Macro News
Trump: Strait of Hormuz may reopen as early as tomorrow
On August 3, Eastern Time, Trump stated that regarding negotiations with Iran, the first phase is to reopen the Strait of Hormuz, and the second phase is denuclearization. Trump emphasized that the U.S. stance on this is firm: Iran must not possess nuclear weapons. Additionally, Trump disclosed progress in negotiations concerning the reopening of the Strait of Hormuz, saying the strait could reopen as early as tomorrow.
Iranian Senior Official: The U.S. Will Not Be Allowed to Establish Non-Iranian Shipping Lanes in the Strait of Hormuz
On August 3, local time, Mohsen Rezaei, military advisor to Iran’s Supreme Leader, told media in an interview that Iran would never allow the United States to establish any non-Iranian shipping lanes in the Strait of Hormuz. He added that even if the U.S. deploys warships along such unauthorized routes in the strait, Iran would target them. Rezaei also stated that Iran had previously prepared to strike three locations in Ukraine but canceled the attacks following an apology from Ukraine.
Trump described Iran’s leadership as 'two-faced' and confirmed that negotiations with Iran have already begun.
U.S. President Trump posted on social media that it is unbelievable how two-faced Iran’s leadership is! They are requesting meetings—some might even say they are 'begging' for talks. Negotiations have already started, and more meetings are scheduled in the coming days. Yet, at the same time, they publicly and proudly claim they have held no discussions whatsoever and have not talked about anything, insisting they are only engaging with 'Oman.'
They then repeated their usual rhetoric, asserting that the Strait of Hormuz would remain firmly under their control. In reality, however, the strait is already fully under the control of the U.S. Navy and our 'blockade operation'—or, as some have called it, the 'Wall of American Steel!'
Nothing will enter Iran unless we permit it; nothing will pass through unless an agreement is reached—or unless there is 'complete surrender.' Regardless of whether Iran acknowledges it or not, we are, in fact, discussing how to resolve a problem they have created over decades. It is very simple: Iran will never possess nuclear weapons!
U.S. media: The White House plans to host an AI company meeting on Tuesday to review the AI framework.
According to The Information, five people familiar with the matter revealed that the Trump administration invited employees from several technology companies—including OpenAI, Google, and Anthropic—to the White House on Tuesday to jointly review a completed artificial intelligence regulatory framework. The framework will establish a voluntary process for AI labs to submit their models to the government for review before releasing them to partners and the public. The scheduled meeting took place several days after the August 1 deadline set by an executive order issued in early June for completing the framework.
According to one person familiar with the matter, the meeting will be hosted by the Office of the National Cyber Director, which operates under the executive branch. This individual also stated that the invitation explicitly indicated the meeting would discuss next steps for the framework as well as an unspecified related activity. Two sources said the meeting is expected to include staff-level representatives from the companies rather than executives, as it is not intended as a public launch of the new framework.
Additionally, a Meta spokesperson confirmed that the company has been invited to meet with White House officials on Tuesday to discuss voluntary government safety testing of the U.S.’s most advanced AI models.
Japan's latest foreign exchange intervention may have cost USD 87 billion
U.S. sources recently indicated that to support the yen exchange rate, the Bank of Japan may have deployed approximately USD 87 billion (equivalent to JPY 11 trillion) in its latest round of foreign exchange intervention. According to the Bank of Japan’s latest money market data, it is highly likely that the central bank used USD 53 billion on July 30 and USD 34 billion on July 31—totaling USD 87 billion (JPY 11 trillion)—to buy yen and bolster the currency’s value.
Twenty-five U.S. states file lawsuit opposing the federal government’s latest tariff measures
Court documents show that 25 U.S. states have filed a lawsuit challenging the federal government’s latest tariff measures. The New York State Attorney General announced that 25 states led by Democratic officials filed the lawsuit against the U.S. government on that day.
These states argue that the president's latest round of tariffs on goods from 60 trading partners exceeds his statutory authority to impose duties on imported goods. The attorneys general stated that the new tariffs merely serve as a replacement for tariff measures previously struck down by the U.S. Supreme Court. They further contended that the new tariffs are unlawfully broad in scope and circumvent the legally mandated country-specific investigation procedures.
