"The 'Anchor of Global Asset Pricing' soars again, US stocks under pressure and fall again, Chinese concept stocks rebound strongly, Amazon's earnings report shines while Apple's iPhone lags behind."

U.S. Treasury Department Confirmed on Wednesday Bond Issuance Tide Attacks: For the First Time in Two and a Half Years, the Scale of Long-Term Bond Aids in Quarterly Period was Increased, and the Scale of U.S. Bond Issuance in All Maturities was Expanded, with about $1 trillion of bonds issued in the quarter from August to October. The U.S. debt tsunami is approaching, long-term U.S. bond yields soared again, known as the "anchor of global asset pricing" 10-year U.S. Treasury yields rose at least about 10 basis points for the third day in a row, and 30-year U.S. bond yields both hit new highs since November last year. The "anchor of global asset pricing" has been shaken and financial markets face the threat of a huge shock. Earlier this week, when traders generally expected the U.S. Treasury to expand the scale of bond issuance, there was analysis that as the Federal Reserve continued to raise interest rates for more than a year, rising U.S. bond rates would exclude private investment and weaken the value of stocks. U.S. stocks continued to fall under pressure. Qualcomm and Infineon's earnings suggest that weak demand continues to affect the performance of some chip companies. Room temperature superconducting concept stocks have been hit again. Korean academic circles preliminary judgment, the paper mentioned the realization of room temperature superconducting materials LK-99 not superconductors. In addition, the research team behind the published paper is a private company, accused of fabricating partnerships. American Superconductors (AMSC) plunged by double digits for the second day in a row. The Chinese stocks rebounded against the market, sweeping away days of decline. Before the US blockbuster non-agricultural employment report was released on Friday, the company's labor market data on Thursday failed to leave a deep impression on the whole line: the number of people applying for unemployment benefits for the first time last week rose slightly more than expected by 6000, and the four-week average with relatively small fluctuations fell to a four-month low, highlighting the resilience of labor demand. July ISM non-manufacturing index shows that the expansion of service enterprises slowed down from June, this was partly driven by weak growth in the employment sub-index, while the price index rose to a three-month high, reflecting support for demand. After the release of ISM data, long-term and short-term U.S. bond yields have narrowed, two-year U.S. bond yields once turned down; the U.S. dollar index, which hit a new high for nearly a month, turned down again. The dollar's fall helped non-US currencies rebound. The offshore yuan's intraday gains widened to more than 300 points, off the week-long lows set on Tuesday and Wednesday. After the July rally, the tech-heavy Nasdaq is very sensitive to the upside in U.S. bond yields, the commentary said. In addition, two tech giants, Apple and Amazon, will report second-quarter earnings after U.S. stocks on Thursday. Some stock traders are using soaring yields and some nervousness ahead of Apple and Amazon earnings as an opportunity to lock in some profits. The Bank of England's action on Thursday quickly caused a market reaction. The Bank of England, as expected by the market raised interest rates by 25 basis points, also hinted that it would maintain higher interest rates for a longer period of time. Even if inflation fell back to normal levels, it would not immediately start to cut interest rates. British bond yields first refreshed their daily lows before recovering. Sterling against the U.S. dollar quickly refreshed a one-month low after the announcement of the Bank of England's resolution. U.S. stocks gradually smoothed the decline as the U.S. dollar turned lower. According to the commentary, the Bank of England admitted for the first time in the current interest rate hike cycle that its monetary policy is tight. Although the central bank is open to future interest rate hikes, analysts expect the Bank of England's interest rate to be close to its peak. Commodities performed differently. According to the Saudi National News Agency, Saudi Arabia has decided to extend the voluntary new production cut of 1 million barrels per day until September, adding that the production cut can be extended or extended and larger. Later, it was reported that Russian Deputy Prime Minister Novak said that Russia would reduce exports by 300000 barrels per day in September. International crude oil rebounded at an accelerated pace, rising nearly 3% in the session, off the one-week low set on Wednesday. The U.S. dollar fell slightly during the session, but the rise in medium-and long-term U.S. bond yields continued to hit gold, and gold futures continued to fall from the two-month high set on