Global macro

• The inflation data exceeded expectations! Nasdaq futures dived wildly.

After the quarterly adjustment in June, the monthly rate of CPI in the United States recorded 0.9%, the highest since June 2008. After the release of US CPI data, US stock index futures fell. Dow futures fell 0.31%, S & P 500 futures fell 0.26%, Nasdaq futures fell 0.17%, and 10-year Treasury yields jumped to 1.379% from 1.348%.

• Buffett "the knife is not old"! Just three stocks have made a lot of $28.3 billion this year.

Buffett, the god of stock, has long been known for his highly concentrated holdings, while the three S & P 500 stocks that bet heavily have made about $28.3 billion this year.

According to S&P Global Inc. market intelligence and MarketSmith data, the top three US listed stocks in Berkshire Hathaway's portfolio: Apple Inc (Apple), Bank of America Corporation (Bank of America) and American Express Co (American Express), contributed 3/4 of the earnings to its stock portfolio. According to recent Berkshire Hathaway shareholding data, the value of his holdings in US stocks has increased by $37.5 billion, with Apple Inc accounting for 29.4 per cent, Bank of America Corporation 25.7 per cent and American Express Co 20.6 per cent.

• Biden asks the court to dismiss the appeal and Trump's TikTok ban will come to an end.

On Monday, local time, the Biden administration asked two federal appeals courts to dismiss the Justice Department's previous appeal, meaning the Biden administration has decided to completely withdraw the Trump administration's ban on TikTok from a judicial perspective.

Under former President Donald Trump, the US Department of Commerce issued a ban on Chinese apps such as TikTok and Wechat on the grounds of "national information security". Byte Jump and Wechat users then appealed to the court, and the court later decided to suspend the ban.

• Wall Street expert: the technology industry is still very strong in the next five years, and it is recommended to increase its holdings of FAAMG shares.

Local time Monday (12), Wall Street investment management agency Bernstein (Bernstein) released a report that the next five years of growth in the technology industry is expected to be very strong, compared with history, the level of overcrowding within technology companies is still very low, investors are advised to increase their holdings of FAAMG shares.

The Bernstein report acknowledges that there are risks in technology stocks: "on the one hand, valuations of technology stocks are close to 20-year highs, and earnings growth in technology stocks is expected to be on a par with or lower than the market in 2021 and 2022. And technology stocks face the risk of higher tax increases. "

However, growth in the technology industry is expected to remain strong over the next five years, with the highest quality scores, the highest return on investment, the second highest return on free cash flow and, compared with history, congestion within technology companies is still very low. "the report says.

• Travel demand has soared, and US analysts expect airline stock Q2 revenue to exceed expectations

After experiencing the "travel boom", American Airlines will release second-quarter results one after another since the beginning of this week. DAL announced on Wednesday that United Airlines (UAL) will release next week's report on July 20, and American Airlines (AAL) and Southwest Airlines (LUV) will release it on July 22. Some analysts expect Q2 revenue from aviation stocks to exceed expectations.

Cowen Group analyst Helen Becker (Helane Becker) said that as more and more Americans are vaccinated, the U. S. aviation industry will have a breakthrough this summer. In a recent report to clients, Becker said airlines' second-quarter earnings should be higher than expected, but she predicted that airlines' earnings per share would still be poor because of rising aviation fuel prices.

• The Securities and Exchange Commission strengthens its investigation into SPAC

According to foreign media reports, people familiar with the matter said that the US securities regulator has stepped up its investigation into the buying spree of special purpose acquisition companies (SPAC), focusing on possible conflicts of interest when banks act as underwriters and advisers on the same deal.

The Securities and Exchange Commission (SEC) is studying whether certain fee structures will encourage SPAC underwriters to strike inappropriate deals and advise on later mergers, which could put investors at risk, according to people familiar with the matter. Banks that received SEC requests for information included Citigroup Inc (C.N), CS.N (Credit Suisse), Morgan Stanley (MS.N) and Goldman Sachs Group (GS.N), they said. A spokesman for the banks declined to comment.

Hot news

• The coin ring falls down and the platform is full? Goldman Sachs Group predicts that Coinbase will profit from the currency storm.

According to Goldman Sachs Group's latest memo, Goldman Sachs Group exchanged information on the cryptocurrency exchange.$Coinbase Global, Inc. (COIN.US) $Give a "buy" rating and expect Coinbase's second-quarter results to exceed Wall Street expectations.

Although many governments around the world have recently tightened their regulatory policies on encrypted currency trading and mining, which has led to a sharp fall in most encrypted currencies, and Coinbase's share price has continued to decline, Goldman Sachs Group believes that in the context of a significant increase in the volatility of encrypted currency assets caused by many negative factors, market trading volume has also increased significantly, and the transaction fees charged by trading platform Coinbase will also rise. Goldman Sachs Group analysts' estimates of Coinbase's earnings per share in the coming year are 11% higher than market expectations.

