Group 1 - Japan's July import and export data, along with June's core machinery orders, are scheduled for release [1] - China's August one-year and five-year loan market quoted rates will be announced [1] - The State Council Information Office will hold a press conference regarding the preparations for the military parade [1] Group 2 - New Zealand's central bank will announce its official cash rate and hold a monetary policy press conference [1] - The UK will release its July Consumer Price Index (CPI) [1] - The Eurozone's final July CPI will be published [1] Group 3 - Major companies including Baidu, iQIYI, and Kingsoft Cloud are set to release their earnings reports after the Hong Kong stock market closes [1] - U.S. companies such as Lowe's, Target, and Estée Lauder will report their earnings before the market opens [1] - The U.S. Energy Information Administration will release its weekly crude oil inventory report [1] Group 4 - The Federal Reserve will publish the minutes from the July FOMC monetary policy meeting [1] - The President of the Atlanta Federal Reserve will discuss economic outlook [1] - Google will hold a press conference to launch new Pixel brand hardware [1]

Market Outlook - The Hong Kong stock market is cautiously optimistic, currently in an upward trend with a solid support level[2] - Southbound capital inflows have increased, indicating potential for higher positions in the future[2] - The market is focusing on dividends and seeking growth sectors, with some southbound funds increasing their allocation to internet technology stocks[2] Federal Reserve and Interest Rate Expectations - The market has significantly raised expectations for a Federal Reserve rate cut, contributing to stock market rebounds, although these expectations may fluctuate[2] - The upcoming Jackson Hole global central bank meeting could increase market volatility if Fed Chair Powell signals a hawkish stance[2] - Current inflation data shows a moderate trend, with August CPI rising 2.5% year-on-year, aligning with expectations, and PPI increasing 3.3% year-on-year, the largest rise in three years[5] Economic Indicators and Trends - The U.S. economy is not in a recession, with stable wage growth supporting consumption and nominal growth[10] - Global stock ETF inflows accelerated to $29.547 billion, with the U.S. leading at $22.66 billion, while emerging markets, particularly China, saw significant outflows[11] - The S&P 500 index has shown a market breadth increase to 62%, indicating a positive sentiment shift[7] Sector Performance - The healthcare sector led gains in the Hong Kong market, with the Hang Seng Tech Index rising 2.1% and the Hang Seng Index up 2.7%[7] - In the U.S., the financial, industrial, and healthcare sectors saw the highest net inflows in stock ETFs, while communication and technology sectors experienced outflows[11] Risks and Considerations - Potential risks include a rapid U.S. economic downturn, unexpected Fed policy changes, and geopolitical tensions[12] - The market remains sensitive to macroeconomic data, with any slowdown likely to amplify stock market volatility[7]

Group 1 - The report maintains a cautiously optimistic view on the Hong Kong stock market, indicating it is still in an upward trend with a potential for further inflows from southbound funds [1] - Southbound funds have increased their inflow speed, suggesting there is still potential for higher positioning in the future [1] - The market is focusing on dividends and is looking for growth sectors, with some southbound funds already increasing their allocation to internet technology stocks [1] Group 2 - The report highlights that despite the market raising expectations for a Federal Reserve rate cut, these expectations may fluctuate, especially with the upcoming Jackson Hole global central bank meeting [1][4] - The report notes that the U.S. stock market, particularly the Dow Jones, has shown significant gains, with a 1.7% increase this week [1] - The report emphasizes that the U.S. economy is not in a recession, with stable wage growth supporting consumption and nominal growth [6] Group 3 - The report indicates that the inflation outlook remains moderate, with the U.S. August CPI rising 2.5%, which is a decrease from the previous 2.9%, marking the lowest level since February 2021 [2] - The Producer Price Index (PPI) showed a significant increase of 0.9% month-over-month and 3.3% year-over-year, the largest increase in three years [2] - The report mentions that the market is fully pricing in a 100% probability of a rate cut in September, with a slight adjustment following the PPI announcement [2] Group 4 - The report discusses the "Bessenet Put" which has reinforced the probability of a rate cut in September, with expectations for a potential 50 basis point cut [3] - The report notes a temporary truce in U.S.-China tariffs, with a 90-day extension announced, alleviating previous market concerns [3] - The report suggests that the U.S. stock market may face multiple "stress tests" in the short term, with heightened sensitivity to macroeconomic data leading up to the September meeting [4] Group 5 - The report highlights that global stock ETFs saw a net inflow of $29.547 billion, with the U.S. stock ETFs leading the inflow at $22.66 billion [7] - The report indicates that the financial, industrial, and healthcare sectors saw the highest net inflows, while communication, technology, and consumer discretionary sectors experienced outflows [7][36] - The report notes that the market breadth for the S&P 500 has increased to 62%, indicating a positive sentiment in the market [4][22]

Market Performance - US stock indices experienced slight gains, with the Dow Jones up 0.48%, Nasdaq up 0.33%, and S&P 500 up 0.27% as of the report [1] - Notable individual stock performances include TSMC rising over 2% due to second-quarter net profits exceeding market expectations and reaching a historical high, and PepsiCo increasing over 5% with second-quarter revenue of $22.726 billion, also surpassing market expectations [1] - Nvidia and Microsoft both saw approximately 1% increases, achieving market capitalizations of $4.2 trillion and $3.8 trillion, respectively [1] Chinese Stocks - Chinese stocks showed mixed performance, with Waterdrop rising over 28%, NIO up over 6%, and several others including Douyu, Zhihu, Kingsoft Cloud, and iQIYI increasing over 2% [1] - Conversely, NetEase Youdao, Xiaomi Group (ADR), and Gaotu experienced declines of over 1% and 2% [1] Company News - Nvidia CEO Jensen Huang sold 225,000 shares of Nvidia stock for approximately $38 million, as part of a pre-set trading plan allowing for the sale of up to 6 million shares [6] - Tesla officially announced the Model Y L, a six-seat luxury SUV, with an estimated price of around 400,000 yuan [7]