Morning News

Source: Wall Street News

## Market Overview

Technology stocks rebounded after hitting a low. The S&P 500 still recorded a four - day losing streak, the Dow Jones Industrial Average managed to close higher narrowly, the Nasdaq fell nearly 2% intraday, and the S&P 500 fell more than 1% intraday but erased most of the losses by the close. Palantir fell more than 9% intraday and then closed down more than 1%, marking a six - day losing streak, the longest in 16 months. Target fell more than 6% after releasing its earnings report and officially announcing the replacement of its CEO. Baidu fell more than 2% after its earnings report.

The Federal Reserve meeting minutes were hawkish, and the yield on the two - year U.S. Treasury note erased its decline. The U.S. dollar index hit a one - week high and then turned lower, and the decline widened after Trump called on Federal Reserve Governor Cook to resign.

Gold, crude oil, and cryptocurrencies all rebounded. Gold hit a new low in more than two weeks and then turned higher, rising more than 1% at one point. U.S. EIA crude oil inventories fell more than expected, with crude oil rising nearly 2% at one point, and U.S. oil moved away from a more than two - month low. Bitcoin fell below $113,000 intraday to a new low in more than two weeks, then rebounded by more than $2,000 at one point; Ethereum rebounded by more than 7% at one point.

During the Asian session, A - shares and Hong Kong stocks rallied in the afternoon. The Shanghai Composite Index continued to hit a new 10 - year high, the chip and semiconductor sector surged, the Hang Seng Index ended its four - day losing streak, Laopu Gold and Pop Mart rose sharply, while commodities and government bonds fell.

## News Highlights

China's August LPR quotation remains unchanged: the above - 5 - year LPR is 3.5%, and the 1 - year LPR is 3%.

Chen Yiting of the Hong Kong Exchanges and Clearing Limited (HKEX): HKEX will study a 24 - hour trading mechanism.

Federal Reserve July meeting minutes: Most people believe that inflation is a higher risk than employment, sending hawkish signals. Many think that the impact of tariffs may take time to fully emerge, worrying about the fragility of the U.S. Treasury market and paying attention to the impact of stablecoins.

Trump continued to put pressure on the Federal Reserve, calling on Fed Governor Lisa Cook, who is accused of mortgage fraud, to resign immediately; Cook responded that she would not be coerced into resigning.

Waller, a top candidate for Federal Reserve Chairman: There is "nothing to fear" about cryptocurrency technology, and the Federal Reserve should work with the industry to promote payment innovation.

"Subsidies for shares" is not just for Intel. It is said that Trump also wants to take stakes in Micron, Samsung and even TSMC.

The trigger for the sharp decline in U.S. stocks on Tuesday: An MIT report said that 95% of enterprises have received zero return from generative AI investment.

Ahead of the central bank's important annual meeting, the cryptocurrency industry held a conference in Jackson Hole first, with senior officials from the Federal Reserve, SEC, and Trump's son attending.

OpenAI explicitly discussed the possibility of going public for the first time. The chief financial officer said that it may sell AI infrastructure services in the future; its monthly revenue exceeded $1 billion for the first time in July; the biggest problem is that computing power is always insufficient; the cooperative relationship with Microsoft has changed, but the latter remains a key partner.

Google's annual hardware event launched a combination of products: four Pixel 10 models are fully integrated with Gemini AI, with a starting price of $799, and smart watches and earphones have "evolved".

Baidu's Q2 revenue fell 4% year - on - year, core net profit increased 35%, and revenue from new AI businesses exceeded 10 billion yuan for the first time.

Futu's Q2 revenue increased 69.7% year - on - year, net profit soared 112.7%, with strong performance in U.S. stock and Hong Kong stock trading.

## Market Closing Quotes

European and American stock markets: The S&P 500 Index fell 0.24% to 6395.78 points. The Dow Jones Industrial Average rose 0.04% to 44938.31 points. The Nasdaq fell 0.67% to 21172.857 points. The European STOXX 600 Index closed up 0.23% to 559.09 points.

A - shares: The Shanghai Composite Index rose 1.04% to 3766.21 points; the Shenzhen Component Index rose 0.89% to 11926.74 points; the ChiNext Index rose 0.23% to 2607.65 points.

Bond market: By the end of the bond market session, the yield on the 10 - year benchmark U.S. Treasury note was about 4.29%, down about 2 basis points intraday; the yield on the two - year U.S. Treasury note was about 3.75%, the same as on Tuesday.

