LB Morning Call | Traders bet Fed to raise rates by 100 basis point in July

d US $109 million in the first three months of this year.

New Shares Listed

The Hong Kong IPO of Minimally Invasive Brain Science priced at HK $24.64 and received a substantial over-subion of approximately 45.27 times. The shares are expected to start trading on the Stock Exchange on July 15. Dark trading will begin today.

The IPO price of Bowie Wisdom Hong Kong is HK $1.08, which is about 10.69 times over-subion. The shares are expected to start trading on the Stock Exchange on July 15. Dark trading will begin today.

Deutsche Bank's Hong Kong IPO price of HK $1.8, the Hong Kong offering shares are undersubscribed, and the shares are expected to start trading on the Stock Exchange on July 15. Dark trading will begin today.

US Stock News

1. Twitter said that restructuring and organizational changes may continue; company-wide layoffs are not considered; as of July 13, shareholder approval of the Musk acquisition is the only approval or regulatory condition for closing the transaction; and on June 20, we sent a formal request to Musk for him to agree to two customized employee retention plans, which Musk has not yet agreed to.

2. People familiar with the matter said that Apple has started the pilot run iPhone 14 and plans to mass-produce it in August. Moreover, Apple has told suppliers that the initial sales of the iPhone 14 after it goes on sale will be higher than iPhone 13 a year ago.

3. Bosch, a large German auto parts company, said it will invest 3 billion euros in chip production by 2026, including investing 170 million euros to set up two new development centers and spending 250 million euros to expand its Dresden fab in Germany.

4. Unity Software lowered its full-year 2022 revenue guidance range from $1.35 billion - 1.425 billion to $1.3 billion - 1.35 billion, plans to invest $2.5 billion to repurchase shares, and announced a merger agreement with ironSource, Israel's largest Internet company.

5. Berkshire Hathaway further increased its holdings of Western oil companies.

Singapore News

1. The global fintech industry has entered a cold winter for financing, but Singapore's trading activity has bucked the trend and doubled its global market share in the second quarter of this year. The financing scale of Singapore's fintech companies also rose by 10 % from an average of US $39.8 million (about S $55.96 million) last year to US $43.9 million. Trading activity in the first half of the year was the highest ever.

2. A consortium consisting of Keppel Infrastructure Trust (KIT), Keppel Infrastructure Holdings (KIH) and Keppel Asia Infrastructure Fund (KAIF) has been selected as the preferred bidder to acquire the entire equity interest in Eco Management Korea Holdings (EMK) and will negotiate with the other party to finalize the sale and purchase agreement, but there is no guarantee that the transaction will be realized or concluded.

Hong Kong News

1. On July 7, JPMorgan Chase reduced its 14.7971 million shares at an average price of HK $18.2115 per share, involving about HK $269 million. After the reduction, the latest number of JPMorgan Chase's long positions was 54.1755 million shares, and the proportion of long positions was reduced from 15.26% to 11.98%.

2. After Huaxia, Nanfang and Bosera Funds, a number of fund companies adjusted the valuation of real estate stocks. Among them, Caitong Fund valued "Shimao Group" at 1.34 Hong Kong dollars, and "China Aoyuan" at 0.354 Hong Kong dollars; Huitianfu valued "China Aoyuan" at 0.354 Hong Kong dollars; China Financial Fund valued "Sunac China" at 1.37 Hong Kong dollars per share.

3. Tianqi Lithium: It is expected that the net profit in the first half of the year will be 9.6 billion-11.6 billion yuan, with an increase of 11089.14%-13420.21% year over year.

Macroeconomy

1.Affected by the sharp rise in gasoline, housing and food prices, the US CPI rose 9.1% year over year in June, higher than the previous market expectation of 8.8%, the highest increase since November 1981, the previous value was 8.6%. The core CPI rose 5.9% year over year in June, the previous value was 6%. This will strengthen the expectation of another sharp interest rate hike at the Fed's July meeting.

2. The wave of interest rate hikes by global central banks is intensifying. The Bank of Canada raised interest rates by 100 basis points, higher than the 75 basis point rate hike expected by the market, and emphasized the need for further interest rate hikes in the future. The Bank of Korea raised interest rates by 50 basis points, the first time in history that it has raised interest rates by such a large amount, and the first time it has raised interest rates three times in a row. The New Zealand Fed raised interest rates by 50 basis points, the third time this year, and the sixth time in a row.

3.Andrew Hollenhors, chief US economist at Citigroup, said: The Fed must raise interest rates by 100 basis points in July, and people should be careful to judge whether inflation has peaked. A few months ago, the market thought that the peak inflation would be 8.3%.

4. Nomura predicts that the Fed may raise interest rates by 100 basis points in July. The inflation problem has worsened, and the Fed is expected to respond by expanding interest rate hikes to strengthen their anti-inflation credibility.

5. Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, responded to the RRR cut and interest rate cut plan in the second half of the year, saying that liquidity is currently maintained at a relatively reasonable and abundant level and slightly more. Domestic monetary and financial conditions are mainly determined by domestic factors, and monetary policy will continue to adhere to the self-dominated orientation, taking into account internal and external balance.

Reminders

At 17:00, the European Commission released its summer economic forecast report

At 23:00, Federal Reserve Governor Waller delivered a speech on the outlook for the US economy

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