To The Moon

* Chip stocks lead U.S. stocks lower; Hong Kong stocks slide as yuan weakens, trade war looms 🇺🇸 S&P 500: -0.16% 📉 🇺🇸 Nasdaq: -0.18% 📉 🇪🇺 Stoxx 600 Index: -0.73% 📉 🇯🇵 Nikkei 225 Index: -0.10% 📉 🇭🇰 Hang Seng Index: -1.67% 📉 🇨🇳 CSI 300 Index: -0.22% 📉 * Wall Street ended lower on Friday, with the S&P 500 and Nasdaq Composite falling -0.2% each, dragged down by semiconductor stocks, with artificial intelligence chip company Nvidia falling -4.4%, while investors also assessed stronger than expected US PMI data. * The preliminary S&P Global U.S. manufacturing PMI in June was 51.7, higher than May's 51.0 and 51.3, while the services PMI also exceeded expectations, reaching 55.1, compared with the previous expectations of 53.4 and 54.8, mainly driven by domestic spending in the service industry. Driven by a strong and sustained recovery in manufacturing. * In May 2024, Japan's national core CPI increased by 2.5% year-on-year (2.6% year-on-year growth expected), while in April it increased by 2.2% year-on-year, and was well above the Bank of Japan's 2% target, mainly due to the increase in renewable energy Tax. * Asia-Pacific markets fell, with the Hang Seng Index and CSI 300 Index falling -1.7% and -0.2% respectively, due to uncertainty over the devaluation of the yuan after the People's Bank of China set the central parity rate of the yuan at 7.1196 yuan/USD, and Canada's plans to The United States and the European Union imposed tariffs on Chinese electric vehicles after taking similar actions, causing market concerns. 💡 Future events: 💡 * The U.S. Bank's consumer confidence index will be released on Tuesday. * Final U.S. GDP quarterly data and jobless claims were in focus for investors Thursday. 💡 Things you need to know today: 💡 1. According to the Wall Street Journal, Apple $Apple(AAPL)$ and Meta Platforms $Meta Platforms, Inc.(META)$ discussed integrating Meta's generative artificial intelligence model into Apple's new iPhone Apple Intelligence system, which is designed to use Apple's Platforms that distribute AI products more broadly may involve premium subscriptions. Apple x Meta 2. According to S&P Dow Jones Indices, share buybacks by U.S. companies increased by more than 8% in the first quarter of 2024 compared with the fourth quarter of 2023. Buybacks by S&P 500 companies Spending was nearly $237 billion, an increase of nearly 10% compared with the same period last year. 3. China's major e-commerce platforms, including Alibaba $Alibaba(09988)$ and JD.com $JD.com(JD)$ , saw gross merchandise value (GMV) increase by 13.6% year-on-year during the 618 Shopping Festival, but profit margins were affected by the economic slowdown. To squeeze, platforms actively offer cash subsidies and discounts to attract price-sensitive consumers. JD x Alibaba 4. Beijing plans to set up a bailout fund for financial institutions, financed by financial companies, to prevent a crisis caused by a downturn in the real estate market, as local governments face fiscal pressure due to reduced revenue and the collapse of major real estate developers such as China Evergrande. ✅ Key Points: The U.S. Federal Reserve is currently on hold from raising interest rates, but the impact of previous tightening policies is still affecting the economy, and early signs of consumer fatigue are emerging; the upcoming PCE price index report, the Fed's preferred inflation measure, may provide clarity on recent inflation trajectory uncertainty. @Daily_Discussion @Tiger_comments @TigerStars @MillionaireTiger @CaptainTiger @TigerGPT