Wealth Daily
Stocks, 10Y Yields & Gold Rose ahead of Jackson Hole
Today’s Must-Know News
Overnight Markets
S&P 500 futures were little changed at Sun’s open after the cash index gained 0.43% Fri, with TSLA +5.14%, GOOGL +1.22%, AVGO +1.21%, GOOG +1.05%, MSFT +0.43%, PLTR +3.44%, GS +3.73% & HOOD +13.7% contributing gains while NVDA -0.98%, AAPL -0.63%, AMZN -0.57%, MRVL -5.57% & INTC -2.24% weighed. Semicon (SOXX -0.44%) fell.Alibaba (9988.HK -2.54%; BABA -8.57%) announced the HKD80bn/USD10.2bn placement Sunday, offering 710mn shares at HKD112.70, a 3.6% discount, with proceeds earmarked for AI after Fri’s close. Tesla (TSLA +5.14%) jumped after Nevada authorities cleared it to operate up to 5,000 autonomous vehicles in Clark County/Las Vegas, outweighing concerns over the latest recall. Nvidia reports 2QFY27 earnings Aug 26 after-market, as rising yields test AI valuations. Separately, Bloomberg reported Nvidia-server suppliers to MSFT, GOOGL & ORCL +3.1% flagged price hikes of more than 15% on higher memory costs. Hugging Face explores a sale at a valuation of USD13bn or more, up from USD4.5bn in 2023, & counts GOOGL, AMZN, NVDA, INTC & CRM +1.82% among its investors. Materials led advancers as gold (XAU +1.91%) rose Fri as dollar (DXY) closed flat, lifting miners & royalty stocks including FCX +7.64%, AU +5.28%, NEM +3.09% & RGLD +2.64%. Bitcoin (XBT +6.66%) jumped Fri. Healthcare (XLV +1.29%) led gains, with MRNA +8.86% and MRK +2.39% at a record close. Bessent’s planned Iran economic-isolation measures kept energy (XLE -0.17%) shares in focus. Hua Hong (1347.HK +2.59%) & Weichai Power (2338.HK +4.11%) will enter the Hang Seng Index after market close on Sep 4 & effective from market open Sep 7, increasing the benchmark to 95 constituents. Shein will price its HK IPO Aug 31 & debut Sep 1, seeking up to USD1.77bn from 280mn shares offered at HKD47.60-49.50. AVGO, MSFT, NVDA, AMZN, 9988.HK, WMT & XLE are our Core Recommendations; GOOGL & XLV are our Trading Buys.
Americas
Trump’s Iran isolation plan raises oil and geopolitical risk. Treasury Secretary Scott Bessent is preparing measures designed to economically isolate Iran and pressure its trading partners Monday, with Washington signaling that allies may also be expected to participate. China continues to push for diplomacy, while any tougher action against Iranian oil buyers could tighten global supply further and favor upstream producers while increasing costs for refiners and energy-intensive sectors. (Bloomberg)
Jackson Hole, PCE and Nvidia dominate the week ahead. Markets will focus on Fed Chair Kevin Warsh’s Aug 28 Jackson Hole speech, July PCE inflation & Nvidia (NVDA -0.98%) earnings on Aug 26, against a backdrop of higher bond yields and continued US-Iran risks. Rate markets were pricing a 35% probability of a September hike and 66% by December in the Reuters reporting. (Reuters) NVDA is our Core Recommendation.
Burry exits Alibaba for JD.com. Michael Burry said he sold Alibaba (9988.HK -2.54%; BABA -8.57%) and built a large position in JD.com (9618 HK +0.61%; JD -0.14%), with no plans to switch back; his comments predated Alibaba’s Sunday placement. (Bloomberg) 9988.HK is our Core Recommendation.
