News

Steffier: Tesla (TSLA.O) saw weaker profitability in the second quarter, with gross margin falling to 16.8% and adjusted EBITDA missing expectations. Nevertheless, he remains optimistic about FSD and Robotaxi, viewing order backlog growth and the launch of the Model Y L as key long-term catalysts.

Steffier: Lowered Tesla (TSLA.O) price target to $491 from $508, while maintaining a "buy" rating.

Data from the Bank of Japan's money market suggests that Japan may have intervened in the foreign exchange market. The money market anticipates a funding gap of 11.4 trillion yen, compared to previous forecasts of 5.66 trillion to 6.70 trillion yen.

Proton Lithium (3PL), a US mining development company, recently discovered the largest tungsten deposit in the United States at its Railroad Valley Minerals Project, a drilling project in a remote area of ​​the Great Basin desert in eastern Nevada. However, about one-third of the mining rights cover an area used for receiving and tracking satellite signals, and NASA has stated that mining activities could threaten the operation of these facilities. 3PL Chairman and CFO Kevin Moore stated, “The United States stopped tungsten mining a decade ago and now relies on imports. The size of the deposit means this is not just a mining issue, but a national security issue.” The company estimates the deposit to contain 1.78 million tons of tungsten. If it proves commercially viable, its size will be more than five times that of the second-largest tungsten deposit in the United States. Based on current tungsten prices, 3PL estimates the deposit to be worth approximately $152 billion. Tungsten prices have surged in recent years due to severe global tungsten supply shortages. The currently published resource assessment does not include the area NASA has blocked from drilling. Tungsten is a key material in cutting tools, mining equipment, aerospace components, and semiconductor manufacturing. Driven by growing demand from industries such as electric vehicles, aerospace, defense, electronics, and industrial manufacturing, tungsten market prices have surged by nearly 600% since February 2025. According to analyses from multiple market research institutions, the global tungsten market size was approximately US$5.4 billion to US$7.3 billion by 2025, and is projected to grow to US$9 billion to US$11.6 billion between 2034 and 2035, representing a compound annual growth rate of 4.8% to 8.1%.

Nissan's CFO: The Middle East conflict is expected to impact operating profit by approximately 20 billion yen in the first half of the year and affect sales of approximately 18,000 vehicles.

Nissan's CFO: If the yen remains at its current level, the forecast for this fiscal year may have some room for upward movement due to foreign exchange factors.

The UK Financial Conduct Authority (FCA) has exempted 7 million financial instruments from reporting requirements, saving businesses £32 million annually.

The UK Financial Conduct Authority (FCA) has shortened the period for correcting historical reporting errors from 5 years to 3 years.

The UK Financial Conduct Authority (FCA) announced that new transaction reporting rules will come into effect on April 3, 2028.

The UK Financial Conduct Authority (FCA) has finalized rules that will cut companies’ transaction reporting costs by more than £100 million per year.

According to Russia's Foreign Intelligence Service, the EU plans to involve Kyiv in European security policy, but without voting rights.

According to Russia's Foreign Intelligence Service, European leaders are explicitly denying the possibility of Ukraine joining the European Union in the future. They fear that Ukraine's integration into the EU could pose excessive economic and political risks to a "unified Europe."

The final UK manufacturing PMI for July was 51.9, below the expected 52.8 and the previous reading of 52.8.

The final value of the UK manufacturing PMI in July will be announced in ten minutes.

The Hang Seng Index (HSI) closed up 124.97 points, or 0.48%, at 26,009.4 on Monday, August 3. The Hang Seng Tech Index closed up 46.39 points, or 0.96%, at 4,875.61 on Monday, August 3. The Hang Seng China Enterprises Index closed up 40.0 points, or 0.46%, at 8,652.15 on Monday, August 3. The Hang Seng Red Chip Index closed down 17.16 points, or 0.41%, at 4,175.96 on Monday, August 3.

Hong Kong stocks closed higher, with the Hang Seng Index rising 0.48% and the Hang Seng Tech Index rising 0.96%; Alibaba (09988.HK) closed up 7.01% for the day.

Alibaba (BABA.N) rose more than 4% in pre-market trading after releasing the 1000 Questions 3.8-MAX AI model.

The final reading of the Eurozone Manufacturing PMI for July was 51.9, below the expected 52 and the previous reading of 52.

Germany's final manufacturing PMI for July was 52.2, in line with expectations and the previous reading.

France's final manufacturing PMI for July was 49.8, below the expected 50 and the previous reading of 50.