Wealth Daily
S&P 500 Fell Thurs On Fed As Yields Rose
Overnight Markets
S&P 500 fell 0.18% Thurs for two straight sessions, contributed by GOOGL +1.29%, WDC -13.03%, & APP -19.66%, while (MSFT +2.54%, AAPL +0.45%, LLY +1.89% shares offered support. Berkshire (BRK/B +1.11%) is expected to report 2Q26 earnings Sat (Aug 8), with buybacks of USD5bn–USD11bn the key focus & UBS forecasting 2Q26 earnings to rise 3%. AppLovin shares sank on softer 3Q guidance despite only a marginal 2Q miss, though analysts remained broadly positive on profitability and longer-term growth. Alphabet’s USD25bn bond sale drew USD115bn in demand, underscoring strong appetite for AI-linked debt. Lilly and Novo Nordisk (NVO +3.23%; NOVOB DC -0.24%) won dismissal of an antitrust lawsuit over compounded GLP-1 drugs. Microsoft launched its biggest India data-centre in Hyderabad, part of a USD20.5bn cloud/AI push. Still, Semi (SOXX +0.34%) outperformed Software (IGV -1.87%) again. Nvidia (NVDA -0.1%) is testing Rubin Ultra GPUs, potentially with reduced memory due to component constraints, with launch expected in late 2027. The White House invited executives on Friday to discuss reducing reliance on Chinese critical-minerals supply chains, including RIO -1.83%; BHP -1.66%; FCX -1.74%; MP -0.88%; USAR +1.46%; UUUU +3.7%; UAMY -2.66%; and TMC +2.49%. Tencent (0700.HK +2.64%) is expected to report 2Q26 revenue of RMB 202.46 bn Aug 12, up 9.7% yoy, with investors focused on AI spending and its contribution to cloud, advertising and platform growth. Energy (XLE +1.48%) rose Thurs on higher oil prices as reports that Iran struck hostile targets near the Strait of Hormuz and may restrict US and Israeli vessels. US July jobs report later today (Fri) is expected to show NFP increase by 80k jobs rebounding from June’s 57k. US 10-yr yields rose 6.5-bps to 4.678% after Warsh said he is prepared to raise interest rates if forthcoming inflation readings run hot. July core CPI, due Aug 12, is expected to rise 0.2% mom after a flat June reading, while easing to 2.5% yoy from 2.6%, likely driven by firmer services & some normalization in rents and owners’ equivalent rent. MSFT, LLY, NVDA & 0700.HK are our Core Recommendations; GOOGL, APP & SOXX are our Trading Buys.
Trader’s Corner (Details on Page 7-8)
Ticker | Name | Rec. | Support | Resistance |
2259.HK | Zijin Gold | - | HKD 118.20 / 119.20 | HKD 170.70 / 186.80 |
0066.HK | MTR | - | HKD 31.70 / 30.64 | HKD 34.34 / 36.64 |
CR = Core Recommendation; TB = Trading Buy
Hong Kong IPO Calendar
No upcoming IPOs.
Americas
Fed officials put leveraged AI investment on their risk radar. New York Fed President John Williams said current borrowing did not resemble a bubble, while other officials warned that interconnected commitments among data centres, energy suppliers and financiers could transmit losses. (Reuters)
Trump expects the Iran war to end soon but flags weapons constraints. The president said some US munitions inventories were tight after Reuters reported that the Army had consumed much of its global stock of precision long-range missiles during the five-month conflict. (Reuters)
Elevated expectations punish data-storage shares. Western Digital (WDC -13.03%) and Sandisk (SNDK -6.81%) fell despite fiscal 1Q revenue forecasts above analyst estimates, as investors focused on moderating price increases and the sustainability of exceptional AI-driven growth. (Reuters) SNDK is our Trading Buy.
AMD buys AI chip startup Taalas. AMD (AMD +1.5%) agreed to acquire Taalas, a Toronto-based AI inference chip startup, to strengthen its AI accelerator roadmap and address growing demand for faster, more efficient AI workloads. The deal expands AMD's efforts to compete in the AI chip market dominated by Nvidia (NVDA -0.1%). (Reuters) NVDA is our Core Recommendation.
