Breakfast | Hong Kong government studies increasing liquidity of Hong Kong stocks, halving transaction stamp duty coverage of Shanghai and Shenzhen Stock Connect.

Good morning! A good day starts with making money. The London Stock Exchange is closed today for a summer bank holiday. ### Quote: U.S. stock futures opened higher in the overnight market this morning, with Dow futures up 0.13 percent and Nasdaq futures and S & P 500 futures up 0.1 percent. ### What Happened to Blue Chip Stocks and Hot Stocks * * China Evergrande Resumes Trading Today * * China Evergrande: As of June 30, the Group's total liabilities were 2.388 trillion yuan. In the first half of the year, the revenue was 128.1 billion yuan, the gross profit was 9.8 billion yuan, and the operating loss was 17.3 billion yuan. Land reserve is 0.19 billion square meters. A number of domestic housing stocks have been reduced to" fairy stocks " In recent months, including Country Garden, Sunac China, R & F Real Estate, Ocean Services, SOHU China, China Jinmao and many other domestic housing stocks have fallen below HK $1, and the number of "fairy stocks" has continued to increase. **$25 billion buyback! Why at this moment? The shareholders of Nvidia are also confused ** The reason may be very simple-there is so much money that there is really no place to spend it. * * BYD Electronics will acquire a Jabil Circuit subsidiary * * BYD Electronics conditionally agreed to acquire a 100 per cent stake in a newly established subsidiary of Jabil Circuit (Singapore) at a cost of approximately RMB 15.8 billion. In addition, BYD will announce its results today. * * Media: 3M is close to reaching a settlement in military earplug lawsuit, compensation of $5.5 billion * * 3M is close to reaching a settlement in more than 300,000 lawsuits related to the defective military earplug problem it produced, which failed to adequately protect these veterans from hearing loss, with a total compensation of about $5.5 billion, far lower than the expert's prediction of about $10 billion. * * Global pharmaceutical giants continue to report layoffs * * As of August, Johnson & Johnson, Pfizer, AstraZeneca, WuXi AppTec, Bayer, Sanofi, BMS, Takeda and other pharmaceutical giants have all reported layoffs or pipeline adjustments this year. In less than nine months this year, the number of biopharmaceutical companies announcing layoffs has reached 119, the same as the total for the whole of 2022. ### Macro: Show You the World * * U.S. Stock Week Focuses on Inflation and Job Market Data * * The U.S. will release July Personal Consumption Expenditure (PCE) Price Index on Thursday and August Non-farm Employment Data on Friday. In addition, HP, Best Buy, Salesforce, Broadcom and Campbell Soup will all report results this week. Powell brings uncertainty to investors, US stocks usher in a tougher week With the second quarter earnings season coming to an end, key economic data in the coming days will provide some guidance on the resilience of the US economy and whether the Fed will raise interest rates further at its September policy meeting. The probability that the Fed will maintain interest rates unchanged in September is 80.5 per cent According to CME "Fed Watch": the probability that the Fed will maintain interest rates unchanged in September at 5.25-5.50 per cent is 80.5 per cent, and the probability of raising interest rates by 25 basis points to 5.50-5.75 per cent is 19.5 per cent. Investment bigwigs warn: U.S. stocks may fall 30% in the next few years when market mania exceeds the Internet bubble Bill Smead, founder of Smead Capital Management, said: "Financial mania has reached a sustained level that makes the Internet bubble look insignificant." * * On the evening of 27th, U.S. Secretary of Commerce Raymond arrived in Beijing by plane * * * * China's Ministry of Finance and State Administration of Taxation: Starting from August 28, stamp duty on securities transactions will be halved * * Starting from August 28, the stamp duty standard for A- share transactions will be reduced from 0.1 of the original selling transaction amount to 0.05 of the selling transaction amount. The Shanghai Composite Index rose on the first trading day after the previous downgrade and on the 10 trading days after the downgrade. * * HKEx: The adjustment to halve the stamp duty on securities transactions in the Mainland also applies to the Shanghai Stock Exchange and Shenzhen Stock Exchange * * * * The HKEx and major banks have focused on measures to stimulate the trading of Hong Kong stocks at regular meetings * * In recent weeks, the HKEx and major banks have focused on measures to reduce stamp duty on stocks and improve the design of derivatives. The Chief Executive of the Hong Kong Special Administrative Region, Li Jianchao, will deliver a new "Policy Address" on October 25 and is currently undergoing public consultation. The Hong Kong Securities and Futures Association has called for the abolition of stamp duty on shares. HKSAR government sets up group to study how to increase stock market liquidity HKSAR Chief Executive Li Jiachao: A group will be set up to study how to increase stock market liquidity, details will be announced this week. Chen Maobo: Hong Kong steps up efforts to promote the development of digital entertainment and Web3.0 industry Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government, said that Hong Kong is working hard to seize the development opportunities of digital entertainment and Web3.0 (the third generation Internet) and will actively lead and drive the development of related industries on the premise of prudent and appropriate supervision.