Breakfast | US stocks suffered a "Black Thursday", with Chinese concept stocks falling for five consecutive days, and Apple postponing the release of its self-developed 5G chip.

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Market: Overnight and this morning's market

"Black Thursday"! US stocks fell for three consecutive days, with the S&P experiencing its largest daily drop in six months, and the "anchor of global asset pricing" continues to shake.

Following the Federal Reserve, more central banks have hinted at maintaining high interest rates in the long term. Coupled with the strengthening of tightening expectations due to unemployment data, risk assets have been hit hard, and European and American stock markets have experienced a simultaneous decline, encountering "Black Thursday".

All three major stock indices opened and closed lower under pressure. During the trading session, both the Dow Jones and the Nasdaq hit new lows in nearly a month, while the S&P 500 hit a new low in nearly three months. At the close, the aforementioned three major stock indices fell by 1.08%, 1.82%, and 1.64% respectively. The S&P 500 fell by more than 1.5%, marking its largest decline in nearly six months. The Russell 2000 fell by 1.56%, experiencing a five-day decline.

All major sectors of the S&P 500 were hit hard. Tesla fell by 2.6% for two consecutive days. Amazon fell by 4.4% for six consecutive days. Alphabet fell by nearly 2.5% for three consecutive days. Meta fell by 1.3%. Apple fell by 0.9% for two consecutive days. Netflix fell by nearly 0.6%, Microsoft fell by 0.4% for five consecutive days. AMD fell by over 4%, NVIDIA fell by 2.9%, and Intel fell by 0.1%.

Popular Chinese concept stocks experienced a general decline. The Nasdaq Golden Dragon China Index (HXC) fell by 1.9% for five consecutive days. Xpeng Technology fell by 40.6%, TuSimple fell by 8.39%, Dajiang Cloud fell by 7.63%, Kingsoft Cloud fell by 6.51%, ZaiDuo Medicine fell by 5.55%, and YADU fell by 5.41%. NIO fell by over 4%, Bilibili fell by over 3%, Baidu, Pinduoduo, Tencent Music, and Xiaopeng Motors fell by over 2%, Alibaba fell by nearly 2%, JD.com and NetEase fell by over 1%, and Li Auto fell by 0.8%.

What happened to blue-chip stocks and hot stocks

US media: Apple delays the release of self-developed 5G chips until 2025

Apple's fully self-designed 5G modem will not be ready until at least 2025. Previously, Qualcomm and Apple extended an agreement to continue providing modem chips for iPhones until 2025. The original agreement was set to expire at the end of 2023.

Chevron reaches an agreement with the union to end the strike, global LNG supply expected to recover by 7%

A union official said on Friday that workers have accepted a solution proposed by the Australian national labor regulatory agency regarding wages and working conditions and will suspend the strike action. Chevron confirmed on Thursday that it has accepted the proposal.

Liu Wei replaces Cai Haoyu as the Chairman of miHoYo

Google introduces AI-assisted features for YouTube

YouTube has launched five new AI-assisted features for creators: AI-generated images, video enhancement (with filters), video ideas and suggestions based on audience preferences, automatic dubbing, and music pairing.

Insiders: Tesla has decided to manufacture and sell battery storage systems in India Submitted a proposal to Indian officials seeking incentives for building factories.

Google says its chip partnership with Broadcom "remains unchanged"

Earlier, there were reports that Google was considering dropping Broadcom as its AI chip supplier by 2027 and developing its own AI chips. South Korean regulators fined Broadcom 19.1 billion Korean won, accusing it of unfair parts supply agreements with Samsung.

Qualcomm responds to rumors of "mass layoffs" at its Shanghai office

It is expected that the Shanghai office will undergo layoffs as part of a global restructuring plan, but claims of "mass layoffs," "office closures," and "withdrawal from Shanghai" are exaggerated.

Microsoft's AI Copilot to be rolled out on Windows systems on September 26

It will run on multiple apps and devices; Office Copilot will be widely available starting November 1.

IPO Opportunities

Media reports suggest Midea Group may file as early as next month

It is reported that Midea Group has selected Bank of America and CICC as joint sponsors and plans to file for a Hong Kong IPO as early as next month, with a target fundraising of over $1 billion, subject to market conditions.

Youzan Biotech-B pricing

Youzan Biotech-B announced a sale price of HK$16 per share, with an estimated net proceeds of approximately HK$121.4 million.

Lecang Logistics to conduct grey market trading today

Lecang Logistics announced that the final offer price has been set at HK$5.13, with an estimated net proceeds of approximately HK$83.5 million. The Hong Kong offering shares have received 4.77 times moderate oversubscription. Trading of the shares is expected to begin on the Stock Exchange of Hong Kong on September 25.

Macro: A Global Perspective

Technical indicators signal bullish sentiment! The strongest US dollar rally in 10 years is not over yet

Bank of America believes that the US dollar index is approaching a bullish "golden cross" pattern, confirming the institution's recent optimistic view on the US dollar. The "golden cross" is considered a bullish signal by some technical analysts.

Bank of England unexpectedly pauses rate hikes

The Bank of England unexpectedly kept its benchmark interest rate unchanged at 5.25%, temporarily halting its 14 consecutive rate hikes since the end of 2021.

10-year US Treasury yield rises to 4.5%

The yield on the 10-year US Treasury bond has surpassed the 4.5% level, rising 24 basis points in the two days since the Federal Reserve announced its September rate decision.

92-year-old media tycoon Murdoch retires, eldest son takes over

Rupert Murdoch announced that he will step down as chairman of Fox and News Corp and become honorary chairman of both companies. News Corp owns 175 media outlets, including the New York Post, The Wall Street Journal, The Times, Sky Satellite Radio, and The Sun.

China's Ministry of Commerce: Approved the export applications for certain gallium and germanium-related items that comply with regulations.

Over 40% of new passenger cars in China equipped with combination ADAS According to Vice Minister Xin Guobin of the Ministry of Industry and Information Technology, in the first half of 2023, the sales proportion of new passenger cars equipped with advanced driver assistance systems in China reached 42.4%.