Citadel Securities: The Forces Driving U.S. Stocks to New Highs Remain Solid
Citadel Securities stated that the forces driving U.S. equities to record highs this year remain 'solidly in place' despite a cooling in speculative trading by retail investors. Scott Rubner, Head of Equities and Equity Derivatives Strategy at Citadel Securities, wrote: 'The market is transitioning from an environment driven by flows to one increasingly shaped by earnings, corporate demand, and the macroeconomic backdrop.' According to Citadel Securities data, the retreat of retail investors has reduced assets in leveraged ETFs by 28% to $154 billion.
Meanwhile, declining financing costs for equity positions indicate reduced pressure on Wall Street trading desks and weaker demand for leveraged capital. A recent string of strong earnings reports continues to support U.S. equities, as companies have successfully exceeded already elevated market expectations. 'Earnings continue to deliver upside surprises, valuations have become more attractive, and with the earnings quiet period now over, corporate buyback demand is expected to accelerate.'
U.S. Stock Market Update
All three major indices rose, with standout performances from leading tech stocks.
On Monday (August 3), all three major U.S. stock indices closed higher: the Dow Jones Industrial Average rose 1.32%, the Nasdaq Composite gained 2.13%, and the S&P 500 increased by 1.48%.
$Star Tech Stocks (LIST2518.US)$Markets showed strong momentum, with the Magnificent Seven index climbing 3.6%—its best single-day performance since March 31. Meta surged more than 6%; Microsoft and Alphabet Class A shares rose nearly 5%; Amazon advanced over 4%, hitting a new all-time high and pushing its market capitalization above $3 trillion; Tesla gained over 3%; and NVIDIA rose nearly 3%, once again surpassing a $5 trillion market valuation.
$Popular Chinese ADRs (LIST2517.US)$Most stocks rose, with the Nasdaq Golden Dragon China Index closing up 0.75%. Luckin Coffee climbed nearly 6%; Alibaba and ASE Technology gained over 4%; PDD Holdings and Baidu rose nearly 2%; and Trip.com advanced close to 1%.
$AI Application Software Stocks (LIST23492.US)$Strength persisted across names, with Reddit surging nearly 10%, Snowflake rising almost 5%, and Palantir, ServiceNow, Applovin, and Datadog gaining over 2%. Salesforce edged up more than 1%.
$Optical Communications (LIST23979.US)$All sectors posted gains, led by Applied Optoelectronics, which jumped nearly 17%; AXT Inc rose close to 14%; Lumentum and Coherent gained over 9%; Corning advanced more than 6%; and Credo rose over 5%.
$Cryptocurrency-related stocks (LIST20010.US)$Most stocks rose, with SoFi Technologies up over 10%, IREN up over 8%, Hut 8 and Robinhood each gaining more than 4%, Strategy rising nearly 2%, GameStop falling over 12%, and Circle declining nearly 4%.
$Space Concept (LIST2556.US)$Stocks rallied broadly, with Rocket Lab and Boeing rising over 8%, AST SpaceMobile up nearly 8%, and SpaceX and Viasat gaining close to 6%.
$Quantum Computing Concept (LIST2594.US)$Stocks rose across the board, with D-Wave Quantum up more than 10%, Rigetti Computing climbing over 7%, IonQ Inc advancing nearly 7%, and IBM and Honeywell both rising over 1%.
Stock-specific news
Palantir shares surged over 14% in U.S. after-hours trading following second-quarter results and full-year guidance that exceeded expectations.
$Palantir (PLTR.US)$Second-quarter revenue reached $1.94 billion, surpassing analysts’ expectation of $1.81 billion; adjusted earnings per share (EPS) came in at $0.41, above the consensus estimate of $0.35. The company now forecasts full-year revenue of $8.15–8.16 billion, up from its prior guidance of $7.65–7.66 billion, and projects full-year adjusted operating income of $4.89–4.90 billion, exceeding the analyst consensus of $4.51 billion.
Google’s market capitalization surpassed Apple’s to become the world’s second-largest company at $4.51 trillion; its off-balance-sheet guarantees have surged sixfold over nine months to $43.8 billion, as it offers financial backstops to secure TPU chip orders.
The U.S. stock market capitalization rankings shifted again, with Google overtaking Apple to become the world’s second-most valuable company.$Alphabet-C (GOOG.US)$Last week, it disclosed that the potential financial guarantees it provides for data center tenant defaults have soared to $43.8 billion. This figure—referred to as 'notional value'—represents a nearly sixfold increase from $6.5 billion as of the end of September last year. Through such financial backstop commitments, Google effectively acts as an implicit guarantor for data center developers, enabling them to secure cheaper debt financing and accelerate capacity expansion.