Commodities: WTI September crude oil futures rose 1.38% to $63.21 per barrel. Brent October crude oil futures rose 1.59% to $66.84 per barrel. COMEX December gold futures rose 0.89% to $3388.5 per ounce.

Details of Major News

Global Highlights

China's August LPR quotation remains unchanged: the above-5-year LPR is 3.5%, and the 1-year LPR is 3%. Dongfang Jincheng believes that affected by multiple factors, the macroeconomic data fluctuated downward in July. Going forward, external demand may slow down rapidly, and the economic downward pressure in the third quarter will increase. In the process of vigorously boosting domestic demand and "taking strong measures to consolidate the stabilization of the real estate market", there is room for reduction in policy interest rates and LPR quotations. It is expected that the central bank may implement a new round of interest rate cuts and reserve requirement ratio reductions around the beginning of the fourth quarter, which will drive the LPR quotation to follow suit.

Chen Yiting of HKEX: HKEX will study a 24-hour trading mechanism. Chen Yiting, Chief Executive Officer of HKEX, also said that HKEX is actively discussing with market participants to shorten the settlement cycle of the spot market. HKEX's technical system will be able to support the T+1 settlement cycle by the end of this year, but when the market implements the T+1 settlement needs to seek opinions from multiple market participants.

Fed's July meeting minutes: Most people believe that inflation is a higher risk than employment, sending hawkish signals, worrying about the fragility of the U.S. Treasury market and paying attention to the impact of stablecoins.

The minutes revealed divisions within the Fed: Most policymakers believe that the upside risks to inflation outweigh the downside risks to employment, but some believe the risks are balanced, and two believe employment risks are more prominent; Many think that the impact of tariffs may take time to fully emerge, some expect that raising tariffs will only push up prices once, others expect that it will continue to push up inflation, and some warn of the risk that long-term inflation expectations will lose stability;

Some believe that the current interest rate may not be much higher than the neutral level.

Some are worried about high asset valuations. Many discussed stablecoins, believing that their impact on the financial system and monetary policy should be highly concerned, and it is expected that they may increase the demand for U.S. Treasuries.

Trump continued to put pressure on the Federal Reserve, calling on Fed Governor Lisa Cook, who is accused of mortgage fraud, to resign immediately. Cook responded that she would not be coerced into resigning because of doubts in tweets. Analysts believe that the public report by Bill Pulte, Director of the Federal Housing Finance Agency, may be part of the Trump camp's strategy to continue to put pressure on the Fed, promote interest rate cuts and reshape the Fed's Board of Governors, but there are no formal charges yet.

Waller, a top candidate for Fed Chair: There's "nothing to fear" about cryptocurrency technology, and the Fed should work with the industry to promote payment innovation. Fed Governor Waller called for embracing the "technology-driven revolution" in AI and stablecoins. He said that decentralized finance (defi), if promoted by the private sector in cooperation with the Federal Reserve, may bring positive results to the payment system, and both public and private sectors should embrace innovation in their respective roles. Waller also revealed that the Federal Reserve is studying a new round of technological innovations including tokenization, smart contracts and AI payments.

The trigger for the sharp drop in U.S. stocks on Tuesday - the MIT report. The MIT report found that as many as 95% of enterprises get zero return from their generative AI investments. At a time when U.S. stock valuations are high, this conclusion, coupled with Altman's recent remarks that "investors are too excited" may be forming an AI bubble, has seriously hit market confidence, making investors begin to re-examine the core logic supporting this round of sharp rise - whether AI can really and quickly be converted into corporate profits.

"Subsidies for shares" is not just for Intel. It is said that Trump also wants to take stakes in Micron, Samsung and even TSMC. It is reported that following the Intel plan, U.S. Commerce Secretary Lutnick is exploring how to obtain more equity in chip giants through the "Chip Act" funds. The U.S. government has finalized subsidies for Samsung, Micron and TSMC at the end of last year, but most of the funds have not been disbursed, leaving room for the Trump administration to reset the conditions. Analysts pointed out that if the equity-for-subsidy model is fully implemented, the U.S. government will become an important shareholder of major global chip manufacturers.

