Hot news

• Fed: expect to make progress on the threshold of reducing QE

Officials are expected to continue to make progress on the threshold for reducing QE, according to Fed minutes. Money market interest rates are under downward pressure during the meeting, and believe that these interest rates may fall further in the near future, low interest rates lead to rising house prices, and valuation pressure in the real estate market may bring financial stability risks. The higher-than-expected rise in inflation is seen as mainly reflecting temporary factors, and participants expect inflation to fall towards the committee's long-term target of 2 per cent.

• President Joe Biden's administration may consider reshaping the Fed board, Powell may be re-elected

As the White House considers re-nominating Powell, chairman of the Federal Reserve, officials are discussing reshaping the Fed board so that the coalition government can deal more closely with priorities, such as tighter banking regulation, according to people familiar with the matter. U.S. president Joe Biden currently has a vacancy for a Fed official to fill and is likely to replace three more senior central bankers in the coming year, depending on how much he wants to reform the Fed leadership.

Sources said that although no decision has been made, there is no clear candidate to replace Powell, coupled with his interest in continuing to hold the post, indicating that his re-nomination is possible. U.S. Treasury Secretary Yellen said she was satisfied with the way Powell guided monetary policy during the COVID-19 crisis.

• Us Centers for Disease Control and Prevention: 51.7% of new cases in the United States are infected with Delta mutant

According to the latest data from the US Centers for Disease Control and Prevention, as of July 3, the number of COVID-19 cases infected with Delta mutant in the United States accounted for 51.7% of the new cases, more than half of the new cases for the first time. The figure is only 30.4%.

• "lack of core" is a serious drag on the recovery of European automobile industry.

The influence of "lack of core" in big automobile countries, represented by Germany, France and Britain, intensified in June. At a time of strong market demand, both production and sales are under pressure to recover. VDA, the German association of automobile manufacturers, said this week that German car production had been "significantly lower than expected" in recent months and cut its forecast for production growth this year to 3 per cent from the previous 13 per cent. In its mid-year market report, VDA expects Germany to produce 3.6 million cars this year, 400000 fewer than its previous forecast.

• IATA: global air travel demand was still 63% lower in May than it was before the outbreak

Global demand for passenger air travel remains low compared with pre-COVID-19 levels, the International Air Transport Association (IATA) said on Wednesday. According to the data, demand in May 2021 was still 63% lower than in the same period two years ago. In addition international travel is much more affected by continuing restrictions than travel in the domestic market.

Review of US stocks

• S & P and Nasdaq hit new highs, and new energy automobile stocks fell collectively.

On Wednesday, all three major stock indexes closed higher, and the S & P 500 recovered Tuesday's losses and set another all-time high. The Nasdaq rose just 0.01%, but closed at a new high for three consecutive days, and the Dow closed near an all-time high. Affected by the fall in oil prices, the energy sector performed poorly, and most source stocks could only fall by more than 2%.

The performance of large technology stocks varied, with Apple Inc up 1.80%, Amazon.Com Inc up 0.57%, Alphabet Inc-CL C up 0.24%, Microsoft Corp up 0.82%, Netflix Inc down 1.05% and Facebook down 0.65%.

New energy vehicle stocks generally closed down. Tesla, Inc. fell 2.26%, NIO Inc. 8.45%, XPeng Inc. 5.86%, Li Auto Inc. 4.62% Magi Nikola 6.77% Magi Lordstown 8.06% Lordstown 9.61%.

• Apple Inc's share price rose seven times in a row and reached a new high, with a market capitalization of US $2.4 trillion. Analyst: it's time to consider buying again.

Apple Inc's shares rose 1.8% on Wednesday to close at $144.57, an all-time high with a market capitalization of $2.41 trillion. This is the company's share price rose for the seventh consecutive session, as the market is optimistic about the company's growth prospects for the second half of the year. Apple Inc's share price has risen about 9 per cent so far this year, lagging behind the double-digit gains of some other large technology stocks, while the s & p is up 16 per cent over the same period.

After Apple Inc lagged behind competitors and the market in the first half of the year, JPMorgan Chase & Co analyst Samik Chatterjee advised investors to buy shares in the company. "it's time to start buying again," he said in a report on Tuesday, adding that the tech giant's shares are expected to rebound in the second half of the year because of strong sales prospects for the iPhone 12 series and strong expectations for the next iPhone.

• DiDi Global Inc. closed down more than 4% on Wednesday and was subjected to a class action lawsuit in the United States.

DiDi Global Inc. shares continued their decline on Wednesday, closing down 4.64% at $11.91, with a market capitalization of $57.1 billion. On the news side, after "DiDi Global Inc. Travel" App was removed from the app store, DiDi Global Inc. Travel was also removed from its shelves on Alipay Mini Program and WeChat Mini Programs on July 7. DiDi Global Inc. travel can no longer be seen in WeChat Pay's transportation travel service.

In addition, the American law firm Labaton Sucharow formally launched a class action against DiDi Global Inc.. It was previously reported that Labaton Sucharow LLP and Rosen Law Firm recently announced that they were investigating potential securities claims on behalf of shareholders of DiDi Global Inc. Global Co., Ltd.

• British media: DiDi Global Inc. will launch a ride-hailing service in the UK in a few weeks.

