News

A monthly report from the German Ministry of Economic Affairs states that the number of bankruptcies remains exceptionally high and is expected to continue at an extremely high level in the coming months.

S&P 500 futures rose 0.1%, Nasdaq futures fell 0.04%, and Dow Jones futures rose 0.13%.

Indonesian President: Hopes to start mass production of domestically produced electric vehicles in 2028.

The Hang Seng China Enterprises Index (HSI) closed down 43.66 points, or 0.17%, at 25,396.51 on Thursday, August 13. The Hang Seng Tech Index rose 15.95 points, or 0.33%, to 4,792.39 on Thursday, August 13. The Hang Seng China Enterprises Index (HSCEI) fell 19.78 points, or 0.23%, to 8,426.49 on Thursday, August 13. The Hang Seng Red Chip Index (HSC) fell 66.9 points, or 1.61%, to 4,089.2 on Thursday, August 13.

The Central Bank of Norway: The future direction of policy interest rates will depend on economic development.

The Central Bank of Norway: It does not want to impose restrictions on the economy beyond what is necessary, but it must prevent inflation from becoming deeply entrenched.

Hong Kong stocks closed with the Hang Seng Index down 0.17%, the Tech Index up 0.33%, and Tencent Holdings (00700.HK) down 4.46% after its earnings release.

The Central Bank of Norway: It is still necessary to maintain a tight monetary policy stance in order to bring inflation down to the target level.

Cisco (CSCO.O) shares fell more than 5% in pre-market trading.

Virgin Galactic (SPCE.N) fell 12% in pre-market trading after reporting second-quarter results that missed expectations.

Shares of artificial intelligence chip maker Cerebras Systems fell 17.3% in pre-market trading on the U.S. stock market after second-quarter revenue missed expectations.

The President of Finland: I spoke with British Prime Minister Burnham, and we discussed the situation in Ukraine and our support for Ukraine's defense. Finland's relationship with the UK, and our defense cooperation, is very strong. The UK is an important player in the region.

Japanese Prime Minister Sanae Takaichi: Putin's visit to the island makes the restoration of Japan-Russia bilateral relations more difficult.

Market Overview: 1. On Thursday, the South Korean KOSPI index closed up 3.21%, rebounding more than 20% from its closing low on July 30, officially entering a technical bull market. The two major memory chip giants, SK Hynix and Samsung Electronics, closed up nearly 6% and 4% respectively. 2. The South Korean KOSPI index plummeted 22% in July, marking its worst monthly performance since the global financial crisis. Institutional Views: 1. Peter Kim, Global Head of Investment Strategy at KB Securities: The AI ​​rally and earnings growth persisted throughout the sell-off, so fundamentals are driving the market back to normal. Valuation and earnings are not the root of the problem; technical factors and capital flows are the main reasons for the sell-off. With regulators tightening rules, brokerages resuming regular risk control, and the liquidation of leveraged positions easing, the market fundamentals may be more stable than before the crash. 2. Phillip Wool, Head of Research at Raymond Clarins: The South Korean stock market is currently essentially a trading platform for AI hardware. This rebound is partly driven by technical factors, as forced selling subsided, bargain hunters returned, and FOMO (fear of missing out) spread. However, better-than-expected earnings reports strengthened expectations for AI spending and supported upward revisions to growth forecasts for South Korean hardware companies. A pullback is possible at any time should the narrative falter—such as weak capital expenditure guidance or concerns about Fed tightening. 3. Billy Leung, Strategist at Global X: South Korean corporate governance reforms and value enhancement plans help narrow the "Korean discount." While the KOSPI index is in a bull market, the key is whether the rally is driven by fundamental improvement or speculative sentiment. I personally lean towards the former, as semiconductor earnings expectations continue to rise, but increased retail participation and a highly concentrated index indicate early signs of a late-cycle phase. 4. Fibonacci Asset Management CEO Jung In-yoon: A cautious view of the current bull market outlook. This rebound involves both technical corrections and a genuine return to stability. The baseline scenario is that the broader bull market trend will continue, supported by improved semiconductor earnings and risk appetite, but the pace of the rally will slow—consolidation after a sharp rebound is healthy, and investors should not expect a sustained rise at the same speed.

Japanese Prime Minister Sanae Takaichi: Strongly protests Putin's visit to the Northern Territories.

Former Iranian diplomat Abbas Khamenyar stated that the United States has failed in its "economic and military test" of Iran, emphasizing that Iran will not succumb to US conditions or ambitions. He pointed out that the Strait of Hormuz has become a "successful deterrent," altering the course of aggression and re-establishing the rules of engagement. Khamenyar believes that the US has previously reneged on its promises, and that its obligations can only be fulfilled through serious and sincere negotiations. He bluntly stated that the US has ultimately "fallen into the trap of the Strait of Hormuz" in this war.

According to Interfax news agency, Russia is interested in investing in India's oil and gas sector.

The German DAX 30 index opened 112.21 points higher, or 0.43%, at 26458.50 on Thursday, August 13th; the UK FTSE 100 index opened 13.45 points lower, or 0.12%, at 10819.70 on Thursday, August 13th; and the FCHI index opened 23.85 points higher, or 0.27%, at 8698.79 on Thursday, August 13th. The Euro Stoxx 50 index opened 29.56 points higher, or 0.45%, at 6563.55 on Thursday, August 13; the Italian FTSE MIB index opened 207.34 points higher, or 0.39%, at 53906.00 on Thursday, August 13; and the Spanish IBEX 35 index opened 70.62 points higher, or 0.35%, at 20275.02 on Thursday, August 13.

After the U.S. Supreme Court ruled that some tariffs imposed under the International Emergency Economic Powers Act lacked legal authorization, refunds began appearing on corporate financial statements. More than 40 S&P 500 companies have disclosed refunds totaling approximately $9.6 billion, including about $2.2 billion from Apple, $986 million from Nike, and $800 million from FedEx. Apple's earnings per share this quarter were $2.02, with refunds contributing $0.11 and boosting gross margin by about 2 percentage points, indicating that this funding was sufficient to generate significant earnings exceeding expectations. However, refunds are essentially a reversal of past tariff costs, not an increase in demand or improvement in operational efficiency, and cannot be extrapolated to future profits based on current levels. The actual benefits vary among companies: FedEx is simply paying taxes on behalf of its customers and plans to refund approximately $800 million to shippers and consumers; some retailers may retain the refunds or use them to lower subsequent selling prices. In the short term, refunds benefit the cash flow and profit margins of import-oriented companies, but this one-off item needs to be excluded when assessing true profit trends.

Spain's final harmonized CPI annual rate for July was 3.9%, below the expected 3.8% and the previous reading of 3.80%.