Breakfast | Prepare for US non-farm payrolls, Powell's speech, UBS says tech giants are trying to control all aspects of the AI value chain

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Overnight Morning Market

Important events and data preview for the week - US non-farm payrolls, UK and France elections, Powell at ECB Forum

1. Monday: China's June Caixin Manufacturing PMI; US June ISM Manufacturing PMI, US May Construction Spending MoM. Hong Kong Stock Exchange closed for Hong Kong Special Administrative Region Establishment Day, Southbound and Northbound trading closed.

2. Tuesday: Reserve Bank of Australia releases minutes of June monetary policy meeting. ECB holds Central Bank Forum, speeches by Fed Chair Powell, ECB President Lagarde, and Brazil Central Bank Governor Neto. 2024 Global Digital Economy Conference to be held from July 2nd to 5th.

3. Wednesday: China's June Caixin Services PMI; US June Challenger Job Cuts, US June ADP Employment Change, US Initial Jobless Claims up to June 29th, US May Trade Balance, US June final Markit Services PMI, US June ISM Non-Manufacturing PMI, US May Factory Orders MoM. FOMC permanent voters, New York Fed President Williams speak at ECB Central Bank Forum. ECB President Lagarde speaks. Due to US Independence Day holiday, NYSE closes early at 01:00 on July 4th Hong Kong time; CME stock index futures trading ends early at 01:15 on July 4th Hong Kong time.

4. Thursday: UK General Election. Fed releases minutes of monetary policy meeting. ECB releases minutes of June monetary policy meeting. 2024 World Artificial Intelligence Conference and Global Governance High-Level Meeting opens on July 4th. NYSE closed; CME stock index futures trading ends early at 01:00 on July 5th Hong Kong time.

5. Friday: US June Seasonally Adjusted Non-Farm Payrolls, US June Unemployment Rate; US June Global Supply Chain Pressure Index. FOMC permanent voters, New York Fed President Williams speak.

Blue Chips and Hot Stocks

Insiders: Boeing may face fraud charges, fines could reach nearly $500 million

The US Department of Justice has determined that Boeing violated a previously reached deferred prosecution agreement and will prosecute Boeing on criminal fraud charges, urging it to plead guilty and accept fines. Boeing must decide whether to plead guilty to these charges by this weekend.

EAST BUY denies allegations of requesting and receiving promotion fees

Shanghai Shimao: On June 28th, the company failed to pay the interest due on the bonds "H20 Shimao 1", "H20 Shimao 2", "H20 Shimao 3", and "H20 Shimao 4" as agreed.

Chips and Artificial Intelligence

SK Hynix plans to invest 103 trillion Korean won by 2028 in the AI and chip sectors.

Tech giants' AI ambitions: controlling every link in the value chain

UBS predicts that over time, the AI market will be monopolized by vertically integrated "AI foundries". These "AI giants" will cover the entire AI value chain, from data center infrastructure and computing resources to generative AI algorithms, and finally to end applications

Cryptocurrency

In the early Asian market, Bitcoin rose by over $900 to $62,763.

Bitcoin bids farewell to the "crazy weekend" with weekend trading volume hitting a historic low

According to the cryptocurrency research company Kaiko, the proportion of Bitcoin weekend trading has dropped to a historic low of 16% this year. The recently approved spot Bitcoin ETF seems to have changed the trading cycle of Bitcoin, making it more in line with the timetable of traditional stock exchanges and reducing the volatility of Bitcoin prices.

Macro: Taking You Around the World

Media: Democratic Party donors in the United States want to force Biden out, but Biden assures them that he can still win the election.

Hong Kong Financial Secretary Paul Chan stated that Hong Kong needs to consolidate its traditional advantageous industries while accelerating the cultivation of new industries. It is necessary to develop new productive forces according to the situation and local conditions, promote a more diversified and resilient economy. In the future, efforts will be made to vigorously promote the development of artificial intelligence, medical health, green finance and green technology, digital economy, and cross-border supply chain management.

Over 20 cities explicitly offer "buying a house and getting a household registration", experts say that if there are new policies, it may involve household registration in first-tier cities

Monitoring data from the China Index Research Institute shows that housing policies combined with population and talent policies are becoming a trend. "As long as the real estate market remains active in the short term, no new policies will be introduced. However, if the market declines again, the relaxation of purchase restrictions and household registration policies will be more significant." Zhang Dawei, chief analyst at Zhongyuan Real Estate, stated that the peak of the recent implementation of the central bank's "5.17" policy in various regions has passed, and any subsequent policies are likely to involve household registration policies in first-tier cities