\" tg-width=\"1005\" tg-height=\"537\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57d881951cceed4d8417a1caef6c66d4\" tg-width=\"1013\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p>If we look at the financing parties in the money market, the scale of money market funds is expanding in 2018-2019. But in the context of the Federal Reserve's shrinking balance sheet, the banking system has also shrunk, causing the size of the entire HQLA portfolio of banks to shrink. As the imbalance between supply and demand in the money market continues to become serious, interest rates surged in the repo market in September 2019. The Federal Reserve has balanced the supply and demand of money market funds by opening the repurchase facility and buying short-term Treasury Bond.</p><p>It should be pointed out that the absolute amount of reserves does not reflect the tightness of money market liquidity. During the stage of decline in reserves, it may be a period of loose liquidity in the money market; The stage of rising reserves may also be a period of liquidity tightening in the money market. We need to observe the use of the Fed's reverse repurchase facility to judge money market liquidity.</p><p><img src=\"https://static.tigerbbs.com/2f1bcc3911dcec07087d56f674e3bba2\" tg-width=\"971\" tg-height=\"529\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/79bd2eb7c7b4785fbbc31a13c5a8bfa7\" tg-width=\"984\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Risk warning</b></p><p>(1) Inadequate understanding of the Federal Reserve's monetary policy framework</p><p>(2) The Federal Reserve's monetary policy changes exceed expectations</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/9wHdw-70Pmtlzs49vSSMDg\">静观金融</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c85c320adaeda5c6807698908bd45f3f","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/9wHdw-70Pmtlzs49vSSMDg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468802","content_text":"摘要\n美国货币市场的融资流动性衡量的是企业或者金融机构在货币市场上获得短期批发融资的难易程度。一般而言，如果融资流动性出现问题，企业、机构为获取“现金”而趋同性地选择卖出某类金融资产时，该金融资产的市场流动性会大幅下降，资产价格也会迅速走低。因此，可以说融资流动性是市场流动性的基础。\n美国货币市场的主体。我们可以将美国货币市场理解成：资金融入方为财政当局（短期国债）、交易商（其融资需求主要来自于做市以及为对冲基金等客户提供融资），而资金融出方主要是银行及货币市场基金。\n美国货币市场：美联储的重要职能与“被动”地位。当美联储作为资金融入方时，它使用的政策工具是准备金利率（IOR）及隔夜逆回购工具（ON RRP）。这两个政策工具均由对手方主动发起，相当于对手方主动把多余的“钱”存放美联储。当美联储作为资金融出方时，实际上就是美联储在履行自己“最后贷款人”义务的时候。只要银行按要求提供抵押物，美联储会贴现窗口按照贴现窗口利率（DW）融出资金给银行。2021年7月美联储新设立了常备回购便利（SRF），即在满足抵押品要求的前提下，美联储会在回购市场按照最低SRF利率融出资金。\n融资流动性的供给与需求:融入方为财政当局（短期国债）、交易商（其融资需求主要来自于做市以及为对冲基金等客户提供融资），而融出方主要是银行（一般的HQLA资产部分+FHLBs）及货币市场基金。对于主要资金融出方银行HQLA组合及货币市场基金而言，它们一般有三种资产选择：融出资金给财政部（购买美债）、通过回购市场融出资金、融出资金给美联储，但是两者在后两个市场融出资金的利率并不相同。银行HQLA组合在回购市场中，融出资金的利率是一般抵押品回购利率（GC Repo）。货币市场基金在回购市场融出资金的利率是三方回购利率（Tri-party Repo）。而它们向美联储融出资金的利率则分别为IOR及ONRRP，为美联储控制隔夜利率市场的两个政策利率。\n美国货币市场灵魂拷问：如何观察流动性松紧程度？如果货币市场基金使用了美联储隔夜逆回购工具，说明其没有更好的资产选择了，主要的融资方的需求都得到了满足。需要指出的是准备金的绝对数量并不反应货币市场流动性的松紧，在准备金下降阶段，可以是货币市场流动性宽松的时期；而准备金上升阶段也有可能是货币市场流动性收紧的时期。我们需要观察美联储逆回购工具的使用量来判断货币市场流动性。\n正文\n国内投资者时常困惑于美元流动性传导机制，我们认为只有通盘考虑中央银行、银行体系、非银体系及财政当局的内在联系，才能拼凑出较为完整的美元流动性图景。有鉴于此，我们将用三篇报告梳理美元流动性研究框架。第三篇我们介绍如何判断与评估美国货币市场流动的环境。\n一、我们对于美国货币市场流动性的定义\n“流动性”一词在金融市场的讨论中被广泛使用。为了不引起歧义，我们首先需要定义在本篇报告中所提及的流动性：它是指美国货币市场的融资流动性，用于衡量企业或者金融机构在货币市场上获得短期融资的难易程度。\n除融资流动性外，还有“市场流动性”，用于衡量企业、金融机构等出售金融资产换取“现金”的难易程度。一般而言，如果融资流动性出现问题，企业、机构为获取“现金”而趋同性地选择卖出某类金融资产时，该金融资产的市场流动性会大幅下降，资产价格也会迅速走低。因此，可以说融资流动性是市场流动性的基础。\n一般情况下，融资流动性越好市场流动性越好。负责撮合交易的金融中介越是易于从货币市场融资，它的资产负债表就越有弹性，也就更加容易购买他人抛售的资产，或出售他人想要的资产，这种现象在美债等依靠交易中介进行交易的市场表现更为明显。\n二、美国货币市场：美联储的重要职能与“被动”地位\n要搞清楚融资流动性的松或紧，首先需要理解的是美国货币市场的参与对象以及层级结构：即谁是融入方？谁是融出方？通过什么市场来借钱？为了简化问题，我们把讨论的重心放在财政当局、货币当局（美联储）及主要金融机构上。在这样的框架下，货币市场可以理解成：资金融入方为财政当局（短期国债）、交易商（其融资需求主要来自于做市以及为对冲基金等客户提供融资），而资金融出方主要是银行（因不影响整体的框架，本篇不单独列出联邦住房贷款银行）及货币市场基金。\n由于巴塞尔III的流动性覆盖比率（LCR）的规定，银行需要根据其预期的未来30天现金净流出量来持有同等数量的高质量流动性资产（HQLA）。HQLA主要包括准备金、国债以及用国债为抵押品的短期回购。因为一些银行在其HQLA中持有大量的短期美债及隔夜回购，银行在货币市场中扮演着重要的角色。\n在整个货币市场中，美联储地位极其特殊。它通过不同的政策工具，同时承担了资金融入方及资金融出方的角色。当美联储作为资金融入方时，它使用的政策工具是准备金利率（IOR）及隔夜逆回购工具（ON RRP）。这两个政策工具均由对手方主动发起，相当于对手方主动把多余的“钱”存放美联储。这就形成了银行（FHLBs除外）及回购市场资金融出方（以货币市场基金为主）融出资金利率的底。因为它们最优质的对手方（美联储）愿意通过IOR及ON RRP向它们融入资金，迫使其他资金需求方出更高的利率才能融到资金。\n当美联储作为资金融出方时，实际上就是美联储在履行自己“最后贷款人”义务的时候。只要银行按要求提供抵押物，美联储会贴现窗口按照贴现窗口利率（DW）融出资金给银行。2021年7月，美联储新设立了常备回购便利（SRF），即在满足抵押品要求的前提下，美联储会在回购市场按照最低SRF利率融出资金。\n三、融资流动性的供给与需求\n货币市场资金融入方之一的财政当局主要是通过发行短期国债的方式在货币市场融资，易于观察跟踪。相较之下，交易商在货币市场的融资需求主要有两个目的：（1）做市；（2）为其客户提供融资服务。这两项的需求其实并不稳定，比如做市需求，当美债发行量较大或者投资者对美债兴趣有限时，都会造成交易商因库存增加导致的额外融资需求。在上面这个情况下，财政部的发行计划、美债相对其他主权国家的收益率差、美元的汇率等都会对交易商的融资需求产生影响。进而，这一部分的融资需求并不能准确跟踪。\n\n货币市场资金融出方存在比较明显的层级关系。对于主要资金融出方银行HQLA组合及货币市场基金而言，它们一般有三种资产选择：融出资金给财政部（购买美债）、通过回购市场融出资金、融出资金给美联储，但是两者在后两个市场融出资金的利率并不相同。银行HQLA组合在回购市场中，融出资金的利率是一般抵押品回购利率（GC Repo）。货币市场基金在回购市场融出资金的利率是三方回购利率（Tri-party Repo）。而它们向美联储融出资金的利率则分别为IOR及ONRRP，为美联储控制隔夜利率市场的两个政策利率。\n作为货币市场中最重要的两个资金融出方，银行的HQLA组合及货币市场基金的体量巨大。截止2020年末，单JP Morgan的HQLA组合规模就在6000亿美元左右，整个银行体系的HQLA组合规模更加庞大。此外，截止2021年Q1末货币市场基金目前管理的规模在4万亿美元以上。\n四、美国货币市场灵魂拷问：如何观察流动性松紧程度？\n前文提到，对于银行HQLA组合来说，在货币市场融出资金时，至少应该获取IOR收益；而对于货币市场基金来说，在货币市场融出资金时，至少应该获取ON RRP收益。当然对于货币市场基金来说，有时因考虑日内流动性，有时尽管短期美债收益率低于ON RRP，也会持有一些短期美债。\n那么，如果货币市场基金开始大量使用美联储隔夜逆回购工具获取ON RRP收益时，可以断定其没有更好的资产选择了：不论是财政部还是交易商们已不需要在货币市场向它们融入资金。在这种情况下，我们可以认为，整个隔夜货币市场的流动性是充裕的，主要的融资方的需求都已经得到了满足。\n如图4所示，货币市场基金在2018年至2020年3月（全球金融市场动荡前）基本都没有使用美联储的隔夜逆回购工具，说明其将资金大量融出给了交易商及财政部（购买短期美债），并没有剩余资金可以回购出借给美联储。与此对比强烈的是2021年3月之后，货币市场基金开始大量将资金大量出借给美联储，交易商及财政部对于货币市场基金的资金并没有需求。\n回到2018年，美国货币市场的主要融资方，对于资金的需求走高。对于财政部而言，美债发行开始加速。而对于交易商而言，它的两项主要融资业务需求也同时走高：（1）做市融资需求大增，可以看到一级交易商的美债净头寸在2018年-2019年不断增加；（2）以SOFR交易量衡量的回购融资需求也不断走高。\n\n如果看货币市场的资金融出方，2018-2019年货币市场基金规模在扩大。但在美联储缩表的背景下，银行体系也发生了收缩，造成银行整个HQLA组合的规模也在缩小。随着货币市场供需失衡的不断严重，2019年9月回购市场发生了利率飙升的情况。美联储通过开放回购工具及购买短期国债的方式平衡了货币市场资金的供需。\n需要指出的是准备金的绝对数量并不反映货币市场流动性的松紧。在准备金下降阶段，可能是货币市场流动性宽松的时期；而准备金上升阶段也有可能是货币市场流动性收紧的时期。我们需要观察美联储逆回购工具的使用量来判断货币市场流动性。\n\n风险提示\n（一）对美联储货币政策框架理解不到位\n（二）美联储货币政策变化超预期","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881052710,"gmtCreate":1631282691130,"gmtModify":1676530518890,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/881052710","repostId":"2166320467","repostType":4,"isVote":1,"tweetType":1,"viewCount":2608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889878119,"gmtCreate":1631143487231,"gmtModify":1676530476868,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"Yy","listText":"Yy","text":"Yy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/889878119","repostId":"2165994363","repostType":4,"repost":{"id":"2165994363","kind":"highlight","pubTimestamp":1631085017,"share":"https://ttm.financial/m/news/2165994363?lang=en_US&edition=fundamental","pubTime":"2021-09-08 15:10","market":"hk","language":"zh","title":"Multiple indicators in the United States alarm!","url":"https://stock-news.laohu8.com/highlight/detail?id=2165994363","media":"华尔街见闻","summary":"美国人曾憧憬，这个夏天经济能回归常态，上班族回到办公室，孩子们重返校园，街角的咖啡店再次开业。但一切事与愿违，随着疫情复燃，复苏在8月踩下了急刹车。\n上周五，让人大跌眼镜的非农就业数据带来了最直接的报","content":"<p>Americans had hoped that the economy would return to normal this summer, office workers would return to the office, children would return to school, and the corner coffee shop would open again. But everything backfired. With the resurgence of the epidemic, the recovery stepped on a sudden brake in August.</p><p><b>Last Friday, the surprising non-farm payrolls data brought the most direct alarm signal.</b>The U.S. non-farm payrolls increased by only 235,000 in August, a sharp miss the market expectation of 733,000, down from about 1 million in June and July, the smallest increase since January 2021.</p><p>In August, the University of Michigan consumer confidence index also fell to its lowest level in 10 years, with the spreading Delta variant and rising inflation worrying Americans.</p><p>According to data released by Johns Hopkins University in the United States, as of 6 p.m. Eastern Time on September 7, 2021, a total of 40,238,083 confirmed cases and 650,345 deaths in novel coronavirus pneumonia have been reported in the United States.</p><p><b>In the past week, the United States has averaged more than 161,000 new cases per day, as many as 1,560 new deaths and more than 102,000 hospitalizations per day, only slightly lower than last winter's peak.</b></p><p><img src=\"https://static.tigerbbs.com/f7c5b880f937edae73659acd8fa2e181\" tg-width=\"731\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Worldometers)</p><p><h2>'Feelings of uncertainty and anxiety are back'</h2>With the resurgence of the epidemic, the opening of offices and schools in the United States has been postponed, and travel and performance plans have been cancelled.</p><p><b>Starting in August, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Companies, large and small, have abandoned plans to reopen offices, with some even pushing back their return dates until 2022.</b></p><p>In mid-July, tourist arrivals to Hawaii had returned to near pre-pandemic levels, down only about 10% from the same period in 2019, official data showed. But starting in August, the pace slowed, with average daily tourist arrivals down 34% over 2019 in the last seven days of August.</p><p>Cinema traffic fell by more than half at the end of August compared to the peak of the pandemic in mid-July, according to market research firm TOP. Paramount Pictures has delayed the release of Top Gun: Maverick and Mission: Impossible 7.</p><p>At the same time, many schools in the United States have closed or resumed online classes.</p><p>The Wall Street Journal quoted Columbia Business School economist Stephan Meier as saying that the reopening of schools was supposed to be an important moment for the economy. About a quarter of households have school-age children, and reliable child care could get many Americans, especially women, back to work. But for now, the Delta variant and a lack of vaccines for children under 12 may keep some parents from working away from home.</p><p><b>Meier said: \"The uncertainty and anxiety we had last year is back, and this uncertainty is enough to curb labor supply.\"</b></p><p><h2>Institutions have lowered U.S. economic growth forecasts</h2>Economists believe the Delta variant of the virus will not push the United States back into recession, but losing growth momentum could prolong the recovery of millions of jobs lost during the pandemic, leaving many job markets on the sidelines and hindering companies from new uncertainties Invest under uncertainty.</p><p>In the report released this Monday,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The expected growth rate of US GDP this year has been reduced to 5.7%, and the unemployment rate is expected to rise from 4.1% to 4.2% this year. This is the third time in less than three months that Goldman Sachs has lowered its US GDP forecast for this year.</p><p>When explaining why they lowered their forecasts this week, Goldman Sachs economists mentioned several major factors,<b>It is expected that as the variant virus Delta rages, the government's financial support is weakening, and demand shifts from goods to services, U.S. consumers may reduce spending, and the consumption situation is more severe than previously expected:</b></p><p>\"There seem to be many more obstacles to strong consumption growth in the future: the Delta variant virus is already putting pressure on growth in the third quarter, fiscal stimulus is dwindling, and the recovery of the service industry is slowing down. These will all be negative factors in the medium term.\" Earlier this month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It also significantly lowered the U.S. GDP forecast for the third quarter, from 6.5% to only 2.9%, and the GDP forecast for the fourth quarter remained at 6.7%. After revising down the third quarter GDP forecast, Morgan Stanley's U.S. GDP growth forecast for this year is 5.6%, which is lower than Goldman Sachs' full-year growth forecast after this week's downward adjustment.</p><p>Morgan Stanley said at the time,<b>The reduction in expectations is mainly due to the fact that the driving force of economic growth has been released ahead of schedule, the government's stimulus spending has reduced the boost to the economy, and supply chain bottlenecks continue to drag down the economy, resulting in a reduction in consumer spending on large durable goods such as automobiles.</b></p><p><h2>U.S. stocks fell for two consecutive days, and a bigger test lies ahead</h2>On Tuesday, the Dow fell more than 200 points, hitting a new closing low since August 19 and its largest closing drop since August 18. The S&P closed down 0.34% at 4,520.03 points, a new low since August 27.</p><p>This is the second consecutive day that the Dow Jones Industrial Average and S&P closed down after the release of the far-worse-than-expected non-farm payrolls report last Friday. Even the three-day long weekend, including Monday, failed to ease the decline in most sectors of U.S. stocks. Both U.S. stocks and U.S. bond prices fell intraday, Treasury Bond yields rose, and the benchmark 10-year U.S. bond yield hit a new high since mid-July.</p><p>The analysis pointed out that under the raging Delta variant virus, the market is reassessing the economic growth prospects of the United States and its impact on corporate profits.