• 593 million dollars! Alphabet Inc-CL C was heavily fined by French antitrust authorities for copyright disputes

On Tuesday morning, European time, the French antitrust regulator made a decision on Alphabet's$Alphabet Inc-CL C (GOOG.US) $A fine of 500 million euros ($593 million) was imposed. The fine is by far the second largest antitrust fine against a single company in France. Alphabet Inc-CL C must come up with a plan to compensate French news organizations and other publishers within the next two months. If not, Alphabet Inc-CL C will face a deferred fine of up to 900000 euros per day.

A spokesman for Alphabet Inc-CL C said Alphabet Inc-CL C was "very disappointed" with the decision and said it was "well executed in antitrust matters". In addition, Alphabet Inc-CL C said he was about to reach an agreement with AFP, including a global license.

• PepsiCo Inc announced the Q2 financial report in 2021, and the revenue exceeded the market expectation.

$PepsiCo Inc (PEP.US) $Second-quarter revenue of $19.22 billion, market expectations of $17.959 billion, compared with $15.945 billion in the same period last year; second-quarter earnings of $1.70 per share, market expectations of $1.52 and $1.18 in the same period last year; second-quarter net profit of $2.358 billion and market expectations of $2.112 billion, compared with $1,646 million in the same period last year.

PepsiCo Inc rose more than 1% before trading.

• JPMorgan Chase & Co announced the Q2 financial report in 2021, the net profit is far higher than that of the same period last year.

$JPMorgan Chase & Co (JPM.US) $Second-quarter revenue of $31.4 billion, market expectations of $29.921 billion, compared with $33.817 billion in the same period last year; second-quarter earnings per share of $3.78, market expectations of $3.16 and $1.38 in the same period last year; second-quarter net profit of $11.496 billion and market expectations of $9.326 billion, compared with $4.265 billion in the same period last year.

JPMorgan fell nearly 1% across the board.

• Goldman Sachs Group announced the Q2 financial report in 2021, and the revenue exceeded the market expectation.

$Goldman Sachs Group (GS.US) $Second-quarter revenue of $15.39 billion, market expectations of $12.174 billion, compared with $13.295 billion for the same period last year; second-quarter earnings per share of $15.02, market expectations of $10.07, compared with $6.26 for the same period last year; second-quarter net income of $5.347 billion, market expectations of $3.417 billion.

Goldman Sachs rose 0.33% before trading.

• It is reported that the order of Tesla, Inc. Model Y Standard continued Edition on the first day of listing exceeded 10,000.

According to reports,$Tesla, Inc. (TSLA.US) $The sales consultant said: "the order for the Model Y standard extension has exceeded 10, 000 on the first day and over 5, 000 on the second day. The data for the third day has not yet been uploaded, but it is certainly quite a lot. Tesla, Inc. China official website officially launched the Model Y standard service version on July 8. The new Model Y standard service version starts at 276000 yuan and has a range of 525km. Delivery is expected to begin in August.

• Boeing Co has a new problem! The Dreamliner is targeted by FAA because of new quality problems.
  

Local time on Monday (12th), due to some undelivered$Boeing Co (BA.US) $There are new manufacturing quality problems with the Dreamliner, and the Federal Aviation Administration (FAA) has asked Boeing Co to repair the aircraft before delivery. This may further delay the delivery of the aircraft and increase the financial pressure on Boeing Co.

Boeing Co said that in order to deal with the new production-related structural defects, the production of 787s was cut to less than five per month. The stock of the 787 aircraft is about 100, and deliveries this year are less than half of the inventory.

Boeing fell 2% ahead of the day.

• Sogou rose 2% before trading, and Tencent's acquisition of Sogou's stake was approved.

According to the list of cases of unconditional approval of operator concentration issued by the State Administration of Market Supervision from July 5 to July 12, 2021, the acquisition of Tencent Co., Ltd. has been approved.$Sogou (SOGO.US) $Equity in the company. Sohu.com Ltd rose nearly 9 per cent to $20.22 before trading, while Sogou rose more than 2 per cent before trading.

In July last year, Sogou announced that Tencent had made a privatisation offer to buy about 60 per cent of the unheld shares at a cash price of $9 per share. The deal values Sogou at about $3.5 billion. Sogou shares then surged 48 per cent to close at $8.51. At present, Sogou's total share capital is 388 million shares, while the current outstanding share capital is only 34.46 million shares, with a market capitalization of only US $300m.

• The Ministry of Industry and Information Technology has released a new catalogue of tax-free new energy models, including ideal ONE, XPeng Inc. P5 and Huawei Smart SF5.

Today, the website of the Ministry of Industry and Information Technology released the catalogue of New Energy vehicles exempted from vehicle purchase tax (44th batch)$Li Auto Inc. (LI.US) $ONE 、$XPeng Inc. (XPEV.US) $P5. Huawei Smart selection SF5 is listed.

Pre-market turnover of US stocks TOP20