Dalio favors gold and Bitcoin over bonds. Ray Dalio said investors could allocate as much as 15% to gold as protection against a potential US debt crisis, pointing to roughly USD5.5tn of federal revenue against USD7.5tn of spending and warning that fiscal stress could emerge within several years. His preference for non-government money such as gold and Bitcoin reinforces market concerns over debt sustainability and Treasury supply. (Bloomberg)
Nvidia invests in AI data center infrastructure. Nvidia (NVDA -0.98%) has made a minority investment in privately held Cloverleaf Infrastructure to develop US AI data center projects, with Nvidia supporting computing infrastructure and Cloverleaf developing sites and power capacity. Financial terms were not disclosed, days after Nvidia announced a USD 1.5 bn investment in SoftBank’s (9984 JP -2.45%) SB Energy. (Reuters) NVDA is our Core Recommendation.
Tesla leads China’s record vehicle recall. Tesla (TSLA +5.14%) will recall 2.98mn imported and China-made vehicles from September 25 as part of a 4.3mn-vehicle industry recall over emergency door-release concerns, with most remedies involving labels or software updates. China will separately ban concealed door handles from 2027. (Reuters)
Broadcom seeks more than USD60bn of AI financing. Broadcom (AVGO +1.21%) is in talks for a debt package of more than USD60bn to finance chips and infrastructure for customers including Anthropic, potentially combining roughly USD30bn of junior debt with a USD60bn-70bn senior-secured tranche. (Bloomberg) AVGO is our Core Recommendation.
Google expands payments and Pixel features. Alphabet (GOOGL +1.22%; GOOG +1.05%) is bringing Google Pay tap-to-pay to Walmart (WMT -0.13%) and Sam’s Club, while its Pixel 11 lineup adds an eight-LED HiLight rear alert ring integrated with Gemini and selected call notifications. Separately, Anthropic hired former Google TPU chief Amir Salek to advance its in-house chip push. (Reuters) GOOGL is our Trading Buy.
Apple paid record taxes to Ireland. Apple (AAPL -0.63%) paid USD 17.1 bn in taxes to Ireland last year, about 40% of its worldwide total, including USD 15.18 bn in back taxes following a 2024 EU court ruling. Apple paid USD 43.2 bn in income taxes globally in the fiscal year ended September 2025. (Reuters)
US consumers are becoming more selective. Walmart (WMT -0.13%), Home Depot (HD +0.33%) and other retailers indicate middle-income households are concentrating spending on essentials and value, while affluent consumers continue supporting premium brands; Walmart cut prices on 11,000 items and retailers are using tariff refunds to lower some prices. (Reuters) WMT is our Core Recommendation.
Uber faces a USD966mn Dutch privacy fine. Uber (UBER +0.32%) was fined EUR825mn for allegedly using automated systems to deactivate driver accounts without adequate disclosure or human involvement, the second-largest GDPR penalty to date. Uber disputes the regulator’s findings and the size of the penalty and plans to appeal. (Reuters)
Canada retaliates against Trump’s 50% tariffs. Canada will impose dollar-for-dollar tariffs from Sep 8 on US steel, dairy, appliances, agricultural equipment, pulp and paper and electronics after talks failed over Trump’s new duties covering roughly USD20bn of Canadian exports. The measures materially escalate the trade dispute and directly expose autos, steel and manufacturing, with Canada arguing proposed US vehicle rules would make locally produced Ford and General Motors trucks less competitive. (Reuters)
