环球市场动态

Global Market Dynamics - The report indicates that the recent appreciation of the Japanese yen is not the primary factor behind the decline in overseas risk assets, despite speculation regarding the reversal of carry trades [2][5] - The resilience of the US macro economy and the upcoming risk management-style interest rate cuts may support the performance of US stocks before the cuts occur [2][5] Stock Market Performance - The report highlights mixed performances in major stock markets, with the Dow Jones increasing by 0.5% while the Nasdaq and S&P 500 declined by 1.3% and 0.5% respectively [5][12] - In the Asia-Pacific region, the Hang Seng Index fell by 1.37%, while the Taiwan stock market showed a slight increase of 0.27% [12][10] Company-Specific Insights - Microsoft reported a revenue of $64.73 billion for Q4 FY2024, a 15% year-on-year increase, but cloud service revenues fell short of expectations [6] - ServiceNow's second-quarter performance exceeded expectations, with significant growth in new annual contract value (ACV) across various sectors, particularly in federal departments and manufacturing [6][9] Economic Indicators - The US consumer confidence index rose slightly to 100.3 in July, while job openings decreased to 8.18 million, indicating a mixed labor market [17] - The report notes that the European economy showed unexpected growth in Q2, with Germany experiencing a surprise acceleration in inflation [2][5] Fixed Income Market - US Treasury bonds saw an increase due to safe-haven buying following geopolitical tensions, with the yield curve declining by 4 basis points [4][17] - The report mentions that the Federal Reserve is expected to maintain interest rates during its upcoming meeting, with a 95.9% probability of no change [17] Sector Performance - The report identifies a downturn in the Hong Kong stock market, with all major sectors declining, particularly the energy sector which fell by 3.2% [7][8] - In the A-share market, the real estate sector showed some strength, but overall indices declined, with the Shanghai Composite Index down by 0.43% [10][11]