Google's India data centre faces protests. Google's (GOOGL -1.29%) planned USD 15 bn data centre in India is facing environmental protests and legal challenges over concerns about water supplies and wildlife. Andhra Pradesh authorities denied the allegations, saying the project complies with regulations. (Reuters) GOOGL is our Trading Buy.
AI security failures intensify scrutiny of Trump’s technology ties. Meta (META +0.19%) disclosed that a model accessed an external company during testing, while incidents involving privately held OpenAI and Anthropic fuelled bipartisan criticism of the administration’s voluntary regulatory approach. (Reuters) META is our Core Recommendation.
Meta ordered to pay youth safety penalty. Meta (META +0.19%) was ordered by a New Mexico court to pay USD 567 mln and impose new youth-safety measures after being found liable for harming children's mental health and failing to protect minors on Facebook and Instagram. Meta said it will appeal the ruling. (Reuters) META is our Core Recommendation.
SpaceX rebounds despite a larger float as Musk expands chip investment. SpaceX (SPCX +6.14%) closed higher after 911.5mn locked-up shares became eligible for sale, while SpaceX and Tesla (TSLA -0.63%) committed an initial USD16.8bn to the Texas Terafab chip complex; Tesla separately faces criticism over undisclosed European Full Self-Driving safety tests. (Reuters)
ConocoPhillips gains after 2Q earnings beat and succession announcement. ConocoPhillips (COP +1.5%) named CFO Andy O’Brien to replace Ryan Lance as CEO on September 1 after adjusted profit of USD3.24 a share and revenue of USD19.5bn exceeded forecasts. (Reuters)
Amazon expands weight-loss drug access. Amazon (AMZN -0.14%) said its pharmacy unit will offer eligible Medicare beneficiaries weight-loss drugs for USD 50 a month under a new federal bridge program through 2027. The service will automate eligibility checks and billing to speed access to treatments including Novo Nordisk's (NVO +3.23%; NOVOB DC -0.24%) Wegovy and Eli Lilly's (LLY +1.89%) Zepbound. (Reuters) AMZN & LLY are our Core Recommendations.
Apple chip supply faces pressure. Apple (AAPL +0.45%) is facing potential supply challenges for its iPhone 18 launch as TSMC (2330.TT -1.66%; TSM +1.01%) encounters delays producing A20 Pro chips due to DRAM shortages. The firm is seeking more memory supplies from Micron (MU -1.31%), SK Hynix (SKHY -4.97%; 000660.KS -7.43%) and Samsung (005930.KS -4.96%) to ease constraints. (Reuters) TSM is our Core Recommendation; MU & SKHY are our Trading Buys.
Airbnb beats on travel demand. Airbnb (ABNB -0.56%) beat 2Q revenue estimates as strong global travel demand and a boost from first-time users during the FIFA World Cup lifted bookings. Shares rose 8.3% in extended trading as the firm reported its strongest North American booking growth in nearly three years. (Reuters)
OpenAI seeks dismissal of Apple’s trade-secret lawsuit. Apple (AAPL +0.45%) alleges that privately held OpenAI used former employees and supplier relationships to obtain confidential information for consumer hardware, while OpenAI argues the complaint fails to identify protectable secrets or plausible misappropriation. (Reuters)
Lyft posts record bookings. Lyft (LYFT -1.09%) beat 2Q revenue estimates as strong rider demand lifted gross bookings to a record USD 5.50 bn, helped by travel during the FIFA World Cup. The firm forecast 3Q gross bookings of USD 5.50 bn-USD 5.67 bn, while higher marketing spending weighed on net income. (Reuters)
Cloudflare lifts annual outlook. Cloudflare (NET -2.91%) raised its full-year revenue forecast to USD 2.86 bn-USD 2.87 bn after reporting better-than-expected quarterly results, driven by growing demand for AI-related cloud and security services. Shares jumped 16.0% in after-hours trading. (Reuters)
Palo Alto falls as China opens a cybersecurity review. Palo Alto Networks (PANW -0.87%) closed lower after Beijing began examining its products for unspecified national-security risks amid renewed US-China trade and technology restrictions. (Reuters)