</p><p><b>With the gradual withdrawal of U.S. fiscal stimulus measures, the U.S. economic recovery will face further tests.</b></p><p>This week, more than 7.5 million Americans will lose $300 a week in additional pandemic-era unemployment benefits.<b>In addition to stopping pandemic subsidies, risk factors such as tax increases and debt increases have also brought additional tests to the U.S. economy.</b></p><p>Wall Street News previously mentioned that although the U.S. Congress seems likely to pass an infrastructure bill this fall, compared with the multiple rounds of stimulus plans launched since March 2020, the economic impact of the recent stimulus plan is relatively limited.</p><p>The U.S. Congress may vote to raise taxes on businesses and high-income individuals, which will offset the boost from spending-another short-term risk for markets.</p><p>At the same time, U.S. stocks may also be affected by the debt ceiling increase this fall. The U.S. Congress needs to pass an increase in the debt ceiling later this month to raise government funds, as well as a temporary spending bill to avoid a Washington shutdown in October.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Multiple indicators in the United States alarm!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMultiple indicators in the United States alarm!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-09-08 15:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Americans had hoped that the economy would return to normal this summer, office workers would return to the office, children would return to school, and the corner coffee shop would open again. But everything backfired. With the resurgence of the epidemic, the recovery stepped on a sudden brake in August.</p><p><b>Last Friday, the surprising non-farm payrolls data brought the most direct alarm signal.</b>The U.S. non-farm payrolls increased by only 235,000 in August, a sharp miss the market expectation of 733,000, down from about 1 million in June and July, the smallest increase since January 2021.</p><p>In August, the University of Michigan consumer confidence index also fell to its lowest level in 10 years, with the spreading Delta variant and rising inflation worrying Americans.</p><p>According to data released by Johns Hopkins University in the United States, as of 6 p.m. Eastern Time on September 7, 2021, a total of 40,238,083 confirmed cases and 650,345 deaths in novel coronavirus pneumonia have been reported in the United States.</p><p><b>In the past week, the United States has averaged more than 161,000 new cases per day, as many as 1,560 new deaths and more than 102,000 hospitalizations per day, only slightly lower than last winter's peak.</b></p><p><img src=\"https://static.tigerbbs.com/f7c5b880f937edae73659acd8fa2e181\" tg-width=\"731\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Worldometers)</p><p><h2>'Feelings of uncertainty and anxiety are back'</h2>With the resurgence of the epidemic, the opening of offices and schools in the United States has been postponed, and travel and performance plans have been cancelled.</p><p><b>Starting in August, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Companies, large and small, have abandoned plans to reopen offices, with some even pushing back their return dates until 2022.</b></p><p>In mid-July, tourist arrivals to Hawaii had returned to near pre-pandemic levels, down only about 10% from the same period in 2019, official data showed. But starting in August, the pace slowed, with average daily tourist arrivals down 34% over 2019 in the last seven days of August.</p><p>Cinema traffic fell by more than half at the end of August compared to the peak of the pandemic in mid-July, according to market research firm TOP. Paramount Pictures has delayed the release of Top Gun: Maverick and Mission: Impossible 7.</p><p>At the same time, many schools in the United States have closed or resumed online classes.</p><p>The Wall Street Journal quoted Columbia Business School economist Stephan Meier as saying that the reopening of schools was supposed to be an important moment for the economy. About a quarter of households have school-age children, and reliable child care could get many Americans, especially women, back to work. But for now, the Delta variant and a lack of vaccines for children under 12 may keep some parents from working away from home.</p><p><b>Meier said: \"The uncertainty and anxiety we had last year is back, and this uncertainty is enough to curb labor supply.\"</b></p><p><h2>Institutions have lowered U.S. economic growth forecasts</h2>Economists believe the Delta variant of the virus will not push the United States back into recession, but losing growth momentum could prolong the recovery of millions of jobs lost during the pandemic, leaving many job markets on the sidelines and hindering companies from new uncertainties Invest under uncertainty.</p><p>In the report released this Monday,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The expected growth rate of US GDP this year has been reduced to 5.7%, and the unemployment rate is expected to rise from 4.1% to 4.2% this year. This is the third time in less than three months that Goldman Sachs has lowered its US GDP forecast for this year.</p><p>When explaining why they lowered their forecasts this week, Goldman Sachs economists mentioned several major factors,<b>It is expected that as the variant virus Delta rages, the government's financial support is weakening, and demand shifts from goods to services, U.S. consumers may reduce spending, and the consumption situation is more severe than previously expected:</b></p><p>\"There seem to be many more obstacles to strong consumption growth in the future: the Delta variant virus is already putting pressure on growth in the third quarter, fiscal stimulus is dwindling, and the recovery of the service industry is slowing down. These will all be negative factors in the medium term.\" Earlier this month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It also significantly lowered the U.S. GDP forecast for the third quarter, from 6.5% to only 2.9%, and the GDP forecast for the fourth quarter remained at 6.7%. After revising down the third quarter GDP forecast, Morgan Stanley's U.S. GDP growth forecast for this year is 5.6%, which is lower than Goldman Sachs' full-year growth forecast after this week's downward adjustment.</p><p>Morgan Stanley said at the time,<b>The reduction in expectations is mainly due to the fact that the driving force of economic growth has been released ahead of schedule, the government's stimulus spending has reduced the boost to the economy, and supply chain bottlenecks continue to drag down the economy, resulting in a reduction in consumer spending on large durable goods such as automobiles.</b></p><p><h2>U.S. stocks fell for two consecutive days, and a bigger test lies ahead</h2>On Tuesday, the Dow fell more than 200 points, hitting a new closing low since August 19 and its largest closing drop since August 18. The S&P closed down 0.34% at 4,520.03 points, a new low since August 27.</p><p>This is the second consecutive day that the Dow Jones Industrial Average and S&P closed down after the release of the far-worse-than-expected non-farm payrolls report last Friday. Even the three-day long weekend, including Monday, failed to ease the decline in most sectors of U.S. stocks. Both U.S. stocks and U.S. bond prices fell intraday, Treasury Bond yields rose, and the benchmark 10-year U.S. bond yield hit a new high since mid-July.</p><p>The analysis pointed out that under the raging Delta variant virus, the market is reassessing the economic growth prospects of the United States and its impact on corporate profits.</p><p><b>With the gradual withdrawal of U.S. fiscal stimulus measures, the U.S. economic recovery will face further tests.</b></p><p>This week, more than 7.5 million Americans will lose $300 a week in additional pandemic-era unemployment benefits.<b>In addition to stopping pandemic subsidies, risk factors such as tax increases and debt increases have also brought additional tests to the U.S. economy.</b></p><p>Wall Street News previously mentioned that although the U.S. Congress seems likely to pass an infrastructure bill this fall, compared with the multiple rounds of stimulus plans launched since March 2020, the economic impact of the recent stimulus plan is relatively limited.</p><p>The U.S. Congress may vote to raise taxes on businesses and high-income individuals, which will offset the boost from spending-another short-term risk for markets.</p><p>At the same time, U.S. stocks may also be affected by the debt ceiling increase this fall. The U.S. Congress needs to pass an increase in the debt ceiling later this month to raise government funds, as well as a temporary spending bill to avoid a Washington shutdown in October.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639891\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF","GLD":"黄金ETF-SPDR","DUST":"二倍做空黄金矿业指数ETF-Direxion","IAU":"黄金信托ETF-iShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","GDX":"黄金矿业ETF-VanEck"},"source_url":"https://wallstreetcn.com/articles/3639891","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165994363","content_text":"美国人曾憧憬，这个夏天经济能回归常态，上班族回到办公室，孩子们重返校园，街角的咖啡店再次开业。但一切事与愿违，随着疫情复燃，复苏在8月踩下了急刹车。\n上周五，让人大跌眼镜的非农就业数据带来了最直接的报警信号。美国8月非农就业人口仅增加23.5万人，大幅不及市场预期的73.3万人，低于6月和7月的约100万个，创2021年1月以来最小增幅。\n8月，密歇根大学消费者信心指数也跌至10年来的最低水平，不断蔓延的Delta变种病毒和持续上升的通胀令美国人感到担忧。\n据美国约翰斯·霍普金斯大学发布的数据，截至美国东部时间2021年9月7日下午6点，全美共报告新冠肺炎确诊40238083例，死亡650345例。\n过去一周，美国平均每天新增病例超过 161000 例，新增死亡病例高达 1560 例，平均每天住院人数超过 102000 人，仅比去年冬天的峰值略低。\n\n(图片来源：Worldometers)\n“不确定性和焦虑感又回来了”\n疫情复燃之下，美国办公室和学校推迟开放，旅行和演出计划纷纷取消。\n从8月份开始，包括苹果、亚马逊在内的大小的公司都放弃了重新开放办公室的计划，一些公司甚至将返回日期推迟到2022年。\n官方数据显示，7月中旬，前往夏威夷的游客人数已经恢复至接近疫情前的水平，仅比2019年同期下降了约10%。但从8月开始，速度有所放缓，在8月的最后7天，日均游客抵达数量比2019年下降了34%。\n市场研究公司TOP的数据显示，与7月中旬的疫情高峰相比，8月底的影院客流量下降了一半以上。派拉蒙影业公司推迟了《壮志凌云:特立独行》和《碟中谍7》的上映。\n与此同时，美国许多学校已经关闭或恢复线上授课。\n华尔街日报援引哥伦比亚商学院经济学家Stephan Meier表示，学校重新开学本应是经济的一个重要时刻。大约四分之一的家庭有学龄儿童，可靠的儿童看护可以让许多美国人，尤其是女性重返工作岗位。但目前，Delta变种和缺乏针对12岁以下儿童的疫苗可能会让一些父母不愿离家工作。\nMeier称：“我们去年的不确定性和焦虑感又回来了，这种不确定性足以抑制劳动力供应。”\n机构纷纷下调美国经济增长预期\n经济学家认为，Delta变种病毒不会将美国推回衰退，但失去增长动力可能延长疫情期间失去的数百万就业岗位的复苏，令许多就业市场处于观望状态，并阻碍企业在新的不确定性下投资。\n本周一发布的报告中，高盛将今年的美国GDP预期增速降至5.7%，今年失业率预期从4.1%升至4.2%，这是不到三个月里，高盛第三次下调今年美国GDP预期。\n在本周解释为何下调预期时，高盛经济学家提到几大影响因素，预计由于变种病毒Delta肆虐、政府的财政支持在减弱，加之需求从商品转换到服务，美国消费者可能减少支出，消费形势比之前预期的更严峻：\n\n “未来消费强劲增长的阻碍看来多得多：Delta变异病毒已经在施压三季度增长，财政刺激在减少，服务业复苏放缓，这些都将是中期内的负面因素。”\n\n本月初，摩根士丹利也大幅下调了三季度美国GDP预期，从6.5%猛砍至仅2.9%，四季度GDP预期维持在6.7%。下修三季度GDP预期后，摩根士丹利的美国今年全年GDP增速预期为5.6%，比高盛本周调降后的全年预期增速还低。\n摩根士丹利当时称，调降预期主要由于经济增长的动力已提前释放，政府刺激性支出对经济的推动减少，加之供应链瓶颈持续拖累经济，汽车等大件耐用品的消费者支出由此减少。\n美股两连跌，更大的考验在后面\n周二，道指跌超200点，创8月19日以来收盘新低以及8月18日以来最大收盘跌幅。标普收跌0.34%，报4520.03点，创8月27日以来新低。\n这是上周五远逊预期的非农就业报告公布后，道指、标普连续两日收跌。即使是包括周一在内的三日长周末也没能缓和美股多数板块的跌势，美股和美债价格盘中齐跌，国债收益率上行，基准10年期美债收益率刷新7月中旬以来高位。\n分析指出，Delta变种病毒肆虐之下，市场正在重新评估美国经济增长前景，以及其对企业盈利的影响。\n随着美国财政刺激措施逐渐退场，美国经济复苏将面临进一步的考验。\n本周，超过750万的美国人将失去疫情时期每周300美元的额外失业救济。除了停止疫情补贴外，增税、债务上调等风险因素也给美国经济带来了额外的考验。\n华尔街见闻此前提及，尽管美国国会似乎有可能在今年秋季通过一项基础设施法案，但与2020年3月以来推出的多轮刺激计划相比，近期的刺激计划经济影响相对有限。\n美国国会可能会投票决定提高对企业和高收入个人的税收，这将抵消支出带来的提振——这是市场面临的另一个短期风险。\n与此同时，美股今秋还可能受到债务上限上调的影响。美国国会需要在本月晚些时候通过提高债务上限以筹集政府资金，以及一项临时开支法案，以避免华盛顿在10月份关闭。","news_type":1,"symbols_score_info":{"159934":0.9,"518880":0.9,"GLD":0.9,"SGCmain":0.9,"MGCmain":0.9,"NUGT":0.9,"DUST":0.9,"IAU":0.9,"GDX":0.9,"SGUmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815296966,"gmtCreate":1630679166755,"gmtModify":1676530374930,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/815296966","repostId":"1124577665","repostType":4,"repost":{"id":"1124577665","kind":"news","pubTimestamp":1630636929,"share":"https://ttm.financial/m/news/1124577665?lang=en_US&edition=fundamental","pubTime":"2021-09-03 10:42","market":"us","language":"zh","title":"With multiple risks coming, will U.S. stocks usher in big turmoil in September?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124577665","media":"腾讯美股","summary":"伴随9月到来，美股市场正面对着越来越多的潜在风险。","content":"<p><i>Since the end of World War II, the probability of the S&P 500 rising in September is only 45%. In addition to the historical background, there are also a series of major events with considerable risks hidden behind them, such as the August employment report to be released this Friday. The specific performance of the latter is likely to directly affect the Fed's policy on September 22. The meeting has affected their plans to start reducing bond purchases within this year.</i><img src=\"https://static.tigerbbs.com/8beafe1f53440c121923a321284d7b5d\" tg-width=\"1080\" tg-height=\"690\" referrerpolicy=\"no-referrer\"></p><p>After seven consecutive months of rising, with the arrival of September, the U.S. stock market is facing more and more potential risks. Unfortunately, this month happens to be \"notorious\" in the history of the stock market-the worst month in history.