Monday. After the three major U.S. stock indexes rebounded and lost earnings, Amazon rose 10% after the market. Apple accelerated its decline and beat the market on the 2nd of this week. The three major U.S. stock indexes continued to open lower collectively. In early trading, the S & P 500 index had fallen more than 0.6 percent, the Dow Jones Industrial Average had fallen about 160 points, or nearly 0.5 percent, and the Nasdaq Composite Index had fallen nearly 0.7 percent. The index rose at the end of early trading and rose more than 0.4 percent at midday, but fell again before late trading. In midday trading, the S & P and the Dow had turned up. When the day was high, the S & P rose more than 0.1 percent and the Dow rose more than 60 points. About an hour later, they turned down again. In the end, the three major indexes closed down collectively for two consecutive days. The S & P and Nasdaq fell for three consecutive days, and the Dow fell for two consecutive days. The decline was significantly slower than Wednesday. The S & P, which closed down 1.38 percent on Wednesday, the biggest drop since April 25, closed down 0.25 percent at 4501.89 points, the lowest since July 12. The Dow, which closed down 348.16 points on Wednesday, the biggest drop since July 6, closed down 66.63 points, or 0.19 per cent, at 35215.89 points, the lowest level since July 19. The Nasdaq, which closed down 2.17 per cent on Wednesday, its biggest daily decline since February 21, closed down nearly 0.1 per cent at 13959.72 points, setting its closing low since July 12 for two consecutive days. The Russell, a small-cap index dominated by value stocks, closed down 0.28 per cent on 2000, falling to a one-week low for two consecutive days, away from Monday's high since August last year. The tech-heavy Nasdaq 100 index closed down 0.11 percent for three days, breaking its July 12 low since Wednesday's 2.21 percent drop.! The three major U.S. stock indexes all turned up in midday trading, but eventually closed down. Of the major sectors of the S & P 500, only energy, which rose nearly 1%, non-essential consumer goods in Tesla's sector, which rose more than 0.3 percent, and finance, which rose less than 0.1 percent, closed up on Thursday. Utilities, which fell more than 2 per cent, led the decline, property fell more than 1 per cent and other sectors fell less than 0.65 per cent. On Wednesday, the collective closed down at least 1% of the leading technology stocks mostly rebounded, supporting the main stock index has turned up. Tesla, which fell more than 2 percent on Tuesday and Wednesday and fell to its lowest level since June 27, closed up nearly 2.1 percent. Among FAANMG's six major technology stocks, Amazon, which fell two days in a row to a one-week low on Wednesday, closed up nearly 0.6 percent. The second-quarter results and guidelines announced after hours were better than expected. The stock price rose rapidly, up 10 percent after hours. Naifei closed up 0.3 percent and did not continue to fall from Monday's high since July 19; google's parent company Alphabet, which fell two days in a row on Wednesday to its lowest level since July 25, closed up less than 0.1 percent, while Facebook's parent company Meta closed down nearly 0.4 percent, falling two days in a row to a one-week low. Microsoft closed down nearly 0.3 percent, falling two days in a row to its lowest level since June 8. Apple closed down more than 0.7 percent, falling three days in a row to its lowest level since July 14. After the session, Apple's total revenue and EPS earnings were higher than expected, but the revenue of the main product iPhone was lower than expected. Apple's share price rose slightly first, then quickly turned down, falling more than 3% after the session.! Chip stocks, which had fallen more than 3 percent after hours after Apple's earnings report, continued to fall overall, with Philadelphia Semiconductor Index and Semiconductor ETF SOXX, which closed down about 3.8 percent on Wednesday, closing down nearly 0.1 percent and 0.3 percent, respectively. At the close, AMD rose more than 3%, Intel and Meiguang Technology rose more than 1%, Avida rose nearly 0.6, while after Wednesday's announcement second quarter revenue fell 23% over expectations, and Qualcomm, which also had lower-than-expected guidance in the third quarter and continued to accelerate its decline, fell more than 10% and closed down 8.2. Botong and Anselme closed down about 0.8 percent. Most of the AI concept stocks that fell collectively on Wednesday continued to fall and continued to lose the market. SoundHound.ai(SOUN) fell more than 2%,C3.ai(AI), Palantir(PLTR) and Adobe(ADBE) fell more than 1%, while BigBear.ai(BBAI) rose more than 1%. Popular Chinese stocks, which fell for two days in a row, rebounded strongly, outperforming the market on the second day of the week after Monday. In early trading, the Nasdaq Golden Dragon China Index (HXC) rose more than 4 per cent and closed up 3.5 per