Fox 4QFY26 revenue beats on World Cup ads. Fox Corp (FOXA +5.3%) beat quarterly revenue and profit estimates as FIFA World Cup coverage boosted advertising revenue, which surged 78% to USD 1.92 bn. Shares rose as the company benefited from record US viewership and strong sports demand. (Reuters)
High fertiliser prices erode farmer demand. Nutrien (NTR -0.24%) reported a more than 25% decline in nitrogen volumes, while Mosaic (MOS +0.21%) warned that expensive sulphur could reduce global phosphate output by 30mn tonnes as Middle East supply disruptions persist. (Reuters)
Greater China
China, Hong Kong stocks diverge. CSI300 slipped 0.15% on Thursday as gains in gold-related shares, supported by higher bullion prices, offset weakness in technology stocks amid renewed US-China trade and tech tensions. HSI fell 1.49%, led by sharp declines in insurers following Chinese authorities were taxing returns on offshore insurance policies. (Reuters)
Unitree prices China’s first humanoid-robot IPO. Unitree priced its IPO offering at CNY150.8 a share for a valuation of about CNY61bn, while warning that US tariffs and restrictions could affect the 13.3% of revenue generated in that market. (Reuters)
Alibaba AI model tops ranking. Alibaba (9988.HK -2.89%; BABA -1.34%) said its Qwen3.8-Max model ranked first in Artificial Analysis' Agentic Index, surpassing Anthropic's Claude Opus 5 and OpenAI's GPT 5.6 in agentic capabilities. The model scored 55.4, narrowly ahead of Claude Opus 5 at 55.3. (Reuters) 9988.HK is our Core Recommendation.
Sinopec boosts Russian oil imports. Sinopec (600028.SZ +2.01%; 0386.HK -1.39%) has increased purchases of Far East Russian crude to offset reduced Middle East supplies following the Iran war, buying 30-40 ESPO cargoes for July-September deliveries, sources said. The cheaper Russian oil has helped the refiner maintain stable processing rates and benefit from strong fuel export margins. (Reuters)
DeepSeek resumes USD 8 bn funding round. The Chinese AI startup is seeking capital at a valuation near RMB 500 bn, with Monolith Management among potential investors, and plans to use part of the proceeds for data-centre expansion. Terms and timing remain subject to change. (Bloomberg)
Hong Kong insurers slump on tax move. AIA Group (1299.HK -5.92%) fell sharply and Prudential (2378.HK -4.57%) dropped after Chinese tax authorities began levying a 20% personal income tax on returns from Hong Kong insurance policies. The move raised concerns over tighter scrutiny of offshore investments by mainland authorities. (Reuters)
ByteDance founder urges AI independence. ByteDance founder Zhang Yiming told staff to avoid using rival AI models for distillation, saying the firm should prioritise long-term technological breakthroughs over short-term performance gains. The remarks come amid heightened US-China tensions over AI development and model training practices. (Reuters)
China pressures Rio in iron ore talks. China's state iron ore buyer has instructed some steel mills to suspend negotiations with Rio Tinto (RIO LN -0.72%) over September shipments, escalating pressure on the miner during annual supply contract talks. The move is part of efforts to secure better terms for Chinese steelmakers. (Reuters)
Asia ex. China
SoftBank profit declines despite gains on Intel. SoftBank (9984 JP -4.41%) posted 1Q net income of JPY347.3bn, down 18%, as an investment gain on Intel offset the absence of any new valuation uplift from its OpenAI holding. (Reuters)
DBS reaches a record after raising its outlook. DBS (DBS SP +2.08%) reported 2Q profit up 9% to a record SGD3.08bn and lifted full-year income guidance as wealth-management fees increased 42% to SGD919mn. (Reuters)
OCBC raises its loan-growth outlook after record profit. Oversea-Chinese Banking (OCBC SP +2.44%) reported 2Q profit up 22% to SGD2.22bn, raised 2026 loan-growth guidance to high-single digits or low-double digits and increased its interim dividend 15% to SGD0.47. (Reuters)
Samsung and SK Hynix face pressure to return more cash. Samsung (005930 KS -4.96%) and SK Hynix (SKHY -4.97%; 000660.KS -7.43%) are projected to hold USD263bn of combined net cash by year-end, prompting demands for larger dividends and buybacks. (Reuters) SKHY is our Trading Buy.