</p><p>According to CFRA data, since the end of World War II, the probability of the S&P 500 rising in September is only 45%. In all these September months, the index fell by an average of 0.56%, ranking last among all months-in fact, except September and February, the average return rate of the index was positive.</p><p>At present, the overall view of Wall Street strategists is that although it is not certain that a setback or consolidation is imminent, the risks are undoubtedly accumulating. Specifically, changes in Fed policy, the accelerated spread of the Delta variant virus, and political risks may have a negative impact on the U.S. stock market.</p><p><a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>Chief investment strategist Liz Ann Sonders said that although it is too mechanical to assume that the performance in September 2021 will follow historical trends, the risks are really hard to ignore. \"Are there a lot of risks, and at some point in the future, one of them may cause a 3% or 4% decline in the market? The answer is of course yes. Whether that time node may be September, the answer is of course yes.\"</p><p>A detailed analysis of historical data will reveal that if it is September of the first year of the president's term, the performance of U.S. stocks is even worse than average. On average, in September of these years, the S&P 500 index fell by 0.73%. CFRA also found that historical records show that if the S&P 500 index hits new highs in both July and August-just like this year-the index has only a 43% probability of rising in the following September, with an average performance of 0.74%.</p><p>In mid-August this year, the S&P 500 index rose nearly 3%, and as of the end of August, the year-to-date increase was 20.4%.</p><p><b>Risks are brewing</b></p><p>Specific to September this year, in addition to the historical background, there are also a series of major events with considerable risks hidden behind them, such as the August employment report to be released this Friday. The specific performance of the latter is likely to directly affect The policy meeting of the Federal Reserve on September 22 affected the formulation of their plans to start reducing bond purchases within this year.</p><p>According to Dow Jones data, the current general expectation of economists is that the number of new jobs will reach 750,000 in August. Market observers explained that if the final results greatly exceed this expectation, the reduction of the Fed's original $120 billion per month bond purchase program may be intensified and accelerated, and they will most likely do so in September. The decision to reduce the tapering to begin within the year was announced at the meeting. On the contrary, if the employment data only meets expectations, or even falls short of expectations, the start time of the Fed's tapering may be delayed by several months.</p><p>Sanders' judgment is that the relatively weak employment data is not necessarily bad news for the U.S. stock market, because this data means that the Fed may delay the start of the reduction and conduct the reduction operation in a more cautious rather than drastic way. Although Fed President Jerome Powell emphasized last week that tapering the bond purchase program and rate hike are completely unrelated things, most market observers still tend to regard the former as a precursor to the latter.</p><p>Sanders explained that the future decisions of the Fed will depend on various economic data that are constantly being released. This means that the development of the epidemic and the corresponding impact on the economy will continue to be important factors affecting their decision-making. \"The final conclusion is indeed regrettable. In the final analysis, the performance of the market depends on the face of the epidemic.\"</p><p><b>Can normal return?</b></p><p>From another perspective, September is also regarded by many observers as a delicate time node that affects American emotions, that is, as students return to school, everyone will somewhat feel that life is returning to normal. At the same time, with the return of parents of school-age children to the labor force, and the official expiration of additional unemployment benefits, September is also an important node when the labor shortage situation is expected to improve.</p><p>However, due to the spread of the Delta variant virus, the U.S. economy is facing the threat of new variables. For example, many companies have delayed reopening their doors. At the same time, with the rise of the epidemic, many retail and catering enterprises have also suffered another decline in consumer passenger flow.</p><p>Julian Emanuel, head of BITG's equity and derivatives strategy department, said bluntly: \"Consumer confidence has been greatly shaken. This is not closely related to the specific situation of the epidemic. The key is that we had all expected that by September, life will basically return to normal.\"</p><p>Sanders of Charles Schwab said that for the U.S. stock market, under normal circumstances, the number one decider of the market in September should be the Federal Reserve, but at the same time, the epidemic also has the possibility of forcibly \"stealing the show\" and becoming the protagonist.</p><p>\"I think the back-to-school season this time is not as simple as psychological factors.\" Sanders said. \"People will be watching closely whether schools are kept open in places where vaccination rates are relatively low. It will cause further deterioration. Obviously, this is an epidemic risk that is closely related to time.\"</p><p>Emanuel said the market will also continue to pay close attention to the Fed to determine exactly how they are continuing to advance their bond purchase tapering plan.</p><p>\"All this is one of the biggest concerns at the September meeting. The reason why the market wants the Fed to announce the reduction of its operating schedule in advance is because if they don't, it probably means that they have already understood the impact of the epidemic on the economy. and the damage to the labor market (more than expected).\"</p><p>Another economic data that may impact the market in September is inflation data. The Consumer Price Index report will be released on September 14. Emmanuel explained that if inflation continues to be high, it could push up Treasury Bond yields, which is undoubtedly bad news for the stock market.</p><p>Emanuel said that the market will also pay attention to the time when the United States hits the debt ceiling and whether the infrastructure bill with a scale of several trillions of dollars can be passed. Congress is expected to start deliberating the latter in September.</p><p>Finally, the U.S. withdrawal from Afghanistan also poses additional risks. Emmanuel said: \"All kinds of events happen one after another, which is likely to have long-term political consequences. If there are signs that there will be greater local turmoil, its impact will be intensified.\"</p><p><b>The worst month</b></p><p>Emmanuel's own expectation is that there will be a very impressive sell-off in the U.S. stock market in September. He pointed out that historical records show that September and October are often full of volatility.</p><p>\"Of course, this is not to say that the stock market is bound to fall, but from our point of view, the sentiment that as long as the Fed does not rate hike, the market will not fall is too widespread, and market participants are too complacent.\"</p><p>He believes that investors should take serious measures to protect themselves against possible declines, and suggests that everyone consider using options tools. \"We're not saying that you should be full of fear. What we're saying is that you have to be cautious. Your portfolio has made a considerable profit, and it's best to keep it.\"</p><p>Sanders also said that in fact, large-scale consolidation is commonplace for the market, but some investors feel that today's market is more resilient than before because mainstream indexes are constantly setting records. She said that what she was most worried about was all kinds of speculative bubbles. \"In areas such as MEME stocks, special purpose acquisition companies (SPACs) and virtual currencies, rotational consolidation and bear markets have actually emerged.\"</p><p>Sanders said that among the major sectors of the S&P 500 index, she currently gives only one sector of medical care an outperform rating. At present, she is looking for investment opportunities mainly based on factors, not sectors. For example, she is now studying the quality of different stocks, looking for good news such as free cash flow or higher earnings expectations.</p>","source":"txmg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With multiple risks coming, will U.S. stocks usher in big turmoil in September?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith multiple risks coming, will U.S. stocks usher in big turmoil in September?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-09-03 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Since the end of World War II, the probability of the S&P 500 rising in September is only 45%. In addition to the historical background, there are also a series of major events with considerable risks hidden behind them, such as the August employment report to be released this Friday. The specific performance of the latter is likely to directly affect the Fed's policy on September 22. The meeting has affected their plans to start reducing bond purchases within this year.</i><img src=\"https://static.tigerbbs.com/8beafe1f53440c121923a321284d7b5d\" tg-width=\"1080\" tg-height=\"690\" referrerpolicy=\"no-referrer\"></p><p>After seven consecutive months of rising, with the arrival of September, the U.S. stock market is facing more and more potential risks. Unfortunately, this month happens to be \"notorious\" in the history of the stock market-the worst month in history.</p><p>According to CFRA data, since the end of World War II, the probability of the S&P 500 rising in September is only 45%. In all these September months, the index fell by an average of 0.56%, ranking last among all months-in fact, except September and February, the average return rate of the index was positive.</p><p>At present, the overall view of Wall Street strategists is that although it is not certain that a setback or consolidation is imminent, the risks are undoubtedly accumulating. Specifically, changes in Fed policy, the accelerated spread of the Delta variant virus, and political risks may have a negative impact on the U.S. stock market.</p><p><a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>Chief investment strategist Liz Ann Sonders said that although it is too mechanical to assume that the performance in September 2021 will follow historical trends, the risks are really hard to ignore. \"Are there a lot of risks, and at some point in the future, one of them may cause a 3% or 4% decline in the market? The answer is of course yes. Whether that time node may be September, the answer is of course yes.\"</p><p>A detailed analysis of historical data will reveal that if it is September of the first year of the president's term, the performance of U.S. stocks is even worse than average. On average, in September of these years, the S&P 500 index fell by 0.73%. CFRA also found that historical records show that if the S&P 500 index hits new highs in both July and August-just like this year-the index has only a 43% probability of rising in the following September, with an average performance of 0.74%.</p><p>In mid-August this year, the S&P 500 index rose nearly 3%, and as of the end of August, the year-to-date increase was 20.4%.</p><p><b>Risks are brewing</b></p><p>Specific to September this year, in addition to the historical background, there are also a series of major events with considerable risks hidden behind them, such as the August employment report to be released this Friday. The specific performance of the latter is likely to directly affect The policy meeting of the Federal Reserve on September 22 affected the formulation of their plans to start reducing bond purchases within this year.</p><p>According to Dow Jones data, the current general expectation of economists is that the number of new jobs will reach 750,000 in August. Market observers explained that if the final results greatly exceed this expectation, the reduction of the Fed's original $120 billion per month bond purchase program may be intensified and accelerated, and they will most likely do so in September. The decision to reduce the tapering to begin within the year was announced at the meeting. On the contrary, if the employment data only meets expectations, or even falls short of expectations, the start time of the Fed's tapering may be delayed by several months.</p><p>Sanders' judgment is that the relatively weak employment data is not necessarily bad news for the U.S. stock market, because this data means that the Fed may delay the start of the reduction and conduct the reduction operation in a more cautious rather than drastic way. Although Fed President Jerome Powell emphasized last week that tapering the bond purchase program and rate hike are completely unrelated things, most market observers still tend to regard the former as a precursor to the latter.