U.S. stock closes: the three major stock indexes all hit the biggest monthly decline in seven years, and Chinese stocks rose more than 10%

Financial circles on September 1 news, the market assessment of the United States adhere to aggressive interest rate hikes to curb inflation stance, while the United States August ADP data is far less than expected to bring pressure to the market, U.S. stocks for four consecutive days to close down, the Dow fell nearly 300 points; Charging piles, social media sector performance is strong, cruise ship, education sector performance is weak, 3B home fell 21%, iQiyi rose 3.38%, Baidu rose 4.55%; HP fell 7.73%.

As of the close, the Dow Jones fell 280.17 points, or 0.88%, to 31510.70 points; the S&P 500 fell 31.26 points, or 0.78%, to 3954.90 points; the Nasdaq Composite fell 66.93 points, or 0.56%, to 11,816.20; the S&P 500 fell 4.2% this month, the NASDAQ fell 4.64%, the Dow fell 4.08%,and the S&P, Dow and NASDAQ all recorded their biggest declines since August 2015.

Gold futures for December delivery on the New York Mercantile Futures Exchange fell $10.10, or 0.6 percent at $1,726.20 an ounce. The prices of the most active contracts fell 3.1 percent this month, the fifth consecutive month of decline, the longest monthly decline since the six-month decline that ended in September 2018, Dow Jones market data showed. Silver futures for December delivery fell 40 cents to $17.882 an ounce by 2.2 percent, down 11.5 percent this month. Palladium fell $8.90, or 0.4 percent, or $2,078.90 an ounce, to 2.4 percent in August, and platinum fell $5.10, or 0.6 percent, or 7.1 percent monthly, to $8.827 an ounce in October. Copper fell 3 cents in December to $3.5185 a pound, down 0.9 percent, and down 1.5 percent this month, the fifth consecutive month of decline.

The New York Mercantile Exchange's West Texas Intermediate Crude Oil Futures fell $2.09, down 2.3 percent at $89.55 a barrel, the lowest since Aug. 17 and down 9.2 percent this month. Continental Exchange European Futures Exchange Crude Oil Futures fell $2.82 to $96.49 a barrel in October, down 2.8 percent to more than 12 percent this month. The most actively traded November contract fell $2.20 to nearly 2.3 percent to $95.64. The New York Mercantile Exchange fell 3.3 percent in September to close at $2.6059 a gallon, down more than 25 percent in the month. Heating oil fell 2.7 percent to $3.7154 a gallon in September, but rose 2.5 percent this month, with both contracts expiring at the close of trade. Natural gas prices rose 0.9% to $9.127 per million BTU units in October, up nearly 11% monthly.

Most of the popular Chinese stocks rose on Wednesday, with Shang multiplier up more than 14% and Yixian E-commerce down nearly 12%. Douyu rose more than 10%, Huanju Group rose more than 8%, Pinduoduo, Station B rose more than 7%, Futu Holdings, Vipshop, Zhiwen Group rose more than 6%, Weibo, Tiger Securities, New Oxygen rose more than 5%, Cheetah Mobile, Baidu, Kingsoft Cloud, Sohu, Autohome rose more than 4%. JD.com, iQIYI, BOSS direct employment, Maverick Electric super 3%, Dingdong buy vegetables, Zhongtong rose more than 2%, Xunlei, Huya, NetEase, Renren Company, Alibaba, Tuya Intelligence, Fun Live, Daily Excellent Fresh rose more than 1%.

Dajian Yuncang fell more than 11%, Zhizhi Education fell more than 10%, Mushroom Street and Fangduoduo fell more than 9%, Basket Technology fell more than 6%, 51Talk and Waterdrop Company fell more than 3%, Litchi fell more than 2%, Zhihu and Tuniu fell more than 1%. New energy vehicles rose and fell, with Xiaopeng Automobile up 1.42%, Ideal Automobile down 0.1%, and Weilai Automobile up 0.5%.

Powell does not expect a soft landing to defeat inflation and must release a "tiger"

Forget about soft landings. Fed Chairman Jerome Powell now intends to make the economy suffer much more than a soft landing in order to curb inflation. The problem is, even that might not be enough. Economists describe such scenarios as "growth recessions." Unlike a soft landing, it refers to weak long-term economic growth and rising unemployment, but not a contraction.

Diane Swonk, chief economist at KPMG, said Powell's August 26 speech in Jackson Hole essentially buried the concept of a soft landing, and the Fed's goal now is to depress inflation by keeping economic growth below the potential level of 1.8 percent. "It's like dripping water through stones," added Swonk, who attended Jackson Hole's annual meeting last week. "It's a tortuous process, but less painful and torturous than a sudden recession."

Snap announced a restructuring plan to lay off 20 percent of its workforce and appoint a new chief operating officer

Snap rose as much as 15 percent in intraday after the company confirmed reports of layoffs of 20 percent of its more than 6,000 employees and said it would cancel several projects, including the Pixy Photo Drone and Snap Originals' premium show lineup.

CEO Evan Spiegel announced the moves in a memo on Tuesday and told employees the company needed to restructure its business to meet financial challenges. He said the company's current 8 percent year-over-year revenue growth rate was "well below what we expected earlier this year." Snap also promoted Jerry Hunter from senior vice president of engineering to chief operating officer.

