πŸ“Š Market Snapshot

  • Spot Gold: 4105.24 (+0.68%), intraday range 4054–4118
  • WTI Crude: 73.25 (-1.71%), intraday range 72.15–74.76
  • Southbound Connect: Net buy of HK$9.83B, led by Zhipu and Hua Hong Semiconductor

πŸ”₯ Key News This Hour

  • Putin Rejects Peace Talks: Kremlin sources confirm Putin has rejected peace negotiations with Ukraine and may escalate in the coming months. The Kremlin also expressed concern over US authorization for Ukraine to produce Patriot missiles, calling the White House “misguided” regarding Ukrainian strikes on Russian refineries.
  • GigaDevice H1 Net Profit Surges 1,099%: Memory chip volume and pricing both rising; estimated H1 net profit of ~Β₯6.9B.
  • Iraq Signs Hamrin Oilfield Development Deal: Partnership with HKN Energy, targeting 140K bpd capacity.
  • Super Typhoon Bavi Approaches: China’s flood control authority raised emergency response for Zhejiang and Fujian to Level 3; typhoon carries sustained winds of 16 on the Beaufort scale.
  • Finance Vice Minister Liao Min Meets AmCham China: Discussions on US-China trade relations and concerns of US firms operating in China.
  • JPMorgan Cuts ExxonMobil Target: Lowered from $173 to $158.

🧭 Situation Assessment

Gold breaking above $4,100 signals intensifying geopolitical premium β€” the dual safe-haven drivers of Putin’s refusal to talk and the US-Iran conflict quagmire continue to build.

Crude’s 1.7% decline appears counterintuitive; markets may be pricing in OPEC production increases and new Iraqi supply, though unresolved Hormuz Strait transit rules remain the largest upside risk.

Memory chip earnings explosions (GigaDevice +1,099%, HSBC bullish on Samsung) confirm the industry upcycle; NVIDIA backed by BofA with valuation near 11-year lows β€” structural opportunities in semis worth tracking.

London asset manager clearing all US Treasuries for the first time in a decade is a red flag β€” if more institutions follow, Treasury yields could push higher.

⏰ Upcoming Key Data

  • July 10 (Thu): US June CPI (critical β€” will shape Fed expectations)
  • This Week: US Initial Jobless Claims