</p><p>Sanders explained that the future decisions of the Fed will depend on various economic data that are constantly being released. This means that the development of the epidemic and the corresponding impact on the economy will continue to be important factors affecting their decision-making. \"The final conclusion is indeed regrettable. In the final analysis, the performance of the market depends on the face of the epidemic.\"</p><p><b>Can normal return?</b></p><p>From another perspective, September is also regarded by many observers as a delicate time node that affects American emotions, that is, as students return to school, everyone will somewhat feel that life is returning to normal. At the same time, with the return of parents of school-age children to the labor force, and the official expiration of additional unemployment benefits, September is also an important node when the labor shortage situation is expected to improve.</p><p>However, due to the spread of the Delta variant virus, the U.S. economy is facing the threat of new variables. For example, many companies have delayed reopening their doors. At the same time, with the rise of the epidemic, many retail and catering enterprises have also suffered another decline in consumer passenger flow.</p><p>Julian Emanuel, head of BITG's equity and derivatives strategy department, said bluntly: \"Consumer confidence has been greatly shaken. This is not closely related to the specific situation of the epidemic. The key is that we had all expected that by September, life will basically return to normal.\"</p><p>Sanders of Charles Schwab said that for the U.S. stock market, under normal circumstances, the number one decider of the market in September should be the Federal Reserve, but at the same time, the epidemic also has the possibility of forcibly \"stealing the show\" and becoming the protagonist.</p><p>\"I think the back-to-school season this time is not as simple as psychological factors.\" Sanders said. \"People will be watching closely whether schools are kept open in places where vaccination rates are relatively low. It will cause further deterioration. Obviously, this is an epidemic risk that is closely related to time.\"</p><p>Emanuel said the market will also continue to pay close attention to the Fed to determine exactly how they are continuing to advance their bond purchase tapering plan.</p><p>\"All this is one of the biggest concerns at the September meeting. The reason why the market wants the Fed to announce the reduction of its operating schedule in advance is because if they don't, it probably means that they have already understood the impact of the epidemic on the economy. and the damage to the labor market (more than expected).\"</p><p>Another economic data that may impact the market in September is inflation data. The Consumer Price Index report will be released on September 14. Emmanuel explained that if inflation continues to be high, it could push up Treasury Bond yields, which is undoubtedly bad news for the stock market.</p><p>Emanuel said that the market will also pay attention to the time when the United States hits the debt ceiling and whether the infrastructure bill with a scale of several trillions of dollars can be passed. Congress is expected to start deliberating the latter in September.</p><p>Finally, the U.S. withdrawal from Afghanistan also poses additional risks. Emmanuel said: \"All kinds of events happen one after another, which is likely to have long-term political consequences. If there are signs that there will be greater local turmoil, its impact will be intensified.\"</p><p><b>The worst month</b></p><p>Emmanuel's own expectation is that there will be a very impressive sell-off in the U.S. stock market in September. He pointed out that historical records show that September and October are often full of volatility.</p><p>\"Of course, this is not to say that the stock market is bound to fall, but from our point of view, the sentiment that as long as the Fed does not rate hike, the market will not fall is too widespread, and market participants are too complacent.\"</p><p>He believes that investors should take serious measures to protect themselves against possible declines, and suggests that everyone consider using options tools. \"We're not saying that you should be full of fear. What we're saying is that you have to be cautious. Your portfolio has made a considerable profit, and it's best to keep it.\"</p><p>Sanders also said that in fact, large-scale consolidation is commonplace for the market, but some investors feel that today's market is more resilient than before because mainstream indexes are constantly setting records. She said that what she was most worried about was all kinds of speculative bubbles. \"In areas such as MEME stocks, special purpose acquisition companies (SPACs) and virtual currencies, rotational consolidation and bear markets have actually emerged.\"</p><p>Sanders said that among the major sectors of the S&P 500 index, she currently gives only one sector of medical care an outperform rating. At present, she is looking for investment opportunities mainly based on factors, not sectors. For example, she is now studying the quality of different stocks, looking for good news such as free cash flow or higher earnings expectations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/lN2TWV92hFLiXRdDdT09dw\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/598c94c6b6db0e39a9e952fd336db660","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/lN2TWV92hFLiXRdDdT09dw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124577665","content_text":"自第二次世界大战结束以来，标普500指数在9月间上涨的概率只有45%。除了历史背景之外，还有一系列重大事件，背后都隐藏着可观的风险，比如本周五将发布的8月就业报告，后者的具体表现很可能将直接影响到联储9月22日的政策会议，影响到他们在今年年内开始缩减购债操作的计划制定工作。\n\n\n在连续七个月上涨之后，伴随9月到来，美股市场正面对着越来越多的潜在风险，而不巧的是，这个月份在股市历史上恰好是“臭名昭著”——史上表现最差月份。\nCFRA的数据显示，自第二次世界大战结束以来，标普500指数在9月间上涨的概率只有45%，在所有这些9月当中,指数平均下跌0.56%，在所有月份当中排名倒数第一——事实上，除了9月和2月，其他月份当中，指数的平均回报率都是正数。\n目前，华尔街策略师们的整体看法是，虽然还不能确定一场回挫或者盘整已经迫在眉睫，但是风险毋庸置疑地正在不断累积。具体来说，诸如联储政策变化，德尔塔变种病毒的加速传播，以及政治风险等，都可能会使美股市场受到负面冲击。\n嘉信理财首席投资策略师桑德斯（Liz Ann Sonders）表示，虽然现在就假定2021年9月的表现会追随历史趋势未免过于机械，但是风险确实难以忽视。“是否存在着大量的风险，到了未来某一时刻，其中之一就可能造成市场3%或者4%的回挫？答案当然是肯定的。那个时间节点是否可能是9月，答案当然还是肯定的。”\n对历史数据进行细化分析就会发现，如果是总统任期第一年的9月，美股的表现甚至还要比平均水准更加糟糕。平均而言，在这些年头的9月当中，标普500指数的跌幅达到了0.73%。CFRA还发现，历史记录显示，如果标普500指数在7月和8月当中都创下了新高——就像今年一样——则指数在接下来的9月当中只有43%概率上涨，平均表现是下跌0.74%。\n今年8月当中，标普500指数上涨了近3%，截至8月底，年度迄今为止涨幅为20.4%。\n风险在酝\n具体到今年的9月，除了历史背景之外，还有一系列重大事件，背后都隐藏着可观的风险，比如本周五将发布的8月就业报告，后者的具体表现很可能将直接影响到联储9月22日的政策会议，影响到他们在今年年内开始缩减购债操作的计划制定工作。\n道琼斯的数据显示，经济学家们目前的普遍预期是，8月间新增就业人数将达到75万。市场观察家们解释说，如果最终发布的结果大幅度超出这个预期，联储原本每月1200亿美元的购债计划的缩减工作就可能会加大力度，加快速度，他们大概率会在9月会议上宣布缩减在年内开始的决定。相反，如果就业数据只是符合预期，甚至不及预期，联储的缩减启动时间点就可能往后拖若干个月。\n桑德斯的判断是，相对疲软的就业数据其实未必就是美股市场的坏消息，因为这数据就意味着联储可能会推迟缩减开始的时间，并且以更小心谨慎，而非大刀阔斧的方式进行缩减操作。虽然联储主席鲍威尔上周强调，缩减购债计划与加息是完全不相干的两件事，但是大多数市场观察家还是倾向于将前者视为后者的先声。\n桑德斯解释说，联储未来的决策都要看不断出炉的各种经济数据来确定。这也就意味着，疫情的发展，以及经济受到的相应影响，将持续成为影响他们决策的重要因素。“最后结论确实让人遗憾，市场的表现归根结底还是要看疫情的脸色。”\n常态能否归来\n从另外一个角度，9月也被许多观察家们视作一个影响美国人情绪的微妙时间节点，即，伴随学生返校，大家会多少产生一些生活正在回归常态的感觉。与此同时，伴随学龄儿童的家长得以重新回归劳动力大军，以及失业救济额外补贴正式宣告到期，9月还是一个劳动力短缺局面预计将得到改善的重要节点。\n只不过，由于德尔塔变种病毒的传播，美国经济正面临着全新变数的威胁，比如不少企业都已经推迟了重新开门的时间。与此同时，伴随疫情的抬头，众多零售和餐饮企业也都遭遇了消费客流再度回落的打击。\nBITG股票和衍生产品策略部门负责人伊曼纽尔（Julian Emanuel）直言不讳：“消费者信心已经发生了重大动摇。这与疫情的具体情况倒是关系没有密切，关键在于，我们原本都曾经预计，到了9月，生活就将基本回归常态了。”\n嘉信理财的桑德斯表示，对于美股市场而言，正常情况下，9月行情的头号决定者应该是联储，但是与此同时，疫情也完全有强行“抢戏”，成为主角的可能性。\n“我认为，这一次的返校季节可不是单纯的心理因素那么简单。”桑德斯表示，“人们将密切关注的是，在那些疫苗接种率相对较低的地方，学校保持开放状态，是否会造成局面的进一步恶化。显然，这是一项与时间密切相关的疫情风险。”\n伊曼纽尔表示，市场还将继续密切关注联储，以确定他们到底是如何持续推进其购债缩减计划的。\n“这一切正是9月会议上，人们最关注的问题之一，市场之所以希望联储提前宣布缩减操作日程表，是因为如果他们没有宣布，就很可能是意味着他们已经了解了疫情对经济和劳动力市场的损害（超过了预期）。”\n9月另外一种可能给市场造成冲击的经济数据则是通货膨胀数据。消费者价格指数报告将在9月14日发布。伊曼纽尔解释说，如果通货膨胀继续高企，就可能推高国债收益率，而这对于股市无疑是个坏消息。\n伊曼纽尔表示，市场同时还会关注美国触及债务上限的时间点，以及规模达到若干万亿美元的基础设施法案是否能够通过，预计国会9月就将展开对后者的审议。\n最后，美国从阿富汗的撤军也带来了额外的风险。伊曼纽尔表示：“各种事件接二连三地发生，很可能会造成较为长期的政治后果，如果有迹象显示当地将发生更大的动荡，则其影响还将变本加厉。”\n最糟的月份\n伊曼纽尔自己的预期是，9月间，美股市场上将发生一波非常可观的抛售行情，他指出，历史记录显示，9月和10月经常都是充满波动的。\n“当然这不是说股市必然要下跌，但是从我们的角度看去，认定只要联储不加息，市场就不会下跌的情绪弥漫太过广泛，市场参与者太过志得意满了。”\n他认为投资者应该认真采取措施，针对可能的下跌保护好自己，并建议大家考虑使用期权工具。“我们并不是说，你理应满怀恐惧。我们要说的是，你必须谨慎从事。你的投资组合已经取得了可观的利得，最好能够保住。”\n桑德斯也说，其实大规模的盘整对于市场而言本来就是家常便饭，只是一些投资者因为主流指数现在都在不断创下纪录，而觉得今日市场的弹力超过以往而已。她说，自己最担心的就是各种投机泡沫。“在MEME股票、特殊目的收购公司（SPAC）和虚拟货币等领域，轮动性盘整和熊市其实已经出现。”\n桑德斯说，在标普500指数各大板块当中，她目前只给予了医疗卫生一个板块以超越表现评级。目前，她寻找投资机会主要是基于因素，而不是基于板块了。比如，她现在正在研究各只不同个股的品质，寻找自由现金流或者盈利预期调升等利好消息。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819527123,"gmtCreate":1630079070662,"gmtModify":1676530220201,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"? ","listText":"? ","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/819527123","repostId":"1131853650","repostType":4,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837322111,"gmtCreate":1629858545033,"gmtModify":1676530154125,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/837322111","repostId":"2162387390","repostType":4,"repost":{"id":"2162387390","kind":"highlight","pubTimestamp":1629858360,"share":"https://ttm.financial/m/news/2162387390?lang=en_US&edition=fundamental","pubTime":"2021-08-25 10:26","market":"hk","language":"zh","title":"After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China","url":"https://stock-news.laohu8.com/highlight/detail?id=2162387390","media":"华尔街见闻","summary":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接","content":"<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-25 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3638794\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"JD":"京东","09618":"京东集团-SW","ARKF":"ARK Fintech Innovation ETF"},"source_url":"https://wallstreetcn.com/articles/3638794","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162387390","content_text":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接受彭博采访中表示：\n\n“从长远来看，我对中国并不悲观，因为我认为他们是一个非常具有创业精神的社会。”\n\nWood称，中国政府正在制定更多的规章制度，但政府的目的并不想阻止增长和进步。\n最新披露的数据显示，ARK旗下的自动&机器人技术ETF (ARKQ)于周一买入了超过16万股的京东ADR，扭转了7月底以来连续抛售的态势。\n\n截至周二，ARKQ持有8617万美元的京东股票，在该ETF中的持仓占比为3.22%，为其第九大持仓。\n\n年初至今，京东股票累计下跌了近13%。在周一公布了强劲财报后，京东股价强势反弹，隔夜大涨14%。ARKQ也是在京东公布亮眼财报后进行了抄底。\n\n华尔街见闻此前提及，财报数据显示，京东第二季度营收2538亿元，超市场预期2440.26亿元，同比增长26.23%；第二季度调整后每ADS收益2.90元，超市场预期的2.12元；\n在活跃用户方面， 截至2021年6月30日，京东过去12个月的活跃购买用户数达到5.32亿，超市场预估的5.209亿，较去年同期净增了1.15亿，单季新增3200万创下历史最高增量。\n对Wood和Ark来说，过去是跌宕起伏的一年。2020年在美国科技股大牛市的东风下，方舟旗舰基金ARKK取得了149%的惊人回报。\n但进入2021年来，随着科技股回调，ARKK表现萎靡，今年以来累计下跌2.9%，一度遭遇投资者大举赎回，并被对冲基金争相做空。","news_type":1,"symbols_score_info":{"09618":0.9,"JD":0.9,"ARKF":0.9}},"isVote":1,"tweetType":1,"viewCount":2575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894905766,"gmtCreate":1628780530855,"gmtModify":1676529854018,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"? ","listText":"? ","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894905766","repostId":"2158225015","repostType":4,"repost":{"id":"2158225015","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628778784,"share":"https://ttm.financial/m/news/2158225015?lang=en_US&edition=fundamental","pubTime":"2021-08-12 22:33","market":"us","language":"zh","title":"[Change] Micron Technology fell more than 7% after being downgraded by Morgan Stanley","url":"https://stock-news.laohu8.com/highlight/detail?id=2158225015","media":"老虎资讯综合","summary":"8月12日，美光科技盘中跌超7%，此前摩根士丹利将美光科技评级降至“持有”。\n此前该公司首席执行官Mehrotra指出，公司预计DRAM和NAND内存芯片的供应在2022年将保持紧张，预计2021年的","content":"<p>August 12th,<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It fell more than 7% during the session, before<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Downgraded Micron Technology to \"Hold.\"</p><p>Previously, the company's CEO Mehrotra pointed out that the company expects the supply of DRAM and NAND memory chips to remain tight in 2022, and the DRAM industry is expected to grow by slightly more than 20% in 2021, with supply below demand.</p><p><img src=\"https://static.tigerbbs.com/53e1a79f6522b9553c419a1d3e365bb0\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] Micron Technology fell more than 7% after being downgraded by Morgan Stanley</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] Micron Technology fell more than 7% after being downgraded by Morgan Stanley\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-12 22:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 12th,<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It fell more than 7% during the session, before<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Downgraded Micron Technology to \"Hold.\"</p><p>Previously, the company's CEO Mehrotra pointed out that the company expects the supply of DRAM and NAND memory chips to remain tight in 2022, and the DRAM industry is expected to grow by slightly more than 20% in 2021, with supply below demand.</p><p><img src=\"https://static.tigerbbs.com/53e1a79f6522b9553c419a1d3e365bb0\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/58c571cf0b4357240a7b67c1db539b4a","relate_stocks":{"MU":"美光科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158225015","content_text":"8月12日，美光科技盘中跌超7%，此前摩根士丹利将美光科技评级降至“持有”。