China Fund News Taylor
Good evening, everyone, let's pay attention to overseas news!
Overseas market situation
Tonight's U.S. stocks rose in shocks.
Heading into the second half of 2024, investors are watching to see if the AI boom that drove the stock market rally in the first half of the year can continue. This week, the market will welcome the minutes of the Federal Reserve meeting and the June non-farm payrolls report.
Nvidia's stock price fell at one point, then turned higher. On the news, the French antitrust regulator is preparing to sue Nvidia for anti-competitive practices. Nvidia, the world's largest maker of artificial intelligence and computer graphics chips, has seen a significant increase in demand for its chips after the release of ChatGPT, a generative AI application, late last year, which has drawn the attention of regulators on both sides of the Atlantic.
Tesla's stock price skyrocketed. On the news side, Tesla announced the launch of a new car purchase financial policy in China, and launched a number of discounts such as "5 years and 0 interest" for the main models Model 3 and Model Y and low-interest car purchases, compared with the standard annual rate of 2.5%, you can save more than 20,000 yuan in interest, and the activity ends on July 31.
On the news side, in June, Li Auto, Weilai Automobile, Leapmotor and Xiaopeng Motors all continued the overall positive momentum in May, among them, Ideal achieved 40,000 deliveries again after 4 months, and the delivery volume of Weilai and Leap hit a record high.
In addition, the yen "fell endlessly" and continued to refresh its lows! USD/JPY extended its intraday gains to 0.50%, hitting 161.7 at one point, continuing to hit a 38-year high.
Trump broke the news
The U.S. Supreme Court ruled on July 1 that former U.S. President Donald Trump was indicted after the Capitol riot in January 2020 and claimed that he had "presidential immunity" while in office, saying that the former president enjoyed partial presidential immunity, and according to Bloomberg, Trump is expected to adjourn his lawsuit. In response to the verdict, Mr. Trump described it as a "big victory."
The nine justices of the Supreme Court voted 6-3 in today's historic ruling, stating for the first time that the former president enjoys absolute immunity from prosecution for official acts and non-official acts (private acts).
But the justices ordered the lower courts to clarify how the ruling would apply to Trump's case, not the Supreme Court itself.
The ruling all but ended the possibility that Mr. Trump would be subject to scrutiny ahead of the presidential election in November.
Trump, who was charged with meddling in the election over the Jan. 6, 2020, Capitol riot, argued that he had "presidential immunity" while in office, and appealed to the Supreme Court, where judges have ruled so far.
Mr. Trump, who is running for president, has wanted to postpone the trial to prevent it from affecting his campaign.
Critics accuse the Supreme Court of delaying the case to prevent a trial before the November elections. The Supreme Court has three judges appointed by Trump. In December, the Supreme Court rejected a request to expedite the case. When the judges finally step in, they schedule arguments on the last day of their term.
Justice Ketanji Brown Jackson wrote in a dissent that the majority's ruling "opens up new dangerous territory," saying her conservative colleagues are "throwing aside" from the state's long-held principle that no one is above the law.
At the same time, Biden encountered a "headwind"!
Top U.S. Democratic Party leaders and donors urged the party on Sunday to stick to the nomination of President Joe Biden as a candidate to quell calls for Biden to step aside. New polls show that voters are wary of Biden's leadership as he underperformed in last week's debate.
While there was a public display of support for Biden on Sunday, Democratic lawmakers and activists remained privately uneasy, still worried about Biden's ability to defeat former President Trump and whether he could still run the presidency at the age of 81. With more than four months to go until Election Day, Democrats are acknowledging that Biden has some problems, but on the other hand, it is difficult to come up with any reasonable backup plan.
A poll released on Sunday showed growing doubts among voters about Biden's candidacy. Polls conducted by CBS News and YouGov last Friday and Saturday after the debate showed that 28 percent of registered voters believe Biden should run for president and 72 percent think he shouldn't. The numbers show a deterioration from February, when a CBS News poll showed 37 percent of people believe Biden should run.
Among registered Democratic voters, 54 percent believe Biden should run for president, and 46 percent think he shouldn't.
The poll also found that only 27 percent of registered voters believe Biden's mental and cognitive health is fit for president, and 72 percent think he is unsuitable. By comparison, 50 percent of registered voters believe that Trump's mental and cognitive health is fit for president, and 49 percent believe he is unsuitable.