cent, beginning to approach the nearly half-year high set on Monday. Among individual stocks, at the close, Station B rose about 9%, Tiger Securities rose more than 8%, Weilai Auto rose more than 6%, Pinduo rose more than 5%, Ideal Auto rose more than 4%, Jingdong and Xiaopeng Auto rose more than 3%, Alibaba, Baidu and Tencent Pink List rose more than 2%. The bank stock index, which had been falling for days, rebounded. The banking index KBW Bank Index (BKX), which fell for two consecutive days on Wednesday to its lowest level since July 18, closed up nearly 0.7 percent. The regional bank index KBW Nasdaq Regional Banking Index(KRX) closed up 0.8 percent, beginning to approach the high level since March 9 that was refreshed on Monday. The regional bank ETF SPDR Regional Bank ETF(KRE), which fell three days in a row to the low level since July 25, closed up nearly 0.9. Most of the big banks rose, with Bank of America leading the way up 0.7 per cent, while Morgan Stanley and Citi fell 0.2 per cent. Among regional banks, Western Bank of Alains (WAL) rose more than 3 per cent, Zions Bancorporation(ZION) rose more than 2 per cent, Keycorp(KEY) rose more than 1 per cent, while Western Pacific Union Bank (PACW) fell 0.2 per cent. Among the volatile stocks, American Superconductor (AMSC), which closed down nearly 29% on Wednesday, closed down 16.2 and is likely to close down for the second day in a row after a 60% jump on Tuesday. Expedia(EXPE), an online travel company with lower-than-expected revenue in the second quarter and weak guidance in the third quarter, closed down 16.4. Etsy(ETSY), an e-commerce company with better-than-expected earnings in the second quarter but lowered performance guidelines, closed down 13.7; paypal (PYPL), a payment company with EPS earnings in line with expectations in the second quarter but lower-than-expected operating profit margin in the second quarter, closed down 12.3%%. Simon Property Group(SPG), a real estate REIT giant with working capital down about 3.8 year-on-year in the second quarter, closed down 4.6%; DoorDash(DASH), the takeaway delivery company that raised its full-year core profit guidance, rose more than 4 per cent in intraday trading and closed down 0.6 per cent in late trading. However, Traeger(COOK), a barbecue equipment manufacturer with higher-than-expected revenue in the second quarter, EPS unexpectedly made profits and did not lose as expected, rose more than 50% and closed up 42%. EVgo(EVGO), an electric vehicle charging network operator with revenue far exceeding expectations and EPS losses far lower than expected in the second quarter, rose 40% to 21.7; sunrun (RUN), a photovoltaic stock with a lower-than-expected loss in the second quarter, rose more than 10 percent and closed up 7.6 percent. Second-quarter earnings and revenue were higher than expected for home cleaning products manufacturer Colleer's (CLX) closed up 9 percent. In terms of European stocks, the July Eurozone composite PMI announced on Thursday fell to an eight-month low, falling into a contraction range below 50 for two consecutive months, and lower than the initial value, making the market more worried about the deterioration of corporate activity in the euro zone. Coupled with the poor performance of some companies. Pan-European stock indexes fell for three days in a row, but the decline was significantly slower than Wednesday. The European Stoxx 600 Index closed less than half of Wednesday's decline. After hitting a new low since July 18 on Wednesday, it refreshed its closing low since July 17. Major European stock indexes continued to fall on Thursday, all easing from Wednesday, when they fell more than 1%. German stocks and Western stocks fell for four and five days respectively. German stocks continued to fall from the closing record high set last Friday, while British, French and Italian stocks fell for three consecutive days. Among sectors, technology fell more than 1.7 per cent, led by a 9.3 per cent drop in German chip giant Infineon, which released lower-than-expected fourth-quarter revenue guidance due to weak demand for PCs and smartphones. Utilities, telecommunications, medical, chemical and food sectors also fell more than 1%. The oil and gas sector, which benefited from the rebound in crude oil, rose nearly 0.8 per cent; Societe Generale, France's third-largest listed bank, whose quarterly earnings were better than expected, rose 3.5 per cent, supporting the banking sector to close more than 0.7 per cent against the market; and mining stocks, which fell nearly 2.7 per cent on Wednesday, closed up 0.1 per cent.! ## Ten-year U.S. bond yields rose more than 10 basis points and 30-year yields hit a new nine-month high European government bond prices rose and fell differently, the Bank of England announced the resolution after the first refresh daily lows, and then gradually rebounded, some turned up. At the end of the bond market, the yield on the UK's 10-year benchmark government bond