Amazon hit a new all-time high, joining the 'trillion-dollar club' at $3 trillion; Bezos filed documents to sell nearly $4.1 billion worth of shares.
$Amazon (AMZN.US)$Its market capitalization surpassed $3 trillion for the first time, reaching a record high and making it the fifth publicly listed company globally to achieve this milestone. Amazon’s cloud computing segment, AWS, reported a 37% year-over-year increase in second-quarter revenue—the highest in 18 quarters—drawing broad optimism from Wall Street regarding its long-term outlook. The company raised its full-year 2026 capital expenditure guidance and expressed bullish views on the trillion-dollar revenue potential of AI over the long term, noting that demand for AI computing power will continue to outstrip supply.
Institutions anticipate that, as generative AI commercialization accelerates and enterprise AI applications and cloud-based agents continue to gain traction, the world’s nine major cloud service providers (CSPs) will undergo a wave of upward revisions to their capital expenditure plans by the end of July. Leading tech firms both domestically and internationally are simultaneously ramping up investments in AI computing centers, GPU clusters, in-house chip development, and supporting infrastructure, with capacity expansion efforts exceeding prior market expectations. Chairman Jeff Bezos filed to sell 15 million shares.
Boeing rose over 8% in the previous trading session after the 737 MAX 7, following years of delays, finally received FAA certification.
The U.S. Federal Aviation Administration (FAA) announced on Monday local time that it has officially approved$Boeing (BA.US)$the 737 Max 7 aircraft for airworthiness certification. As the smallest variant in the 737 Max family, this aircraft has finally been cleared for service following nearly a decade of delays. Boosted by this news, Boeing’s share price surged more than 8% on Monday. The FAA stated that this certification reflects the results of years of sustained efforts to resolve complex technical issues and conduct comprehensive reviews of the aircraft design and related safety analyses.
Snap Inc.’s shares rose more than 7% in after-hours trading, with second-quarter revenue of $1.6 billion, exceeding market expectations.
$Snap Inc (SNAP.US)$Second-quarter revenue was $1.6 billion, versus an estimated $1.54 billion; adjusted EBITDA for the second quarter was $250 million, compared to an estimated $192.3 million; daily active users in the second quarter were 490 million, in line with the estimate of 490 million. The company expects third-quarter revenue of $1.7–1.74 billion, compared to analysts’ expectation of $1.7 billion; it forecasts third-quarter adjusted EBITDA of $300–350 million, versus analysts’ expectation of $327.6 million.
Apple's new CEO is reportedly inviting the retired head of the hardware division to join the management team.
According to reports, $Apple (AAPL.US)$Incoming CEO John Ternus is reassembling his management team by bringing back a trusted aide who previously worked closely with him during his tenure overseeing hardware engineering. According to reports, Ternus has hired Laura Legros, who previously served as Vice President of Hardware Engineering until her retirement in 2022.
Luckin Coffee rose nearly 6% in the previous trading session, reporting a 28.5% year-over-year increase in Q2 revenue and reaching a record high in monthly average transacting customers.
Luckin Coffee (LKNCY.US)Net revenue for the second quarter of 2026 reached RMB 15.886 billion, up 28.5% year-over-year, with net profit of RMB 1.486 billion, an increase of 16.1% year-over-year. Total store count reached 36,310, and monthly average transacting customers surpassed 112.7 million for the first time. However, same-store sales at company-operated stores declined by 5.3% year-over-year, profit growth lagged behind revenue growth, expenses grew faster than revenue, putting pressure on profitability, and the growth narrative is shifting from scale expansion to a test of per-store efficiency.
Elon Musk responded to SpaceX's stock price decline, agreeing that the current moment represents an 'excellent buying opportunity.'
Previously, some X platform users have targeted$SpaceX (SPCX.US)$A post on the stock forum stated that, in hindsight, this would be an excellent (buying) opportunity. Musk responded to the post, saying, 'I think so too.' Additionally, SpaceX will release its first earnings report since going public after U.S. market hours on August 4.
Top 20 by Trading Volume
Hong Kong Market Outlook
Southbound capital purchased over HK$11 billion worth of Hong Kong-listed stocks, with net purchases of Alibaba exceeding HK$4.1 billion and additional positions in Tencent amounting to more than HK$2.4 billion, while SMIC saw net sales exceeding HK$1 billion.