\n此前该公司首席执行官Mehrotra指出，公司预计DRAM和NAND内存芯片的供应在2022年将保持紧张，预计2021年的DRAM行业增长略高于20%，供应低于需求。","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":1831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893463326,"gmtCreate":1628295962365,"gmtModify":1703504612411,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"Bj","listText":"Bj","text":"Bj","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/893463326","repostId":"1136593672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808540259,"gmtCreate":1627603468271,"gmtModify":1703493081827,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"Kk","listText":"Kk","text":"Kk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/808540259","repostId":"1109337387","repostType":4,"repost":{"id":"1109337387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627602763,"share":"https://ttm.financial/m/news/1109337387?lang=en_US&edition=fundamental","pubTime":"2021-07-30 07:52","market":"hk","language":"zh","title":"Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again","url":"https://stock-news.laohu8.com/highlight/detail?id=1109337387","media":"老虎资讯综合","summary":"摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。\n\n海外市场\n1、美股周","content":"<p>Summary: U.S. stocks closed up across the board overnight, the Dow rose 0.44%, and Chinese concept education stocks fell again; Crude oil futures continued their gains, with gold futures hitting a 6-week high; The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy.<b>Overseas Market</b></p><p><b>1. U.S. stocks closed higher on Thursday, and indicators generally hit new intraday highs</b></p><p>U.S. stocks closed higher on Thursday, with the Dow and S&P 500 both hitting intraday record highs. The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy. The market is focused on largely upbeat corporate earnings reports. As of the close, the Dow rose 0.44% to 35084.53 points; The Nasdaq rose 0.11% to 14778.26 points; The S&P 500 rose 0.42% to 4,419.15 points.</p><p><b>2. Most popular Chinese concept stocks closed lower on Thursday: education stocks fell back<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Fell more than 13%</b></p><p>Most popular Chinese concept stocks closed lower on Thursday, education stocks fell, Keike fell more than 13%, and Zuohui Family Trust entrusted voting rights to Keike management. In the Education Unit,<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>Fell nearly 12%,<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Fell more than 10%,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>Fell more than 9%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Fell more than 8%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Youdao fell more than 2%.</p><p><b>3. Eurozone Economic Sentiment Index soared to record highs, European stock markets closed higher across the board</b></p><p>European stocks continued their gains in the previous trading day on Thursday (July 29th) as investors digested a new round of financial reports of major companies and the Federal Reserve reiterated its dovish policy stance. The pan-European Stoxx 600 index closed up 2.14 points, or 0.46%, at 463.84 points. Among them, basic resource stocks and automobile stocks led the gains, rising 2.4% and 2% respectively.</p><p><b>4. WTI and Brent crude oil futures continued their gains and both hit their highest closing prices in two weeks</b></p><p>Crude oil futures prices closed higher on Thursday, with U.S. WTI and ICE Brent crude oil futures both hitting their highest closing prices in two weeks. The day before, U.S. government data showed that domestic crude oil, gasoline and distillate inventories in the United States all fell. West Texas Intermediate crude oil (WTI) futures for September delivery rose $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange.</p><p><b>5. Gold futures rose 1.7% on Wednesday to a 6-week high</b></p><p>Gold futures prices closed higher on Thursday. Although the Federal Reserve said on Wednesday that the central bank may scale back its bond purchase program in the coming months, and the World Gold Council report pointed to a decline in gold demand, the weaker-than-expected U.S. economic report still pushed gold prices higher. Gold futures for December delivery rose $31.20, or 1.7%, to settle at $1,835.50 an ounce on the New York Mercantile Exchange.</p><p><b>International macro</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2155718890\" target=\"_blank\"><b>U.S. Q2 GDP Growth Remains Less Than Expected Despite Surge in Consumer Spending</b></a></p><p>The U.S. economy grew worse than expected in the second quarter, constrained by supply chain bottlenecks, and eclipsed one of the largest increases in consumer spending in decades. Preliminary estimates released by the U.S. Commerce Department on Thursday showed that gross domestic product grew at an annualized rate of 6.5% in the second quarter, compared with revised 6.3% in the first quarter. Federal government spending, residential investment and inventory dragged down the second quarter data.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186290\" target=\"_blank\"><b>Another signal that the U.S. housing market may peak: U.S. existing home contract sales unexpectedly fell</b></a></p><p>In June, the sales of existing homes signed to be transferred in the United States fell by 1.9% from May, which was worse than expected. According to the analysis, high housing prices and limited saleable properties are hindering potential buyers from entering the market. Earlier this week, new home sales data in June surprised the market. All these indicate that the U.S. property market shows signs of slowing down.</p><p><b>3. The U.S. economy shrank by nearly 20% during COVID-19 pandemic's recession, setting a record</b></p><p>U.S. government data showed on Thursday that the country's economy shrank by a record 19.2% between its peak in the fourth quarter of 2019 and the second quarter of 2020, confirming that the recession caused by COVID-19 pandemic is the worst ever. The pace of recovery from the pandemic downturn is equally astounding. The Bureau of Economic Analysis of the U.S. Department of Commerce stated that from the second quarter to the fourth quarter of 2020, the U.S. economy rebounded at a historical average rate of 18.3%.</p><p><b>4. The despair of American doctors: let you shout your throat, vaccine skeptics are indifferent</b></p><p>The pandemic is entering a dark new phase, experts say. Nearly half of the U.S. citizens refuse vaccines, do not wear masks, and regard epidemic prevention restrictions as an infringement of freedom. As infections rise again, scientists and doctors are facing a maddening reality: this country has ways to control the epidemic, but a considerable part of the population refuses to accept it.</p><p><b>5. Biden calls on Congress to extend the moratorium on tenant evictions due to the spread of variant virus</b></p><p>U.S. President Joe Biden on Thursday called on Congress to extend the moratorium on landlord evictions that expires on July 31 as the delta variant of the virus continues to spread across the United States. \"The President calls on Congress to immediately extend the eviction moratorium to protect these vulnerable tenants and their families,\" the White House said in a statement.</p><p><b>6. The European Central Bank released the minutes of the meeting to allow the euro zone economy to overheat</b></p><p>On the 29th local time, the European Central Bank announced the minutes of its monetary policy meeting from the 7th to 8th of this month, the most important content of which was to revise the medium-term inflation target from \"close to but below 2%\" to \"2%\". This means there could be a \"transition period with inflation slightly above target\". However, in the minutes of the meeting published this time, there was no mention of the internal discussion content of the organization, but only a summary of the resolution published on July 8th.</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/1144019144\" target=\"_blank\"><b>The \"Bezos era\" came to a sad end?<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Second-quarter revenue, operating profit and next-quarter guidance are all poor</b></a></p><p>The financial report shows that Amazon's total net sales of products and services in the second quarter were US $113.08 billion, a year-on-year increase of 27.2%, which was worse than market expectations of US $115.1 billion or a year-on-year increase of 29%. The company's previous official guidance was 110 billion to 116 billion dollars range.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186471\" target=\"_blank\"><b>Chip shortage fuels semiconductor business, Samsung's revenue hits the highest in the second quarter, and it will acquire within three years</b></a></p><p>On Thursday, July 29, local time, South Korea's largest company<a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>Announced the financial report for the second quarter of 2021 as of June. Due to the price increase of memory chips and the rapid resumption of work at the Austin factory in Texas, USA, revenue hit a record high in the second quarter, and net profit also increased by more than 70%.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2155218234\" target=\"_blank\"><b>Apple offers $6.5 billion in bonds to boost cash reserves for buybacks</b></a></p><p>Apple raised funds from the U.S. investment-grade bond market on Thursday to issue $6.5 billion in bonds in four tranches as the tech giant increasingly wants to return cash to shareholders. According to a person familiar with the matter, the longest bond issued is 40 years, and the yield will be 0.92 percentage points higher than the U.S. Treasury Bond. The price was initially discussed as a 1.15 percentage point range.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/1176359827\" target=\"_blank\"><b>Drag down overall performance AstraZeneca begins assessing vaccine business sustainability</b></a></p><p>According to media reports, AstraZeneca is considering the future of its COVID-19 vaccine business, and it is expected that by the end of 2021, the planning for the business will be clearer. In the COVID-19 vaccine race, AstraZeneca suffered a series of setbacks, so the company began to evaluate its COVID-19 vaccine business, though AstraZeneca executives stressed it was too early to decide the business's future.</p><p><b>5、</b><a href=\"https://laohu8.com/NW/1147927396\" target=\"_blank\"><b>SoftBank sells one-third of Uber shares to offset shortfalls in investment in Didi</b></a></p><p>On July 29th, according to foreign media reports, two people familiar with the matter said that SoftBank will sell about one-third of its shares in Uber, a ride-hailing service company, to partially make up for the losses caused by its investment in Didi, a Chinese ride-hailing service company. The company plans to sell 45 million Uber shares with a 30-day lock-up period. Uber shares fell 5% in after-hours trading following the report.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/1174442664\" target=\"_blank\"><b>Pinterest lost users in the second quarter, and its stock price plummeted more than 18% after hours</b></a></p><p>The report shows that Pinterest's revenue in the second quarter was US $613 million, an increase of 125% compared with US $272 million in the same period last year; Net profit was $69.4 million, compared with a net loss of $100 million in the same period last year; Non-GAAP adjusted net income was $170 million, compared with an adjusted net loss of $38.4 million in the same period last year.</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2155187166\" target=\"_blank\"><b>Gilead Sciences turned losses into profits in Q2, with total revenue increasing by 21% year-on-year</b></a><b></b></p><p>The financial report shows that Gilead Sciences's Q2 total revenue was US $6.217 billion, a year-on-year increase of 21%; Net profit was US $1.522 billion, compared with a loss of US $3.339 billion in the same period last year; Diluted earnings per share were $1.21, compared with a loss of $2.66 per share in the same period last year</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLast night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-30 07:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Summary: U.S. stocks closed up across the board overnight, the Dow rose 0.44%, and Chinese concept education stocks fell again; Crude oil futures continued their gains, with gold futures hitting a 6-week high; The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy.<b>Overseas Market</b></p><p><b>1. U.S. stocks closed higher on Thursday, and indicators generally hit new intraday highs</b></p><p>U.S. stocks closed higher on Thursday, with the Dow and S&P 500 both hitting intraday record highs. The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy. The market is focused on largely upbeat corporate earnings reports. As of the close, the Dow rose 0.44% to 35084.53 points; The Nasdaq rose 0.11% to 14778.26 points; The S&P 500 rose 0.42% to 4,419.15 points.