Global macro

• "terrorist data" hit with a big bang! Us stock index futures rose slightly before trading.
  

Today, the market focused on "scary data"-US retail sales, as well as the comments of the Federal Reserve's "number three" and New York Fed Chairman William Williams.

Us retail sales rose 0.6 per cent in June from a month earlier, with an estimated decline of 0.3 per cent, compared with a previous decline of 1.3 per cent. Agencies reviewed US retail sales data for June, showing an unexpected increase in US retail sales in June, but demand for goods remained strong, boosting expectations of accelerated economic growth in the second quarter.

U. S. stock index futures rose slightly before Friday trading.

• Is it possible that the US stock market is too high to beat the cold? Both options and the US bond market sound the alarm signal.

Although the S & P 500 and NASDAQ have been working to set new record highs almost every day this summer, many people in the industry are beginning to feel the "unbearably cold" of the market. According to Zerohedge, a well-known financial blog, the implied volatility of three-month put options on the S & P 500 is at its highest level since 2018 relative to call contracts for the same period.

In additionAnother warning signal for equities may be bond investors, as the positive correlation between US bond yields and equities has been significantly decoupled in recent months.

• Us congressman asked to investigate billionaire tax avoidance, Buffett was named

Us Democratic senators Elizabeth Warren and Sheldon Whitehouse said on Wednesday that American billionaires represented by Warren Buffett and Bezos did not pay their taxes and called for an investigation into the banks and financial advisers who helped them avoid taxes.

Buffett, chief executive of Berkshire Hathaway, increased his personal wealth by $24 billion in 2018, but he paid less than 0.1 per cent in taxes, the senators said. At the same time, they also pointed out that Amazon.Com Inc founder Bezos had applied for a $4000 child tax credit and was unemployed in the income column of his 2011 tax return, when he was worth $18 billion.

• Us media: there is a shortage of vehicles in the US auto market, and the prices of new and used cars are rising.

The recent rise in the prices of new and used cars in the United States has plunged the market into a "frenzy" of sales, making it difficult for dealers and individuals to buy cars, the New York Times reported. There are two reasons for this: one is the shortage of chips caused by the COVID-19 epidemic, which makes it difficult for automakers to provide adequate supply of goods; the other is the economic recovery after the epidemic and the government's policies to stimulate consumption.

• ARK Invest estimates that the star chain will generate more than $20 billion in cash flow each year.

Ark Investments (ARK Invest) believes that Musk's star chain has great potential, and the satellite Internet service could generate more than $20 billion in cash flow each year, as the replacement satellite will be launched at a higher utilization rate, at a cost of about $10 billion. If our predictions are correct, Starchain will gain a competitive advantage by acquiring a terrestrial Internet provider and minimizing latency by routing network traffic. The satellite Internet system broke the strategically important threshold of 69420 active users last month.

So far, SpaceX has launched more than 1500 chain satellites, and it hopes to have more than 4400 into orbit by 2024. SpaceX also plans to provide global Internet access later this year.

• Huddling together is the trend of the times? Honda CEO: willing to form an alliance to promote automobile electrification

Honda CEO Miku Minhong said on Friday local time that the company is willing to form a new alliance to make its electric car business profitable.

Honda and its partner General Motors Co say they will launch two jointly developed electric vehicles in North America in 2024, which will use Ultium batteries developed by GM. The two companies have already partnered on self-driving and fuel cell vehicle (FCV) technology and are exploring more ways to expand the alliance.

Hot news

• NIO Inc. submitted a secondary listing in Hong Kong in March, which was postponed due to user trust and other issues.

It is reported that$NIO Inc. (NIO.US) $A secondary listing application was submitted in Hong Kong in the third week of March, but the listing plan was postponed due to issues related to the shareholding of the user trust. However, sources said that NIO Inc. Motor, which submitted its listing in Hong Kong with a secondary listing, actually submitted its application in Hong Kong earlier than XPeng Inc., which is a dual listing, but it has not been approved by the Hong Kong Stock Exchange for a long time. According to different sources, NIO Inc. 's delay in getting approval from the Hong Kong Stock Exchange is mainly due to its involvement in user trust shareholding.

NIO Inc. could not be reached for comment as of press time.

• Li Auto Inc. submitted an application for listing in Hong Kong in May, using a dual listing.

