Economic Data - The U.S. non-farm payrolls for July increased by only 73,000, significantly below the expected 104,000, indicating a weakening labor market[6] - The downward revision of previous months' data totaled nearly 260,000, raising concerns about the quality of non-farm data[6] Market Reactions - U.S. stock markets experienced a sharp decline, with the Dow Jones falling 1.23% to 43,588.6, the S&P 500 down 1.60% to 6,238.0, and the Nasdaq dropping 2.24% to 20,650.1[11] - European markets also faced significant losses, with the Stoxx 600 index plunging 1.89% amid fears of a global economic slowdown due to new tariffs announced by President Trump[11] Currency and Commodities - The U.S. dollar index fell by 0.8% to 99.14, while international gold prices rose over 1%[4] - International oil prices dropped sharply, with WTI crude oil down 2.8% to $67.33 per barrel, reflecting concerns over demand growth[31] Fixed Income Market - U.S. Treasury yields saw a significant decline, with the 2-year yield dropping 27.5 basis points to 3.68%, as market expectations for a Fed rate cut in September surged to 90%[34] - Asian bond markets showed weakness, with spreads widening by 1-3 basis points, particularly in the Chinese bond market[34] Sector Performance - In the U.S., 8 out of 11 S&P sectors declined, with the consumer discretionary sector leading the losses, down 3.59%[11] - In the Hong Kong market, the Hang Seng Index fell 1.07%, marking its fourth consecutive decline, with technology stocks underperforming[13]

Group 1: China Market Focus - Extreme weather has led to a decline in manufacturing sentiment, with the manufacturing PMI for July at 49.3, down 0.4 points from the previous month and 0.7 points below the five-year average [13][12] - The political bureau meeting in July emphasized the need for macro policies to "continue to exert force and increase strength" to address structural economic issues [12] - The manufacturing PMI's decline is attributed to high temperatures and heavy rainfall, affecting production and demand, while price indices have shown a significant rebound due to anti-involution effects [13][12] Group 2: Stock Recommendations - Covos (603486 CH) is focusing on expanding its robotics core components and manufacturing project, with an expected annual output of 20 million key components and a projected revenue exceeding 1 billion yuan [21] - Zhaoyi Innovation (603986 CH) is positioned well in the AI era with its customized storage solutions, benefiting from trends in high bandwidth and low power consumption, and is expected to gain market share in the DRAM sector [21] Group 3: UK Market Focus - The UK economy is showing signs of risk, with GDP growth in April and May falling short of expectations, and a potential for two more interest rate cuts this year [31][29] - The UK stock market is facing structural challenges, with high international exposure and a strong pound affecting corporate earnings, while sectors like defense and utilities may perform better [32][31] Group 4: India Market Focus - India's economic growth is projected to slightly decline from 6.5% to 6.2% in the fiscal year 2026, with risks stemming from a slowdown in rural recovery and industrial activity [46] - The Indian government has approved significant defense contracts, with Hindustan Aeronautics (HNAL IN) expected to benefit from a substantial order backlog, indicating strong growth potential in the defense sector [51][46]

Market Overview - Chinese market experienced a significant decline, with major indices dropping over 1%, while AI stocks remained the only bright spot[3] - European markets showed weakness as investors digested a large volume of corporate earnings reports, with the Stoxx 600 index down 0.75%[11] - U.S. stock market faced resistance, with the S&P 500 retracting 1% from earlier gains, despite strong performances from large tech stocks like Meta and Microsoft[11] Economic Indicators - China's manufacturing PMI for July fell to 49.3, a decrease of 0.4 points from the previous month, indicating a contraction in manufacturing activity[6] - Non-manufacturing PMI also declined to 50.1, down 0.4 points, reflecting a slowdown in the service sector[6] - U.S. core PCE inflation rose to 2.79% year-on-year, slightly above expectations, indicating persistent inflationary pressures[32] Commodity and Currency Trends - International oil prices fell by 1%, with WTI crude at $69.26 per barrel and Brent crude at $72.53 per barrel[29] - The U.S. dollar index saw a slight increase of 0.2%, while gold prices experienced a minor decline[29] - The Japanese yen led declines among G-10 currencies after the Bank of Japan maintained its interest rates[29] Corporate Earnings Highlights - Apple reported a 10% increase in Q3 revenue to $94 billion, driven by strong iPhone sales, which totaled $44.6 billion, up 13% year-on-year[9] - Amazon's Q2 net profit rose 34.8% to $18.2 billion, but its Q3 operating profit forecast fell short of market expectations, leading to a post-earnings stock drop of over 6%[9] - Vale's Q2 revenue was $8.8 billion, down 11% year-on-year, but net profit increased by 6% to $2.12 billion, aided by strong copper and nickel performance[9] Investment Insights - The U.S. Treasury yield curve remained stable, with the 10-year yield at 4.37%, as investors awaited upcoming non-farm payroll data[32] - China's investment-grade bond spreads narrowed by 1-2 basis points, indicating a mixed performance in the Asian bond market[32] - The recent U.S. copper tariffs are expected to benefit domestic copper processing companies, with recommendations for investments in related sectors[16]

