--- title: "【True Zoom Finance】Market Briefing on July 26: Goldman Sachs' View on Asian Currencies" description: "「Other headlines: What did OpenAI release | How was the PCE inflation in June?」Market highlights Asian stocks and US futures rose as swap prices reflected the impact of the Fed's rate cut in September" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/22722817.md" published_at: "2024-07-26T07:25:21.000Z" author: "[真灼财经](https://longbridge.com/en/profiles/1067948)" --- # 【True Zoom Finance】Market Briefing on July 26: Goldman Sachs' View on Asian Currencies 「Other Headlines: What Did OpenAI Release | How Was the PCE Inflation in June」 **Market Highlights** - Asian stocks and U.S. futures rose as swap prices reflected the impact of a Fed rate cut in September. The yen retreated, with some investors warning that the recent rally could face the risk of breaking as early as next week. The yield on the 10-year U.S. Treasury note barely changed. - The Hang Seng Index opened up 1.1% at 17,189.34. Tencent Holdings Ltd. contributed the most to the index's gain, rising 1.8%. Haier Smart Home Co. Ltd. rose the most, up 5.7%. In early trading, 71 of the 82 stocks rose while 11 fell; all sectors advanced, led by commercial and industrial stocks.$Hang Seng Index(00HSI.HK) $TENCENT(00700.HK) $HAIER SMARTHOME(06690.HK) **Key News** - Stocks of Chinese home appliance and auto makers rose after the state announced measures to support trade-in and consumer upgrade subsidy programs. - The Hang Seng China Enterprises Index erased an earlier gain of more than 1%, falling 0.3%, on track for a fourth straight session of declines as bearish sentiment deepened. - Hong Kong stocks rebounded from a three-month low as expectations grew that China would roll out more policy easing after the central bank unexpectedly cut benchmark interest rates this week. - Bill Ackman's closed-end fund IPO will raise far less than the $25 billion he issued two weeks ago. A filing shows he now expects to raise only $2.5 billion to $4 billion, though the final size will depend on demand. - Dexcom shares plunged 37% in late trading after cutting its full-year sales forecast for its glucose monitoring devices. - Russia is restricting access to YouTube and preparing to block the social media site. - Hermès sales grew against the backdrop of a slowdown in the luxury market. - Aspex, the hedge fund of Hermès Li, posted a 21% return in the first half, helping its assets under management grow to more than $9 billion, according to people familiar with the matter. - Janet Yellen reiterated the U.S. commitment to market-determined exchange rates, with intervention only for periods of excessive volatility. She also praised Harris for her appreciation of U.S. global leadership. - U.S. Economy: Friday's June PCE inflation data could bring good news for the Fed. - Goldman Sachs Asset Management said Asian currencies, particularly the yuan, Malaysian ringgit and Thai baht, would weaken if Trump is elected and imposes tough tariffs. - Economy: Tokyo's core inflation rate accelerated to 2.2% in July, in line with expectations. Singapore's central bank left monetary policy unchanged for a fifth straight time. - Paramount's $8 billion merger with Skydance will cost Paramount's public shareholders more than $1.6 billion, according to a lawsuit over the deal. - EssilorLuxottica confirmed Meta's interest in acquiring a stake in the eyeglass maker. - Banco Sabadell's CEO stepped up criticism of BBVA's hostile takeover, saying the plan wouldn't work without job cuts. - Nasdaq CEO Adena Friedman expects the IPO momentum to pick up in 2025. - Meta faces EU antitrust fines for bundling Marketplace with its Facebook network. - Cruise plans to resume fully autonomous service later this year. The self-driving car unit, majority-owned by General Motors, could start charging in early 2025, people familiar with the matter said. - OpenAI challenges Google: SearchGPT. The search engine prototype is available to a limited number of users via web browser only. - Google DeepMind launched two new AI programs, AlphaProof and AlphaGeometry 2, specifically designed to solve complex math problems, a task that has historically been difficult. - Elon Musk's xAI is accelerating plans to build the "world's largest supercomputer" in South Memphis by 2025. But locals are concerned about the lack of public details. - Chart of the Day: Investors show interest in rotating trades in big tech. "We're in the midst of a massive, rate-driven rotation from tech to everything else," said Callie Cox of Ritholtz. ![IMG_256](https://pub.pbkrs.com/social/2024/1067948/tL9c3tXVYGgNyCHPBtzdF7soTZ4E5SsB.jpg?x-oss-process=style/lg) **Today's Forex and Commodities Focus** - On Thursday, the yen weakened slightly against the dollar from a two-and-a-half-month high as financial markets stabilized and investors looked ahead to next week's Bank of Japan meeting, which could raise rates. - Oil prices stabilized in Asian trading on Friday, buoyed by positive U.S. GDP data, but concerns about weak demand in Asia sent crude lower for a third straight week. **Source: Goldhorse Capital Extramile** ### Related Stocks - [GS.US - Goldman Sachs](https://longbridge.com/en/quote/GS.US.md) - [00HSI.HK - Hang Seng Index](https://longbridge.com/en/quote/00HSI.HK.md) - [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md) - [80700.HK - TENCENT-R](https://longbridge.com/en/quote/80700.HK.md) - [TCEHY.US - Tencent](https://longbridge.com/en/quote/TCEHY.US.md) - [TCTZF.US - Tencent Holdings Limited](https://longbridge.com/en/quote/TCTZF.US.md) - [06690.HK - HAIER SMARTHOME](https://longbridge.com/en/quote/06690.HK.md) - [600690.CN - Haier Smart Home](https://longbridge.com/en/quote/600690.CN.md) - [GS-A.US - GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A](https://longbridge.com/en/quote/GS-A.US.md) - [GS-C.US - GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C](https://longbridge.com/en/quote/GS-C.US.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.