Today's main theme
The main market theme over the past 24 hours has been the reconvergence of "inflationary stickiness, AI capital spending, and Middle East energy risks". U.S. PCE inflation remained above the Federal Reserve's target in July, supporting bond yields and the dollar. Meanwhile, Nvidia's latest financial report continues to demonstrate strong demand for AI infrastructure, but valuation and profit margin pressures have also made the market more sensitive to "how long high growth can last". In China, the National Development and Reform Commission announced its policy priorities for the second half of the year, emphasizing a more proactive fiscal policy, a moderately loose monetary policy, expanding domestic demand, and advancing major projects. Although the negotiations in the Strait of Hormuz have brought expectations of easing tensions, actual shipping throughput remains significantly low, and energy supply risks have not yet been resolved.