Group 1: Company Performance - New Oriental Education reported FY25 revenue of $4.9 billion, a year-on-year increase of 14%[1] - Net profit for FY25 was $372 million, up 20% year-on-year, with adjusted net profit reaching $432 million, exceeding expectations by 5%[1] - Adjusted net profit margin improved by 1.6 percentage points to 8.8%, primarily due to economies of scale[1] Group 2: Business Segments - Q4 FY25 education service revenue grew by 19% year-on-year to $1.1 billion, surpassing the previous guidance of 10%-13%[2] - The growth rate of education services has slowed compared to earlier quarters, with Q1, Q2, and Q3 FY25 showing increases of 33.5%, 31.3%, and 21.2% respectively[2] - New business in education grew by 32.5% year-on-year, while overseas exam training and study abroad consulting increased by 14.6% and 8.2% respectively[2] Group 3: Future Guidance - Management expects Q1 FY26 total net revenue to be between $1.46 billion and $1.5 billion, representing a year-on-year growth of 2% to 5%[2] - FY26 total net revenue is projected to be between $5.15 billion and $5.39 billion, indicating a year-on-year growth of 5% to 10%, slightly below market expectations of 8%-12%[2] - A new three-year shareholder return plan was announced, aiming to return at least 50% of profits to shareholders through dividends or share buybacks[2] Group 4: Market Sentiment - Concerns arise regarding the growth outlook due to the conservative FY26 guidance, which may affect investor sentiment[4] - The departure of key anchor host Dong Yuhui has negatively impacted the revenue of the Oriental Selection segment, which saw a 39% year-on-year decline in FY25[4] - The current expected P/E ratio for FY26 is 13.52 times[4]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.17% at 3,615 points, while the Shenzhen Component Index fell 0.77% and the ChiNext Index dropped 1.62%[17] - The Hang Seng Index declined 1.36% to 25,176 points, marking a five-day losing streak, with significant drops in major tech stocks[13] - U.S. stock indices experienced slight declines, with the Dow Jones down 0.38% at 44,461 points and the S&P 500 down 0.12% at 6,362 points, while the Nasdaq rose 0.15% to 21,129 points[11] Economic Indicators - The U.S. GDP growth rate for Q2 was reported at 3.0%, significantly improving from a contraction of 0.5% in Q1[31] - The Federal Reserve maintained interest rates, with a shift in focus towards the perception of tariff-induced inflation as a one-time event, impacting future rate cut expectations[7] Commodity and Currency Movements - International oil prices rose over 1%, with WTI crude oil reaching $70.0 per barrel, influenced by geopolitical tensions and sanctions[28] - The U.S. dollar index increased by 0.9% to 99.82, marking a two-month high, while gold prices fell by 0.8% to $3,295.8 per ounce[28] - Copper prices plummeted by 18% after the U.S. excluded refined copper from new tariffs, leading to significant market volatility[5] Corporate Earnings Highlights - Microsoft reported Q4 earnings exceeding expectations, with net profit of $27.23 billion, a year-on-year increase of 23.6%, driven by strong growth in cloud and AI services[9] - Meta's Q2 net profit rose 36% to $18.337 billion, with revenue growth of 22% to $47.52 billion, surpassing market forecasts[9] Bond Market Trends - U.S. Treasury yields rose by 4-7 basis points, with the 2-year yield at 3.94% and the 10-year yield at 4.37% following the Fed's decision to hold rates steady[6] - Asian bond markets showed mixed performance, with Chinese investment-grade bonds remaining stable amid varying yield spreads[31]

