Morning Market News Digest And comments 早盘市场新闻摘要及评论

Pacific Time 8:12 AM : Dow -220，  S&P 500-20.18， Nasdaq-60.25， Russell 2000-14.83, WTI crude oil-2.52%，Gold+0.38%， US dollar index+0.11%, 10 Year Treasury yield 2.226%-0.042

Oversea markets: Shanghai+0.16%, Japan-1,21%, Hong Kong -0.57%, Germany-1.50%, UK-1.29%, France-1.89%.

Weak sectors: XRT, PPH, EWG, IYR, FDN, IBB, IGV, OIH   Strong sectors:TLT, FXI, SLV, SMH

。US Stock market opened sharply lower. Dow dropped below its 200 day moving average while S&P 500 and Nasdaq Composite both challenged their 200 day moving averages. Helped by rebounding of the oversold semiconductor stocks, with the lead of Nasdaq , the market staged a rebound. At the moment, both the S&P 500 and Nasdaq composite are above their 200 day moving averages at 2776 and 7527 respectively. However, the Dow is solidly below its 200 day moving average at 25430 and this may be a drag for the market. It is crucial for S&P 500 and Nasdaq Composite not to break below their 200 day moving averages, more downside likely if this happens.

。Government bond yields across the world are tumbling again, with the U.S. 10-year  trading at 2.23% this morning as global trade tensions mount. The gap between the three-month and 10-year American yield fell as low as minus 12 basis points (yield curve inverted, a recession indicator), the most since negative 2007. Benchmark yields in Australia and New Zealand dropped to all-time lows, Japan’s fell close to -0.1%, the lowest in three years, while German bund yields are close to the rock-bottom.  ---Bloomberg

。Germany reported that its economy appears to have finally hit major pothole as German unemployment unexpectedly surged for the first time in almost two years as the economic slowdown finally started to take a toll on the labor market, according to Bloomberg. Specifically, in May the number of people out of work climbed by 60,000 compared with economists’ forecasts for a decline of 8,000, while the jobless rate also increased to 5% from a record-low 4.9%. ---Zero Hedge

。The pan-European STOXX 600 was down 1.4% to its lowest point since March 11, basic resources leading the losses with a 2.5% decline as all sectors remained in the red. Traders are taking a more cautious approach to risk assets, with the trade battle between Washington and Beijing proving to be a main point of anxiety for global markets. In Europe fears of a coming political battle between Rome and Brussels returned this week as reports emerged stating the EU is considering disciplinary action over the Italian government’s failure to rein in debt.---CNBC

。It's looking increasingly likely that the Communist Party might impose an export ban on rare-earth metals, creating serious supply-chain issues for American producers of everything from microchips, to batteries, to night-vision goggles. China's powerful state-planning body threatened to use rare earths as "China's counter-weapon against the US's unwarranted suppression"...while a host of state-controlled media organizations used rare threatening language intended to convey that Beijing isn't playing around. ---Zero Hedge

。Pivotal Research Group analyst Michael Levine began covering the online retail giant AMZN with a buy rating and 12-month price target of $2,750, the highest on the Street. Amazon is “a must-own name with huge upside even from here,” Levine wrote in a note, adding that he regards the company as having the highest quality management and franchise within the global Internet sector. Levine sees Amazon’s move to one-day shipping as a “massive strategic step towards total retail dominance.” ---Bloomberg

。While other chip makers have forecast a sluggish 2019, AMD has been optimistic since the beginning of the year, banking on the second half and its slew of new products. Cowen analyst Matthew Ramsay, who has an outperform rating and a $36 price target, said AMD stole the show at Computex in Taipei, Taiwan, a show focused on personal computers that hosted Chief Executive Lisa Su for the keynote address. Stifel analyst Kevin Cassidy, who has a buy rating and a $34 price target on AMD, noted the historic nature of AMD’s product launch. ---Market Watch

。Qualcomm (QCOM) has asked Federal Judge Lucy Koh not to enforce her decision that it illegally squeezed out rivals in the smartphone chip market as it plans to file an appeal that could take more than a year to wind through the courts. The ruling would force it to rework its license deals by "radically restructuring" its business in a way that would be impossible to unwind if it wins on appeal. Qualcomm argues that Koh excluded evidence after a March 2018 cutoff date - including the fact that Apple dropped Qualcomm in favor of Intel - and said that the FTC's theory in the lawsuit was unprecedented in antitrust law.---Seeking Alpha




