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12/17 05:53
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Trump's global tariff policy and the lawsuit against Fed board member Cook are awaiting final rulings from the U.S. Supreme Court. On August 29, a U.S. appeals court ruled that most of Trump's global tariff policies are illegal, stating that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs. The ruling will not take effect until October 14, allowing the Trump administration to appeal to the Supreme Court.
Meanwhile, the court hearings regarding Trump's attempt to dismiss Fed board member Cook concluded, marking a significant legal battle that will test the president's authority over the seven-member Fed board. Analysts suggest that any court ruling is likely to be appealed, potentially reaching the Supreme Court.
On the same day, the U.S. Department of Transportation announced the cancellation of $679 million in federal funding for offshore wind infrastructure projects. This move is seen as part of Trump's efforts to curb renewable energy development in the U.S. Transportation Secretary Sean Duffy stated that these "wasteful" projects consume valuable resources that could be used to revitalize the U.S. maritime industry. The largest affected project is the Humboldt Bay offshore wind project in Northern California, which involved $427 million.
Despite a strong August for U.S. and European stock markets, investors are bracing for September, historically known for poor performance. The S&P 500 reached a record high of over 6500 points at the end of August, but September has traditionally seen significant declines in major indices.
Optimists believe the bull market will continue, with UBS's Chief Investment Officer Mark Haefele predicting that a soft economic landing, robust corporate earnings, and lower interest rates will support the market over the next year. Conversely, cautious analysts express concerns about increasing economic pressures, suggesting that the strong growth seen in the second quarter of 2025 may be misleading.
In August, China's official manufacturing PMI slightly rose to 49.4, with the new orders index increasing to 49.5. The non-manufacturing sector also showed accelerated expansion, with the non-manufacturing PMI rising to 50.3. Overall, the composite PMI improved to 50.5, indicating continued economic expansion.
The Shanghai Cooperation Organization summit will be held in Tianjin from August 31 to September 1, marking China's fifth time hosting the event. Over 20 national leaders and heads of 10 international organizations are expected to attend.
On August 30, a spokesperson for China's Ministry of Commerce commented on the U.S. decision to revoke the "validated end-user" status of three semiconductor companies in China, stating that such actions could destabilize the global semiconductor supply chain.
On Friday, major U.S. indices fell, with the Nasdaq dropping over 1% for the second consecutive week. The Dow Jones fell 0.2%, while the S&P 500 decreased by 0.64%. The tech giants also saw declines, with Tesla down 3.50% and Nvidia down 3.32%.
The Nasdaq Golden Dragon China Index rose 1.55% in August, with Alibaba gaining nearly 13%, marking its best single-day performance since March 2023.
In August, Strategy's stock price fell 16.8%, erasing much of the premium it held over its Bitcoin holdings. The company faced challenges in its financing strategy, leading to concerns about the sustainability of its business model.
Meta Platforms is set to unveil its first consumer-grade smart glasses at the Connect conference on September 18, with CEO Mark Zuckerberg expected to share updates on AI smart glasses.
JPMorgan has reportedly hired around 100 managing directors from competitors like Goldman Sachs and Citigroup since early last year, highlighting its ambition to widen the gap with rivals amid a competitive talent landscape.
On August 29, southbound funds net bought HK$12.046 billion in Hong Kong stocks, with Tencent receiving significant investment. Meanwhile, Xiaomi saw a reduction in holdings.