</p><p><b>2. Most popular Chinese concept stocks closed lower on Thursday: education stocks fell back<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Fell more than 13%</b></p><p>Most popular Chinese concept stocks closed lower on Thursday, education stocks fell, Keike fell more than 13%, and Zuohui Family Trust entrusted voting rights to Keike management. In the Education Unit,<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>Fell nearly 12%,<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Fell more than 10%,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>Fell more than 9%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Fell more than 8%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Youdao fell more than 2%.</p><p><b>3. Eurozone Economic Sentiment Index soared to record highs, European stock markets closed higher across the board</b></p><p>European stocks continued their gains in the previous trading day on Thursday (July 29th) as investors digested a new round of financial reports of major companies and the Federal Reserve reiterated its dovish policy stance. The pan-European Stoxx 600 index closed up 2.14 points, or 0.46%, at 463.84 points. Among them, basic resource stocks and automobile stocks led the gains, rising 2.4% and 2% respectively.</p><p><b>4. WTI and Brent crude oil futures continued their gains and both hit their highest closing prices in two weeks</b></p><p>Crude oil futures prices closed higher on Thursday, with U.S. WTI and ICE Brent crude oil futures both hitting their highest closing prices in two weeks. The day before, U.S. government data showed that domestic crude oil, gasoline and distillate inventories in the United States all fell. West Texas Intermediate crude oil (WTI) futures for September delivery rose $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange.</p><p><b>5. Gold futures rose 1.7% on Wednesday to a 6-week high</b></p><p>Gold futures prices closed higher on Thursday. Although the Federal Reserve said on Wednesday that the central bank may scale back its bond purchase program in the coming months, and the World Gold Council report pointed to a decline in gold demand, the weaker-than-expected U.S. economic report still pushed gold prices higher. Gold futures for December delivery rose $31.20, or 1.7%, to settle at $1,835.50 an ounce on the New York Mercantile Exchange.</p><p><b>International macro</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2155718890\" target=\"_blank\"><b>U.S. Q2 GDP Growth Remains Less Than Expected Despite Surge in Consumer Spending</b></a></p><p>The U.S. economy grew worse than expected in the second quarter, constrained by supply chain bottlenecks, and eclipsed one of the largest increases in consumer spending in decades. Preliminary estimates released by the U.S. Commerce Department on Thursday showed that gross domestic product grew at an annualized rate of 6.5% in the second quarter, compared with revised 6.3% in the first quarter. Federal government spending, residential investment and inventory dragged down the second quarter data.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186290\" target=\"_blank\"><b>Another signal that the U.S. housing market may peak: U.S. existing home contract sales unexpectedly fell</b></a></p><p>In June, the sales of existing homes signed to be transferred in the United States fell by 1.9% from May, which was worse than expected. According to the analysis, high housing prices and limited saleable properties are hindering potential buyers from entering the market. Earlier this week, new home sales data in June surprised the market. All these indicate that the U.S. property market shows signs of slowing down.</p><p><b>3. The U.S. economy shrank by nearly 20% during COVID-19 pandemic's recession, setting a record</b></p><p>U.S. government data showed on Thursday that the country's economy shrank by a record 19.2% between its peak in the fourth quarter of 2019 and the second quarter of 2020, confirming that the recession caused by COVID-19 pandemic is the worst ever. The pace of recovery from the pandemic downturn is equally astounding. The Bureau of Economic Analysis of the U.S. Department of Commerce stated that from the second quarter to the fourth quarter of 2020, the U.S. economy rebounded at a historical average rate of 18.3%.</p><p><b>4. The despair of American doctors: let you shout your throat, vaccine skeptics are indifferent</b></p><p>The pandemic is entering a dark new phase, experts say. Nearly half of the U.S. citizens refuse vaccines, do not wear masks, and regard epidemic prevention restrictions as an infringement of freedom. As infections rise again, scientists and doctors are facing a maddening reality: this country has ways to control the epidemic, but a considerable part of the population refuses to accept it.</p><p><b>5. Biden calls on Congress to extend the moratorium on tenant evictions due to the spread of variant virus</b></p><p>U.S. President Joe Biden on Thursday called on Congress to extend the moratorium on landlord evictions that expires on July 31 as the delta variant of the virus continues to spread across the United States. \"The President calls on Congress to immediately extend the eviction moratorium to protect these vulnerable tenants and their families,\" the White House said in a statement.</p><p><b>6. The European Central Bank released the minutes of the meeting to allow the euro zone economy to overheat</b></p><p>On the 29th local time, the European Central Bank announced the minutes of its monetary policy meeting from the 7th to 8th of this month, the most important content of which was to revise the medium-term inflation target from \"close to but below 2%\" to \"2%\". This means there could be a \"transition period with inflation slightly above target\". However, in the minutes of the meeting published this time, there was no mention of the internal discussion content of the organization, but only a summary of the resolution published on July 8th.</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/1144019144\" target=\"_blank\"><b>The \"Bezos era\" came to a sad end?<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Second-quarter revenue, operating profit and next-quarter guidance are all poor</b></a></p><p>The financial report shows that Amazon's total net sales of products and services in the second quarter were US $113.08 billion, a year-on-year increase of 27.2%, which was worse than market expectations of US $115.1 billion or a year-on-year increase of 29%. The company's previous official guidance was 110 billion to 116 billion dollars range.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186471\" target=\"_blank\"><b>Chip shortage fuels semiconductor business, Samsung's revenue hits the highest in the second quarter, and it will acquire within three years</b></a></p><p>On Thursday, July 29, local time, South Korea's largest company<a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>Announced the financial report for the second quarter of 2021 as of June. Due to the price increase of memory chips and the rapid resumption of work at the Austin factory in Texas, USA, revenue hit a record high in the second quarter, and net profit also increased by more than 70%.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2155218234\" target=\"_blank\"><b>Apple offers $6.5 billion in bonds to boost cash reserves for buybacks</b></a></p><p>Apple raised funds from the U.S. investment-grade bond market on Thursday to issue $6.5 billion in bonds in four tranches as the tech giant increasingly wants to return cash to shareholders. According to a person familiar with the matter, the longest bond issued is 40 years, and the yield will be 0.92 percentage points higher than the U.S. Treasury Bond. The price was initially discussed as a 1.15 percentage point range.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/1176359827\" target=\"_blank\"><b>Drag down overall performance AstraZeneca begins assessing vaccine business sustainability</b></a></p><p>According to media reports, AstraZeneca is considering the future of its COVID-19 vaccine business, and it is expected that by the end of 2021, the planning for the business will be clearer. In the COVID-19 vaccine race, AstraZeneca suffered a series of setbacks, so the company began to evaluate its COVID-19 vaccine business, though AstraZeneca executives stressed it was too early to decide the business's future.</p><p><b>5、</b><a href=\"https://laohu8.com/NW/1147927396\" target=\"_blank\"><b>SoftBank sells one-third of Uber shares to offset shortfalls in investment in Didi</b></a></p><p>On July 29th, according to foreign media reports, two people familiar with the matter said that SoftBank will sell about one-third of its shares in Uber, a ride-hailing service company, to partially make up for the losses caused by its investment in Didi, a Chinese ride-hailing service company. The company plans to sell 45 million Uber shares with a 30-day lock-up period. Uber shares fell 5% in after-hours trading following the report.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/1174442664\" target=\"_blank\"><b>Pinterest lost users in the second quarter, and its stock price plummeted more than 18% after hours</b></a></p><p>The report shows that Pinterest's revenue in the second quarter was US $613 million, an increase of 125% compared with US $272 million in the same period last year; Net profit was $69.4 million, compared with a net loss of $100 million in the same period last year; Non-GAAP adjusted net income was $170 million, compared with an adjusted net loss of $38.4 million in the same period last year.</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2155187166\" target=\"_blank\"><b>Gilead Sciences turned losses into profits in Q2, with total revenue increasing by 21% year-on-year</b></a><b></b></p><p>The financial report shows that Gilead Sciences's Q2 total revenue was US $6.217 billion, a year-on-year increase of 21%; Net profit was US $1.522 billion, compared with a loss of US $3.339 billion in the same period last year; Diluted earnings per share were $1.21, compared with a loss of $2.66 per share in the same period last year</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109337387","content_text":"摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。\n\n海外市场\n1、美股周四收涨 道指标普创盘中新高\n美股周四收高，道指与标普500指数均创盘中历史新高。美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。市场专注于基本乐观的企业财报。截止收盘，道指涨0.44%，报35084.53点；纳指涨0.11%，报14778.26点；标普500指数涨0.42%，报4419.15点。\n2、热门中概股周四收盘多数走低：教育股回落 贝壳跌超13%\n热门中概股周四收盘多数走低，教育股回落，贝壳跌超13%，左晖家族信托将投票权委托给贝壳管理层。教育股中，第一高中教育跌近12%，红黄蓝跌超10%，51Talk跌超9%，好未来、高途跌超8%，新东方跌超6%，网易有道跌超2%。\n3、欧元区经济景气指数飙升至历史新高 欧洲股市全线收高\n因投资者消化了新一轮主要企业财报，且美联储重申鸽派政策立场，欧股周四(7月29日)延续了此前交易日的涨势。泛欧斯托克600指数收盘上涨2.14点，涨幅0.46%，报463.84点。其中基本资源股和汽车股领涨，分别上涨2.4%和2%。\n4、WTI与布伦特原油期货延续涨势 均创两周来最高收盘价\n原油期货价格周四收高，美国WTI与ICE布伦特原油期货均创两周来的最高收盘价。此前一天美国政府数据显示美国国内原油、汽油与馏分油库存悉数下降。纽约商品交易所9月份交割的西德州中质原油(WTI)期货价格上涨1.23美元，涨幅1.7%，收于每桶73.62美元。\n5、黄金期货周三上涨1.7% 创6周新高\n黄金期货价格周四收高。尽管美联储周三表示央行可能在未来几个月缩减购债计划，且世界黄金协会报告指出黄金需求下降，但弱于预期的美国经济报告仍推动金价走高。纽约商品交易所12月交割的黄金期货价格上涨31.20美元，涨幅1.7%，收于每盎司1835.50美元。\n国际宏观\n1、尽管消费者支出激增 美国第二季度GDP增长仍低于预期\n受供应链瓶颈的约束，美国第二季度经济增长逊于预期，并使消费者支出数十年来的最大增幅之一也黯然失色。美国商务部周四公布的初步估计数据显示，第二季度国内生产总值折合年率增长6.5%，第一季度数据修正后为6.3%。联邦政府支出、住宅投资和库存拖累了第二季度的数据。\n2、美国楼市可能见顶的又一信号：美国成屋签约销售意外下跌\n美国6月成屋签约待过户销售环比5月下降1.9%，差于预期。分析认为，高房价以及可售房产有限，正阻碍潜在买家进入市场。本周稍早，6月新屋销售数据让市场大跌眼镜。这些都表明，美国楼市有放缓迹象。\n3、新冠疫情衰退期间美国经济萎缩近20% 创历史纪录\n美国政府周四数据显示，该国经济在2019年四季度峰值到2020年二季度期间创纪录地萎缩了19.2%，证实了新冠疫情导致的衰退是有史以来最严重的一次。从疫情低迷中复苏的速度同样令人震惊。美国商务部经济分析局表示，2020年二季度至四季度，美国经济以18.3%的历史平均速度反弹。\n4、美国医生的绝望：任你喊破喉咙 疫苗怀疑者无动于衷\n专家称，疫情正在进入一个黑暗的新阶段。美国将近一半国民拒绝疫苗、不戴口罩、将防疫限制视为对自由的侵犯。随着感染病例再度增加，科学家和医生正在面临一个令人抓狂现实：这个国家有控制疫情的办法，但相当部分人口拒绝接受。\n5、拜登呼吁国会延长暂停驱逐租客令 因变种病毒传播\n美国总统拜登周四呼吁国会延长定于7月31日到期的暂停房东驱逐租客的禁令，因delta变种病毒继续在美国各地蔓延。白宫在一份声明中说：“总统呼吁国会立即延长暂停驱逐令，以保护这些脆弱的租户及其家人。”\n6、欧洲央行公布会议纪要 允许欧元区经济过热\n当地时间29日，欧洲央行公布了本月7日至8日的货币政策会议纪要，其中最重要的内容是将中期通胀目标从“接近但低于2%”修改为“2%”。这意味着可能会有“通胀略高于目标的过渡期”。但是在本次公布的会议纪要中，并没有提及机构内部的讨论内容，只是总结了7月8日公布的决议。\n公司新闻\n1、“贝佐斯时代“黯然谢幕？亚马逊二季度收入、营业利润和下季指引均不佳\n财报显示，亚马逊二季度加总产品和服务的净销售额为1130.8亿美元，同比增27.2%，逊于市场预期的1151亿美元或同比增29%，公司此前给出的官方指引是1100亿至1160亿美元区间。\n2、芯片短缺助长半导体业务，三星营收创二季度最高，三年内要收购\n当地时间7月29日周四，韩国最大企业三星电子公布了截止6月的2021年第二季度财报。由于存储芯片涨价和美国得州奥斯汀工厂迅速复工，营收创史上第二季度新高，净利润也增超70%。\n3、苹果发行65亿美元债券 为回购增加现金储备\n苹果公司周四从美国投资级债券市场融资，分成四部分发行65亿美元债券，因这家科技巨头越来越希望将现金返还给股东。据一位知情人士透露，此次发行期限最长的债券是40年期，收益率将比美国国债高0.92个百分点。最初讨论的价格为1.15个百分点区间。\n4、拖累整体业绩 阿斯利康开始评估疫苗业务可持续性\n据媒体报道，阿斯利康正在考虑其新冠疫苗业务的未来，预计到2021年底，对该业务的规划将更加明确。在新冠疫苗的竞赛中，阿斯利康遭遇了一系列挫折，因此该公司开始评估其新冠疫苗业务，不过阿斯利康高管强调，现在就决定该业务的未来还为时过早。\n5、软银抛售三分之一Uber股份 部分用于冲抵投资滴滴的亏空\n7月29日消息，据外媒报道，两名知情人士称，软银将把其所持的叫车服务公司Uber的股份抛售大约三分之一，以部分用于弥补其投资中国叫车服务公司滴滴而出现的亏损。该公司计划出售4500万股Uber股份，禁售期为30天。报告发布后，Uber股价在盘后交易中下跌了5%。\n6、Pinterest二季度用户流失，盘后股价暴跌超18%\n报告显示，Pinterest 第二季度营收为 6.13 亿美元，与去年同期的 2.72 亿美元相比增长 125%；净利润为 6940 万美元，相比之下去年同期的净亏损为 1 亿美元；不按照美国通用会计准则的调整后净利润为 1.7 亿美元，相比之下去年同期的调整后净亏损为 3840 万美元。