The British Telegraph did not cite sources to report that DiDi Global Inc. will launch a ride-hailing service in the UK within a few weeks. The company has obtained licenses in Salford and Sheffield.

• The first phase of Tesla, Inc. Shanghai Super Factory has been completed, with an annual production capacity of 10, 000 pieces of charging piles.

According to KE Holdings Inc. Finance, the second phase of Tesla, Inc. Shanghai Super Factory (Phase I) was completed on June 27th and officially began commissioning on July 5th, which means that the construction of Tesla, Inc. Shanghai Super Factory (Phase I) is officially completed. In addition, on the Shanghai construction project EIA information disclosure website, Tesla, Inc. China announced that it had adjusted the construction of the charging pile project, but maintained the annual output of 10, 000 rechargeable piles.

• Trump fights backSue Twitter, Facebook and Alphabet Inc-CL C

Former US President Donald Trump filed a class action lawsuit against Twitter, Facebook and Alphabet Inc-CL C over the blocking of his account. Trump held a press conference on the 7th local time, asking the court to impose punitive damages on these social media giants and stop censoring the American people.

• Many states in the United States have initiated an antitrust lawsuit against Alphabet Inc-CL C.
  

Attorneys general of several states filed an antitrust lawsuit against Alphabet Inc-CL C in federal court on Wednesday, local time, accusing the company of violating antitrust laws while running the Android mobile app store. The case is likely to be heard in federal court in northern California and is expected to begin in 2022, according to people familiar with the matter.

• Visa Inc: the consumption of encrypted currency credit cards exceeded 1 billion US dollars in the first half of this year.

Visa Inc said on Wednesday that it was working with 50 cryptocurrency platforms to enable customers to pay digital currencies to 70 million merchants. Visa Inc customers spent more than $1 billion through their cryptocurrency credit cards in the first half of this year.

• Microsoft Corp's former CEO Ballmer joined the billionaire club.

Microsoft Corp's former CEO Steve Ballmer has a net worth of more than $100 billion, making him the ninth person in the world to reach that peak, according to the Bloomberg Billionaires Index. Oracle Corp founder Larry Ellison has a net worth of $98.6 billion, making him the 10th richest person on the list, one step away from $100 billion.

The rise in technology stocks has contributed to the latest wealth surge, with seven of the nine billionaires with a net worth of more than $100 billion coming from technology companies. Bezos, founder of Amazon.Com Inc, is one of the biggest beneficiaries of the rally, with a record net worth of $212.1 billion.

The top 20 stocks traded in the US on Wednesday

The Prospect of Hong Kong City

• On Wednesday, Beishui sold more than HK $2.1 billion in Tencent and increased its position in Li Ning Co. Ltd. by nearly HK $500m.
  

Southbound Capital bought a net HK $1.78 billion on Wednesday, of which Li Ning Co. Ltd., Hong Kong Exchanges and Clearing and Geely Automobile received a net purchase of HK $487 million, HK $487 million and HK $463 million respectively. In terms of net sales, Tencent, Meituan-W and China Mobile Limited received net sales of HK $2.159 billion, HK $394 million and HK $355 million respectively.

• 22 acquisitions in the Internet field, including BABA and Tencent, were administratively punished.

The General Administration of Market Supervision has filed and investigated 22 cases of illegal concentration of operators in the Internet field. These include 6 BABA joint ventures and acquisitions, 5 Tencent acquisitions, 5 Huidi Tianjin (DiDi Global Inc. subsidiary) acquisitions, 2 DiDi Global Inc. acquisitions, 2 SUNING acquisitions, and 1 Meituan acquisition. The General Administration believes that these cases violate Article 21 of the Anti-monopoly Law of the people's Republic of China, constitute an illegal implementation of operator concentration, and do not have the effect of excluding or restricting competition. The administrative penalty decision was made in accordance with articles 48 and 49 of the Anti-monopoly Law of the people's Republic of China, and the enterprises involved were fined 500000 yuan respectively.

• COSCO Shipping Holdings: the net profit in the first half of the year is expected to be 37.093 billion yuan, with a performance increase of 3162%.

COSCO Shipping Holdings announced that the net profit in the first half of the year is expected to be 37.093 billion yuan, compared with about 1.137 billion yuan in the same period last year. During the reporting period, the container shipping market continued to improve, and the company made every effort to ensure global transport services through measures such as increasing transport capacity, ensuring supply containers and lifting services, and achieved a simultaneous increase in volume and price.

• Smoore International Holdings Limited is expected to increase his profit by more than 34 times in the first half of the year.

Smoore International Holdings Limited announced that the company's directors expect total profit and comprehensive income for the six months ended June 30, 2021 to increase by about 3425.0% to 3796.1% compared with the six months ended June 30, 2020.

After adjustment, the adjusted net profit for the period is expected to increase by about 116.1% to 138.8% compared with the comparison period, mainly due to the steady growth of the group's income, as well as the scale effect of the group and the continuous improvement of the product structure.

Focus today

Key words: DiDi Global Inc. XPeng Inc. Qi into Russell; US crude oil inventory and the number of people claiming unemployment benefits at the beginning of the week; minutes of the Federal Reserve FOMC meeting

Niuniu morning reading:

A really good investor is not whether he will always be the winner in the market, but whether he has the courage to stand up from every failure and become stronger!

-- Soros