Ahead of the central bank's important annual meeting, the cryptocurrency industry held a conference in Jackson Hole first, with senior officials from the Federal Reserve, SEC, and Trump's son attending. The Wyoming Blockchain Summit was held three days before the Fed's Jackson Hole Central Bank Annual Meeting. The attendance of the new SEC chairman strengthened the signal of regulatory support. Fed Governors Bowman, Waller, and Trump's son all delivered speeches. Analysts said that this summit marked the climax of the "Stablecoin Summer" described by Goldman Sachs earlier.

OpenAI explicitly discussed the possibility of going public for the first time. Chief Financial Officer: May sell AI infrastructure services in the future. OpenAI CFO Sarah Friar said that an IPO may be carried out in the future, but the timetable has not been disclosed; She said that OpenAI achieved monthly revenue of more than $1 billion for the first time in July, and the biggest problem it faces is that computing power is always insufficient; The cooperative relationship with Microsoft is "changing", but Microsoft will remain a key partner in the next few years because the two sides are deeply bound in intellectual property rights.

Google's annual hardware event launched a combination of products: Pixel 10 is fully integrated with Gemini AI, and watches and earphones also "evolved". The four models of the Pixel 10 series start at $799 to $1799. All models have new AI functions - Magic Cue that provides useful contextual suggestions and Camera Coach that supports camera applications. They are all equipped with Tensor G5 chips manufactured by TSMC, and for the first time in Android phones, built-in magnetic attraction technology supports Qi2 wireless charging. Three regular Pixel 10 phones will be launched this month, and the folding phone Pixel 10 Pro Fold, the smart watch Pixel Watch 4 starting at nearly $350, and the earphone Pixel Buds 2a sold at $129 will all be launched in October.

Baidu's Q2 revenue fell 4% year-on-year, core net profit increased 35%, and revenue from new AI businesses exceeded 10 billion yuan for the first time. Baidu's total revenue in Q2 reached 32.7 billion yuan, and the net profit attributable to Baidu Core was 7.4 billion yuan, a year-on-year increase of 35%. Driven by AI, the revenue of new AI businesses including smart cloud exceeded 10 billion yuan for the first time, a year-on-year increase of 34%. Apollo Go's global mobility service trips exceeded 2.2 million, a year-on-year increase of 148%, and the cumulative number of mobility service trips exceeded 14 million, ranking first in the world.

Futu's Q2 revenue increased 69.7% year-on-year, net profit soared 112.7%, with strong performance in U.S. stock and Hong Kong stock trading. Futu's Q2 revenue and profit both achieved significant year-on-year growth. The number of funded accounts increased 40.9% year-on-year to 2.877 million, with more than half coming from markets outside Hong Kong for the first time. The total transaction volume surged 121.2% year-on-year to HK$3.59 trillion, of which U.S. stock transactions contributed the most.

Domestic Macro

Chinese President: Fully implement the Party's strategy for governing Tibet in the new era, and strive to build a united, prosperous, civilized, harmonious and beautiful new socialist modern Tibet. He pointed out that Tibet's development has its own characteristics, and high-quality development should be promoted based on reality. It is necessary to develop plateau characteristic and advantageous industries according to local conditions, especially characteristic agriculture and animal husbandry and clean energy industries, continue to develop resource processing industries, actively develop modern service industries, and promote the integration of cultural and tourism industries. It is necessary to promote the construction of major projects such as the Yalong River Downstream Hydropower Project and the Sichuan-Tibet Railway in a powerful, orderly and effective manner.

Li Qiang, during his research on the development of the biomedical industry in Beijing, emphasized: Increase high-quality scientific and technological supply and policy support, and strive to promote the quality improvement and upgrading of the biomedical industry. According to Xinhua News Agency, at BeiGene (Beijing) Biotechnology Co., Ltd., Li Qiang learned about the research and development of new drugs, inspected the medicinal chemistry laboratory, and carefully inquired about the production process. Li Qiang said that China's health industry has a huge market space, and innovative drugs have broad development prospects. It is necessary to timely identify innovative drug projects with high clinical value and great transformation potential, strengthen follow-up services, and promote medical institutions to be equipped with and use them. It is necessary to vigorously cultivate high-quality enterprises, provide policy support in terms of talents and financing, encourage enterprises to deepen international cooperation, and continuously improve their innovation and competitiveness.

