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Real-time News
September 1st - The Hong Kong Transport Department recently formally invited platform companies to apply for ride-hailing service licenses, with the first batch of licenses expected to be issued starting as early as the end of November. According to Hong Kong media reports, Cao Cao Mobility is working with Octopus Card (Hong Kong) to explore participation in the license application and related arrangements. According to the Hong Kong Transport Departments regulations, ride-hailing platform licenses are valid for a maximum of five years, with an annual license fee of HK$1.2 million. Applicants must be Hong Kong-registered companies with resident management personnel and offices in Hong Kong, and must also meet requirements regarding operational scale and capital strength.The Norwegian Road Transport Information Council reported that Tesla (TSLA.O) new car registrations in Norway fell 79% year-on-year in August.Futures News, September 1st: Aluminum prices have recently rebounded after fluctuating. The main reasons are: 1. The US Treasury announced an expansion of its long-term bond repurchase program, leading to a decline in long-term interest rates and improved market risk appetite, resulting in a rebound in aluminum prices; the US July PCE price index slightly exceeded expectations, but the market reaction was limited; Nvidias second-quarter earnings report exceeded expectations, driving continued strong growth in related computing power and power investment. 2. While aluminum prices rose, downstream demand cooled slightly, while aluminum exports and the recycling sector maintained steady consumption. Looking ahead, considering the hawkish signals released by the Wash-Jackson Hole symposium and the remaining uncertainties in the geopolitical situation, aluminum prices may continue to fluctuate between 23,800-24,300 yuan/ton.September 1 – On September 1, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. In response to a question regarding New Zealand politicians, Guo Jiakun stated that China has always adhered to the principle of non-interference in internal affairs and has never had the interest in, nor will it, interfere in the internal affairs of other countries in any way. The remarks concerning New Zealand are baseless. China consistently upholds the principle of "four full respects" in developing relations with Pacific Island countries and has neither the interest nor the history of interfering in the internal affairs of other countries.On September 1st, the Huangpu District Peoples Government Office of Shanghai issued the "15th Five-Year Plan for the Reform and Development of State-owned Assets and Enterprises in Huangpu District." The plan outlines support for enterprises to utilize capital market refinancing tools to strengthen and supplement their supply chains in accordance with legal and compliant principles, based on their development needs. It also emphasizes the continuous revitalization of existing assets. The plan strengthens the functions of the state-owned assets management platform, enhances asset operation and professional disposal capabilities, and gradually establishes an asset "receive-revitalize-inject" model. For assets that align with the regions key industrial directions and meet injection conditions, operational efficiency will be improved through injection into district-owned enterprises and listed companies, thus opening up channels for assets, funds, and capital. The plan also strengthens cooperation with professional institutions, utilizing non-performing asset acquisition and disposal, substantive restructuring, and market-oriented debt-to-equity swaps in accordance with legal and compliant principles to tap the value of idle and inefficient assets. Furthermore, it encourages eligible district-owned enterprises to effectively revitalize existing assets through asset securitization and other means, and to study REITs implementation paths based on infrastructure such as commercial complexes, industrial parks, and affordable rental housing as underlying assets, continuously improving the level of state-owned capital securitization.

NASDAQ Composites Falls for Fifth-Straight Sessions on Weak Chip Sector, Interest Rate Fears

Cory Russell

Sep 02, 2022 14:45



After being instructed to cease shipping AI chips to China, Nvidia and Advanced Micro Devices saw their stock prices plummet.


The tech-heavy NASDAQ Composite is down for the sixth consecutive day as chipmakers fell, driven by a decline in Nvidia and Advanced Micro Devices shares after the United States banned the shipment of some of the most advanced AI devices to China.


The index declined at the start of the cash market, but the selling pressure subsided as U.S. economic data revealed a further easing of pricing pressures. Manufacturing, however, expanded briskly in August as a result of a comeback in employment and new orders.


The NASDAQ Composite is down 31.08 points or -0.26% at 11785.13 as of 18:12 GMT. At $299.43, the Invesco QQQ Trust ETF (QQQ) is up $0.16 or 0.05%.


The latest sell-off started last Friday as Fed Chairman Jerome Powell said the institution will continue aggressively hiking rates to combat inflation even after two straight increases of 75 basis points. Other Fed officials have since mirrored Powell's remarks.


Near session's end, traders projected a 74.0% possibility of a third consecutive 75 basis point rate rise in September, with a high of around 3.993% expected in March 2023.

After US Restrictions, Nvidia and Advanced Micro Devices Sink in the Chip Sector China Sales

After Nvidia and Advanced Micro Devices claimed that U.S. authorities had instructed companies to cease shipping cutting-edge processors for artificial intelligence to China, U.S. chip stocks fell on Thursday, with the major semiconductor index down more than 3%, according to Reuters.


While smaller competitor AMD's price dropped over 6%, Nvidia's stock plunged 11%, on pace for its largest one-day percentage decline since 2020.


Nvidia said in a filing on Wednesday that the limited shipments to China of two of its top artificial intelligence computer chips, the H100 and A100, might affect $400 million in potential sales to China in the current fiscal quarter.


However, AMD does not think the new regulations would have a significant effect on its company. AMD also claimed that American authorities instructed it to halt selling its top artificial intelligence processor to China.


Economic data that is strong supports the Fed's plan to raise rates quickly.


According to a government survey, fewer Americans than usual filed new unemployment benefit claims last week, which is consistent with the high demand for employees and the tight job market circumstances.


In other developments, statistics from the Institute for Supply Management (ISM) revealed that American manufacturing expanded gradually in August as employment and new orders increased. Meanwhile, predictions that inflation has likely peaked were supported by a further easing of pricing pressures.

Looking Forward

Investors are now waiting for Friday's monthly nonfarm payrolls report for further labor market data. According to Reuters' survey of economists, there will be a 300,000 rise in employment. However, Wells Fargo economist Jay Bryson increased his projection for nonfarm payrolls from 325,000 to 375,000, while Morgan Stanley economist Ellen Zentner anticipates August payrolls of 350,000.

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