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[Introduction] World pharmaceutical giants hit record highs! Most Chinese stocks fell, and the Nasdaq China Golden Dragon Index fell nearly 4%

On August 20, Eastern Time, another Federal Reserve official was dovish today, but the market remained cautious ahead of the global central bank's annual meeting, and the three major U.S. stock indexes collectively closed down slightly.

With good data from new drug trials, the world's pharmaceutical giant Eli Lilly closed up more than 3%, setting a record closing high.

Most Chinese stocks fell, with the Nasdaq China Golden Dragon Index falling nearly 4%.

Cautious market sentiment

The three major U.S. indexes closed down

On August 20, Eastern Time, investors this week focused on the annual meeting of global central banks held in Jackson Hole, and Federal Reserve Chairman Powell is scheduled to speak at the economic seminar on Friday. Wall Street is looking for hints on expectations for the Federal Reserve's September meeting.

Another Fed official sounded dovish on the same day. Although Fed voting member Bowman said that there are still upside risks to inflation, if inflation continues to slow, a rate cut would be appropriate.

The three major U.S. indexes closed slightly lower. As of the close, the Dow Jones Industrial Average fell 61.56 points, or 0.15%, to 40,834.97 points; the Nasdaq fell 59.83 points, or 0.33%, to 17,816.94 points; and the S&P 500 fell 11.13 points, or 0.20%, to 5,597.12 points.

According to Hong Kong Wind News Agency, Evercore ISI, a Wall Street investment institution that predicts that the S&P 500 index is expected to reach 6,000 points before the end of the year, recently released another astonishing forecast report. The institution expects that Federal Reserve Chairman Powell will indicate in his speech at the Global Central Bank Symposium in Jackson Hole this week that Federal Reserve policymakers are considering whether to cut interest rates by 50 basis points while lowering the benchmark interest rate.

Westpac Bank said that Federal Reserve Chairman Powell may send a clear signal of the Fed's interest rate cut cycle this week. This may lead to the FOMC making dovish adjustments to PCE, unemployment rate and dot plot at the September interest rate meeting, which will in turn cause the US dollar index to fall in the coming weeks.

World pharmaceutical giant hits record closing high

On August 20, Eastern Time, Eli Lilly, the world's pharmaceutical giant, closed up more than 3%, setting a record closing high. It was reported at US$949.97, with a latest total market value of US$902.876 billion.

On the news front, Eli Lilly announced on its official website on Tuesday local time that its star GLP-1 drug telpotide significantly reduces the risk of adults with prediabetes and obesity or overweight developing type 2 diabetes by 94%.

In addition to reducing the risk of progression to type 2 diabetes, the latest research results also show that tebuconazole can lead to sustained weight loss throughout the treatment period.

In addition, Eli Lilly and Organon have expanded the commercialization agreement for the migraine drug Emgality (galcanezumab) to 11 additional markets. Organon will pay Eli Lilly an upfront payment of $22.5 million, as well as installments based on sales. According to the data, Emgality is suitable for the preventive treatment of migraine in adults and for the treatment of episodic cluster headaches in some markets.

Most Chinese stocks fell

Nasdaq China Golden Dragon Index fell nearly 4%

On August 20, Eastern Time, most Chinese stocks fell along with the broader market, with the Nasdaq Golden Dragon China Index falling nearly 4%.

Among the hot stocks, Vipshop fell more than 17%, Zeekr fell more than 8%, iQiyi fell more than 7%, Weibo fell more than 6%, Xpeng Motors, Li Auto, and NIO fell more than 5%, JD.com and Futu Holdings fell more than 4%, and Manbang and Alibaba fell more than 3%.

(Comprehensive compilation by Ivan)

Editor: Joey

Audit: Wooden Fish

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