Boeing labor tensions raise strike risk. Boeing (BA -0.42%) engineers and technicians rejected a contract offering nearly 30% wage growth over four years and authorized a potential strike if no new deal is reached before the current contract expires in October. The union represents about 17,000 workers, highlighting persistent labor-management tensions. (Bloomberg)
Anthropic prepares for chips and a potential IPO. Anthropic is adding Citi (C +1.53%) alongside Morgan Stanley, Goldman Sachs (GS +3.73%) and JPMorgan (JPM +0.01%) among advisers for a potential IPO that could be filed as soon as August, while its hiring of former Google TPU executive Amir Salek points to ambitions to develop proprietary silicon. (Bloomberg)
OpenAI cuts GPT-5.6 Sol prices by 20%. OpenAI said it will cut API prices for its GPT-5.6 Sol model by more than 20% for three months, lowering standard short-context rates to USD 4 per mn input tokens and USD 20 per mn output tokens. The move comes as OpenAI faces growing competition from Anthropic & Chinese AI models. (Reuters)
Greater China
China and Hong Kong stocks advance. HSI rose 1.21% Friday, and the CSI 300 rose 0.57%. Xiaomi (1810.HK +4.54%), Ping An (2318.HK +3.88%), Zijin Mining (2899.HK +4.9%) and NetEase (9999.HK +4.45%) led Hong Kong gains on favorable results and outlook. Alibaba (9988.HK -2.54%; BABA -8.57%) fell on low profits and Pop Mart (9992.HK -3.06%) declined after warning it may miss its 20% 2026 sales-growth target amid weaker overseas demand. (Reuters)
Alibaba profit sinks as AI spending surges. Alibaba (9988.HK -2.54%; BABA -8.57%) reported 1QFY27 revenue up 9% YoY, but net profit fell more than 75% to CNY 10.5 bn as quarterly capex rose to nearly USD 10 bn for AI and computing infrastructure. Free cash flow swung to a USD 6.6 bn outflow, though annualized AI-product revenue is expected to approach USD 10 bn this quarter. (Bloomberg) 9988.HK is our Core Recommendation.
Alibaba launches record USD 10.2 bn share placement. Alibaba (9988.HK -2.54%; BABA -8.57%) launched a HKD 80 bn, or USD 10.2 bn, share placement to fund its “full stack” AI capabilities, including chips, infrastructure and AI model development. The deal would be the largest-ever primary follow-on offering by a Hong Kong-listed company, with 710 mn shares priced at HKD 112.70 each. (Reuters) 9988.HK is our Core Recommendation.
Shein seeks up to USD1.77bn in Hong Kong IPO. Shein is offering 280mn shares at HKD47.60-49.50, implying a valuation of up to USD26.81bn, with pricing due August 31 and trading scheduled for September 1. Importantly for Trump-policy exposure, Shein swung to a USD99mn quarterly loss after the U.S. removed the duty exemption for low-value parcels, providing a direct earnings channel from the tariff/de-minimis policy change;
YMTC parent targets a USD4.9bn Shanghai IPO. CCSH, parent of flash-memory maker YMTC, plans to raise RMB33bn at an implied USD41bn-49bn valuation after first-quarter revenue nearly quintupled and profit reached RMB33.38bn. The IPO would fund production upgrades and NAND R&D as YMTC challenges Samsung Electronics (005930 KS -1.1%), SK Hynix (000660 KS +2.98%; SKHY +0.2%), Micron (MU -0.77%) and Kioxia (285A JP +2.59%) despite continuing US export restrictions. (Reuters) SKHY is our Trading Buy.
