📰 Hourly Briefing | 2026-08-06 11:00 CST

📊 Market Snapshot

Gold hit an intraday high of 4304 before pulling back. Chinese domestic gold jewelry prices rose ~57 RMB/g, with branded gold at 1292-1297 RMB/g. Crude oscillated in a narrow 74-75 range.

🔥 Key News This Hour

1. Fed’s Daly: Supports July Pause, Inflation Notably Above 2% Target

Daly said she “fully supports” last week’s rate hold decision, noting inflation remains significantly above the 2% target. The Fed needs more data to determine future policy response and must stay vigilant and ready to act. Hawkish tone maintained.

2. Google AI Chief Jeff Dean Departs, Alphabet Drops 4%+

Jeff Dean’s departure with several top engineers raises concerns about Google’s AI competitiveness. Alphabet shares fell over 4% on the news.

3. “Sell America” Specter Returns — Warsh’s Silence + Bessent’s Dollar Suppression

Fed Chair Warsh’s “minimalist communication style” leaves markets guessing about the central bank’s intentions, while Treasury Secretary Bessent is reportedly orchestrating the first coordinated dollar intervention in nearly 30 years. Policy fog intensifies the “sell America” narrative.

4. July AI Trade Crash: Leveraged AI Fund Loses 67% in Single Month

AI stocks collectively sold off in July. A star leveraged AI fund lost 67% in one month, forced to dump assets at a discount to Citadel Securities. JPMorgan warns institutional capacity to absorb AI assets is limited; next round may depend on retail investors.

5. Nickel Drops 2% — Weda Bay Approved for 25M Ton Additional Quota

Indonesia’s Weda Bay Nickel (WBN) approved for ~25 million wet tons of additional nickel ore RKAB quota for H2 2026, bringing full-year total to ~37 million tons. Shanghai nickel futures dove 2%, LME nickel also fell 2%.

6. White House Denies Trump-Hegseth Clash Over Munitions Shortage

White House Press Secretary Leavitt called reports of Trump and Defense Secretary Hegseth clashing at Camp David over “severe munitions shortages in Iran operations” as “fake news.”

7. China A-Shares: Low Open, Strong Recovery — All Three Indexes Turn Green

ChiNext plunged over 2.5% before reversing to gain 1%+. Shanghai Composite up 0.35%, Shenzhen Component up 0.62%. Shipbuilding, rare earth, and gold concept stocks led gains. Over 2,500 advancers. Hong Kong weaker, Hang Seng down 2%+.

8. Singapore: US New Tariffs Hit $7.4B in Exports

Singapore’s Trade Minister Gan Kim Yong said about one-third of Singapore’s exports to the US will be subject to the new 12.5% tariff, affecting approximately S$9.5B ($7.4B), including optical instruments and other categories.

🧭 Market Assessment

Fed’s Daly’s hawkish tone confirms the current “data-dependent” stance — with inflation notably above target, the rate cut path remains uncertain.

The “sell America” narrative is gaining traction again under the dual pressure of Warsh’s silence and Bessent’s dollar suppression, testing confidence in dollar assets.

AI sector volatility is intensifying — Jeff Dean’s departure and the July AI fund crash highlight growing sensitivity to talent outflows and leveraged deleveraging risks.

Gold’s record highs and jewelry price increases move in tandem — safe-haven demand and geopolitical uncertainty continue to support prices.

Nickel is hit by Indonesia’s quota expansion — short-term supply glut expectations pressuring prices.

⏰ Upcoming Key Data

• Today 20:30 CST — US Initial Jobless Claims (weekly)
• Today 22:00 CST — US June Factory Orders MoM / Durable Goods Orders Final
• Tomorrow 20:30 CST — US July Nonfarm Payrolls Report (monthly headline)