①The employment in the United States increased by 0.099 million people in August, with an estimated increase of 0.144 million people; ②NIO Inc.: Q2 revenue of 17.446 billion yuan, a year-on-year increase of 98.9%; ③Tesla plans to launch the Full Self-Driving (FSD) system in China and Europe in the first quarter of next year.
On September 5th, Caixin News Agency reported that US stock index futures fell, and major European indices mostly declined.
(Source: Investing.com)
The data released before the market showed that the employment in the United States in August (commonly known as "ADP nonfarm payroll") increased by 0.099 million, with an estimated increase of 0.144 million, and the previous value was revised from an increase of 0.122 million to 0.111 million. The number of jobs added by US companies in August reached its lowest level since the beginning of 2021, further proving that the labor market is slowing down.
The number of initial unemployment claims in the United States last week was 0.227 million, with an estimated 0.23 million, and the previous value was revised from 0.231 million to 0.232 million.
The weak performance of manufacturing data announced on Tuesday has triggered market sell-offs and increased investors' attention to labor market data.
Tesla rose more than 2% in pre-market trading. The company previously stated that it plans to launch a fully autonomous driving system in China and Europe early next year.
Company news
Tesla is expected to launch the fully autonomous driving (FSD) system in China and Europe in the first quarter of next year.
On September 5th, Tesla released a roadmap on the X platform, expecting to launch the fully autonomous driving (FSD) system in China and Europe in the first quarter of 2025, pending regulatory approval.
SpaceX under Musk reportedly warned employees not to go to Brazil.
On September 5th, SpaceX began evacuating its employees in Brazil and warned other employees not to go to the country. Musk's ongoing struggle with the X social media company and the Brazilian Supreme Court is having a spill-over effect, affecting some of his other companies.
According to sources, SpaceX President Gwynne Shotwell advised employees in an email last week not to travel to Brazil for business or personal reasons. One source said the aerospace company also took steps last week to relocate its few non-Brazilian employees out of the country.
United States Steel warned that if it is not acquired by the Japanese steel company, it may lose thousands of jobs.
On September 4th local time, United States Steel warned that the union and politicians who are trying to block the acquisition of the company by Japan Steel, if the deal falls through, it could jeopardize thousands of jobs and also impact the headquarters of United States Steel in Pittsburgh. United States Steel stated in a press release that without the support of this Japanese steel manufacturer, it would have to abandon its traditional blast furnace business, which would weaken union employment and reduce the competitiveness of the US steel industry.
NVIDIA has invested in the Japanese AI company Sakana AI.
Nvidia will invest in Sakana AI and collaborate with the AI research company to promote the development of AI in Japan. Sakana AI announced its collaboration with Nvidia on September 4th and stated that it has raised over 0.1 billion dollars in funding from a group of investors. This round of financing is led by New Enterprise Associates, Khosla Ventures, and Lux Capital. Sakana AI states that it will collaborate with Nvidia in the areas of AI research, datacenters, and AI community building in Japan.
NIO: Q2 revenue of 17.446 billion RMB, a year-on-year growth of 98.9%
NIO announced on September 5th that Q2 revenue was 17.446 billion RMB, a year-on-year growth of 98.9%; adjusted net loss was 4.535 billion RMB, compared to a net loss of 5.446 billion RMB in the same period last year. Q2 deliveries were 0.0574 million units, a year-on-year increase of 143.9% and a quarter-on-quarter increase of 90.9%; gross margin for vehicles was 12.2%, an increase of 6 percentage points year-on-year and 3 percentage points quarter-on-quarter; research and development expenses were 3.22 billion RMB, with a cash reserve of 41.6 billion RMB. Q3 delivery guidance is 0.061 million units to 0.063 million units; Q3 revenue guidance is 19.11 billion RMB to 19.67 billion RMB, both of which are historical highs.
As of the time of writing, NIO's pre-market trading on US stocks rose more than 4%.
Events to watch during the US stock market hours (Beijing time)
September 5th
21:45 US August S&P Global Services PMI final value
22:00 US non-manufacturing PMI for August