Mystery AI model intensifies China-US competition. Ox Alpha, an unidentified AI model offering a roughly 1mn-token context window and temporary free access, is gaining developer attention as speculation focuses on Asian developers including firms such as Alibaba and ByteDance. (Bloomberg)
Sinopec 1H profit rises on higher oil prices. Sinopec (0386.HK +0.8%) 1H net profit rose 12% YoY to CNY 26.6 bn as stronger upstream earnings offset pressure on refining margins from higher feedstock costs and domestic fuel-price caps. The company plans 2H capex of CNY 82.9 bn-CNY 99.9 bn. (Bloomberg)
Hua Hong, Weichai Power join Hang Seng. Hua Hong Semiconductor (1347.HK +2.59%) and Weichai Power (2338.HK +4.11%) will enter the Hang Seng Index effective Sep 7, raising the number of constituents to 95 from 93. Inclusion could attract index-tracking inflows, with the benchmark up 15% from its June low. (Bloomberg)
Sinochem seeks 4 mn barrels of Middle East crude. Sinochem closed a tender on Friday seeking 4 mn barrels of Middle Eastern crude for delivery between August and November. The state refiner sought 2 mn barrels for late August to early September and another 2 mn for late October to early November, with cargoes delivered to Quanzhou or Dalian. (Reuters)
TikTok settles US child-privacy case for USD400mn. TikTok and ByteDance agreed to pay USD300mn immediately and another USD100mn after a previous consent decree is vacated, resolving Justice Department allegations that the platform illegally collected information from children under 13. The settlement follows TikTok’s establishment of a majority American-owned U.S. joint venture earlier in 2026. (Reuters)
DeepSeek cuts weekend API pricing. DeepSeek will charge off-peak API rates on Saturdays and Sundays from Aug 23, ending weekend peak pricing introduced earlier this month. Peak weekday rates remain up to twice off-peak levels, with DeepSeek-V4-Pro output pricing reaching CNY 27 per mn tokens during peak hours. (Bloomberg)
Asia ex. China
Samsung flags record shareholder returns. Samsung (005930 KS -1.1%) said 2026 shareholder returns could reach KRW110tn, including KRW30tn of third-quarter dividends, more than five times its previous record. SK Hynix (000660 KS +2.98%; SKHY +0.2%) has separately announced KRW40tn of treasury-share buybacks & cancellations as AI-driven memory profits surge. (Reuters) SKHY is our Trading Buy.
SK Hynix weighs Japan memory chip plant. SK Hynix (000660 KS +2.98%; SKHY +0.2%) is considering building a memory chip plant in Japan’s Miyagi prefecture, potentially investing tens of trillions of won as it expands capacity amid strong global demand. (Reuters) SKHY is our Trading Buy.
EMEA and Others
European shares rebound on resilient growth. The STOXX 600 rose 0.51% Friday, with Germany’s DAX, France’s CAC, and the UK’s FTSE gaining 0.59%, 0.37%, and 0.64% respectively, as stronger eurozone business activity and solid earnings offset concerns over elevated bond yields, oil prices and inflation. JD Sports (JD LN +5.57%) jumped after Thursday’s selloff, while energy lagged as tougher US sanctions threats against Iran kept Brent elevated. (Reuters)
Volkswagen says U.S. tariffs are adding to its restructuring pressure. Volkswagen (VOW GR -0.07%) said falling China profits, Chinese competition and U.S. import tariffs are squeezing profitability, with CEO Oliver Blume warning that margins below 4% cannot fund long-term investment and overhead costs remain more than 30% above peers. The group may need restructuring on the scale of another 50,000 jobs, although management says that figure is not a fixed target.
Traders’ corner
Our Technical View
Weekly Chart: Price staged a decisive breakout from a multi-week flag pattern on the weekly chart. Technical momentum reinforces this higher-timeframe expansion, as the weekly RSI remains firmly grounded above its neutral 50-midline and continues its upward trajectory. This signals a sustained continuation push toward the index's next overhead resistance targets.
Daily Chart: Price successfully maintained its footing above the resistance-turned-support zone before staging a clean breakout from a continuation flag pattern. Technical momentum reinforces this price expansion, as the RSI remains grounded in positive territory and continues to slope upward. With price now advancing to test its overhead resistance zone, the confluence of structural breakouts and expanding momentum favours a sustained push higher.
Our Technical View
Weekly Chart: Price was capped at its weekly gap resistance zone, confirming strong overhead supply. Technical momentum remains heavily suppressed, with the RSI staying below its neutral 50-midline in negative territory. As long as price remains capped beneath this weekly resistance floor, path-of-least-resistance dynamics favour a bearish extension toward the next support zone.
Daily Chart: Price remains capped beneath its immediate resistance zone, though markets have yet to establish a lower low. The RSI is hovering around its neutral 50-midline. The current overhead zone represents a pivotal technical junction—if cleared, price faces a denser overhead resistance barrier, whereas a rejection off this ceiling could prompt a corrective pullback towards underlying support.