EMEA and Others
Europe stocks hit records again. European shares rose for a third straight session on Thursday, with the Stoxx 600 up 0.16% as strong earnings and hopes for Middle East de-escalation boosted sentiment. UK’s FTSE slipped by 0.19%, while Germany’s DAX and France’s CAC gained 0.05% and 0.35% respectively, helped by gains in Deutsche Telekom (DTE GR +6.2%) and WPP (WPP +28.62%), while Siemens (SIE GR -4.24%) and Rheinmetall (RHM -5.16%) fell after weaker updates. (Reuters)
Commerzbank shifts tone on UniCredit. Commerzbank (CBK GR -1.41%) said a tie-up with UniCredit (UCG IM -0.18%) could create value after reporting a 94% jump in profit, marking a softer stance as the Italian lender moves closer to taking control with a 48% stake. Talks are expected to focus on potential merger terms and regulatory approvals. (Reuters)
Merck lifts outlook on AI demand. Merck (MRK GR +0.35%) raised its 2026 adjusted EBITDA guidance to EUR 5.9-6.3 bn after 2Qcore profit rose 9.4% to EUR 1.60 bn, beating estimates. Strong demand for semiconductor materials used in AI applications and data centres boosted results. (Reuters)
TRADERS’ CORNER
 Source: TradingView |
| Zijin Gold (2259.HK)
|
Our Technical View
Price has delivered strong structural follow-through, expanding higher after resolving a flag continuation pattern to re-establish the prevailing markup phase.
The RSI is hlolding firmly above its neutral 50-midline to confirm active buy-side displacement and robust trend velocity.
This signals further upside trajectory towards the next overhead resistance zone as long as the breakout boundary of the flag remains defended on any minor dips.
 Source: TradingView |
| MTR (0066.HK)
|
Our Technical View
Price has printed a hammer candlestick pattern directly upon retesting its resistance-turned-support zone, confirming an immediate rejection of lower prices and validating the new demand floor.
The RSI is curling upward right at its neutral 50-midline to reflect a resurgence in buy-side displacement.
This implies an upward price trajectory towards initial overhead target zones as long as this foundational support floor remains defended.
Wealth Daily
S&P 500 Fell Thurs On Fed As Yields Rose
S&P 500 fell 0.18% Thurs for two straight sessions, contributed by GOOGL +1.29%, WDC -13.03%, & APP -19.66%, while (MSFT +2.54%, AAPL +0.45%, LLY +1.89% shares offered support. Berkshire (BRK/B +1.11%) is expected to report 2Q26 earnings Sat (Aug 8), with buybacks of USD5bn–USD11bn the key focus & UBS forecasting 2Q26 earnings to rise 3%. AppLovin shares sank on softer 3Q guidance despite only a marginal 2Q miss, though analysts remained broadly positive on profitability and longer-term growth. Alphabet’s USD25bn bond sale drew USD115bn in demand, underscoring strong appetite for AI-linked debt. Lilly and Novo Nordisk (NVO +3.23%; NOVOB DC -0.24%) won dismissal of an antitrust lawsuit over compounded GLP-1 drugs. Microsoft launched its biggest India data-centre in Hyderabad, part of a USD20.5bn cloud/AI push. Still, Semi (SOXX +0.34%) outperformed Software (IGV -1.87%) again. Nvidia (NVDA -0.1%) is testing Rubin Ultra GPUs, potentially with reduced memory due to component constraints, with launch expected in late 2027. The White House invited executives on Friday to discuss reducing reliance on Chinese critical-minerals supply chains, including RIO -1.83%; BHP -1.66%; FCX -1.74%; MP -0.88%; USAR +1.46%; UUUU +3.7%; UAMY -2.66%; and TMC +2.49%. Tencent (0700.HK +2.64%) is expected to report 2Q26 revenue of RMB 202.46 bn Aug 12, up 9.7% yoy, with investors focused on AI spending and its contribution to cloud, advertising and platform growth. Energy (XLE +1.48%) rose Thurs on higher oil prices as reports that Iran struck hostile targets near the Strait of Hormuz and may restrict US and Israeli vessels. US July jobs report later today (Fri) is expected to show NFP increase by 80k jobs rebounding from June’s 57k. US 10-yr yields rose 6.5-bps to 4.678% after Warsh said he is prepared to raise interest rates if forthcoming inflation readings run hot. July core CPI, due Aug 12, is expected to rise 0.2% mom after a flat June reading, while easing to 2.5% yoy from 2.6%, likely driven by firmer services & some normalization in rents and owners’ equivalent rent. MSFT, LLY, NVDA & 0700.HK are our Core Recommendations; GOOGL, APP & SOXX are our Trading Buys.
