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Shanghai Auntie (02589.HK) continues to rise, currently up over 10%.The Hang Seng Tech Index fell further to 2%, while the Hang Seng Index is currently down 1.12%.Futures Commentary by Everbright Futures: Overnight, COMEX gold weakened amid fluctuations. After opening today, overseas gold prices rebounded somewhat, with a gain of approximately 0.45% as of this writing. Market sentiment remains volatile. 1. On the policy front, the remarks made by Federal Reserve Chair nominee Warsh at his Senate confirmation hearing last night exerted some downward pressure on gold prices. Warsh stated that he is "committed to ensuring that the implementation of monetary policy remains strictly independent," emphasizing that interest rate decisions "must be strictly independent of political considerations," and pointing out that Trump never asked him to commit to rate cuts. The market interpreted this statement as a hawkish signal, coupled with his call for a "new inflation framework and communication method" from the Fed, further strengthening market expectations that monetary policy is unlikely to shift to easing in the short term, thus putting pressure on gold. 2. On the geopolitical front, a dramatic reversal occurred. Earlier today, Trump publicly stated that he did not intend to extend the ceasefire agreement between the US and Iran, which expires on the evening of the 22nd, and threatened to resume bombings against Iran after the ceasefire expires, triggering a rise in market risk aversion. However, hours later, Trump announced on social media that, at Pakistans request, he agreed to extend the ceasefire, pending Irans submission of a negotiating proposal. He also instructed the US military to continue its naval blockade of Iran and maintain a state of readiness. This fluctuating stance caused market sentiment to waver. 3. In summary, the obstruction of navigation in the Strait of Hormuz pushed up oil prices and inflation expectations, coupled with persistent expectations of Fed tightening, becoming the core factor suppressing gold prices. The US-Iran negotiations have been repeatedly uncertain, increasing short-term market divergence. Before the negotiations become clearer, traders are advised to control their positions and wait for confirmation of direction. However, given the current US stance of still favoring a negotiated solution, traders may consider buying on dips during periods of volatility.Market news: Japans finance minister will meet with the banking sector to discuss the threat posed by Anthropics Mythos model.On April 22, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.3380%, and the lowest was 0.8440%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0670%, and the lowest was 1.0030%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.1550%, and the lowest was 1.0000%.

S&P 500 Gains 0.4%, Hits Fresh Three-month Highs Above 4,300 Despite China Growth Worries

Skylar Shaw

Aug 16, 2022 14:58

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Despite concerns about China's growth, indices rise

Major US equity indexes were protected from worries about the future for global economic growth on Monday in the aftermath of dismal July economic activity statistics out of China during the overnight session by a decline in US treasury rates, which boosted rate-sensitive large tech/growth firms. The People's Bank of China, the country's central bank, unexpectedly slashed interest rates to relieve financial conditions in response to the negative economic indicators for China.


A slowdown in China's growth might help quell the inflationary pressures that have compelled the Fed to tighten monetary policy aggressively this year. It could also result in a slowdown in US growth that could discourage future major tightening. Analysts said that recent data that 1) revealed that US pricing pressures had now peaked and 2) indicated that the US economy was still expanding in early Q3 as well as 3) recent better-than-expected company results were all encouraging for stock prices for US equities.


The S&P 500 finished the trading day on Monday up around 0.4%, crossing the 4,300 mark for the first time since May 4 and bringing its run of gains from the lows in the low 3,700s in July to almost 15%. The Dow Jones Industrial Average increased by 0.45% to reach its 200-Day Moving Average for the first time since April 21. The Nasdaq 100 index increased by 0.75% to reach its highest level since late-April in the 13,600s.

Investors Prepare for Heavyweight Retailor Earnings and US Retail Sales Data

Energy, one of the eleven S&P 500 GICS sectors, had the poorest performance, dropping 2.0% after a steep decline in oil prices due to worries about China's consumption. Other than the materials industry, industrial metals prices saw a significant decline. The consumer staples (+1.05%), consumer discretionary (+0.6%), and information technology (+0.6%) sectors outperformed all other sectors in terms of growth. Tesla was the top-performing large-cap stock, gaining 3.1%.


The retail industry will be in the spotlight this week due to 1) the publication of the US Retail Sales numbers for July on Wednesday and 2) the profits from industry giants including Walmart, Target, and Home Depot. Along with a number of other tier 2 data releases this week, including the regional PMIs for August, which will provide an early indication of how the US economy is doing this month, the minutes from the Fed's July policy meeting are also scheduled to be released on Wednesday.

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