πŸ“Š Market Overview

  • Gold (XAUUSD): $4,171.67 (+2.32% on the day), high of $4,179.55. Geopolitical risk premium drives gold sharply higher.
  • WTI Crude (USOIL): $75.17 (+1.12% on the day), intraday high of $75.39. Houthi attack on Saudi oil tanker lifts prices.
  • A-shares close: Shanghai Composite +1.47% at 3,878.43; Shenzhen Component +1.86%; STAR 50 +4.78%. Total turnover 2.66 trillion yuan.
  • European markets open slightly up: FTSE 100 +0.43%, CAC 40 +0.31%, Euro Stoxx 50 +0.62%.

πŸ”₯ Key News This Hour

1. Houthi Attack on Saudi Oil Tanker Houthi forces claimed a ballistic missile strike on the Saudi oil tanker “Wafa” in the Red Sea north of Yanbu. Brent crude futures rose $1 intraday. This marks the first Houthi claim of attacking a Saudi vessel since the blockade began on July 22, reigniting Red Sea shipping risk concerns.

2. Divergence in European Services PMI France’s July services PMI final came in at 49.6 (below 49.8 expected), remaining in contraction. Italy posted 52.5 (above 51.3 expected) and Spain 58.3 (well above 54.9 expected). Southern Europe outperforms while France remains weak.

3. Microsoft Layoffs in Redmond 605 positions to be cut effective September 4, 2026. Small scale but worth tracking for further waves.

4. Goldman Sachs Bullish on HBM Goldman views the recent selloff in Samsung (-23%) and SK Hynix (-35%) as overdone. HBM prices could rise up to 100% next year.

5. Bernstein Raises AMD Price Target to $650 Up from $600.

6. Foxconn July Revenue Up 54% YoY AI server rack shipments expected to continue growing in Q3. AI hardware supply chain momentum remains strong.

7. Honda Raises Full-Year Profit Forecast Driven by weak yen and strong US hybrid vehicle demand.

8. Japan Approves Food Consumption Tax Cut from 8% to 1% Cabinet approval signals fiscal policy shift worth monitoring.

9. Russian Airstrike on Kyiv 17 killed, 44 injured in massive attack involving 115 drones and multiple missiles.

🧭 Market Assessment

Gold breaks above $4,170 to new highs as geopolitical risk premium continues to build. The Houthi attack on a Saudi tanker combined with the escalation of the Russia-Ukraine conflict makes the safe-haven thesis difficult to reverse in the short term.

Oil rebound remains limited in magnitude. If Red Sea shipping disruptions escalate further, Brent could test $80. Key factors to watch: frequency of Houthi operations and Saudi Arabia’s response.

European data reveals a “South strong, North weak” pattern: France’s services sector contraction deepens while Italy and Spain exceed expectations. ECB rate cut expectations may become increasingly bifurcated.

AI hardware chain sees密集 positive catalysts: Foxconn revenue surge + Goldman bullish on HBM + AMD price target upgrade. Semiconductor sector momentum likely to persist, though the selloff in Samsung and SK Hynix signals underlying memory cycle concerns.

Microsoft layoffs are modest in scale (605 positions), but the trend of “incremental” tech industry layoffs warrants continued monitoring.

⏰ Upcoming Key Data

  • Tonight 22:30 CST: US EIA Crude Oil Inventories (weekly Wednesday)
  • European session already released: France/Italy/Spain July services PMI finals
  • Watch for US employment data previews later this week