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S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
BP Cut at HSBC on Concerns Over Sustainability of Stock Buybacks
Northbound funds | Net purchase of 5.987 billion Hong Kong shares ETF by domestic funds to build positions again, and continue to sell HSBC (00005).
On August 6, the Hong Kong stock market saw a net buying amount of 59.87 Hong Kong dollars from northbound investment, with a net selling/buying amount of 3.208 billion Hong Kong dollars for the Shanghai-Hong Kong Stock Connect and a net buying amount of 2.779 billion Hong Kong dollars for the Shenzhen-Hong Kong Stock Connect.
Option Volatility | AI Stocks on the Radar as Palantir and Super Micro Face Earnings Verdict
Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Deutsche Bank: Tencent is a "safe haven with a catalyst".
Morgan Stanley predicts that Tencent's gaming business is expected to achieve high growth in Q2 of this year and become a leading indicator for the company's future profits exceeding expectations. Morgan Stanley set a target price of HKD 450 for Tencent's Hong Kong stocks, which is 25.6% higher than the Friday closing price.
