Global macro

• Guggenheim analyst: the S & P 500 will rise to 5000

Scott Minerd, global chief investment officer of investment giant Guggenheim, said the S & P 500 would rise to 5000, according to Bloomberg. As of Thursday's close, the S & P 500 was at 4419.15, with about 13% room for gains, according to the analyst.

• Goldman Sachs: the current valuations of Chinese technology companies or private enterprises are very attractive

Goldman Sachs says the current valuations of Chinese technology companies or private companies are attractive. "in many of our recent conversations with clients about investing in Chinese stocks, the phrase 'non-investable' has appeared many times," the bank's analysts said. but it is difficult for us to judge that rather extreme rules such as non-profit orientation and financing restrictions will be extended to the stock market as a whole. However, the bank said it was too early to tell that stock market prices and sentiment cycles were at an inflection point, with regulatory resistance continuing to dominate investor valuations.

• Is it time for US stocks to take profits? Bank of America said so!

BofA points out that while the stock market has hit record highs in recent weeks, with the S & P above 4400, most of the gains in major indices have been driven by a handful of super-large technology companies such as Alphabet, Amazon and Apple. Bank of America explained, "We have observed the main indexes of US stocks for a long time, and from the technical indicators, US stocks still showed a downward trend at the end of July." According to the report, the US stock market did not perform well in the past August-October, so it sold strongly near the S & P 500 4400 to defend itself. The arrival of a seasonal bear market is another factor that advises investors to sell.

• The vaccination rate is not enough! Biden called for a reward of $100 for each vaccinator

Biden called on state and local governments to provide $100 rewards for each vaccinator, and Biden announced that non-military federal employees must be vaccinated or be regularly tested and masked, and the same criteria would apply to federal contractors.

• Stricter emission standards may come! Biden hopes American car companies will promise to account for 40% of electric vehicle sales by 2030.

The Biden administration is working to reduce greenhouse gas pollution, and the white house has told u.s. automakers to support a voluntary commitment that at least 40% of new cars will be sold as electric cars by 2030, according to people familiar with the matter. The Biden administration will introduce a revision of vehicle emission standards by 2026 as early as next week. Sources say the voluntary electric vehicle (EV) target could be as high as 50%, but no agreement has been reached with carmakers, and many details are still under discussion, including whether the commitment includes a variety of gas-electric hybrids.

• Italian and French Semiconductor CEO: the Global Chip shortage cannot be seen before the first half of 2023

Jean-Marc Chery, chief executive of Italian and French Semiconductor, said on Thursday that the global chip shortage would continue into the first half of 2023. "the situation will gradually improve in 2022, but it won't return to normal until the first half of 2023," Chery said, referring to normal chip inventory levels with an average lag of about three months for replenishment.

• Ministry of Industry and Information Technology: strengthen the responsibility of large-scale Internet enterprises, strengthen the security risk assessment of important data and exit management

A few days ago, the Network Security Administration of the Ministry of Industry and Information Technology entrusted the Internet Association of China to organize a forum on the implementation of the data Security Law by key Internet enterprises. Nearly 40 people from 12 enterprises, including Internet Society of China, China Academy of Information and Communications, Ali, Tencent, Meituan, Qi Anxin, Xiaomi, JD.com Inc, Weibo Corp, byte beating, 58.com, Baidu Inc, Pinduoduo, Ant Group, attended the meeting.

The Ministry of Industry and Information Technology stressed that enterprises should strengthen the responsibility of large-scale Internet enterprises, earnestly fulfill their obligations of data protection, strengthen organizational leadership, clarify the departments responsible for data security and those responsible, and establish a data security management system and mechanism for the whole life cycle. take corresponding technical measures to carry out risk monitoring and emergency disposal, and strengthen important data security risk assessment and exit management. We will jointly build a collaborative and co-governance industry data security supervision system, encourage enterprises to actively participate in the development of data security standards and key technologies, and actively cooperate with industry supervision.

• The US housing market is facing a "wave of default"! The Biden administration has made a new move to "reduce the burden" by 25% for monthly payments.

In order to avoid a repeat of the 2008-style default crisis in the US housing market, the Biden administration has come up with new measures to continue to reduce the burden on people who are unable to pay their mortgages. The Biden administration recently unveiled a plan to allow homeowners who get mortgages from the Federal Housing Administration (Federal Housing Administration) to extend their mortgages and lock in lower monthly principal and interest payments. The policy will reduce mortgage borrowers' monthly payments by 25%.

• The Fed's reverse repurchase reached the second-highest level in history and could soar to 2.5 trillion by the end of the year.

The daily trading volume of the Fed's reverse repurchase is rapidly approaching $1,000bn, and the Fed's overnight reverse repurchase usage reached a record $987.3 billion on Thursday, the second highest on record. The amount of reverse repurchase by the Fed increased by $49 billion in April, $296 billion in May, $362 billion in June and $124 billion in July. If the Fed keeps increasing its reverse repurchase rate of $200 billion a month, it will reach $2.5 trillion or even $3 trillion by the end of the year.