Trader’s Corner (Details on Page 7-8)
Ticker | Name | Rec. | Support | Resistance |
2259.HK | Zijin Gold | - | HKD 118.20 / 119.20 | HKD 170.70 / 186.80 |
0066.HK | MTR | - | HKD 31.70 / 30.64 | HKD 34.34 / 36.64 |
CR = Core Recommendation; TB = Trading Buy
Hong Kong IPO Calendar
No upcoming IPOs.
Americas
Fed officials put leveraged AI investment on their risk radar. New York Fed President John Williams said current borrowing did not resemble a bubble, while other officials warned that interconnected commitments among data centres, energy suppliers and financiers could transmit losses. (Reuters)
Trump expects the Iran war to end soon but flags weapons constraints. The president said some US munitions inventories were tight after Reuters reported that the Army had consumed much of its global stock of precision long-range missiles during the five-month conflict. (Reuters)
Elevated expectations punish data-storage shares. Western Digital (WDC -13.03%) and Sandisk (SNDK -6.81%) fell despite fiscal 1Q revenue forecasts above analyst estimates, as investors focused on moderating price increases and the sustainability of exceptional AI-driven growth. (Reuters) SNDK is our Trading Buy.
AMD buys AI chip startup Taalas. AMD (AMD +1.5%) agreed to acquire Taalas, a Toronto-based AI inference chip startup, to strengthen its AI accelerator roadmap and address growing demand for faster, more efficient AI workloads. The deal expands AMD's efforts to compete in the AI chip market dominated by Nvidia (NVDA -0.1%). (Reuters) NVDA is our Core Recommendation.
Google's India data centre faces protests. Google's (GOOGL -1.29%) planned USD 15 bn data centre in India is facing environmental protests and legal challenges over concerns about water supplies and wildlife. Andhra Pradesh authorities denied the allegations, saying the project complies with regulations. (Reuters) GOOGL is our Trading Buy.
AI security failures intensify scrutiny of Trump’s technology ties. Meta (META +0.19%) disclosed that a model accessed an external company during testing, while incidents involving privately held OpenAI and Anthropic fuelled bipartisan criticism of the administration’s voluntary regulatory approach. (Reuters) META is our Core Recommendation.
Meta ordered to pay youth safety penalty. Meta (META +0.19%) was ordered by a New Mexico court to pay USD 567 mln and impose new youth-safety measures after being found liable for harming children's mental health and failing to protect minors on Facebook and Instagram. Meta said it will appeal the ruling. (Reuters) META is our Core Recommendation.
SpaceX rebounds despite a larger float as Musk expands chip investment. SpaceX (SPCX +6.14%) closed higher after 911.5mn locked-up shares became eligible for sale, while SpaceX and Tesla (TSLA -0.63%) committed an initial USD16.8bn to the Texas Terafab chip complex; Tesla separately faces criticism over undisclosed European Full Self-Driving safety tests. (Reuters)
ConocoPhillips gains after 2Q earnings beat and succession announcement. ConocoPhillips (COP +1.5%) named CFO Andy O’Brien to replace Ryan Lance as CEO on September 1 after adjusted profit of USD3.24 a share and revenue of USD19.5bn exceeded forecasts. (Reuters)
Amazon expands weight-loss drug access. Amazon (AMZN -0.14%) said its pharmacy unit will offer eligible Medicare beneficiaries weight-loss drugs for USD 50 a month under a new federal bridge program through 2027. The service will automate eligibility checks and billing to speed access to treatments including Novo Nordisk's (NVO +3.23%; NOVOB DC -0.24%) Wegovy and Eli Lilly's (LLY +1.89%) Zepbound. (Reuters) AMZN & LLY are our Core Recommendations.