The source said that$Li Auto Inc. (LI.US) $Although it has been listed for less than a year, it is eager to return to Hong Kong to raise capital, mainly because considering that the new energy sector is a tuyere, if we wait for a second listing to return to Hong Kong after two years of listing, it is very likely that the market will have changed by then, and its fund-raising will face more uncertainty. If all goes well with the application for listing in Hong Kong, the ideal may be listed in Hong Kong around the end of August.

• DiDi Global Inc. fell more than 5% before trading, and seven departments jointly stationed to carry out review.

$DiDi Global Inc. (DIDI.US) $It was down more than 5% at $11.71 before trading. According to the network security review office, according to the network security review work arrangement, the State Internet Information Office, together with the Ministry of Public Security, the Ministry of State Security, the Ministry of Natural Resources, the Ministry of Transport, the State Administration of Taxation, the General Administration of Market Supervision and other departments jointly stationed in DiDi Global Inc. Travel Technology Co., Ltd. to carry out network security review.

• It is exposed that Apple Inc iPhone13 uses BOE OLED panel for the first time.

According to Sina, Omdia, an authoritative independent research institution, released a forecast report saying that in 2021$Apple Inc (AAPL.US) $172 million flexible OLED display panels are expected to be purchased from Samsung display, LG display and BOE, of which 106 million are for the new iPhone13. Specifically, BOE will provide 9 million OLED screens for Apple Inc iPhone12 Pro this year, while the panel prepared for iPhone13 Pro is still in the state of certification and is expected to start mass production in the fourth quarter of 2021.

• Model Y California registration Q2 has increased more than 6 times, and Tesla, Inc. 's total delivery volume may increase by 80% this year.

According to the latest report from market research firm Dominion Cross-Sell, the registration of $Tesla, Inc. (TSLA.US) $in California, the largest market for electric vehicles in the United States, rose more than 85% in the second quarter of this year compared with the same period last year, mainly due to the excellent performance of Model Y, which registered more than seven times as many cars in California in the second quarter as in the same period last year.

There are organizations that expectThe increase in Model Y production capacity is expected to boost Tesla, Inc. 's car delivery volume by 80 per cent this year.

• Moderna rose more than 7% before trading and will join the S & P 500 on July 21.

The S & P Index confirmed on Thursday that vaccine manufacturers$Moderna Inc (MRNA.US) $It will be included in the S & P 500 from July 21 to replace Alibro Pharmaceuticals. After a year-to-date increase of more than 150%, Moderna Inc's market capitalization has reached 100 billion US dollars. At the end of last year, AstraZeneca PLC announced that he would buy Alibro Pharmaceuticals for $39 billion.

Moderna rose more than 7% to $278.51 before trading.

• Is the gross profit margin of the "money printing press" disappointing? Morgan Stanley: it will drop below 50% next year.

$Taiwan Semiconductor Manufacturing Co Ltd (TSM.US) $Shares fell the most in two months, falling 5.51 per cent to $117.53 as of yesterday's close. Charlie Chan, an analyst at Morgan Stanley, called the company's third-quarter outlook "disappointing" and warned that gross margin could fall below 50 per cent as early as next year.

We still believe that Taiwan Semiconductor Manufacturing Co Ltd's gross profit margin will fall below 50 per cent sometime in 2022 and 2023. And in terms of depreciation expenses, the company does not seem to show bargaining power. Morgan Stanley analyst Charlie Chan wrote in a report after the results were released. Or simply put, in the post-Moore era, costs are becoming too expensive, and Taiwan Semiconductor Manufacturing Co Ltd will have to increase capital expenditure and bear the cost of falling profit margins in order to maintain the scale of chip manufacturing. "

• Ericsson reached a $8.3 billion agreement with Verizon Communications Inc to provide the latter with a 5G solution.

$Ericsson (ERIC.US) $Announce a relationship with$Verizon Communications Inc (VZ.US) $In a landmark multi-year agreement, Ericsson will provide a 5G solution to accelerate Verizon Communications Inc's deployment of the next-generation 5G network in the United States. Verizon Communications Inc will deploy Ericsson's 5G MIMO C-band, low-band and millimeter wave solutions to enhance and expand Verizon Communications Inc's 5G Ultra Wideband network coverage, network performance and user experience.

Pre-market turnover of US stocks TOP20