Overnight stock market
Major global indices saw mixed gains and losses on Friday, with the three major US stock indexes collectively closing higher, and the S&P 500 and Nasdaq hitting new closing records.
Commodity market
The settlement price of WTI crude oil futures fell 0.86% to $83.16 per barrel; Brent crude oil futures settled 1.02% lower at $86.54 per barrel.
COMEX gold futures rose 1.28% to $2399.8 per ounce; COMEX silver futures closed up 2.21% at $31.525 per ounce.
Market news
[Democratic Party's big spenders further pressure over a hundred wealthy businessmen to jointly write a letter urging Biden to withdraw from the election]
A group composed of top business leaders is increasing pressure on President Biden to abandon his re-election campaign in a joint letter. This copy of the Leadership Now Project joint letter shows up to 168 signatories, including Christy Walton, Michael Novogratz, and Paul Tagliabue. It is currently unclear how much influence Democratic voters will ultimately have on Biden's decision. There are reports that he relies on a small circle he trusts, including his wife Jill and son Hunter.
Disney heirs: no longer funding the Democratic Party unless Biden withdraws
According to reports, President Biden is facing opposition from a group of Democratic supporters, including Abigail Disney, the heir to the Disney family's wealth, due to his poor performance in the first presidential debate in 2024. These funders have stated that they will no longer provide funding to the Democratic Party unless Biden withdraws.
[Non farm payroll in the United States increased by 206000 in June, with a total decrease of 111000 in April and May data]
Before the US stock market closed on Friday (July 5th), the employment situation report released by the US Bureau of Labor Statistics showed that non farm payroll in June was stronger than market expectations, but the data for the first two months was significantly revised down, and the unemployment rate further rose to 4.1%.
Specific data shows that the non farm employment population in the United States increased by 206000 people after the June quarterly adjustment, higher than the market expectation of 190000 people.
Meanwhile, the data for May was significantly revised down from 272000 to 218000, and in April it was revised down from 165000 to 108000. After the correction, the total number of people decreased by 111000 in the two months compared to before the correction.
The data also shows that the US unemployment rate unexpectedly rose to 4.1% in June, a new high since November 2021, and the market was originally expected to remain unchanged at 4%.
【 Federal Reserve's Half Year Monetary Policy Report: Greater confidence in inflation is still needed before interest rate cuts 】
The Federal Reserve's semi annual monetary policy report shows that inflation has made some progress this year, but greater confidence is still needed before implementing interest rate cuts; It is expected that the inflationary pressure related to real estate will gradually decrease; Despite some banks facing pressure on their commercial real estate investment portfolios, the financial system remains healthy and resilient; Most domestic banks still have ample liquidity.
The newly appointed Prime Minister of the UK announces the list of new cabinet members
On the afternoon of July 5th local time, newly appointed British Prime Minister Stammer formed a cabinet and appointed Labour Deputy Prime Minister Angela Reiner as the Deputy Prime Minister, Rachel Levi as the Chancellor of the Exchequer, David Remy as the Secretary of Foreign Affairs, and John Healey as the Secretary of Defense.
It is reported that Rachel Reeves is the first female Chancellor of the Exchequer in the UK. She graduated from Oxford University and previously worked at the Bank of England. Since 2020, she has been serving as Chancellor of the Exchequer in Stammer's shadow cabinet; David Remy previously served as Foreign Secretary in Stammer's Shadow Cabinet and had previously served in the cabinets of former Prime Ministers Blair and Brown; John Healey served in the Brown administration.
[World Gold Council: India's gold reserves increased by the largest amount in two years in June]
According to data from the World Gold Council, the Bank of India's gold reserve growth last month may be the largest in nearly two years. According to an article published by Krishan GoPaul, an analyst at the World Gold Council, on social media platform x, based on weekly data from the Bank of India, the bank added over 9 tons of gold in June, the highest level since July 2022. This means that India's gold reserves increased by 37 tons this year, reaching 841 tons.
【 Polls show that Le Pen's National League is expected to win 185-215 seats in French parliamentary elections 】
According to a Harris Interactive poll in France, Le Pen's far right political party, the National Alliance, is expected to win 185-215 seats in French parliamentary elections. The left-wing New People's Front is expected to win 168-198 seats. Macron's centrist camp is expected to win 115-145 seats.
German Chancellor: Germany's defense budget will reach 80 billion euros by 2028
German Chancellor Scholz stated at a press conference on the issue of Germany's 2025 budget draft that in order to meet NATO requirements, Germany's annual defense budget will reach 80 billion euros starting from 2028.
Analysts downgrade Nvidia's rating but are optimistic about AMD and TSMC
On Friday, July 5th local time, New Street Research analyst Pierre Ferragu downgraded Nvidia's stock rating from buy to neutral and set a one-year target price of $135.
Ferragu is optimistic about the stock prices of AMD and TSMC, with a 12-month target price of $235 and NT $1200 respectively, which is 38% and approximately 19% higher than their current stock prices.
Amazon CEO Bezos cashed out $333.1 million in stocks
According to Securities and Exchange Commission (SEC) documents, on July 2-3, Amazon CEO Bezos sold a total of 1.664886 million Amazon shares in two separate transactions, totaling $333.1 million in cash.
EU officials warn: preliminary investigation into supply issues with Nvidia AI chips is underway
Margrethe Vestager, Executive Vice President of the European Commission and Competition Commissioner, has warned that Nvidia's supply of artificial intelligence (AI) chips is facing a "huge bottleneck".
During his trip to Singapore, Vestag told the media that EU regulatory agencies are still considering whether to take action and what actions to take. "We have been asking them questions, but this is only a preliminary measure. So far, this cannot be considered a regulatory action."
Vestag mentioned that AI chips are facing supply shortages, and the secondary market may help stimulate innovation and fair competition. But she pointed out that dominant companies may face certain behavioral restrictions in the future.
Intel and other giants reportedly abandoned new investment projects due to a lack of incentive measures
According to government documents cited by the media, Vietnam missed out on billions of dollars in investments from multinational corporations such as Intel and LG Chemical due to a lack of incentive measures.
The Vietnamese Ministry of Investment stated in a document at the end of June that US chip giant Intel had planned to invest $3.3 billion in Vietnam and requested 15% cash support from the country, but ultimately decided to transfer the project to Poland.
At the same time, LG Chemical of South Korea has also abandoned its investment plan in Vietnam and instead invested in a battery project in Indonesia. The company had previously requested Vietnam to bear 30% of the investment cost.