\n7、吉利德科学Q2扭亏为盈，总营收同比增长21%\n财报显示，吉利德科学Q2总营收为62.17亿美元，同比增长21%；净利润为15.22亿美元，去年同期亏损33.39亿美元；摊薄后每股收益为1.21美元，去年同期每股亏损2.66美元","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808552464,"gmtCreate":1627603353258,"gmtModify":1703493076739,"author":{"id":"3577440999113647","authorId":"3577440999113647","name":"YongGuang","avatar":"https://static.tigerbbs.com/44506513dddf0624d6b604740dfba888","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577440999113647","authorIdStr":"3577440999113647"},"themes":[],"htmlText":"Ij ","listText":"Ij ","text":"Ij","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/808552464","repostId":"1109337387","repostType":4,"repost":{"id":"1109337387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627602763,"share":"https://ttm.financial/m/news/1109337387?lang=en_US&edition=fundamental","pubTime":"2021-07-30 07:52","market":"hk","language":"zh","title":"Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again","url":"https://stock-news.laohu8.com/highlight/detail?id=1109337387","media":"老虎资讯综合","summary":"摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。\n\n海外市场\n1、美股周","content":"<p>Summary: U.S. stocks closed up across the board overnight, the Dow rose 0.44%, and Chinese concept education stocks fell again; Crude oil futures continued their gains, with gold futures hitting a 6-week high; The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy.<b>Overseas Market</b></p><p><b>1. U.S. stocks closed higher on Thursday, and indicators generally hit new intraday highs</b></p><p>U.S. stocks closed higher on Thursday, with the Dow and S&P 500 both hitting intraday record highs. The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy. The market is focused on largely upbeat corporate earnings reports. As of the close, the Dow rose 0.44% to 35084.53 points; The Nasdaq rose 0.11% to 14778.26 points; The S&P 500 rose 0.42% to 4,419.15 points.</p><p><b>2. Most popular Chinese concept stocks closed lower on Thursday: education stocks fell back<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Fell more than 13%</b></p><p>Most popular Chinese concept stocks closed lower on Thursday, education stocks fell, Keike fell more than 13%, and Zuohui Family Trust entrusted voting rights to Keike management. In the Education Unit,<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>Fell nearly 12%,<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Fell more than 10%,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>Fell more than 9%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Fell more than 8%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Youdao fell more than 2%.</p><p><b>3. Eurozone Economic Sentiment Index soared to record highs, European stock markets closed higher across the board</b></p><p>European stocks continued their gains in the previous trading day on Thursday (July 29th) as investors digested a new round of financial reports of major companies and the Federal Reserve reiterated its dovish policy stance. The pan-European Stoxx 600 index closed up 2.14 points, or 0.46%, at 463.84 points. Among them, basic resource stocks and automobile stocks led the gains, rising 2.4% and 2% respectively.</p><p><b>4. WTI and Brent crude oil futures continued their gains and both hit their highest closing prices in two weeks</b></p><p>Crude oil futures prices closed higher on Thursday, with U.S. WTI and ICE Brent crude oil futures both hitting their highest closing prices in two weeks. The day before, U.S. government data showed that domestic crude oil, gasoline and distillate inventories in the United States all fell. West Texas Intermediate crude oil (WTI) futures for September delivery rose $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange.</p><p><b>5. Gold futures rose 1.7% on Wednesday to a 6-week high</b></p><p>Gold futures prices closed higher on Thursday. Although the Federal Reserve said on Wednesday that the central bank may scale back its bond purchase program in the coming months, and the World Gold Council report pointed to a decline in gold demand, the weaker-than-expected U.S. economic report still pushed gold prices higher. Gold futures for December delivery rose $31.20, or 1.7%, to settle at $1,835.50 an ounce on the New York Mercantile Exchange.</p><p><b>International macro</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2155718890\" target=\"_blank\"><b>U.S. Q2 GDP Growth Remains Less Than Expected Despite Surge in Consumer Spending</b></a></p><p>The U.S. economy grew worse than expected in the second quarter, constrained by supply chain bottlenecks, and eclipsed one of the largest increases in consumer spending in decades. Preliminary estimates released by the U.S. Commerce Department on Thursday showed that gross domestic product grew at an annualized rate of 6.5% in the second quarter, compared with revised 6.3% in the first quarter. Federal government spending, residential investment and inventory dragged down the second quarter data.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186290\" target=\"_blank\"><b>Another signal that the U.S. housing market may peak: U.S. existing home contract sales unexpectedly fell</b></a></p><p>In June, the sales of existing homes signed to be transferred in the United States fell by 1.9% from May, which was worse than expected. According to the analysis, high housing prices and limited saleable properties are hindering potential buyers from entering the market. Earlier this week, new home sales data in June surprised the market. All these indicate that the U.S. property market shows signs of slowing down.</p><p><b>3. The U.S. economy shrank by nearly 20% during COVID-19 pandemic's recession, setting a record</b></p><p>U.S. government data showed on Thursday that the country's economy shrank by a record 19.2% between its peak in the fourth quarter of 2019 and the second quarter of 2020, confirming that the recession caused by COVID-19 pandemic is the worst ever. The pace of recovery from the pandemic downturn is equally astounding. The Bureau of Economic Analysis of the U.S. Department of Commerce stated that from the second quarter to the fourth quarter of 2020, the U.S. economy rebounded at a historical average rate of 18.3%.</p><p><b>4. The despair of American doctors: let you shout your throat, vaccine skeptics are indifferent</b></p><p>The pandemic is entering a dark new phase, experts say. Nearly half of the U.S. citizens refuse vaccines, do not wear masks, and regard epidemic prevention restrictions as an infringement of freedom. As infections rise again, scientists and doctors are facing a maddening reality: this country has ways to control the epidemic, but a considerable part of the population refuses to accept it.</p><p><b>5. Biden calls on Congress to extend the moratorium on tenant evictions due to the spread of variant virus</b></p><p>U.S. President Joe Biden on Thursday called on Congress to extend the moratorium on landlord evictions that expires on July 31 as the delta variant of the virus continues to spread across the United States. \"The President calls on Congress to immediately extend the eviction moratorium to protect these vulnerable tenants and their families,\" the White House said in a statement.</p><p><b>6. The European Central Bank released the minutes of the meeting to allow the euro zone economy to overheat</b></p><p>On the 29th local time, the European Central Bank announced the minutes of its monetary policy meeting from the 7th to 8th of this month, the most important content of which was to revise the medium-term inflation target from \"close to but below 2%\" to \"2%\". This means there could be a \"transition period with inflation slightly above target\". However, in the minutes of the meeting published this time, there was no mention of the internal discussion content of the organization, but only a summary of the resolution published on July 8th.</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/1144019144\" target=\"_blank\"><b>The \"Bezos era\" came to a sad end?<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Second-quarter revenue, operating profit and next-quarter guidance are all poor</b></a></p><p>The financial report shows that Amazon's total net sales of products and services in the second quarter were US $113.08 billion, a year-on-year increase of 27.2%, which was worse than market expectations of US $115.1 billion or a year-on-year increase of 29%. The company's previous official guidance was 110 billion to 116 billion dollars range.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186471\" target=\"_blank\"><b>Chip shortage fuels semiconductor business, Samsung's revenue hits the highest in the second quarter, and it will acquire within three years</b></a></p><p>On Thursday, July 29, local time, South Korea's largest company<a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>Announced the financial report for the second quarter of 2021 as of June. Due to the price increase of memory chips and the rapid resumption of work at the Austin factory in Texas, USA, revenue hit a record high in the second quarter, and net profit also increased by more than 70%.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2155218234\" target=\"_blank\"><b>Apple offers $6.5 billion in bonds to boost cash reserves for buybacks</b></a></p><p>Apple raised funds from the U.S. investment-grade bond market on Thursday to issue $6.5 billion in bonds in four tranches as the tech giant increasingly wants to return cash to shareholders. According to a person familiar with the matter, the longest bond issued is 40 years, and the yield will be 0.92 percentage points higher than the U.S. Treasury Bond. The price was initially discussed as a 1.15 percentage point range.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/1176359827\" target=\"_blank\"><b>Drag down overall performance AstraZeneca begins assessing vaccine business sustainability</b></a></p><p>According to media reports, AstraZeneca is considering the future of its COVID-19 vaccine business, and it is expected that by the end of 2021, the planning for the business will be clearer. In the COVID-19 vaccine race, AstraZeneca suffered a series of setbacks, so the company began to evaluate its COVID-19 vaccine business, though AstraZeneca executives stressed it was too early to decide the business's future.</p><p><b>5、</b><a href=\"https://laohu8.com/NW/1147927396\" target=\"_blank\"><b>SoftBank sells one-third of Uber shares to offset shortfalls in investment in Didi</b></a></p><p>On July 29th, according to foreign media reports, two people familiar with the matter said that SoftBank will sell about one-third of its shares in Uber, a ride-hailing service company, to partially make up for the losses caused by its investment in Didi, a Chinese ride-hailing service company. The company plans to sell 45 million Uber shares with a 30-day lock-up period. Uber shares fell 5% in after-hours trading following the report.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/1174442664\" target=\"_blank\"><b>Pinterest lost users in the second quarter, and its stock price plummeted more than 18% after hours</b></a></p><p>The report shows that Pinterest's revenue in the second quarter was US $613 million, an increase of 125% compared with US $272 million in the same period last year; Net profit was $69.4 million, compared with a net loss of $100 million in the same period last year; Non-GAAP adjusted net income was $170 million, compared with an adjusted net loss of $38.4 million in the same period last year.</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2155187166\" target=\"_blank\"><b>Gilead Sciences turned losses into profits in Q2, with total revenue increasing by 21% year-on-year</b></a><b></b></p><p>The financial report shows that Gilead Sciences's Q2 total revenue was US $6.217 billion, a year-on-year increase of 21%; Net profit was US $1.522 billion, compared with a loss of US $3.339 billion in the same period last year; Diluted earnings per share were $1.21, compared with a loss of $2.66 per share in the same period last year</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Last night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLast night and this morning: S&P and Dow hit new intraday highs! Chinese concept education stocks were smashed again\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-30 07:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Summary: U.S. stocks closed up across the board overnight, the Dow rose 0.44%, and Chinese concept education stocks fell again; Crude oil futures continued their gains, with gold futures hitting a 6-week high; The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy.<b>Overseas Market</b></p><p><b>1. U.S. stocks closed higher on Thursday, and indicators generally hit new intraday highs</b></p><p>U.S. stocks closed higher on Thursday, with the Dow and S&P 500 both hitting intraday record highs. The U.S. GDP data in the second quarter fell short of expectations, which analysts believe means that the Federal Reserve will not immediately withdraw from its easing policy. The market is focused on largely upbeat corporate earnings reports. As of the close, the Dow rose 0.44% to 35084.53 points; The Nasdaq rose 0.11% to 14778.26 points; The S&P 500 rose 0.42% to 4,419.15 points.