--- title: "【True Zoom Finance】June 13 Market Brief: Morgan Stanley upgrades Huahong Semiconductor's stock rating from Equal Weight to Overweight" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/21803106.md" description: "「This is why these two Chinese sectors are rising | Nomura: Nippon Steel is worth buying | Caterpillar increased its dividend by about 8% and added $20 billion for stock buybacks」Market highlights l Asian stocks gave up earlier gains as Japanese stocks fell ahead of the central bank's interest rate decision on Friday. The dollar strengthened against most major currencies. l The TOPIX index fell for a third consecutive day as Japanese bank stocks declined on concerns that the Bank of Japan would cut bond purchases at its two-day policy meeting. Asian stocks opened higher on Thursday following gains in U.S. stocks..." datetime: "2024-06-13T06:34:21.000Z" locales: - [en](https://longbridge.com/en/topics/21803106.md) - [zh-CN](https://longbridge.com/zh-CN/topics/21803106.md) - [zh-HK](https://longbridge.com/zh-HK/topics/21803106.md) author: "[真灼财经](https://longbridge.com/zh-CN/profiles/1067948.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/21803106.md) | [繁體中文](https://longbridge.com/zh-HK/topics/21803106.md) # 【True Zoom Finance】June 13 Market Brief: Morgan Stanley upgrades Huahong Semiconductor's stock rating from Equal Weight to Overweight "This is why these two Chinese sectors are rising | Nomura: Nippon Steel is worth buying | Caterpillar raises dividend by about 8% and adds $20 billion for stock buybacks" **Market Highlights** l Asian stocks gave up earlier gains as Japanese stocks fell ahead of the central bank's interest rate decision on Friday. The dollar strengthened against most major currencies. l The TOPIX index fell for a third consecutive day as Japanese bank stocks declined on concerns that the Bank of Japan would cut bond purchases at its two-day policy meeting. Asian stocks opened higher on Thursday after U.S. stocks rose as cooling inflation offset the Fed's slightly hawkish policy decision. l On Wednesday, U.S. stocks and bonds rose in early trading after a report showed the core consumer price index fell to its lowest level in more than three years. The Fed then projected just a quarter-point rate cut this year, down from three in March, while raising its 2025 forecast to four. l The Hang Seng Index opened up 1.1% at 18,131.38. BYD Company Limited contributed the most to the index's rise, gaining 6.8%. In early trading, 76 of 82 stocks rose, while 6 fell; all sectors advanced, led by commercial and industrial stocks.$Hang Seng Index(00HSI.HK) **Key News** **Asian Stocks** l Morgan Stanley upgraded Hua Hong Semiconductor from Equal Weight to Overweight, citing high utilization rates that could stimulate price increases.$HUA HONG SEMI(01347.HK) l A bill aimed at preventing some Chinese biotech companies from contracting with the U.S. government stalled the day before, leaving WuXi Biologics and its sister company WuXi AppTec fluctuating between gains and losses. The U.S. bill banning Chinese biotech companies from doing business was excluded from the National Defense Authorization Act, a key step for the bill to take effect. According to JPMorgan, the bill could become law in two ways: as a standalone bill or as an attachment to a larger "must-pass" bill like the National Defense Authorization Act. As of 9:50 a.m., WuXi Biologics rose as much as 1.6% in Hong Kong; WuXi AppTec fell as much as 1.7%; Tigermed +1%, WuXi AppTec +2%.