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China Fund News Taylor

Hello everyone, let’s take a brief look at overseas news tonight.

Tonight, the three major U.S. stock indexes continued to rise, with the Dow Jones Industrial Average rising more than 300 points and setting a new intraday record high, and the Nasdaq Composite Index rising nearly 1%.

Jan Hatzius, chief economist at Goldman Sachs, said the Fed had "good reason" to cut rates at its July meeting, but did not change Goldman's forecast that the Fed would begin cutting rates in September. The latest unemployment and inflation data suggest that a federal funds rate of 4% is appropriate, compared with the current 5.25% to 5.5%. Therefore, rate cuts are expected to begin soon. Reasons for taking action in July include the volatility of monthly inflation, which could make a September rate cut difficult to explain if there is a temporary re-acceleration, and the Fed's undeniable motivation to "avoid starting rate cuts in the last two months of the presidential campaign." While this does not mean that the Fed cannot start cutting rates in September, it is indeed more appropriate in July.

Trump Media TechnologyThe company's stock price soared by more than 70% before the market opened. After the U.S. stock market officially opened, the company's stock price rose by about 30%. The market generally believed that the failed assassination attempt would increase Trump's chances of winning the election.

Trump Media and Technology Group is a company founded by Trump in 2021. The company aims to create a social media platform called "Truth Social" as an alternative to traditional social media platforms, especially for those users who he believes are censored or treated unfairly. The establishment of Trump Media and Technology Group came after Trump was banned from multiple major social media platforms, and he hoped to restore direct communication with supporters through this platform.

Trump Media & Technology Group successfully went public on the Nasdaq through a reverse merger, with the stock code DJT. On the first day of listing, the company's stock price soared by 16.10%, and Trump's personal wealth increased significantly to more than 50 billion yuan.

It is worth noting that during the establishment and listing of Trump Media and Technology Group, Trump encountered many lawsuits including financial fraud, and once faced huge fines and bankruptcy risks. However, through the backdoor listing, Trump's financial situation has been significantly improved.

Trump will attend the 2024 Republican National Convention in Milwaukee, southeastern Wisconsin, from Monday to Thursday this week. It is expected that the number of participants in this convention will exceed 50,000. If nothing unexpected happens, he will accept the formal nomination of the Republican Party at the Republican National Convention in Milwaukee on Thursday evening (July 18).

Trump said he looked forward to addressing the nation at the Republican National Convention on Thursday.

Tesla's stock price soared 4%. Earlier, the company's CEO Musk publicly supported Trump, posting on social media that "I fully support President Trump and hope he (Trump) recovers soon."

In addition, there are reports that Musk "donated to Trump, hoping to use his huge wealth to influence the 2024 US election."

Apple's stock price rose nearly 2%. On the news, Apple's annual sales in India increased by 33% to a record of nearly $8 billion. Morgan Stanley rated Apple as its top pick and raised its target price from $216 to $273.

The Russell 2000 rose 2%, on track for its fourth straight session of gains. Goldman Sachs said Trump's election could lead to outperformance for small-cap stocks, citing their strong performance after Trump's 2016 victory.

That’s all for tonight’s analysis.