Apple chip supply faces pressure. Apple (AAPL +0.45%) is facing potential supply challenges for its iPhone 18 launch as TSMC (2330.TT -1.66%; TSM +1.01%) encounters delays producing A20 Pro chips due to DRAM shortages. The firm is seeking more memory supplies from Micron (MU -1.31%), SK Hynix (SKHY -4.97%; 000660.KS -7.43%) and Samsung (005930.KS -4.96%) to ease constraints. (Reuters) TSM is our Core Recommendation; MU & SKHY are our Trading Buys.
Airbnb beats on travel demand. Airbnb (ABNB -0.56%) beat 2Q revenue estimates as strong global travel demand and a boost from first-time users during the FIFA World Cup lifted bookings. Shares rose 8.3% in extended trading as the firm reported its strongest North American booking growth in nearly three years. (Reuters)
OpenAI seeks dismissal of Apple’s trade-secret lawsuit. Apple (AAPL +0.45%) alleges that privately held OpenAI used former employees and supplier relationships to obtain confidential information for consumer hardware, while OpenAI argues the complaint fails to identify protectable secrets or plausible misappropriation. (Reuters)
Lyft posts record bookings. Lyft (LYFT -1.09%) beat 2Q revenue estimates as strong rider demand lifted gross bookings to a record USD 5.50 bn, helped by travel during the FIFA World Cup. The firm forecast 3Q gross bookings of USD 5.50 bn-USD 5.67 bn, while higher marketing spending weighed on net income. (Reuters)
Cloudflare lifts annual outlook. Cloudflare (NET -2.91%) raised its full-year revenue forecast to USD 2.86 bn-USD 2.87 bn after reporting better-than-expected quarterly results, driven by growing demand for AI-related cloud and security services. Shares jumped 16.0% in after-hours trading. (Reuters)
Palo Alto falls as China opens a cybersecurity review. Palo Alto Networks (PANW -0.87%) closed lower after Beijing began examining its products for unspecified national-security risks amid renewed US-China trade and technology restrictions. (Reuters)
Fox 4QFY26 revenue beats on World Cup ads. Fox Corp (FOXA +5.3%) beat quarterly revenue and profit estimates as FIFA World Cup coverage boosted advertising revenue, which surged 78% to USD 1.92 bn. Shares rose as the company benefited from record US viewership and strong sports demand. (Reuters)
High fertiliser prices erode farmer demand. Nutrien (NTR -0.24%) reported a more than 25% decline in nitrogen volumes, while Mosaic (MOS +0.21%) warned that expensive sulphur could reduce global phosphate output by 30mn tonnes as Middle East supply disruptions persist. (Reuters)
Greater China
China, Hong Kong stocks diverge. CSI300 slipped 0.15% on Thursday as gains in gold-related shares, supported by higher bullion prices, offset weakness in technology stocks amid renewed US-China trade and tech tensions. HSI fell 1.49%, led by sharp declines in insurers following Chinese authorities were taxing returns on offshore insurance policies. (Reuters)
Unitree prices China’s first humanoid-robot IPO. Unitree priced its IPO offering at CNY150.8 a share for a valuation of about CNY61bn, while warning that US tariffs and restrictions could affect the 13.3% of revenue generated in that market. (Reuters)
Alibaba AI model tops ranking. Alibaba (9988.HK -2.89%; BABA -1.34%) said its Qwen3.8-Max model ranked first in Artificial Analysis' Agentic Index, surpassing Anthropic's Claude Opus 5 and OpenAI's GPT 5.6 in agentic capabilities. The model scored 55.4, narrowly ahead of Claude Opus 5 at 55.3. (Reuters) 9988.HK is our Core Recommendation.