太平洋时间上午8:12：道琼斯指数-220，标普500  -  20.18，纳斯达克 -  60.25，罗素2000-14.83，WTI原油 -  2.52％，黄金+ 0.38％，美元指数+ 0.11％，10年期国债收益率2.226％ -0.042

海外市场：上海+ 0.16％，日本-1,21％，香港-0.57％，德国-1.50％，英国1.29％，法国1.89％。

弱是行业：XRT，PPH，EWG，IYR，FDN，IBB，IGV，OIH 强势行业：TLT，FXI，SLV，SMH

美国股市大幅低开。道指跌破200日移动均线，而标准普尔500指数和纳斯达克综合指数均触及200日移动均线。受半导体股超卖反弹的推动，在纳斯达克的带领下，市场出现反弹。目前，标准普尔500指数和纳斯达克综合指数分别高于其200天移动平均线2776和7527。然而，道指稳固地低于200日移动平均线25430，这将是市场的拖累。对于标准普尔500指数和纳斯达克综合指数而言，至关重要的是不要跌穿200日均线，如果出现这种情况，市场会有更多的下行空间。

。全球政府债券收益率再次下滑，美国10年期收益率今早为2.23％，因全球贸易紧张局势加剧。三个月和十年期美国国债收益率之间的差距降至负12个基点（收益率曲线倒转是经济衰退指标），是2007年以来的最大跌幅。澳大利亚和新西兰的基准收益率降至历史最低点，日本跌幅接近-0.1％，为三年来的最低点，而德国国债收益率接近谷底。 ---彭博

。据彭博社报道，由于经济放缓最终开始对劳动力市场造成影响，德国失业率近两年来首次意外飙升，德国经济终于出现重大问题。具体而言，5月份失业人数增加了6万人，而经济学家的预测为下降8,000人，而失业率也从创纪录的4.9％增加到5％。 --- Zero Hedge

。泛欧斯托克600指数下跌1.4％至3月11日以来的最低点，基本资源领跌，下跌2.5％，所有行业均处于亏损状态。 交易员对风险资产采取更谨慎的态度，华盛顿和北京之间的贸易争端被证明是全球市场焦虑的焦点。 在欧洲，由于有报道称欧盟正在考虑对意大利政府未能控制债务采取纪律处分措施，因此担心罗马与布鲁塞尔之间即将举行的政治斗争将在本周回归。---CNBC

。中国共产党可能会越来越倾向于对稀土金属实施出口禁令，这会为美国生产商带来严重的供应链问题，从微芯片到电池，再到夜视镜。中国强大的国家计划机构威胁要使用稀土作为“中国反对美国无端镇压的反武器”......而许多国家控制的媒体组织使用罕见的威胁语言传达北京不玩游戏。 --- Zero Hedge

。Pivotal Research Group分析师迈克尔·莱文（Michael Levine）开始跟踪在线零售业巨头AMZN并冠以买入评级和12个月目标价格为2,750美元，是华尔街最高的。 Levine在一份报告中写道，亚马逊是“一个必须拥有的名称并有巨大的上升潜力”，他还称自己认为该公司在全球互联网领域拥有最高质量的管理和特许经营权。莱文看到亚马逊转向为期一天的速递是“向零售业占据主导地位的重大战略步骤。”---彭博社

。虽然其他芯片制造商预测2019年将出现低迷，但自今年年初以来，AMD一直保持乐观态度，下半年及其大量新产品也是如此。 Cowen分析师马修拉姆齐（Matthew Ramsay）对AMD的评级是优于大市，目标价格为36美元，表示AMD在台湾台北的Computex展会上获得关注，该展会主要针对个人电脑主持首席执行官丽莎苏的主题演讲。 Stifel分析师凯文卡西迪（Kevin Cassidy）特别看好AMD推出产品的历史性，他对AMD有买入评级和34美元的目标价。 ---Market Watch

。高通公司（QCOM）已经要求联邦法官Lucy Koh不要执行她的决定，即非法挤压智能手机芯片市场的竞争对手，因为它计划提出上诉，可能需要一年多的时间才能通过法庭。 该裁决将迫使其通过“彻底重组”其业务来重新修改其许可协议，如果它在上诉中获胜，将无法挽回。 高通公司辩称，在2018年3月截止日期之后，Koh排除了证据 - 包括苹果放弃高通公司支持英特尔的事实 - 并表示FTC在诉讼中的理论在反托拉斯法中是前所未有的。---Seeking Alpha