To The Moon

Wall Street stocks fell due to renewed growth concerns from manufacturing data; Hong Kong stocks declined due to worsened earnings dampening market sentiment.

🇺🇸 S&P 500: -2.12% 📉

🇺🇸 Nasdaq: -3.26% 📉

🇪🇺 Stoxx 600: -0.97%📉

🇯🇵 Nikkei 225: -0.04% 📉

🇭🇰 Hang Seng Index: -0.23% 📉

🇨🇳 CSI 300: 0.26% 📈

U.S. markets fell, with the S&P 500 and Nasdaq Composite Index dropping -2.1% and -3.3% respectively, as investors awaited a series of labor market reports due later this week while also assessing the latest factory activity data. These reports may influence the extent of Federal Reserve policy adjustments.

The U.S. ISM Manufacturing PMI increased from 46.8 in July to 47.2 in August (expected 47.5), showing a smaller-than-expected rise. Employment conditions improved but the overall trend remains contractionary, highlighting the impact of the Federal Reserve's rate hikes.

Asia-Pacific markets were mixed. The Hang Seng Index fell -0.2%, while the Shanghai CSI 300 Index rose 0.3%, affected by bank and energy stocks. Investors are digesting the impact of China's economic slowdown on corporate earnings.

💡 Upcoming Events: 💡

On Wednesday, the U.S. will release JOLTs Job Openings, Year-over-Year Export Data, the EU HCOB Services PMI, Japan's Jibun Bank Services PMI, and China's Caixin Services PMI.

On Thursday, the U.S. will announce the ISM and S&P Global Services PMI final values, jobless claims, EU retail sales month-on-month.

By the end of the week, on Friday and Saturday, we will see the release of U.S. unemployment rate, nonfarm payrolls, EU Germany industrial production month-on-month, GDP quarterly revision, and China's Year-over-Year export data.

💡 Today's Key Things: 💡

1. Tesla's $Tesla Motors(TSLA)$  Shanghai Gigafactory reported a 17% month-over-month increase in deliveries for August, reversing the decline in China's high-end electric vehicle market. The company benefited from increased EV purchase subsidies in Beijing.

Tesla Shanghai Gigafactory

2. The U.S. Department of Justice (DoJ) has issued a subpoena to Nvidia as part of its antitrust investigation. The probe focuses on whether Nvidia $NVIDIA Corp(NVDA)$   has made it difficult for customers to switch to other suppliers and whether it penalizes those not exclusively using its AI chips.

DoJ

3. China's two major shipbuilders, China CSSC Holdings $CSSC SHIPPING(03877)$  and China Shipbuilding Industry Corporation (CSIC), are set to merge to form the world's largest shipbuilding company with annual sales reaching $17 billion. The merger aims to streamline operations, enhance management, and promote industry development.

CSSC x CSIC

4. CapitaLand Investment Ltd $CapitaLandInvest(9CI.SI)$  is selling a 50% stake in Singapore's luxury shopping mall ION Orchard to CapitaLand Integrated Commercial Trust (CICT)$CapLand IntCom T(C38U.SI)$  . CapitaLand, which holds a 24% stake in the real estate investment trust, is executing this transaction for approximately SGD 1.85 billion to focus on "light asset growth."

ION Orchard

5. Malaysian Prime Minister Anwar reported that Malaysia's approved investment inflows grew by 18%, reaching MYR 160 billion from January to June 2024, with nearly 3,000 new projects expected to create over 79,000 jobs.

✅ Key Points:

The U.S. economic data this week, especially Friday's nonfarm payrolls (NFP) report, is crucial as it could solidify expectations for a 25-50 basis point rate cut by the Federal Reserve, which has shifted its focus from inflation to employment.

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