Overnight, the US July PPI fell more than expected, cooling inflation and strengthening rate cut expectations, leading to a rise in US stocks and bonds. Before the US stock market opens today, there is not much market volatility, as investors are waiting for the US CPI data tonight.
<blockquote>
<ul>
<li>US stock index futures are mostly flat, with Dow futures up slightly by 0.04%.</li>
<li>Chinese concept stocks are trading lower before the US market opens, with Bilibili and XPeng both dropping over 2%. Semiconductor stocks are slightly up, with AMD rising over 1%.</li>
<li>European stocks open higher, with LVMH up over 1% and Novo Nordisk down nearly 1%.</li>
<li>Commodities are generally up. Brent crude and WTI crude are up by 0.4%.</li>
</ul>
</blockquote>
The US July CPI data will be released at 20:30 tonight. After the US stock market closes, Cisco will report its earnings, while Tencent Holdings has already reported its earnings before the market opens, with a 8% year-on-year increase in Q2 revenue and a significant 82% surge in net profit, far exceeding expectations.
<h2>US stock index futures stable, Chinese concept stocks decline</h2>
Currently, Nasdaq 100 index futures and S&amp;P 500 index futures are relatively stable with little fluctuation, while Dow futures are slightly up.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/de138e9f-3c00-47c0-9661-a404d7d8a2dc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/de138e9f-3c00-47c0-9661-a404d7d8a2dc.png"/>
Chinese concept stocks are generally trading lower before the market opens, with Bilibili, XPeng, Li Auto, and Alibaba all down by nearly 1% to over 2%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0c50934d-7888-404d-b144-52ec2cdd13b3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0c50934d-7888-404d-b144-52ec2cdd13b3.png"/>
Most semiconductor stocks are slightly up, with AMD rising over 1%, while NVIDIA and Micron Technology are slightly up, and TSMC is down by nearly 1%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f95555b6-a578-4793-b338-2b2b36156132.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f95555b6-a578-4793-b338-2b2b36156132.png"/>
Kellogg's is up over 8% before the market opens, as Mars, the maker of Snickers, plans to acquire it at $83.5 per share.
<h2>European stocks open higher, Novo Nordisk down nearly 1%</h2>
European stocks open higher, with the Euro Stoxx 50 index up by 0.5%, the German DAX index up by 0.5%, the UK's FTSE 100 index up by 0.6%, and the French CAC 40 index up by 0.7%.
Currently, European stocks have slightly narrowed their gains, with the German DAX index's increase falling back to 0.2%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/04785360-2eff-4bc4-b503-a1d5ce3055fb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/04785360-2eff-4bc4-b503-a1d5ce3055fb.png"/>
Most of the &#34;Eleven Arhats&#34; in European stocks are up, with LVMH and SAP both rising over 1%. Novo Nordisk is down nearly 1%, as the world's largest sovereign wealth fund has reduced its holdings in Novo Nordisk, Meta, and ASML
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b34b4794-a819-4430-9ed9-43d916249ab3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b34b4794-a819-4430-9ed9-43d916249ab3.png"/>
<h2>Commodities Rise Across the Board</h2>
Before the U.S. stock market opens, Brent crude oil and WTI crude oil are slightly up, while spot gold is up about 0.2%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/32ff8e14-b223-4847-8a9c-60b16becda18.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/32ff8e14-b223-4847-8a9c-60b16becda18.png"/>

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The market is eagerly awaiting tonight's heavyweight inflation data. Chinese concept stocks are down, with Bilibili and XPeng both falling more than 2% in pre-market trading. European stocks opened higher collectively, but faced selling pressure from the world's largest sovereign wealth fund, with Novo Nordisk dropping nearly 1%

- Overnight, the U.S. July PPI fell more than expected, boosting confidence in rate cuts as inflation cools, leading to a rise in U.S. stocks and bonds.
- Today, U.S. stock index futures remain stable pre-market, awaiting the U.S. CPI data release tonight. Nasdaq 100 and S&P 500 futures are flat, while Dow futures edge up by 0.04%.
- European stocks open higher, with LVMH up over 1%, while Novo Nordisk falls nearly 1%. Commodity prices see a general increase, with Brent and WTI crude oil up by 0.4%.

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Awaiting tonight's CPI! The three major US stock index futures are stable, Chinese concept stocks are trading lower pre-market, and European stocks are collectively opening higher