Morning Briefing: Tesla rival Li Auto launches $2 billion Hong Kong share sale

Moomoo Breakfast US wrote a column · Aug 3, 2021 10:24

Morning Briefing: Tesla rival Li Auto launches $2 billion Hong Kong share sale

Hey, moomooers! Here are things you need to know before the opening bell:

- Stock futures rose in early morning trading on Tuesday after worries about slowing growth sparked a Monday sell-off on Wall Street.

- Electric-car maker Li Auto kicked off a near-$2 billion stock offering in Hong Kong, joining a string of U.S.-listed Chinese companies in tapping investors closer to home.

Market snapshot

Stock futures rose in early morning trading on Tuesday after worries about slowing growth sparked a Monday sell-off on Wall Street.

Futures on the $Dow Jones Industrial Average (.DJI.US)$gained 134 points. $S&P 500 Index (.SPX.US)$futures and $Nasdaq Composite Index (.IXIC.US)$futures both edged higher.

Source: Bloomberg

Crypto

$Bitcoin (BTC.CC)$continues to drop on the second trading day of August, traded 1.79% lower than yesterday at $3,8489.8 at the time of writing. $Ethereum (ETH.CC)$were dropping 4.75%, traded at $2,488.7.

Source: Moomoo

Top news

Yellen to enact steps to avoid breaching debt ceiling

The Treasury Secretary urges Congress to increase the ceiling, which went back into effect on Sunday.

RBA presses on with QE taper

The Reserve Bank of Australia will press ahead with plans to reduce its government bond buying in September, even as the economic outlook deteriorates sharply amid lockdowns in several cities.

RBNZ to further tighten mortgage lending

New Zealand's central bank said it plans to further tighten home mortgage lending as earlier curbs haven't resulted in a sufficient reduction in risky loans.

Pensions post best one-year returns in over three decades

Investments held by public pension systems, bolstered by private-equity and publicly traded stocks, posted their best returns since 1986 for the one-year period that ended in June.

U.S. factory growth held solid momentum in July

Manufacturing activity in the U.S. remained robust in July, but slowed compared with previous months as supply-chain strains continued to drag on growth. The ISM Manufacturing PMI fell to 59.5 in July from 60.6 in June. Economists were expecting 60.8.

Fintechs need to be regulated more like banks, says global regulator

Tech companies that play a critical role in payments and other areas should be subject to stricter regulatory scrutiny that considers issues beyond traditional market risks, says a paper published by a consortium of central banks and financial regulators.

Tesla rival Li Auto launches $2 billion Hong Kong share sale

Electric-car maker Li Auto kicked off a near-$2 billion stock offering in Hong Kong, joining a string of U.S.-listed Chinese companies in tapping investors closer to home.

Key events this week