S&P 500 futures were little changed at Sun’s open after the cash index gained 0.43% Fri, with TSLA +5.14%, GOOGL +1.22%, AVGO +1.21%, GOOG +1.05%, MSFT +0.43%, PLTR +3.44%, GS +3.73% & HOOD +13.7% contributing gains while NVDA -0.98%, AAPL -0.63%, AMZN -0.57%, MRVL -5.57% & INTC -2.24% weighed. Semicon (SOXX -0.44%) fell.Alibaba (9988.HK -2.54%; BABA -8.57%) announced the HKD80bn/USD10.2bn placement Sunday, offering 710mn shares at HKD112.70, a 3.6% discount, with proceeds earmarked for AI after Fri’s close. Tesla (TSLA +5.14%) jumped after Nevada authorities cleared it to operate up to 5,000 autonomous vehicles in Clark County/Las Vegas, outweighing concerns over the latest recall. Nvidia reports 2QFY27 earnings Aug 26 after-market, as rising yields test AI valuations. Separately, Bloomberg reported Nvidia-server suppliers to MSFT, GOOGL & ORCL +3.1% flagged price hikes of more than 15% on higher memory costs. Hugging Face explores a sale at a valuation of USD13bn or more, up from USD4.5bn in 2023, & counts GOOGL, AMZN, NVDA, INTC & CRM +1.82% among its investors. Materials led advancers as gold (XAU +1.91%) rose Fri as dollar (DXY) closed flat, lifting miners & royalty stocks including FCX +7.64%, AU +5.28%, NEM +3.09% & RGLD +2.64%. Bitcoin (XBT +6.66%) jumped Fri. Healthcare (XLV +1.29%) led gains, with MRNA +8.86% and MRK +2.39% at a record close. Bessent’s planned Iran economic-isolation measures kept energy (XLE -0.17%) shares in focus. Hua Hong (1347.HK +2.59%) & Weichai Power (2338.HK +4.11%) will enter the Hang Seng Index after market close on Sep 4 & effective from market open Sep 7, increasing the benchmark to 95 constituents. Shein will price its HK IPO Aug 31 & debut Sep 1, seeking up to USD1.77bn from 280mn shares offered at HKD47.60-49.50. AVGO, MSFT, NVDA, AMZN, 9988.HK, WMT & XLE are our Core Recommendations; GOOGL & XLV are our Trading Buys.
Americas
Trump’s Iran isolation plan raises oil and geopolitical risk. Treasury Secretary Scott Bessent is preparing measures designed to economically isolate Iran and pressure its trading partners Monday, with Washington signaling that allies may also be expected to participate. China continues to push for diplomacy, while any tougher action against Iranian oil buyers could tighten global supply further and favor upstream producers while increasing costs for refiners and energy-intensive sectors. (Bloomberg)
Jackson Hole, PCE and Nvidia dominate the week ahead. Markets will focus on Fed Chair Kevin Warsh’s Aug 28 Jackson Hole speech, July PCE inflation & Nvidia (NVDA -0.98%) earnings on Aug 26, against a backdrop of higher bond yields and continued US-Iran risks. Rate markets were pricing a 35% probability of a September hike and 66% by December in the Reuters reporting. (Reuters) NVDA is our Core Recommendation.
Burry exits Alibaba for JD.com. Michael Burry said he sold Alibaba (9988.HK -2.54%; BABA -8.57%) and built a large position in JD.com (9618 HK +0.61%; JD -0.14%), with no plans to switch back; his comments predated Alibaba’s Sunday placement. (Bloomberg) 9988.HK is our Core Recommendation.
