农银国际证券：每天导读-20240917

Core Insights - The report highlights a significant expansion in New York's manufacturing activity, with the overall business conditions index rising from -4.7 to 11.5, marking the first expansion in nearly a year [6][7] - The new orders index surged over 17 points to 9.4, the highest level since April 2023, indicating strong demand [6] - The report also notes that the European Central Bank's chief economist suggests a cautious approach to interest rate cuts, reinforcing expectations for a potential rate cut in December rather than October [10] Economic Data Summary - The Eurozone's trade balance for July was reported at 15.5 billion, slightly below the expected 15.0 billion [3] - The U.S. New York manufacturing survey index for September came in at 11.5, significantly above the expected -4.0 [3] - Labor costs in the Eurozone for Q2 were reported at 4.7% year-on-year, down from 5.1% in the previous quarter [3] Market Developments - The report notes mixed performance in global stock markets, with the Dow Jones and S&P 500 rising while the Nasdaq fell [3] - In Hong Kong, the Hang Seng Index and the National Index both saw increases, with the Hang Seng Index showing a notable rise [3] - The report mentions a record fine imposed on PwC due to its audit of China Evergrande, shifting the focus of investigations to Hong Kong [14][15] Corporate News - HSBC's new CEO is prioritizing a major restructuring and aims to cut costs by $2 billion to maintain profitability amid declining revenues due to global interest rate cuts [23][24] - Microsoft announced a stock buyback plan of up to $60 billion and increased its quarterly dividend from $0.75 to $0.83 per share [30]