On Monday, August 3, southbound capital recorded net purchases of HK$11.031 billion in Hong Kong-listed stocks.
$Ying Fu Fund (02800.HK)$、$Alibaba-W (09988.HK)$、$Tencent (00700.HK)$with net purchases of HK$4.75 billion, HK$4.169 billion, and HK$2.432 billion, respectively;
$SMIC (00981.HK)$、$Huahong Hongli (01347.HK)$、$KBTL (01888.HK)$were net sold HK$1.064 billion, HK$402 million, and HK$311 million, respectively.
Wuxi Apptec: Fully revised upward its full-year 2026 financial guidance, expecting total revenue for 2026 to increase from RMB 51.3–53.0 billion to RMB 58.5–60.5 billion.
$Wuxi Apptec(02359.HK)$The company announced that, benefiting from greater success across multiple client products and supported by its unique CRDMO business model and strong management execution, it has fully revised upward its full-year 2026 financial guidance. Total revenue for 2026 is now expected to rise from RMB 51.3–53.0 billion to RMB 58.5–60.5 billion, and year-over-year growth in continuing operations revenue has been raised from 18%–22% to 35%–39%.
The company will continue to drive high-quality growth, steadily realize economies of scale, enhance operational management capabilities, and proactively manage challenges such as new capacity ramp-up and foreign exchange fluctuations. The company is confident it can maintain a stable and resilient adjusted non-IFRS net profit margin attributable to owners in 2026.
To better meet growing client demand, the company is further accelerating its global capacity expansion and has advanced the launch of its new Changzhou facility. Capital expenditures for 2026 are now expected to increase from RMB 6.5–7.5 billion to RMB 7.5–8.5 billion. With business growth and improved efficiency, adjusted free cash flow for 2026 is projected to rise from RMB 10.5–11.5 billion to RMB 13.5–14.5 billion.
Moonshot AI responds to Hong Kong IPO rumors: The report is inaccurate.
According to Jiemian, media reports indicated that Moonshot AI plans to submit its Hong Kong IPO application as early as this month, potentially raising approximately USD 3 billion. In response, Moonshot AI stated the report was inaccurate.
CATL: Interim dividend for 2026 totals approximately RMB 6.18 billion, with the record date set for August 7
$CATL (03750.HK)$According to the announcement, CATL’s interim dividend plan for 2026 is based on 4.38 billion A-shares outstanding, excluding repurchased shares. The company will distribute a cash dividend of RMB 14.11 per 10 shares (pre-tax) to all shareholders, amounting to a total cash dividend payout of approximately RMB 6.18 billion. The record date is August 7, 2026, and the ex-dividend date is August 10, 2026.
Year-to-date IPOs on the Hong Kong stock exchange have increased by 132% year-on-year, with technology companies accounting for more than half
According to Wind data, as of August 3, a total of 102 companies have successfully listed on the Hong Kong stock exchange this year, representing a 132% year-on-year increase; total funds raised amount to approximately HKD 326 billion, up over 153% year-on-year. Among the companies that have gone public in Hong Kong this year, technology firms account for more than half, and there are 32 companies with dual A+H listings.
Today's Focus
Key highlights: SpaceX, AMD, HSBC Holdings earnings; U.S. June JOLTs Job Openings
On the economic data front, the U.S. June JOLTs Job Openings (in thousands) and the U.S. June Factory Orders MoM will be released.
20:30 U.S. June Trade Balance (in billions of USD)
22:00 U.S. June JOLTs Job Openings (in thousands), U.S. June Factory Orders MoM
On the earnings front, Hong Kong-listed stocks $HSBC Holdings (00005.HK)$、 $Techtronic Industries (00669.HK)$ will release earnings reports.
U.S. stocks $McDonald's (MCD.US)$、 $Caterpillar(CAT.US)$、 $Pfizer (PFE.US)$、 $Hut 8 (HUT.US)$、 $Cipher Digital (CIFR.US)$ 、 $Merck (MRK.US)$ 、 $Spotify Technology(SPOT.US)$ released its latest earnings before the market open, $SpaceX (SPCX.US)$、 $Advanced Micro Devices (AMD.US)$、 $Astera Labs(ALAB.US)$、 $Arista Networks(ANET.US)$、 $Kratos Defense & Security Solutions (KTOS.US)$ will release its earnings report after the market close.
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Editor/melody