News

Morning News

Source: Wall Street CN

# Market Overview

Driven by a surge in corporate bond issuances and concerns over the fiscal health of developed economies, long-term government bond yields climbed sharply, with the 30-year U.S. Treasury yield approaching 5%. Rising bond yields weighed on stock markets, with large-cap tech stocks leading the declines. Uncertainties surrounding tariff policies further heightened risk-aversion sentiment in the market.

All seven major U.S. tech giants closed lower, with NVIDIA falling nearly 2% to lead the losses. A U.S. court ruled that Google does not have to sell its Chrome browser; Google's stock soared over 8% in after-hours trading, and its partner Apple rose more than 3%.

U.S. Treasury yields rose across the board, with the 10-year yield up 3.69 basis points. The U.S. Dollar Index gained 0.7%. The Japanese Yen plummeted by over 1.2% at one point after Hiroshi Mori, Secretary-General of the Liberal Democratic Party and a key ally of Japanese Prime Minister Yashiro Ishiba, announced his intention to resign. Bitcoin rose 2.3%, returning to above the $110,000 mark.

Gold jumped nearly 1.8% to a new all-time high, with gold futures breaking through $3,600. Crude oil fluctuated widely, with WTI crude oil standing above $66.

During the Asian trading session, A-shares and Hong Kong stocks (AH shares) underwent a collective correction. The ChiNext Index dropped 2.85%, AI hardware stocks such as those in the CPO (Coherent Point-to-Point Optics) sector fell sharply, the Hang Seng Tech Index declined over 1%, while Xiaomi bucked the trend and rose more than 3%.

# Key News

- Global long-term bonds face a "black September". Amid political crises and fiscal black holes, the 30-year government bond yields of the UK, Germany, and France hit multi-year highs.

- Trump took a tough stance on the Federal Reserve; spot gold broke through $3,500 to reach a new all-time high, and silver climbed to a 14-year peak. Morgan Stanley stated that a "perfect storm" for precious metals has arrived, and gold is expected to surge toward $3,800 this year.

- Ray Dalio: Trump is leading the U.S. toward a 1930s-style scenario, while the entire Wall Street has fallen silent due to fear, and the U.S. will face a debt crisis within three years.

- Trump: Will request the Supreme Court to make a "swift ruling" on the global tariff case. If successful, the stock market will rise sharply; otherwise, there will be severe volatility. Bessent expects the Supreme Court to support Trump's tariffs but is also considering contingency plans.

- The U.S. ISM Manufacturing PMI in August contracted for the sixth consecutive month, with new orders improving and the price index falling again.

- Eyeing STAR Market listing? Unitree Robotics "announced" plans to file an IPO application in the fourth quarter.

- Google scores major victory: Court rules it does not have to sell Chrome browser, but is barred from signing exclusive contracts.

- NVIDIA denies chip shortage rumors: There are sufficient H100/H200 chips to meet all orders without delays.

- Tesla unveils "Master Plan 4": Integrating AI into the physical world on a large scale, with 80% of future value coming from robots.

- "Trump Family Core Token" proposes a "buyback and burn" plan. The crypto market has "contributed" $5 billion in assets to the Trump family.

- Kraft Heinz parts ways after a decade of merger; to split into two independent companies, marking the end of the $46 billion acquisition. Buffett: Disappointed with the split; stock price fell over 7% at one point.

# Market Closing Quotes

- U.S. and European Stocks: The S&P 500 fell 0.69% to close at 6,415.54. The Dow Jones Industrial Average dropped 0.55% to 45,295.81. The Nasdaq Composite declined 0.82% to 21,279.63. Europe's STOXX 600 Index closed down 1.50% at 543.17.

- A-shares: The Shanghai Composite Index fell 0.45% to 3,858.13. The Shenzhen Component Index dropped 2.14% to 12,553.84. The ChiNext Index declined 2.85% to 2,872.22.

- Bond Market: The yield on the 10-year U.S. benchmark Treasury note rose 3.30 basis points to 4.2614%. The yield on the 2-year U.S. Treasury note gained 2.25 basis points to 3.6392%.

- Commodities: COMEX December gold futures rose 2.42% to $3,601 per ounce. WTI October crude oil futures climbed 2.47% to $65.59 per barrel. Brent November crude oil futures gained 1.45% to $69.14 per barrel.