Market Overview - A-shares continued to rise, with the pharmaceutical and communication sectors leading the market[3] - The Hang Seng Index and the National Enterprises Index fell by 0.15% and 0.34%, respectively, but narrowed their losses in the afternoon[12] - European stock markets rose, with the Stoxx 600 index increasing by 0.43%[10] - U.S. stock markets opened high but closed lower, with the Dow Jones down 204 points or 0.46%[10] Currency and Commodities - Concerns over Trump's pressure on Russia and hopes for a tariff agreement boosted oil prices, with WTI crude rising by 3.75% to $69.21 per barrel[27] - The U.S. dollar index increased by 0.26%, reaching a one-month high of 98.886[27] - Gold prices ended a four-day decline, rising by 0.42% to $3,324 per ounce[27] Fixed Income - U.S. Treasury prices rose, with the 7-year note auction attracting strong demand, yielding 4.092%[31] - Asian bond markets showed slow trading but remained firm, with spreads narrowing by 1-3 basis points[31] Corporate Highlights - Intel's quarterly earnings exceeded expectations, but the company faces challenges due to tariffs and restructuring costs, leading to lower profit guidance[9] - Digital Realty's Q2 performance surpassed market expectations, prompting an upward revision of its annual guidance[9] Regulatory Developments - Hong Kong's Monetary Authority announced the implementation of a regulatory framework for stablecoin issuers starting August 1, with the first licenses expected by year-end[6]

Group 1: US Market Focus - Inflation risks remain high, and the Federal Reserve maintained its stance in July [7][12] - TACO trading continues to be established, with companies like Broadcom and GE Vernova highlighted for their growth potential [15][18] - The impact of tariffs on US importers is significant, with the potential for increased consumer prices in sensitive categories [11][10] Group 2: Japanese Market Focus - The US-Japan agreement reduces market uncertainty, with tariff reductions benefiting Japanese automakers [27][34] - Companies like Fanuc and Bridgestone are expected to benefit from the lowered tariffs, enhancing their market positions [39][38] - The political landscape in Japan is shifting, with pressures on leadership potentially affecting market stability [31][32] Group 3: Thai Market Focus - Economic growth and inflation are expected to slow, supporting further interest rate cuts by the Bank of Thailand [45][52] - The Thai stock market has reflected multiple risks, with companies like CP ALL and Central Pattana being monitored for performance [45][54] - The Thai government is negotiating to lower tariffs on exports to the US, which could positively impact trade dynamics [50][51]

Financial Performance - Sands China reported a 2.5% year-on-year increase in net revenue to $1.8 billion in Q2 2025, but net profit fell by 13% to $214 million[1] - Adjusted EBITDA remained flat at $566 million, with the Londoner property contributing significantly to performance recovery[1] - The Londoner’s EBITDA doubled year-on-year to $205 million, outperforming market expectations[1] Market Trends - Total gaming revenue in Q2 2025 was flat at $1.7 billion, while the industry grew by 8%, indicating Sands China's growth lagged behind the market[2] - Sands China's market share decreased by 2 percentage points year-on-year to 22.5%[2] - VIP gaming revenue fell by 13% to $155 million, contrasting with a 13% industry growth, despite a slight increase in win rate[2] Operational Insights - The Londoner’s renovation has positively impacted performance, with a total of 10,800 hotel rooms post-renovation, maintaining the largest room count among Macau's six licensed operators[3] - The Venetian's EBITDA declined by 10% to $236 million, primarily due to poor gaming win rates[1] - Sands China is focusing on high-end mass market growth while consolidating its base mass market share[6]

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Market Overview - A-shares rose on Thursday, with the Shanghai Composite Index up 0.65% to 3,605 points, driven by the Hainan closure boosting related sectors[15] - European markets generally closed higher, with the Eurozone Stoxx 600 index up 0.24%, as the European Central Bank (ECB) maintained interest rates[9] - U.S. stock performance was mixed, with the Dow Jones down 0.70% to 44,693 points, while the S&P 500 slightly increased by 0.07%[9] Economic Indicators - U.S. economic data showed resilience, with initial jobless claims declining for the sixth consecutive week, indicating a strong labor market[29] - The ECB's decision to hold rates steady marked a shift from previous rate cuts, reflecting confidence in the Eurozone's economic resilience despite global uncertainties[9] Commodity and Currency Movements - Oil prices rose, with WTI crude increasing by 1.2% to $66.03 per barrel, supported by positive trade negotiations[26] - The U.S. dollar index rebounded by 0.2%, while gold prices fell, reflecting market adjustments following the ECB's announcements[24] Sector Performance - In the U.S., the technology sector saw gains, particularly in AI-related stocks, while the consumer discretionary sector lagged, with Tesla's stock dropping 8.20% due to disappointing earnings[9] - In Hong Kong, the Hang Seng Index rose 0.51%, with significant gains in the healthcare and materials sectors, while large tech stocks faced declines[11] Investment Opportunities - The China-Europe summit highlighted potential investment opportunities in energy equipment and engineering machinery, as China seeks to enhance its exports to Europe[6] - The beverage sector in China is expected to perform well this summer due to high temperatures and increased travel, with recommendations for leading brands like Nongfu Spring[13]