The military parade will display some land, sea and air-based strategic weapons, hypersonic precision strike weapons, unmanned and anti-unmanned equipment for the first time, lasting about 70 minutes! The weapons and equipment participating in this parade are all selected from domestic active main battle equipment, and the proportion of new equipment making their debut is very large. Hypersonic, air defense and anti-missile, strategic missiles... The new generation of weapons and equipment of the Chinese military will be displayed centrally.

A-shares hit a 10-year high. Morgan Stanley: This time is different, focusing on four "sustainable signals". Morgan Stanley believes that investors should pay attention to four key signals to judge whether this round of rise is sustainable: changes in bond yields, policy catalysts, Q2 earnings performance, and possible government intervention measures. The current market momentum is expected to continue into the summer, and the CSI 300 Index may move towards the bull market target of 4700 points in the short term.

Domestic Companies

DeepSeek V3.1 Base was launched suddenly, defeating Claude 4 in programming, and the whole network is waiting for R2 and V4. DeepSeek V3.1 performed prominently in programming ability, scoring 71.6% in the Aider test, surpassing Claude 4 Opus, with a cost of only $1.01, 60 times cheaper than proprietary systems. Added native search token support and hybrid reasoning architecture. Actual tests show that the reasoning speed has been significantly improved, and the programming performance is good but there is still room for improvement. The model has reached the fourth place on the Hugging Face trend list.

Zhipu AutoGLM was launched, installing a general Agent on each mobile phone. AutoGLM 2.0 has achieved a qualitative leap - it is no longer just "saying", but really able to "do". In life scenarios, users can let AutoGLM operate dozens of high-frequency applications such as Meituan, JD.com, Xiaohongshu, and Douyin with just one sentence: ordering takeaways, booking air tickets, checking house sources, such as helping you buy "the first cup of milk tea in autumn". This means that AI is no longer a "chat tool", but an all-round agent that can really work for you.

During the key stock preparation period for the new iPhone, a visit to the recruitment site of Zhengzhou Foxconn: The initial order of iPhones this year has not decreased. According to National Business Daily, when this employment season started in early July, the hourly wage once reached 30 yuan. Now, as large-scale employment is nearly over, the hourly wage has dropped to 26.5 yuan, but after adding a 500-yuan full-month subsidy, the overall treatment is higher than in previous years. A person who claimed to be a Foxconn employee said: "The initial order of iPhones this year has not decreased."

Photovoltaics "anti-involution", finally hit the key point this time! This forum broke through the previous limitation of only focusing on the manufacturing end, and included the National Development and Reform Commission, the National Energy Administration, and the State-owned Assets Supervision and Administration Commission of the downstream asset end for the first time, seizing the key of the problem. The root cause of photovoltaic "involution" lies in the "price-only theory" of downstream purchasers mainly composed of central enterprises. The vicious low-price competition is transmitted to the entire industry chain. To fundamentally solve the problem, it is necessary to let energy central enterprises establish an "assetization" thinking, focus on the whole life cycle value rather than short-term costs, and promote the high-quality development of the downstream to drive the transformation of the upstream.

Pop Mart conference call: It is very easy to achieve 30 billion yuan in revenue this year, with a net profit rate of about 35%, and the mini version of LABUBU will be released this week. The mini version of LABUBU can "be hung on the mobile phone" and is expected to become the next super hit; Now the monthly production capacity of plush products is more than ten times that of the same period last year. Pop Mart rose nearly 7%, with its stock price standing at HK$300, a record high.

Laopu Gold's net profit in the first half of the year increased by 286%, with an average sales of 459 million yuan per mall, surpassing international luxury giants. Laopu Gold's revenue in the first half of the year was 12.354 billion yuan, a year-on-year increase of 251%, and net profit was 2.268 billion yuan, a year-on-year increase of 285.8%. The average sales performance of a single mall is 459 million yuan, surpassing all jewelry brands and leading international first-line luxury giants. Its consumer overlap rate with five international luxury brands such as Louis Vuitton and Hermès is nearly 80%.

Hengrui Medicine's revenue in the first half of the year increased by 16% year-on-year, net profit increased by nearly 30%, and innovative drug revenue reached 7.57 billion yuan. Hengrui Medicine achieved operating income of 15.76 billion yuan in the first half of 2025, a year-on-year increase of 15.88%, and the net profit attributable to the parent company increased by 29.67% year-on-year, mainly due to the large down payment income brought by the external authorization (BD) of innovative drugs. The sales and licensing revenue of innovative drugs was 9.561 billion yuan, accounting for 60.66%.

iQiyi's Q2 revenue fell 11% year-on-year, with a loss of 134 million yuan, and all three core businesses were under pressure.