closed at 4.46, up 7 basis points in a day. After the Bank of England announced a rate hike, it first fell below 4.40 to refresh the daily low and then rose rapidly. The yield on the 2-year British bond closed at 4.92, down 3 basis points in a day. After the Bank of England raised interest rates, it first fell below 4.85 and then narrowed most of the decline. The yield on the benchmark 10-year German government bonds closed at 2.60, up 7 basis points in the day, the Bank of England announced a rate hike had broken 2.54 percent to refresh the day's low; 2-year German bond yields closed at 2.99 percent, basically unchanged from Wednesday's level, the Bank of England had broken 2.97 percent after raising interest rates. The yield on the 10-year benchmark U.S. Treasury note maintained an upward trend on Thursday. U.S. stocks had approached 4.20 percent in early trading, hitting a new high since November last year for two consecutive days, rising nearly 12 basis points in a day, and at least about 10 basis points in intraday trading for three consecutive days. At the end of the bond market, it was about 4.18 percent, with an intraday increase of slightly more than 10 basis points, rising for four consecutive days. The 30-year U.S. bond yield rose above 4.32 percent in early trading, the third consecutive day since November last year, and the bond market was about 4.29 percent at the end of the day, maintaining an intraday rise of more than 10 basis points.! The yield of 30-year U.S. bonds was close to the high level at the end of October last year. Before the release of the ISM data in the United States, the yield of 2-year U.S. bonds, which is more sensitive to the interest rate prospect, rose by 4.92 to refresh the daily high. It was close to the high level since July 10 set by 4.95 on Thursday, rising by nearly 5 basis points in the day. After the ISM data was released, the U.S. stocks turned back, refresh day low now broke 4.86 percent, down nearly 2 basis points in the day, picked up in midday, to the end of the bond market was about 4.88 percent, up less than 1 basis point in the day, on Wednesday to stop two days of rally after the rebound. Yields on long-and short-term U.S. bonds diverged intraday. The 5-year and 30-year U.S. bond yield curves ended upside down in early U.S. stocks, with early spreads reaching +2.472 basis points, the first time since June 13 that the yield curve ended upside down, and the spread was -0.072 basis points at the end of U.S. stocks.! The 5-year and 30-year U.S. bond yield curves once ended inverted in intraday trading## The U.S. dollar index turned down after hitting a new high in nearly four weeks. The offshore RMB once approached 7.17 and rose more than 300 points. The ICE U.S. dollar index (DXY), which tracks the exchange rate of six major currencies such as the U.S. dollar against the euro, turned down more than once in Asian and European stock trading on Thursday. The European market broke 102.80 in early trading, after hitting a new intraday high since July 10 for two consecutive days, it has refreshed its high since July 7 for two consecutive days, rising more than 0.2 percent in the day. U.S. stocks fell again after the release of ISM data in early trading, falling below 102.40 in midday to refresh the daily low, down 0.2 percent in the day. By the close of U.S. stocks on Thursday, the U.S. dollar index was close to 102.50, falling less than 0.1 percent in the day, stopping three consecutive gains. The Bloomberg Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, turned up at midday. U.S. stocks closed up slightly less than 0.1 percent, continuing to refresh their high since July 6, rising for four consecutive days.! Bloomberg's US Dollar Spot Index has basically recovered the decline since the release of the US non-farm payrolls report in June in July. Among non-US currencies, the pound fell below 1.2630 and close to 1.2620 against the US dollar after the Bank of England announced an interest rate hike, reaching a new low since the end of June, falling nearly 0.7 per cent in a day. US stocks continued to rise after opening and US stocks turned up. Yen, the U.S. dollar against the Japanese yen was close to 143.90 in the Asian market, rising about 0.4 percent in the day, refreshing the high since July 7, and the European and American trading hours continued to decline. U.S. stocks fell below 142.10 in early trading and fell nearly 0.9 percent in the day, and then gradually smoothed out the decline. U.S. stocks closed with almost zero rise and fall; the euro against the U.S. dollar was close to 1.0910 in early trading, continuing to refresh the low since July 7, U.S. stock market, u.S. stocks had risen above 1.0960 to refresh their daily highs in midday trading. Offshore RMB (CNH) against the U.S. dollar in the Asian market had fallen to a 7.2089-day low, European stocks before the rally to maintain the rally, U.S. stocks in early trading was close to regaining 7.17, the