Dalio favors gold and Bitcoin over bonds. Ray Dalio said investors could allocate as much as 15% to gold as protection against a potential US debt crisis, pointing to roughly USD5.5tn of federal revenue against USD7.5tn of spending and warning that fiscal stress could emerge within several years. His preference for non-government money such as gold and Bitcoin reinforces market concerns over debt sustainability and Treasury supply. (Bloomberg)
Nvidia invests in AI data center infrastructure. Nvidia (NVDA -0.98%) has made a minority investment in privately held Cloverleaf Infrastructure to develop US AI data center projects, with Nvidia supporting computing infrastructure and Cloverleaf developing sites and power capacity. Financial terms were not disclosed, days after Nvidia announced a USD 1.5 bn investment in SoftBank’s (9984 JP -2.45%) SB Energy. (Reuters) NVDA is our Core Recommendation.
Tesla leads China’s record vehicle recall. Tesla (TSLA +5.14%) will recall 2.98mn imported and China-made vehicles from September 25 as part of a 4.3mn-vehicle industry recall over emergency door-release concerns, with most remedies involving labels or software updates. China will separately ban concealed door handles from 2027. (Reuters)
Broadcom seeks more than USD60bn of AI financing. Broadcom (AVGO +1.21%) is in talks for a debt package of more than USD60bn to finance chips and infrastructure for customers including Anthropic, potentially combining roughly USD30bn of junior debt with a USD60bn-70bn senior-secured tranche. (Bloomberg) AVGO is our Core Recommendation.
Google expands payments and Pixel features. Alphabet (GOOGL +1.22%; GOOG +1.05%) is bringing Google Pay tap-to-pay to Walmart (WMT -0.13%) and Sam’s Club, while its Pixel 11 lineup adds an eight-LED HiLight rear alert ring integrated with Gemini and selected call notifications. Separately, Anthropic hired former Google TPU chief Amir Salek to advance its in-house chip push. (Reuters) GOOGL is our Trading Buy.
Apple paid record taxes to Ireland. Apple (AAPL -0.63%) paid USD 17.1 bn in taxes to Ireland last year, about 40% of its worldwide total, including USD 15.18 bn in back taxes following a 2024 EU court ruling. Apple paid USD 43.2 bn in income taxes globally in the fiscal year ended September 2025. (Reuters)
US consumers are becoming more selective. Walmart (WMT -0.13%), Home Depot (HD +0.33%) and other retailers indicate middle-income households are concentrating spending on essentials and value, while affluent consumers continue supporting premium brands; Walmart cut prices on 11,000 items and retailers are using tariff refunds to lower some prices. (Reuters) WMT is our Core Recommendation.
Uber faces a USD966mn Dutch privacy fine. Uber (UBER +0.32%) was fined EUR825mn for allegedly using automated systems to deactivate driver accounts without adequate disclosure or human involvement, the second-largest GDPR penalty to date. Uber disputes the regulator’s findings and the size of the penalty and plans to appeal. (Reuters)
Canada retaliates against Trump’s 50% tariffs. Canada will impose dollar-for-dollar tariffs from Sep 8 on US steel, dairy, appliances, agricultural equipment, pulp and paper and electronics after talks failed over Trump’s new duties covering roughly USD20bn of Canadian exports. The measures materially escalate the trade dispute and directly expose autos, steel and manufacturing, with Canada arguing proposed US vehicle rules would make locally produced Ford and General Motors trucks less competitive. (Reuters)
