π° Hourly Briefing | 2026-08-04 12:00 CST
A-share ChiNext up 4.83% at midday, computing power stocks surge; memory chip price hikes across the board β SK Hynix & SanDisk release HBF standard, TrendForce expects Q3 PC DRAM up 15-20%; Trump claims US-Iran negotiations underway, oil rebounds 1.35%; $30T Treasury market volatility rising.
π Market Snapshot
| Asset | Last | Change | % Change |
|---|---|---|---|
| Gold (XAUUSD) | 4052.80 | -2.48 | -0.06% |
| WTI Crude (USOIL) | 79.787 | +1.063 | +1.35% |
- Gold: Range-bound, essentially flat. Intraday high 4069.33, low 4042.61
- Oil: Extending rebound, intraday high 79.862. Expectations of Hormuz Strait gradual recovery supporting prices
π₯ Key News This Hour
1. A-Shares: ChiNext Up 4.83% at Midday, Computing Power Stocks Surge
Shanghai Composite +0.16%, Shenzhen Component +2.74%, ChiNext +4.83%. Computing power concept stocks hit limit-up en masse; liquid cooling servers and semiconductor sectors strengthen. CSI 1000 futures main contract +2.78%.
2. Memory Chips Signal Across-the-Board Price Hikes
SK Hynix and SanDisk release first HBF (High Bandwidth Flash) standard specification; Korean single-layer NAND average price up 35% MoM in July, hitting all-time high; TrendForce expects Q3 PC DRAM fixed transaction prices to rise 15%-20% QoQ due to supply shortages. Clear pricing power trend from the big three memory makers.
3. Japan 10-Year JGB Auction Weakens
Bid-to-cover ratio 2.56, down from previous 3.13. Finance Minister Katayama declines to comment on US-Japan joint forex intervention, saying “nothing more to add.”
4. Trump Pressures Iran: “Last Chance” for a Deal
Trump claims US-Iran negotiations are “underway” and this is Iran’s “last chance” for a deal. Spot gold/silver long positions both near 90%, US oil longs dominant.
5. UBS: Hormuz Recovery to Support Equities
UBS believes the market underestimates current earnings cycle persistence, more than the geopolitical noise from the Hormuz Strait. Base case: strait energy flows will gradually recover rather than snap back quickly.
6. $30T Treasury Market Stirring
Long-term yields breaking key levels, volatility rising, traders expecting potentially violent swings in coming weeks. Separately, tech giant profit growth questioned β S&P 500 earnings up ~48% YoY, but excluding Alphabet and Amazon’s gains from private AI company valuations, real business growth is debatable.
π§ Assessment
Oil rebounds 1.35% to ~79.8, pricing in expectations of gradual Hormuz Strait recovery, but Trump’s pressure on Iran keeps negotiation outlook uncertain.
Memory chip chain releasing clear pricing signals β HBF standard released, NAND prices at all-time highs, DRAM expected up 15-20% in Q3. Positive for memory sector and upstream equipment makers.
A-share ChiNext surges 4.83% at midday led by computing power concepts, reflecting sustained AI infrastructure investment momentum.
Rising Treasury market volatility is the biggest potential risk factor β a $30T market experiencing violent swings would transmit through yields to global risk asset pricing.
Weak JGB auction combined with the finance minister’s ambiguous stance on FX intervention warrants vigilance on yen carry-trade unwind dynamics.
β° Upcoming Key Data
No newly released key data on today’s calendar. Watch during US session:
- Fed officials’ speeches (if scheduled)
- Treasury auction results and long-end yield movements