• Us stock index futures fell collectively in pre-market trading.

• European stock markets fell collectively

Hot news

• Amazon fell nearly 7% before trading, and revenue of hundreds of billions of dollars still fell short of market expectations.

$AMZN.US (Amazon) $U. S. stocks released second-quarter results after trading on Thursday. According to the financial report, the reported net income was $113.08 billion, more than $100 billion for the third consecutive quarter, up 27% from a year earlier, but still below the $115.2 billion expected by Wall Street analysts. In addition, Amazon earned an adjusted $15.12 a share in the second quarter, higher than analysts' forecasts of $12.30.

In addition, Mizuho lowered Amazon's target price to $4100 from $4400; investment bank Benchmark lowered its target price to $4200 from $4400; Atlantic Securities lowered its target price to $3800 from $4000; Credit Suisse lowered its target price to $4700 from $4850; and JPMorgan lowered its target price to $4100 from $4600.

• There is no guidance on the number of monthly active users in the third quarter, and Pinterest fell by more than 20% before trading.

Social media company$Pinterest (PINS.US) $Financial results for the second quarter ended June 30, 2021 are announced. The company's Q2 revenue was $613 million, up 125% from a year earlier, according to analysts' expectations of $562.3 million; net profit was $69.417 million, compared with a net loss of $101 million a year earlier; and the company expects Q3 revenue growth to be at the lower end of the 40% rel 49% range. It is worth noting that the company did not provide guidance on the number of monthly active users in the third quarter. In addition, Atlantic Securities lowered its Pinterest target price to $75 from $100.

• Tesla cut the price again! The standard life and upgrade version of Model 3 will be reduced by 15000 yuan.

$Tesla (TSLA.US) $It is announced that from now on, the price of Tesla Model 3 standard life upgrade version will be reduced by 15000 yuan to 235900 yuan (this is the starting price after subsidy). The price adjustment reflects the actual situation of cost fluctuations.

• Amazon fined a record $888 million by the European Union for violating data privacy

$AMZN.US (Amazon) $The company was fined 746 million euros ($888 million) by the EU's main regulator for violating the EU's strict data protection rules, the largest fine for data privacy violations in the EU's history. On Friday, Amazon disclosed the July 16 decision of the Luxembourg data Protection Agency in a regulatory filing. The decision said Amazon's "handling of personal data does not comply with EU general data protection regulations." Amazon said in its complaint that the fine had no legal basis and would actively defend itself in the matter. The company will appeal against the decision.

• Foreign media: Apple car may be produced by LG joint venture company. Details are being discussed.

According to foreign media reports, LGMagnae-Powertrain, a joint venture between LG and MagnaInternational (hereinafter referred to as Magna), announced that it would develop the power system and main components of electric vehicles. LGMagnae-Powertrain was launched in April this year.$AAPL.US (Apple) $The two sides launched a series of contacts and a series of negotiations on Apple's electric vehicle project. It is reported that Apple is seeking technical cooperation for the future Apple car self-driving system. At present, a hardware research and development team has been set up to develop electric drive systems and autopilot technology. There were rumors that Apple would cooperate with Hyundai Motor in South Korea to produce cars, but the negotiations failed. After that, Apple began to re-look for potential partners.

• NIO Inc. accelerated the launch of mid-and low-end brands, and Ai Tiecheng, a former WeWork executive, joined in charge.

It has been learned from a number of sources that Ai Tiecheng, former general manager of WeWork Greater China, has joined NIO Inc. as vice president of new strategy.$NIO Inc. (NIO.US) $CEO Li Bin reports. "Ai Tiecheng's new business in charge of NIO Inc. is a sub-brand," the source said. The so-called sub-brand is a medium-and low-end brand launched by NIO Inc. Company, which is independent of NIO Inc., and its price is expected to be in the market of 150000 yuan to 250000 yuan. However, another person familiar with the matter said, "Li Bin also takes into account the positioning of the Wuling Hongguang MINI EV (the price is about 30, 000 yuan)." "

In addition, NIO Inc. announced that he would announce his unaudited financial results for the second quarter of 2021 in the morning of August 12, Beijing time (after US stocks traded on August 11, eastern time).

• Tencent Music to launch NFT encrypted Art platform Service "TME Digital Collection"

According to insiders,$Tencent Music (TME.US) $The NFT encrypted art platform service "TME Digital Collection" will be launched in August, and QQ Music is already in internal testing. The platform will rely on blockchain technology to release virtual digital collections to users, which may be used in digital albums and limited peripheral products in the future. If the news is true, QQ Music will be the first music platform in China to issue a digital collection of NFT, and the platform technology is likely to be launched at the same time in all Tencent Music's products.