Muyuan's revenue in the first half of the year increased by 34.5% year-on-year, and the net profit attributable to the parent company soared more than 11 times, proposing to distribute 9.32 yuan for every 10 shares.

Overseas Macroeconomics

This is an unprecedented scene in the White House. According to Niudanqin, on August 19, after Trump received Zelensky and European leaders, the official account of the White House posted two pictures with rich connotations, with the title "Seeking Peace through Strength". One picture shows Trump sitting at the White House desk, and seven European heads of state and government, including Macron and Merz, sitting on small stools. The other picture only shows one of Trump's hands, but the European leaders opposite all have serious expressions, presumably listening to Trump's speech, and the Finnish president took out a small notebook to take notes.

Musk responds to "slowing down the establishment of a third party": Not a word from the Wall Street Journal can be believed. According to the Wall Street Journal, people familiar with the matter revealed that the previously announced new party plan is being quietly shelved, and attention is refocused on the operation of its own enterprises. Musk posted a refutation on the social platform X: "Never believe that what the Wall Street Journal says is true."

Striking similarities? After the "Plaza Accord", "the dollar fell and the stock market boomed", then the new Federal Reserve Chairman took office, followed by "Black Monday". The 1985 "Plaza Accord" ushered in a period of abnormal prosperity where the dollar depreciated sharply while the U.S. stock market hit new highs repeatedly. However, the market's optimism collapsed rapidly two years later with the change of the Federal Reserve Chairman and the hesitation in policy responses, eventually ending with the "Black Monday" stock market crash in October 1987.

Goldman Sachs' top trader: The core issue for U.S. stocks in the next few months is "recession and interest rate cuts, which will prevail". Goldman Sachs said that in the next two months, the stall of the U.S. economy and the Federal Reserve's loose policies are forming a key confrontation, and investors need to carefully balance between recession concerns and expectations of interest rate cuts. If a deep recession can be avoided, U.S. stocks may still have room for growth but the risk of correction will rise. At the same time, the sharp downward revision of July non-farm payroll data may be a signal of economic turning point, and the market has bet on a rate cut in September. Short-term U.S. bond yields may further decline, and the yield curve between 2-year and 5-year bonds may become steeper.

U.S. M2 returns to peak level, is the second wave of inflation on the way? Under the influence of multiple factors such as the U.S. money supply M2 returning to the peak of 5% and PPI rising to a high level, concerns about the "second wave" of inflation are accumulating. Economists warn that the current situation is surprisingly similar to the history of repeated inflation caused by the central bank's premature interest rate cuts in the 1970s, and the Federal Reserve's prudent attitude is crucial.

Japan's exports in July recorded the largest decline in four years, with exports to the U.S. plummeting by 10.1%! The July data still reflects the continuous impact of tariffs: Japan's exports of automobiles and parts to the U.S. fell by 28.4% and 17.4% respectively, and exports of semiconductor manufacturing equipment fell by 31.3%. Weak exports threaten Japan's economic growth prospects, and economists warn that Japan is at risk of falling into recession. The market expects this to prompt the Bank of Japan to adopt a more cautious monetary policy stance.

The UK's July CPI was 3.8% year-on-year, climbing to an 18-month high. Rising air fares, hotel and motor fuel prices were the main factors driving the acceleration of inflation. Traders have significantly reduced their bets on interest rate cuts by the Bank of England. Currently, the market believes that the probability of a rate cut in November is only one-third, and the probability of a rate cut before the end of the year is only 50%.

After meeting with Zelensky, Trump talked again about meeting Putin: There is a "warm" feeling between us. According to Huanqiu.com, Trump said, "You see, when he got off the plane, I also got off my plane. There is an indescribable warmth between us. You know, that feeling is good... This is a good thing, not a bad thing." When asked about the call with Putin on the 18th local time, Trump said that he did not call Putin in front of other leaders because he thought it was "disrespectful to Putin".