Boeing labor tensions raise strike risk. Boeing (BA -0.42%) engineers and technicians rejected a contract offering nearly 30% wage growth over four years and authorized a potential strike if no new deal is reached before the current contract expires in October. The union represents about 17,000 workers, highlighting persistent labor-management tensions. (Bloomberg)
Anthropic prepares for chips and a potential IPO. Anthropic is adding Citi (C +1.53%) alongside Morgan Stanley, Goldman Sachs (GS +3.73%) and JPMorgan (JPM +0.01%) among advisers for a potential IPO that could be filed as soon as August, while its hiring of former Google TPU executive Amir Salek points to ambitions to develop proprietary silicon. (Bloomberg)
OpenAI cuts GPT-5.6 Sol prices by 20%. OpenAI said it will cut API prices for its GPT-5.6 Sol model by more than 20% for three months, lowering standard short-context rates to USD 4 per mn input tokens and USD 20 per mn output tokens. The move comes as OpenAI faces growing competition from Anthropic & Chinese AI models. (Reuters)
Greater China
China and Hong Kong stocks advance. HSI rose 1.21% Friday, and the CSI 300 rose 0.57%. Xiaomi (1810.HK +4.54%), Ping An (2318.HK +3.88%), Zijin Mining (2899.HK +4.9%) and NetEase (9999.HK +4.45%) led Hong Kong gains on favorable results and outlook. Alibaba (9988.HK -2.54%; BABA -8.57%) fell on low profits and Pop Mart (9992.HK -3.06%) declined after warning it may miss its 20% 2026 sales-growth target amid weaker overseas demand. (Reuters)
Alibaba profit sinks as AI spending surges. Alibaba (9988.HK -2.54%; BABA -8.57%) reported 1QFY27 revenue up 9% YoY, but net profit fell more than 75% to CNY 10.5 bn as quarterly capex rose to nearly USD 10 bn for AI and computing infrastructure. Free cash flow swung to a USD 6.6 bn outflow, though annualized AI-product revenue is expected to approach USD 10 bn this quarter. (Bloomberg) 9988.HK is our Core Recommendation.
Alibaba launches record USD 10.2 bn share placement. Alibaba (9988.HK -2.54%; BABA -8.57%) launched a HKD 80 bn, or USD 10.2 bn, share placement to fund its “full stack” AI capabilities, including chips, infrastructure and AI model development. The deal would be the largest-ever primary follow-on offering by a Hong Kong-listed company, with 710 mn shares priced at HKD 112.70 each. (Reuters) 9988.HK is our Core Recommendation.
Shein seeks up to USD1.77bn in Hong Kong IPO. Shein is offering 280mn shares at HKD47.60-49.50, implying a valuation of up to USD26.81bn, with pricing due August 31 and trading scheduled for September 1. Importantly for Trump-policy exposure, Shein swung to a USD99mn quarterly loss after the U.S. removed the duty exemption for low-value parcels, providing a direct earnings channel from the tariff/de-minimis policy change;
YMTC parent targets a USD4.9bn Shanghai IPO. CCSH, parent of flash-memory maker YMTC, plans to raise RMB33bn at an implied USD41bn-49bn valuation after first-quarter revenue nearly quintupled and profit reached RMB33.38bn. The IPO would fund production upgrades and NAND R&D as YMTC challenges Samsung Electronics (005930 KS -1.1%), SK Hynix (000660 KS +2.98%; SKHY +0.2%), Micron (MU -0.77%) and Kioxia (285A JP +2.59%) despite continuing US export restrictions. (Reuters) SKHY is our Trading Buy.