$WUXI BIO(02269.HK) l Most Chinese EV maker stocks rose as analysts said the EU's preliminary tariff hike announcement was in line with market expectations. Analysts said BYD's tariffs were below the industry average, so it should be less affected than its peers; SAIC Motor, with higher tariffs and a larger contribution to EU sales, was seen as the biggest victim. In Hong Kong, BYD rose as much as 7.5%, ENN rose 3.9%, Geely Auto rose 3.2%, XPeng rose 2.2%, and Dongfeng Motor rose 2.2%. SAIC Motor fell as much as 2.5% in Shanghai. Hong Kong stocks mostly saw significant declines in the days leading up to the EU tariff decision. **U.S./Global Stocks** l Chip supplier Broadcom (AVGO) rose 13% after its earnings outlook beat expectations, supported by strong demand for AI products. The company also announced a 10-for-1 stock split. Dave & Buster's (PLAY) fell 9.8% after the arcade restaurant chain reported quarterly results that missed expectations. l Oxford Industries (OXM) fell 1.7% after lowering its adjusted earnings forecast for the Tommy Bahama and Lilly Pulitzer brands this fiscal year. Plus-size women's brand Torrid Holdings (CURV) rose 6% after reporting first-quarter profit that beat expectations and supporting its full-year sales outlook. Caterpillar Inc. Affirm (AFRM +5.8%)'s new deal with Apple Pay, e-commerce advantages, Shopify partnership, and debit card expansion could accelerate user growth and drive gross merchandise value growth of about 30% in fiscal 2024-26. Revenue for fiscal 2025 and 2026 could be 5% and 7% above consensus, respectively, after two consecutive quarters of earnings beats. By fiscal 2026, the fintech lender's user base could grow by another 9 million, doubling revenue to more than $3.5 billion. Oracle (ORCL +13%) rose after reporting better-than-expected bookings and announcing partnerships with tech rivals, advancing Chairman Larry Ellison's efforts to redefine the software maker as a major cloud computing competitor. l GlobalFoundries Inc. (GFS +1.8%) will produce chip samples for startup Diraq Pty this month, featuring both quantum and classical processors, the latest attempt to make quantum computers practical in the real world. Accenture (ACN -2.9%) fell as the IT services company named Angie Park as CFO, replacing KC McClure. Despite expectations of ample free cash flow, T-Mobile (TMUS -2.6%) may borrow to fund acquisitions and shareholder returns. With upcoming spectrum purchases, the acquisition of US Cellular's wireless business, and buybacks, T-Mobile's $80 billion debt could grow. l Paramount (PARA +0.7%) may emerge weaker after controlling shareholder Shari Redstone terminated a potential deal with Skydance, prolonging the M&A process. Despite weak fundamentals, the company could pivot, seek to sell non-core assets, and potentially partner with other streaming platforms while scaling back Paramount+ to reduce losses. **Daily Strategy:** l Nomura: Nippon Steel is worth buying. The stock will rise as expectations for 26/3 earnings recovery strengthen. Progress by U.S. regulators on the U.S. Steel acquisition could clarify uncertainties and help improve sentiment toward growth. The stock appears undervalued, as it reflects neither the prospect of 26/3 earnings improvement nor the profit growth potential from the U.S. Steel acquisition. They derived a target price based on 26/3 forecasts and a 5.8x EV/EBITDA multiple. **Today's Forex and Commodity Highlights** In commodities, oil prices edged lower after three days of gains as investors weighed an unexpected rise in U.S. crude inventories and the prospect of prolonged higher Fed rates. Elsewhere, gold fell. The Korean won led gains among Asian currencies after the dollar weakened broadly on Wednesday. Australian and New Zealand government bonds rose, following U.S. Treasuries on Wednesday. **Source: Goldhorse Capital Extramile** ### 相关股票 - [Hua Hong (688347.CN)](https://longbridge.com/zh-CN/quote/688347.CN.md) - [HUA HONG SEMI (01347.HK)](https://longbridge.com/zh-CN/quote/01347.HK.md) - [Hang Seng Index (00HSI.HK)](https://longbridge.com/zh-CN/quote/00HSI.HK.md) - [WUXI BIO (02269.HK)](https://longbridge.com/zh-CN/quote/02269.HK.md) - [WuXi Biologics (WXXWY.US)](https://longbridge.com/zh-CN/quote/WXXWY.US.md) - [Morgan Stanley (MS.US)](https://longbridge.com/zh-CN/quote/MS.US.md)