Trump claims to start arranging, Moscow responds cautiously, and Russia cools down the "Ukraine-Russia presidential meeting". According to Huanqiu.com, Russian Presidential Assistant Ushakov said that in Trump's call to Putin, both sides expressed "support for the continued direct negotiations between the Ukrainian and Russian delegations", but Ushakov did not directly mention the meeting between the leaders of Ukraine and Russia or the trilateral meeting between the leaders of the U.S., Russia and Ukraine. RIA Novosti said that judging from the statements of Zelensky and European leaders, their positions have not fundamentally changed. This means that Kiev refuses to hand over territory, and Putin will not meet with Zelensky until the territorial issue is resolved.

Overseas Companies

NVIDIA's latest chip B30A exposed. NVIDIA is reported to be developing a new AI chip codenamed B30A, based on the latest and most powerful Blackwell architecture, which will adopt a single-chip configuration and be more powerful than the H20 model. It will start delivery for testing next month. In addition to this chip, NVIDIA is also preparing to develop a separate but cheaper AI chip.

Target's Q2 comparable sales slightly declined, officially announced the replacement of CEO, and its stock price plummeted more than 10% before the market. Target's Q2 sales and adjusted earnings per share were better than Wall Street expectations, but the dilemma of continued decline in comparable sales and customer traffic remains unsolved. Although maintaining the full-year profit guidance unchanged, Target still faces multiple challenges such as rising costs, tariff threats, and business transformation. The company's current Chief Operating Officer Michael Fiddelke will take over as CEO in February next year.

Estée Lauder's Q4 sales exceeded expectations, but its 2026 fiscal year profit guidance was lower than expected, and its U.S. stock price fell 15% before the market. Estée Lauder's net sales in the fourth fiscal quarter (the 3 months ending June 30) reached $3.41 billion, higher than the market expectation of $3.4 billion; adjusted earnings per share were 9 cents, also exceeding analysts' expectation of 7.3 cents. Estée Lauder expects adjusted earnings per share for fiscal 2026 to be between $1.90 and $2.10, while analysts expect $2.21.

Morgan Stanley's research at Eli Lilly's headquarters: Management is very confident in the "weight-loss drug market". Morgan Stanley said that Eli Lilly's management believes that the weight-loss drug market will become a "super category" market. It emphasizes the strategic value of the oral GLP-1 drug Orforglipron. The safety data of Orforglipron has eliminated the biggest concern of the phase III trial and will become an important successful product of the company. It is believed that the market opportunity for oral drugs may exceed that of injections. Morgan Stanley maintains Eli Lilly's "overweight" rating with a target price of $1028.

Industries/Concepts

1. Consumption: Food and beverage are strongly related to domestic demand and real estate. Liquor and other industries are also suppressed by policy factors. As weak demand drives the clearing of financial statements, consumer stocks are expected to usher in a revaluation of value after the market risk appetite increases, which is beneficial to targets that have established a clearing trend.

2. Innovative drugs: On August 15, Novo Nordisk announced that the supplemental new drug application (sNDA) for semaglutide (Wegovy) was approved by the FDA for the treatment of patients with metabolic dysfunction-associated steatohepatitis (MASH) with moderate to advanced liver fibrosis (stage F2 or F3) in combination with a reduced-calorie diet and increased physical activity. With the penetration of semaglutide and other products in the field of MASH indications, it will increase the penetration rate of FS in endocrine and primary health care scenarios. In contrast, with doctors prescribing drugs, the penetration rate of testing instruments will also increase.

3. Cobalt price: Huatai Securities research report pointed out that benefiting from the high concentration of cobalt resource supply in the Democratic Republic of the Congo, its quota policy has a good effect on driving up prices. Coupled with the fact that the demand for ternary lithium batteries and consumer batteries is expected to maintain rapid growth in the future, it is believed that the center of cobalt price may be above 350,000 yuan/ton in 2026-2027.

4. Brain-computer interface: Guotai Haitong Securities research report pointed out that driven by multiple factors such as technological innovation breakthroughs, policy support and guidance, and capital investment, the brain-computer interface industry is expected to see demand release in downstream markets such as medical and health care, and daily consumption.

Today's News Preview

China's share of RMB in global payments in July (Swift).

Preliminary August manufacturing, services and composite PMI for the U.S., Eurozone, UK and Japan.

U.S. initial jobless claims for the previous week.

U.S. existing home sales in July.

The Jackson Hole Global Central Bank Annual Meeting begins and lasts until August 23.

Speech by Atlanta Fed President Bostic.

Walmart, Bilibili and Zoom release earnings reports.

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