Mystery AI model intensifies China-US competition. Ox Alpha, an unidentified AI model offering a roughly 1mn-token context window and temporary free access, is gaining developer attention as speculation focuses on Asian developers including firms such as Alibaba and ByteDance. (Bloomberg)
Sinopec 1H profit rises on higher oil prices. Sinopec (0386.HK +0.8%) 1H net profit rose 12% YoY to CNY 26.6 bn as stronger upstream earnings offset pressure on refining margins from higher feedstock costs and domestic fuel-price caps. The company plans 2H capex of CNY 82.9 bn-CNY 99.9 bn. (Bloomberg)
Hua Hong, Weichai Power join Hang Seng. Hua Hong Semiconductor (1347.HK +2.59%) and Weichai Power (2338.HK +4.11%) will enter the Hang Seng Index effective Sep 7, raising the number of constituents to 95 from 93. Inclusion could attract index-tracking inflows, with the benchmark up 15% from its June low. (Bloomberg)
Sinochem seeks 4 mn barrels of Middle East crude. Sinochem closed a tender on Friday seeking 4 mn barrels of Middle Eastern crude for delivery between August and November. The state refiner sought 2 mn barrels for late August to early September and another 2 mn for late October to early November, with cargoes delivered to Quanzhou or Dalian. (Reuters)
TikTok settles US child-privacy case for USD400mn. TikTok and ByteDance agreed to pay USD300mn immediately and another USD100mn after a previous consent decree is vacated, resolving Justice Department allegations that the platform illegally collected information from children under 13. The settlement follows TikTok’s establishment of a majority American-owned U.S. joint venture earlier in 2026. (Reuters)
DeepSeek cuts weekend API pricing. DeepSeek will charge off-peak API rates on Saturdays and Sundays from Aug 23, ending weekend peak pricing introduced earlier this month. Peak weekday rates remain up to twice off-peak levels, with DeepSeek-V4-Pro output pricing reaching CNY 27 per mn tokens during peak hours. (Bloomberg)
Asia ex. China
Samsung flags record shareholder returns. Samsung (005930 KS -1.1%) said 2026 shareholder returns could reach KRW110tn, including KRW30tn of third-quarter dividends, more than five times its previous record. SK Hynix (000660 KS +2.98%; SKHY +0.2%) has separately announced KRW40tn of treasury-share buybacks & cancellations as AI-driven memory profits surge. (Reuters) SKHY is our Trading Buy.
SK Hynix weighs Japan memory chip plant. SK Hynix (000660 KS +2.98%; SKHY +0.2%) is considering building a memory chip plant in Japan’s Miyagi prefecture, potentially investing tens of trillions of won as it expands capacity amid strong global demand. (Reuters) SKHY is our Trading Buy.
EMEA and Others
European shares rebound on resilient growth. The STOXX 600 rose 0.51% Friday, with Germany’s DAX, France’s CAC, and the UK’s FTSE gaining 0.59%, 0.37%, and 0.64% respectively, as stronger eurozone business activity and solid earnings offset concerns over elevated bond yields, oil prices and inflation. JD Sports (JD LN +5.57%) jumped after Thursday’s selloff, while energy lagged as tougher US sanctions threats against Iran kept Brent elevated. (Reuters)
Volkswagen says U.S. tariffs are adding to its restructuring pressure. Volkswagen (VOW GR -0.07%) said falling China profits, Chinese competition and U.S. import tariffs are squeezing profitability, with CEO Oliver Blume warning that margins below 4% cannot fund long-term investment and overhead costs remain more than 30% above peers. The group may need restructuring on the scale of another 50,000 jobs, although management says that figure is not a fixed target.
Traders’ corner
Our Technical View
Weekly Chart: Price staged a decisive breakout from a multi-week flag pattern on the weekly chart. Technical momentum reinforces this higher-timeframe expansion, as the weekly RSI remains firmly grounded above its neutral 50-midline and continues its upward trajectory. This signals a sustained continuation push toward the index's next overhead resistance targets.
Daily Chart: Price successfully maintained its footing above the resistance-turned-support zone before staging a clean breakout from a continuation flag pattern. Technical momentum reinforces this price expansion, as the RSI remains grounded in positive territory and continues to slope upward. With price now advancing to test its overhead resistance zone, the confluence of structural breakouts and expanding momentum favours a sustained push higher.
Our Technical View
Weekly Chart: Price was capped at its weekly gap resistance zone, confirming strong overhead supply. Technical momentum remains heavily suppressed, with the RSI staying below its neutral 50-midline in negative territory. As long as price remains capped beneath this weekly resistance floor, path-of-least-resistance dynamics favour a bearish extension toward the next support zone.
Daily Chart: Price remains capped beneath its immediate resistance zone, though markets have yet to establish a lower low. The RSI is hovering around its neutral 50-midline. The current overhead zone represents a pivotal technical junction—if cleared, price faces a denser overhead resistance barrier, whereas a rejection off this ceiling could prompt a corrective pullback towards underlying support.
Disclosures and disclaimers
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, 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.