Morgan Stanley Wilson: The U.S. stock index has not yet bottomed out, and investors should be prepared for more pain

Mike Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, said U.S. equity investors should be prepared for more pain because the index has not bottomed out this year.

"June could be a low for common stocks," he said wednesday, but the index direction "fell at least in the next quarter or two." The reason, he said, is that the trend in operating margins is worse than expected and that this will continue. "The market is overly optimistic about the earnings outlook," Wilson said. "The P/E ratio will start to fall and earnings will be cut."

With the Fed still highly focused on economic data, Wilson believes the central bank is "always going to be late" because it relies on two of the most backward data points — labor market data and inflation. In fact, he said, "investors are too preoccupied with the Fed." ”

The ECB's big stride next week is becoming a common expectation on Wall Street

Big Wall Street banks have raised their forecasts for the ECB's rate hike, saying higher-than-expected inflation will persuade policymakers to take a more aggressive response. Economists at Goldman Sachs, Bank of America and JPMorgan Chase are now expecting the ECB to raise rates by 75 basis points at its meeting next week. Several hawks on the ECB's Governing Council have been mentioning this option a lot lately. Investors are also fully priced with rate hikes of this magnitude before the end of October.

Eurozone data on Wednesday showed inflation reached a record high of 9.1 percent in August, higher than economists predicted and further away from the ECB's 2 percent target. Core inflation measures also reached a record 4.3%.

The CEO of the hedge fund who proposed the "dollar smile theory" expects the dollar rally to dissipate by the end of the year

Stephen Jen, chief executive of hedge funds known for his "dollar smile theory," said the dollar's recent rally could be near the top.

Jen, who runs Eurizon SLJ Capital Ltd., said in a report on Wednesday that he expected the dollar to weaken by the end of the year as U.S. inflation was expected to peak and fall, leaving the Fed under pressure to continue raising interest rates in 2023. "My expectation is that a peak in U.S. inflation and interest rates in the second half of the year will cause the dollar to weaken moderately by the end of the year," he said in the report.

As the Fed tightens monetary policy to widen the spread between the U.S. and overseas, a dollar index has risen more than 10 percent this year, its biggest gain since 2014. At the same time, the economy is showing signs of maintaining strength, with the job market remaining strong despite tighter financial conditions.

Hedge fund manager Pierre Andurand said the oil market has failed

Hedge fund manager Pierre Andurand said the oil market had failed. The commodities trader, known for his bullishness, said oil futures could now fall $10 a day for "no apparent reason." Several market participants have also recently felt the same way, including Saudi Energy Minister Abdulaziz bin Salman, who said extreme volatility and lack of liquidity have led to the futures market becoming increasingly detached from fundamentals.

Since the beginning of this year, oil prices have fluctuated more than $5 a day more than a dozen times, especially after the Russian-Ukrainian conflict. Previously, such fluctuations were often considered abnormal. But open interest in oil futures is at a seven-year low, making prices more likely to fluctuate sharply. Standard Chartered said in a note that the total open interest in the four major Brent and WTI crude oil contracts fell below 4 billion barrels last week, the first since June 2015.

"The market no longer even asks why we fell $5 a day, or why we fell $2.50 this morning," said Scott Shelton, an energy expert at ICAP.

Pinduoduo's second-quarter revenue exceeded expectations

On August 29, Pinduoduo released its financial report for the second quarter of 2022. According to the financial report, the company achieved revenue of 31.44 billion yuan in the second quarter, an increase of 36% year-on-year, and the market expected 23.645 billion yuan, compared with 23.046 billion yuan in the same period last year. Under U.S. GAAP, marketing expenses were $11,343.4 million, down to 36% of revenue. At the same time, the company further increased its research and development, and the research and development expenses in the quarter increased by 12% year-on-year. U.S. GAAP operating profit was $8,697.2 million and net profit attributable to common shareholders was $8,896.3 million. During the 618 period, manufacturing brands such as mobile phones, home appliances, beauty and daily chemicals have doubled their growth.

From January to July, national online retail sales increased by 3.2%

According to the National Bureau of Statistics, from January to July, the national online retail sales increased by 3.2%, of which the online retail sales of physical goods increased by 5.7%, accounting for more than a quarter (25.6%) of the total retail sales of consumer goods. In the case of limited new markets, how to revitalize the stock market of e-commerce has become the top priority.

Huanju Group's second-quarter net profit was US$51.5 million

On August 30, Huanju Group released its financial report for the second quarter of 2022. In the second quarter, Huanju achieved revenue of $596.1 million and BIGO revenue of $502.6 million. Excluding the divested YY Live business, under non-GAAP, the Group had a net profit of US$51.5 million with a net margin of 8.6% (0.1% net loss ratio for the same period last year) in the second quarter, and a net profit of US$86.3 million with a net margin of 17.2% (3.3% net margin for the same period last year). The Group recorded positive operating net cash flow of US$61.7 million.

FUNHO re-meets nasdaq minimum share price requirements

QULO has received a notification letter from NASDAQ's listing qualification department on August 29 that the company has re-met the NASDAQ minimum stock price requirements. For 10 consecutive trading days from Aug. 12 to Aug. 26, the company's closing price has been at $1 or more per share.

This article originated from the financial world