refresh day as high as 7.1702, up 307 points in the day, from Wednesday fell to 7.2128 and two consecutive days of refresh since July 24 intraday low. At 4:59 on August 4, Beijing time, the offshore yuan was reported at 7.1820 yuan against the U.S. dollar, up 189 points from late Wednesday in New York, ending a two-day streak of decline and rising for the first time in August. Cryptocurrency trading, which fell back on Wednesday, turned higher. Bitcoin (BTC) fell below US $29000 in early European trading to refresh its daily low, and then continued to recover. US stocks rose above US $29400 in early trading to refresh its daily high, rising more than US $400 or more than 1% from its daily low. US stocks closed above US $29300, rising less than 1% in the last 24 hours, which is still far from the high since July 23 set by Wednesday's intraday rise of US $30000. ## Crude oil rebounded more than 2% from a one-week low. International crude oil futures maintained their rally after European stocks turned higher in early trading on Thursday. U.S. WTI crude oil returned to the $80 mark before U.S. stocks. When U.S. stocks refreshed their daily highs in midday trading, U.S. oil rose to $81.86, up nearly 3 percent in the day, and Brent crude oil rose to $85.41, up nearly 2.7 percent in the day. In the end, crude oil, which closed down for two consecutive days, rebounded, smoothing out the decline of at least about 2% on Wednesday. WTI September crude oil futures closed up 2.59 percent at $81.55 a barrel, while Brent October crude oil futures closed up $1.94, or 2.33 percent, at $85.14 a barrel, with both U.S. oil off Wednesday's July 26 closing lows. In early trading on Wednesday, the Energy Information Administration (EIA) of the U.S. Department of Energy (DOE) announced that last week, U.S. EIA crude oil inventories fell by more than 17 million barrels from the previous month, the largest weekly decline on record. The market expects a decrease of only 1.05 million barrels. After the EIA data was released, oil prices rose more than $1 in the short term, but then quickly returned to the decline. At that time, it was commented that the sharp drop in U.S. crude oil inventories in a single week was not enough to support higher oil prices. Fitch's downgrade of the U.S. rating was seen as a negative blow to the entire financial market. Moreover, U.S. bond yields rose after the U.S. Treasury Department announced the details of the increase in bond issuance. The rise in U.S. bond yields pushed up the U.S. dollar, and oil prices were also hit by the stronger U.S. dollar.! On Wednesday, the U.S. Department of Energy (DOE) announced a record sharp drop in crude oil inventories last week. U.S. oil still fell on the same day. On Thursday, Saudi Arabia's expectation of extending new production cuts led to a rebound in oil prices. U.S. gasoline and natural gas futures were mixed. NYMEX September gasoline futures closed down 0.4 at US $2.7647/gallon, down for three consecutive days, continuing to refresh the closing low since July 20. NYMEX September natural gas futures, which fell for three days in a row, closed up 3.55 to US $2.5650/million British thermal units, moving out of the closing low since June 14, which was refreshed on Wednesday. The rise in natural gas benefited from the 14 billion cubic feet increase in US EIA natural gas inventories last week announced on Thursday, which was lower than analysts' expectations and lower than the five-year average. Therefore, the surplus of inventories relative to the five-year average has decreased. ## Lunxi rose more than 2% out of the nearly four-week low, gold continued to fall from the two-and-a-half-month high, London base metal futures closed up collectively for the first time since July 28. Lun Xi, who rose more than 2%, led the rise, and Lun Lead both stopped falling for three days, coming out of their lows of nearly a month and more than a week respectively. Lun Copper, which fell to more than a week's low on Wednesday, rose more than 1 per cent, while Lun Aluminum rebounded after two consecutive falls. Lunzinc and Lunnickel, which fell sharply by more than 3% on Wednesday, closed slightly higher. Lunzinc failed to approach the high level since early May set on Tuesday. Lunnickel temporarily left the low level set on Wednesday for more than a week. New York gold futures maintained a downward trend throughout the day on Thursday. When US stocks refreshed their daily lows before trading, the December contract of the main contract fell to $1964.5, down nearly 0.6 per cent in the day. In the end, COMEX December gold futures closed down 0.31 percent at $1968.8/ounce, continuing to fall from Monday's high since May 15, which closed above the $2000 mark for the first time since May 15, for three consecutive days, but the decline continued to moderate significantly from Tuesday's 1.51 percent drop, the biggest decline since April 14.! Bitcoin rebounded on Thursday and spot gold continued to fall.