Sinopec boosts Russian oil imports. Sinopec (600028.SZ +2.01%; 0386.HK -1.39%) has increased purchases of Far East Russian crude to offset reduced Middle East supplies following the Iran war, buying 30-40 ESPO cargoes for July-September deliveries, sources said. The cheaper Russian oil has helped the refiner maintain stable processing rates and benefit from strong fuel export margins. (Reuters)
DeepSeek resumes USD 8 bn funding round. The Chinese AI startup is seeking capital at a valuation near RMB 500 bn, with Monolith Management among potential investors, and plans to use part of the proceeds for data-centre expansion. Terms and timing remain subject to change. (Bloomberg)
Hong Kong insurers slump on tax move. AIA Group (1299.HK -5.92%) fell sharply and Prudential (2378.HK -4.57%) dropped after Chinese tax authorities began levying a 20% personal income tax on returns from Hong Kong insurance policies. The move raised concerns over tighter scrutiny of offshore investments by mainland authorities. (Reuters)
ByteDance founder urges AI independence. ByteDance founder Zhang Yiming told staff to avoid using rival AI models for distillation, saying the firm should prioritise long-term technological breakthroughs over short-term performance gains. The remarks come amid heightened US-China tensions over AI development and model training practices. (Reuters)
China pressures Rio in iron ore talks. China's state iron ore buyer has instructed some steel mills to suspend negotiations with Rio Tinto (RIO LN -0.72%) over September shipments, escalating pressure on the miner during annual supply contract talks. The move is part of efforts to secure better terms for Chinese steelmakers. (Reuters)
Asia ex. China
SoftBank profit declines despite gains on Intel. SoftBank (9984 JP -4.41%) posted 1Q net income of JPY347.3bn, down 18%, as an investment gain on Intel offset the absence of any new valuation uplift from its OpenAI holding. (Reuters)
DBS reaches a record after raising its outlook. DBS (DBS SP +2.08%) reported 2Q profit up 9% to a record SGD3.08bn and lifted full-year income guidance as wealth-management fees increased 42% to SGD919mn. (Reuters)
OCBC raises its loan-growth outlook after record profit. Oversea-Chinese Banking (OCBC SP +2.44%) reported 2Q profit up 22% to SGD2.22bn, raised 2026 loan-growth guidance to high-single digits or low-double digits and increased its interim dividend 15% to SGD0.47. (Reuters)
Samsung and SK Hynix face pressure to return more cash. Samsung (005930 KS -4.96%) and SK Hynix (SKHY -4.97%; 000660.KS -7.43%) are projected to hold USD263bn of combined net cash by year-end, prompting demands for larger dividends and buybacks. (Reuters) SKHY is our Trading Buy.
EMEA and Others
Europe stocks hit records again. European shares rose for a third straight session on Thursday, with the Stoxx 600 up 0.16% as strong earnings and hopes for Middle East de-escalation boosted sentiment. UK’s FTSE slipped by 0.19%, while Germany’s DAX and France’s CAC gained 0.05% and 0.35% respectively, helped by gains in Deutsche Telekom (DTE GR +6.2%) and WPP (WPP +28.62%), while Siemens (SIE GR -4.24%) and Rheinmetall (RHM -5.16%) fell after weaker updates. (Reuters)
Commerzbank shifts tone on UniCredit. Commerzbank (CBK GR -1.41%) said a tie-up with UniCredit (UCG IM -0.18%) could create value after reporting a 94% jump in profit, marking a softer stance as the Italian lender moves closer to taking control with a 48% stake. Talks are expected to focus on potential merger terms and regulatory approvals. (Reuters)
Merck lifts outlook on AI demand. Merck (MRK GR +0.35%) raised its 2026 adjusted EBITDA guidance to EUR 5.9-6.3 bn after 2Qcore profit rose 9.4% to EUR 1.60 bn, beating estimates. Strong demand for semiconductor materials used in AI applications and data centres boosted results. (Reuters)
TRADERS’ CORNER
Source: TradingView |
| Zijin Gold (2259.HK)
|
Our Technical View
Price has delivered strong structural follow-through, expanding higher after resolving a flag continuation pattern to re-establish the prevailing markup phase.
The RSI is hlolding firmly above its neutral 50-midline to confirm active buy-side displacement and robust trend velocity.
This signals further upside trajectory towards the next overhead resistance zone as long as the breakout boundary of the flag remains defended on any minor dips.
Source: TradingView |
| MTR (0066.HK)
|
Our Technical View
Price has printed a hammer candlestick pattern directly upon retesting its resistance-turned-support zone, confirming an immediate rejection of lower prices and validating the new demand floor.
The RSI is curling upward right at its neutral 50-midline to reflect a resurgence in buy-side displacement.
This implies an upward price trajectory towards initial overhead target zones as long as this foundational support floor remains defended.
Disclosures and disclaimers
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/b2112181-0bf2-4c07-af37-3d7129735e61, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