</p><p><b>2. Most popular Chinese concept stocks closed lower on Thursday: education stocks fell back<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Fell more than 13%</b></p><p>Most popular Chinese concept stocks closed lower on Thursday, education stocks fell, Keike fell more than 13%, and Zuohui Family Trust entrusted voting rights to Keike management. In the Education Unit,<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>Fell nearly 12%,<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Fell more than 10%,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>Fell more than 9%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Fell more than 8%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Youdao fell more than 2%.</p><p><b>3. Eurozone Economic Sentiment Index soared to record highs, European stock markets closed higher across the board</b></p><p>European stocks continued their gains in the previous trading day on Thursday (July 29th) as investors digested a new round of financial reports of major companies and the Federal Reserve reiterated its dovish policy stance. The pan-European Stoxx 600 index closed up 2.14 points, or 0.46%, at 463.84 points. Among them, basic resource stocks and automobile stocks led the gains, rising 2.4% and 2% respectively.</p><p><b>4. WTI and Brent crude oil futures continued their gains and both hit their highest closing prices in two weeks</b></p><p>Crude oil futures prices closed higher on Thursday, with U.S. WTI and ICE Brent crude oil futures both hitting their highest closing prices in two weeks. The day before, U.S. government data showed that domestic crude oil, gasoline and distillate inventories in the United States all fell. West Texas Intermediate crude oil (WTI) futures for September delivery rose $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange.</p><p><b>5. Gold futures rose 1.7% on Wednesday to a 6-week high</b></p><p>Gold futures prices closed higher on Thursday. Although the Federal Reserve said on Wednesday that the central bank may scale back its bond purchase program in the coming months, and the World Gold Council report pointed to a decline in gold demand, the weaker-than-expected U.S. economic report still pushed gold prices higher. Gold futures for December delivery rose $31.20, or 1.7%, to settle at $1,835.50 an ounce on the New York Mercantile Exchange.</p><p><b>International macro</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2155718890\" target=\"_blank\"><b>U.S. Q2 GDP Growth Remains Less Than Expected Despite Surge in Consumer Spending</b></a></p><p>The U.S. economy grew worse than expected in the second quarter, constrained by supply chain bottlenecks, and eclipsed one of the largest increases in consumer spending in decades. Preliminary estimates released by the U.S. Commerce Department on Thursday showed that gross domestic product grew at an annualized rate of 6.5% in the second quarter, compared with revised 6.3% in the first quarter. Federal government spending, residential investment and inventory dragged down the second quarter data.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186290\" target=\"_blank\"><b>Another signal that the U.S. housing market may peak: U.S. existing home contract sales unexpectedly fell</b></a></p><p>In June, the sales of existing homes signed to be transferred in the United States fell by 1.9% from May, which was worse than expected. According to the analysis, high housing prices and limited saleable properties are hindering potential buyers from entering the market. Earlier this week, new home sales data in June surprised the market. All these indicate that the U.S. property market shows signs of slowing down.</p><p><b>3. The U.S. economy shrank by nearly 20% during COVID-19 pandemic's recession, setting a record</b></p><p>U.S. government data showed on Thursday that the country's economy shrank by a record 19.2% between its peak in the fourth quarter of 2019 and the second quarter of 2020, confirming that the recession caused by COVID-19 pandemic is the worst ever. The pace of recovery from the pandemic downturn is equally astounding. The Bureau of Economic Analysis of the U.S. Department of Commerce stated that from the second quarter to the fourth quarter of 2020, the U.S. economy rebounded at a historical average rate of 18.3%.</p><p><b>4. The despair of American doctors: let you shout your throat, vaccine skeptics are indifferent</b></p><p>The pandemic is entering a dark new phase, experts say. Nearly half of the U.S. citizens refuse vaccines, do not wear masks, and regard epidemic prevention restrictions as an infringement of freedom. As infections rise again, scientists and doctors are facing a maddening reality: this country has ways to control the epidemic, but a considerable part of the population refuses to accept it.</p><p><b>5. Biden calls on Congress to extend the moratorium on tenant evictions due to the spread of variant virus</b></p><p>U.S. President Joe Biden on Thursday called on Congress to extend the moratorium on landlord evictions that expires on July 31 as the delta variant of the virus continues to spread across the United States. \"The President calls on Congress to immediately extend the eviction moratorium to protect these vulnerable tenants and their families,\" the White House said in a statement.</p><p><b>6. The European Central Bank released the minutes of the meeting to allow the euro zone economy to overheat</b></p><p>On the 29th local time, the European Central Bank announced the minutes of its monetary policy meeting from the 7th to 8th of this month, the most important content of which was to revise the medium-term inflation target from \"close to but below 2%\" to \"2%\". This means there could be a \"transition period with inflation slightly above target\". However, in the minutes of the meeting published this time, there was no mention of the internal discussion content of the organization, but only a summary of the resolution published on July 8th.</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/1144019144\" target=\"_blank\"><b>The \"Bezos era\" came to a sad end?<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Second-quarter revenue, operating profit and next-quarter guidance are all poor</b></a></p><p>The financial report shows that Amazon's total net sales of products and services in the second quarter were US $113.08 billion, a year-on-year increase of 27.2%, which was worse than market expectations of US $115.1 billion or a year-on-year increase of 29%. The company's previous official guidance was 110 billion to 116 billion dollars range.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2155186471\" target=\"_blank\"><b>Chip shortage fuels semiconductor business, Samsung's revenue hits the highest in the second quarter, and it will acquire within three years</b></a></p><p>On Thursday, July 29, local time, South Korea's largest company<a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>Announced the financial report for the second quarter of 2021 as of June. Due to the price increase of memory chips and the rapid resumption of work at the Austin factory in Texas, USA, revenue hit a record high in the second quarter, and net profit also increased by more than 70%.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2155218234\" target=\"_blank\"><b>Apple offers $6.5 billion in bonds to boost cash reserves for buybacks</b></a></p><p>Apple raised funds from the U.S. investment-grade bond market on Thursday to issue $6.5 billion in bonds in four tranches as the tech giant increasingly wants to return cash to shareholders. According to a person familiar with the matter, the longest bond issued is 40 years, and the yield will be 0.92 percentage points higher than the U.S. Treasury Bond. The price was initially discussed as a 1.15 percentage point range.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/1176359827\" target=\"_blank\"><b>Drag down overall performance AstraZeneca begins assessing vaccine business sustainability</b></a></p><p>According to media reports, AstraZeneca is considering the future of its COVID-19 vaccine business, and it is expected that by the end of 2021, the planning for the business will be clearer. In the COVID-19 vaccine race, AstraZeneca suffered a series of setbacks, so the company began to evaluate its COVID-19 vaccine business, though AstraZeneca executives stressed it was too early to decide the business's future.</p><p><b>5、</b><a href=\"https://laohu8.com/NW/1147927396\" target=\"_blank\"><b>SoftBank sells one-third of Uber shares to offset shortfalls in investment in Didi</b></a></p><p>On July 29th, according to foreign media reports, two people familiar with the matter said that SoftBank will sell about one-third of its shares in Uber, a ride-hailing service company, to partially make up for the losses caused by its investment in Didi, a Chinese ride-hailing service company. The company plans to sell 45 million Uber shares with a 30-day lock-up period. Uber shares fell 5% in after-hours trading following the report.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/1174442664\" target=\"_blank\"><b>Pinterest lost users in the second quarter, and its stock price plummeted more than 18% after hours</b></a></p><p>The report shows that Pinterest's revenue in the second quarter was US $613 million, an increase of 125% compared with US $272 million in the same period last year; Net profit was $69.4 million, compared with a net loss of $100 million in the same period last year; Non-GAAP adjusted net income was $170 million, compared with an adjusted net loss of $38.4 million in the same period last year.</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2155187166\" target=\"_blank\"><b>Gilead Sciences turned losses into profits in Q2, with total revenue increasing by 21% year-on-year</b></a><b></b></p><p>The financial report shows that Gilead Sciences's Q2 total revenue was US $6.217 billion, a year-on-year increase of 21%; Net profit was US $1.522 billion, compared with a loss of US $3.339 billion in the same period last year; Diluted earnings per share were $1.21, compared with a loss of $2.66 per share in the same period last year</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109337387","content_text":"摘要：隔夜美股全线收涨，道指涨0.44%，中概教育股再度回落；原油期货延续涨势，黄金期货创6周新高；美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。\n\n海外市场\n1、美股周四收涨 道指标普创盘中新高\n美股周四收高，道指与标普500指数均创盘中历史新高。美国二季度GDP数据不及预期，分析师认为这意味着美联储不会立即退出宽松政策。市场专注于基本乐观的企业财报。截止收盘，道指涨0.44%，报35084.53点；纳指涨0.11%，报14778.26点；标普500指数涨0.42%，报4419.15点。\n2、热门中概股周四收盘多数走低：教育股回落 贝壳跌超13%\n热门中概股周四收盘多数走低，教育股回落，贝壳跌超13%，左晖家族信托将投票权委托给贝壳管理层。教育股中，第一高中教育跌近12%，红黄蓝跌超10%，51Talk跌超9%，好未来、高途跌超8%，新东方跌超6%，网易有道跌超2%。\n3、欧元区经济景气指数飙升至历史新高 欧洲股市全线收高\n因投资者消化了新一轮主要企业财报，且美联储重申鸽派政策立场，欧股周四(7月29日)延续了此前交易日的涨势。泛欧斯托克600指数收盘上涨2.14点，涨幅0.46%，报463.84点。其中基本资源股和汽车股领涨，分别上涨2.4%和2%。\n4、WTI与布伦特原油期货延续涨势 均创两周来最高收盘价\n原油期货价格周四收高，美国WTI与ICE布伦特原油期货均创两周来的最高收盘价。此前一天美国政府数据显示美国国内原油、汽油与馏分油库存悉数下降。纽约商品交易所9月份交割的西德州中质原油(WTI)期货价格上涨1.23美元，涨幅1.7%，收于每桶73.62美元。\n5、黄金期货周三上涨1.7% 创6周新高\n黄金期货价格周四收高。尽管美联储周三表示央行可能在未来几个月缩减购债计划，且世界黄金协会报告指出黄金需求下降，但弱于预期的美国经济报告仍推动金价走高。纽约商品交易所12月交割的黄金期货价格上涨31.20美元，涨幅1.7%，收于每盎司1835.50美元。\n国际宏观\n1、尽管消费者支出激增 美国第二季度GDP增长仍低于预期\n受供应链瓶颈的约束，美国第二季度经济增长逊于预期，并使消费者支出数十年来的最大增幅之一也黯然失色。美国商务部周四公布的初步估计数据显示，第二季度国内生产总值折合年率增长6.5%，第一季度数据修正后为6.3%。联邦政府支出、住宅投资和库存拖累了第二季度的数据。\n2、美国楼市可能见顶的又一信号：美国成屋签约销售意外下跌\n美国6月成屋签约待过户销售环比5月下降1.9%，差于预期。分析认为，高房价以及可售房产有限，正阻碍潜在买家进入市场。本周稍早，6月新屋销售数据让市场大跌眼镜。这些都表明，美国楼市有放缓迹象。\n3、新冠疫情衰退期间美国经济萎缩近20% 创历史纪录\n美国政府周四数据显示，该国经济在2019年四季度峰值到2020年二季度期间创纪录地萎缩了19.2%，证实了新冠疫情导致的衰退是有史以来最严重的一次。从疫情低迷中复苏的速度同样令人震惊。美国商务部经济分析局表示，2020年二季度至四季度，美国经济以18.3%的历史平均速度反弹。\n4、美国医生的绝望：任你喊破喉咙 疫苗怀疑者无动于衷\n专家称，疫情正在进入一个黑暗的新阶段。美国将近一半国民拒绝疫苗、不戴口罩、将防疫限制视为对自由的侵犯。随着感染病例再度增加，科学家和医生正在面临一个令人抓狂现实：这个国家有控制疫情的办法，但相当部分人口拒绝接受。\n5、拜登呼吁国会延长暂停驱逐租客令 因变种病毒传播\n美国总统拜登周四呼吁国会延长定于7月31日到期的暂停房东驱逐租客的禁令，因delta变种病毒继续在美国各地蔓延。白宫在一份声明中说：“总统呼吁国会立即延长暂停驱逐令，以保护这些脆弱的租户及其家人。”\n6、欧洲央行公布会议纪要 允许欧元区经济过热\n当地时间29日，欧洲央行公布了本月7日至8日的货币政策会议纪要，其中最重要的内容是将中期通胀目标从“接近但低于2%”修改为“2%”。这意味着可能会有“通胀略高于目标的过渡期”。但是在本次公布的会议纪要中，并没有提及机构内部的讨论内容，只是总结了7月8日公布的决议。\n公司新闻\n1、“贝佐斯时代“黯然谢幕？亚马逊二季度收入、营业利润和下季指引均不佳\n财报显示，亚马逊二季度加总产品和服务的净销售额为1130.8亿美元，同比增27.2%，逊于市场预期的1151亿美元或同比增29%，公司此前给出的官方指引是1100亿至1160亿美元区间。\n2、芯片短缺助长半导体业务，三星营收创二季度最高，三年内要收购\n当地时间7月29日周四，韩国最大企业三星电子公布了截止6月的2021年第二季度财报。由于存储芯片涨价和美国得州奥斯汀工厂迅速复工，营收创史上第二季度新高，净利润也增超70%。\n3、苹果发行65亿美元债券 为回购增加现金储备\n苹果公司周四从美国投资级债券市场融资，分成四部分发行65亿美元债券，因这家科技巨头越来越希望将现金返还给股东。据一位知情人士透露，此次发行期限最长的债券是40年期，收益率将比美国国债高0.92个百分点。最初讨论的价格为1.15个百分点区间。\n4、拖累整体业绩 阿斯利康开始评估疫苗业务可持续性\n据媒体报道，阿斯利康正在考虑其新冠疫苗业务的未来，预计到2021年底，对该业务的规划将更加明确。在新冠疫苗的竞赛中，阿斯利康遭遇了一系列挫折，因此该公司开始评估其新冠疫苗业务，不过阿斯利康高管强调，现在就决定该业务的未来还为时过早。\n5、软银抛售三分之一Uber股份 部分用于冲抵投资滴滴的亏空\n7月29日消息，据外媒报道，两名知情人士称，软银将把其所持的叫车服务公司Uber的股份抛售大约三分之一，以部分用于弥补其投资中国叫车服务公司滴滴而出现的亏损。该公司计划出售4500万股Uber股份，禁售期为30天。报告发布后，Uber股价在盘后交易中下跌了5%。\n6、Pinterest二季度用户流失，盘后股价暴跌超18%\n报告显示，Pinterest 第二季度营收为 6.13 亿美元，与去年同期的 2.72 亿美元相比增长 125%；净利润为 6940 万美元，相比之下去年同期的净亏损为 1 亿美元；不按照美国通用会计准则的调整后净利润为 1.7 亿美元，相比之下去年同期的调整后净亏损为 3840 万美元。\n7、吉利德科学Q2扭亏为盈，总营收同比增长21%\n财报显示，吉利德科学Q2总营收为62.17亿美元，同比增长21%；净利润为15.22亿美元，去年同期亏损33.39亿美元；摊薄后每股收益为1.21美元，去年同期每股亏损2.66美元","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}