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

Pacific Time 8:03AM : Dow -48.70，  S&P 500 -6.83， Nasdaq -40.86， Russell 2000 -8.66,WTI crude oil＋0.15%，Gold+0.52%， US dollar index+0.34%, 10 Year Treasury yield 2.08%-0.11

Oversea markets: Shanghai-0.99%, Japan+0.40%, Hong Kong -0.65%, Germany-0.71%, UK-0.35%, France-0.33%.

Weak sectors: SMH, OIH, EWG, IYT, IGV, EEM Strong sectors: GDXJ, GDX, GLD

Broadcom's warning of semiconductor slow down and weak China Industrial Production drove US stocks open down sharply. However, CME Fed tool projecting over 80% interest rate cut in July is encouraging buying the dip. Major US stock indexes are bouncing off the morning low with Dow Jones Industrial Average is leading the bounce. Recently, the stock market has been resilient to bad news, as interest rate stay near all time low, institutions have no choice but to buy stocks. Don't fight interest rate trend is the motto now. By this point of view, US stock market is supported and may not have much downside to go.

。Industrial production in China rose 5% last month on a year-over-year basis, the slowest pace of growth in 17 years. Chinese shares fell overnight following the data release. The Shanghai Composite lost 1% while the Shenzhen A Shares index slid 1.8%.---CNBC

。Broadcom (AVGO): Q2 Non-GAAP EPS of $5.21 beats by $0.03; GAAP EPS of $1.64 beats by $0.07. Revenue of $5.52B (+10.0% Y/Y) misses by $180M. Geopolitical uncertainties and export restrictions on a large customer are tamping down demand, CEO Hock Tan says. "As a result, our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year."  For fiscal 2019 (ending Nov. 3), it's now guiding to net revenue of $22.5B (light of consensus for $24.33B), and a non-GAAP operating margin of 52.5%. Capex is seen at about $500M. ---Seeking Alpha

。May Industrial Production: +0.4% to 109.6 +0.2% consensus, -0.4% prior (revised). Capacity Utilization 78.1% vs. 78.0% consensus, 77.9% prior (revised). ---Seeking Alpha

。Headline Retail Sales (Advance) rose 0.5% MoM in May (below +0.6% MoM expectations) but April's -0.2% initial print was revised up to +0.3% MoM. However, on a year-over-year basis, headline retail sales growth has slowed to +3.2%. ---Zero Hedge

。U.S. economic adviser Larry Kudlow is the latest to warn of consequences if Chinese President Xi Jinping refuses invitations for trade talks, as Beijing hiked anti-dumping duties on certain U.S. and EU-made alloy-steel tubes and pipes. Former PBOC governor Zhou Xiaochuan also issued a warning about a possible yuan devaluation, while the Chinese government has faced much criticism for its response to the mass protests in Hong Kong. If things couldn't get worse, Xi said overnight he would promote steady development ties with Iran "no matter how the situation changes," against the backdrop of yesterday's tanker attacks in the Gulf. ---Wall Street Breakfast

。Facebook(FB)has gotten backing from more than a dozen companies – including Visa, Mastercard, PayPal, and Uber – for a new cryptocurrency. That’s according to The Wall Street Journal, which said the new currency will be unveiled next week and launch next year. ---CNBC





太平洋时间上午8:08：道指-48.70，标准普尔500 -6.83，纳斯达克-40.86，罗素2000 -8.66，WTI原油+ 0.15％，黄金+ 0.52％，美元指数+ 0.34％，10年期国债收益率2.08％ - 0.11

海外市场：上海-0.99％，日本+ 0.40％，香港-0.65％，德国-0.71％，英国-0.35％，法国-0.33％。

弱势行业：SMH，OIH，EWG，IYT，IGV，EEM  强势行业：GDXJ，GDX，GLD


Broadcom CEO警告半导体放缓和中国工业生产疲软推动美国股市大幅低开。 然而，芝加哥商品交易所美联储观察工具显示7月份降息机率为80％以上正在鼓励逢低买入股票。由道琼斯工业平均指数带动，美国主要股指从早盘低点反弹。 最近，股市一直抵御坏消息，随着利率保持在历史低位附近，机构别无选择，只能购买股票。 不与利率趋势做对是现在做股票的座右铭。 从这个角度来看，美国股市有支撑，可能没有很大下行空间。

。上个月中国工业生产同比增长5％，是17年来增长最慢的一年。数据公布后，中国股市隔夜下挫。上证综合指数下跌1％，而深圳A股指数下跌1.8％.--- CNBC

。Broadcom（AVGO）：第二季度非GAAP每股盈利5.21美元，好于预期0.03美元; GAAP每股盈利1.64美元，每股收益0.07美元。营收为5.52亿美元（同比增长10.0％），低于预期1.8亿美元。首席执行官Hock Tan表示，对大客户的地缘政治不确定性和出口限制正在遏制需求。 “因此，我们的客户正在积极降低库存水平，我们在今年剩余时间将采取保守立场。”对于2019财年（截至11月3日），指引净收入为225亿美元（市场预期为243.3亿美元），非美国通用会计准则营业利润率为52.5％。资本支出约为5亿美元。 ---Seeking Alpha

。5月工业生产：+ 0.4％至109.6 高于+ 0.2％的共识，-0.4％之前（经修订）。产能利用率为78.1％，而市场共识为78.0％，之前为77.9％（经订版）。---Seeking Alpha

。5​​月零售销售（Advance）环比上涨0.5％（低于+ 0.6％预期），但4月-0.2％的初始预期环比上修至增长0.3％。然而，与去年同期相比，整体零售额增长放缓至+ 3.2％。 --- Zero Hedge

。美国经济顾问拉里·库德洛（Larry Kudlow）最近会发出警告，如果中国国家主席习近平拒绝接受贸易谈判邀请，那就要接受后果。北京开始对某些美国和欧盟制造的合金钢管和管道征收反倾销税。中国人民银行行长周小川也发布了人民币可能出现贬值的警告，而中国政府因应对香港的大规模抗议活动而面临许多批评。在昨天的海湾油轮袭击的背景下，习近平说“无论情况如何变化”，也会促进与伊朗的稳定发展关系。 ---Wall Street Breakfast

。隔夜黄金价格连续第四周上涨，上涨1.2％至1,359.50美元，为自2018年4月以来首次突破关键的1,350美元水平。---Seeking Alpha

。Facebook（FB）新的加密货币已获得十几家公司的支持 - 包括Visa(V)，Mastercard(MA)，PayPal(PYPL)和Uber (UBER)。据“华尔街日报”报道称，新货币将于下周公布并于明年推出。 --- CNBC