Sou Hu Cai Jing·2025-10-09 23:53Market Overview - US macroeconomic data remains uncertain, raising concerns about bubble risks and increasing profit-taking demand, leading to a decline in US stocks. However, a late rally was triggered by Microsoft's forecast of a data center supply shortage lasting until 2026, although major indices still closed lower [1] - The performance of the seven major US tech stocks was mixed, with Meta rising over 2% and Nvidia hitting a new high, while Apple fell over 1.5%. Investors shifted from cyclical sectors to defensive sectors, with Chinese concept stocks dropping over 2% [1] Bond and Currency Markets - US Treasury bonds faced selling pressure, with yields on major maturities rising by 1-2 basis points. The US dollar increased by 0.72%, surpassing 99 and reaching a two-month high [2] - Bitcoin experienced a drop of approximately 3.3% from its daily high, while Ethereum fell by 3.7%. Strong dollar dynamics, coupled with ongoing negotiations between Israel and Hamas, led to declines in precious metals, with gold dropping by 1.70% below $4000 and silver retreating over 5.6% after a historic peak [2] Oil Market - US oil prices fell by over 1.3% during the day [3] Asian Market - The Shanghai Composite Index opened positively for the fourth quarter, breaking the 3900-point mark for the first time in ten years, with significant gains in gold and copper, while the semiconductor sector retreated in the afternoon [4] Key Developments - The Chinese Ministry of Commerce issued four announcements regarding export controls on rare earths, lithium batteries, and superhard materials, set to take effect on November 8 [4] - The US government faces difficulties in resolving a shutdown, with the Senate rejecting funding bills multiple times, and Trump threatening to cut Democratic projects [5] Federal Reserve Insights - The US Labor Statistics Bureau is preparing to release the September CPI data during the government shutdown, which is crucial for determining future Social Security payments [6] - Federal Reserve officials expressed differing views on inflation risks and interest rate cuts, with some supporting further cuts this year while others urged caution [20] Company Developments - Microsoft predicts a data center supply shortage will last until mid-2026, exceeding previous expectations of late 2025, despite significant capacity increases [22] - Intel showcased its new 18A process AI PC chip, marking a significant advancement in US manufacturing capabilities [23] - TSMC reported Q3 revenue exceeding expectations, with a year-on-year growth of 30%, driven by strong AI demand [11] Mergers and Acquisitions - HSBC plans to privatize Hang Seng Bank for $13.6 billion, offering a premium of over 30% [24] - Novo Nordisk announced a $5.2 billion acquisition of Akero Therapeutics to enhance its liver disease treatment portfolio [32] Industry Trends - The semiconductor industry is expected to recover by 2025, driven by AI demand and significant investments from major tech companies [35] - The rare earth sector is facing tighter export controls from China, which may strengthen its global pricing power [37]