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On July 20th, Andy Burnham, the newly appointed leader of the ruling Labour Party, met with King Charles III at Buckingham Palace and was appointed the new Prime Minister, authorized to form a new cabinet. Burnham will subsequently deliver his first speech as Prime Minister at Downing Street.

Stifel: Lowered its price target for IBM (IBM.N) from $290 to $235.

Bristol-Myers Squibb: Will partner with NVIDIA (NVDA.O) to build the pharmaceutical industry’s “most powerful” artificial intelligence supercomputer.

Andy Burnham arrived at Buckingham Palace to meet King Charles, and is about to take over as Prime Minister of the United Kingdom.

AMC Theatres (AMC.N) rose nearly 14% in pre-market trading after the company reported better-than-expected adjusted earnings per share for the second quarter.

July 20th - Morgan Stanley strategists stated in a report that the UK political risk premium has declined as Andy Burnham is set to become the new British Prime Minister on Monday. The strategists noted that geopolitical concerns continue to weigh on UK government bonds, but these concerns are easing. They expect UK bond yields to fall if tensions in the Middle East ease.

Iranian President Pezechzian: Throughout my term, I have never had partisan or factional bias, and no one has been able to claim that anyone was hired or dismissed solely because of political leanings, party affiliation, or even nepotism.

On July 20th, HSBC economists stated in a report that global trade growth could slow if AI-related demand weakens. They pointed out that global trade remains closely tied to the AI cycle, with related goods driving 80% of global export growth in nominal value. These goods account for approximately 80% of Taiwan's total exports and 27% of the US's total imports. They noted that exports excluding technology products have been weaker, with export growth in other categories essentially stagnant since 2024. Furthermore, AI is also supporting growth in services trade. However, they believe that based on capital expenditure forecasts from major global hyperscale cloud service providers, even if AI investment growth slows next year, this AI boom is likely to continue for some time.

British Prime Minister Keir Starmer formally resigned during a meeting with King Charles.

British Prime Minister Keir Starmer went to Buckingham Palace to formally resign as Prime Minister of the United Kingdom.

British Prime Minister Starmer: I will soon have an audience with the King of England to present my resignation.

Citigroup lowered its price target for IBM (IBM.N) from $375 to $255.

On July 20th, local time, British Prime Minister Keir Starmer delivered his farewell address at 10 Downing Street. Following the handover procedures, Starmer proceeded to Buckingham Palace to formally submit his resignation to King Charles III. After the King accepts his resignation, Labour Party leader Andrew Burnham will be appointed the new Prime Minister at Buckingham Palace and authorized by the King to form a new government. Burnham will then deliver his first address as Prime Minister from 10 Downing Street.

Citigroup raised its price target for JPMorgan Chase (JPM.N) from $325 to $360.

Preliminary plans indicate that Angola will load 34 tankers of crude oil in September, compared to 35 tankers planned for August.

On July 20th, Citigroup strategists stated that the widely discussed "Big Seven" tech concept is "no longer applicable" in assessing investment opportunities in the US AI sector. The strategy team, led by Scott Chronert, suggested that investors should turn their attention to a broader range of stocks that have consistently been major drivers of earnings growth and share price increases for the S&P 500. They recommended focusing on the so-called "growth cluster," a group that includes not only large-cap tech stocks but also most companies benefiting from AI infrastructure development. Chronert stated that this group accounts for more than half of the S&P 500's total market capitalization and contributes nearly 48% of earnings. After driving the S&P 500 to record highs in recent years, the "Big Seven" tech index is projected to underperform the market by 2026 as investors favor sectors expected to benefit from massive AI capital expenditures.

July 20th - According to the Guangzhou Railway Bureau, due to rainfall in parts of Hunan Province, and to ensure the safety of passenger train operations, train schedules will be continuously adjusted based on the affected area. From July 20th to 21st, some trains on the Beijing-Guangzhou Railway and the Shanghai-Kunming Railway are scheduled to be suspended. Please check the 12306 website (App) for specific train cancellations. The railway department will continue to dynamically adjust train schedules based on the rainfall situation. Passengers with travel needs are advised to pay close attention to announcements on the 12306 website and at stations to plan their trips accordingly.

Citigroup: Among the winners in artificial intelligence stocks, the label of the "Big 7 Tech" in the US stock market is outdated.