On July 7, the Nikkei 225 index closed down 1,480.73 points, a decrease of 2.12%, ending at 68,256.96 points. The South Korean KOSPI index closed down 395.41 points, a drop of 4.91%, finishing at 7,655.92 points, having fallen over 8% at one point, triggering a second circuit breaker. In individual stocks, SK Hynix fell by 6%, while Samsung Electronics dropped nearly 7%. (Jin Shi)
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Japanese and South Korean Stock Markets Decline, KOSPI Triggers Second Circuit Breaker
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Whale Transfers 1,133 BTC to Coinbase Prime, Valued at $71.48 Million
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U.S. AI Chip Stocks Decline Before Market Open, Intel Falls Over 3%
On July 7, U.S. AI chip stocks experienced widespread declines before the market opened. Intel dropped over 3%, while AMD, Qualcomm, and NXP fell more than 2%. TSMC, Broadcom, and Tesla decreased by over 1%, and NVIDIA declined by 0.7%. -
China's Central Bank Increases Gold Reserves for the 20th Consecutive Month
As of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (about 14.93 tons) from the end of May, which reported 74.96 million ounces (approximately 2,331.52 tons). This marks the 20th consecutive month of gold accumulation. -
China's Foreign Exchange Reserves in June at $341.6262 Billion
On July 7, China's foreign exchange reserves for June stood at $341.6262 billion, a decrease of $26 billion from the end of May, representing a decline of 0.75%, with expectations set at $343.2 billion. -
U.S. Storage Stocks Drop Pre-Market, SanDisk and Micron Down Over 4%
On July 7, U.S. storage concept stocks collectively fell in pre-market trading. Western Digital dropped over 5%, SanDisk and Micron Technology fell over 4%, Seagate Technology declined over 3%, Rambus fell over 2%, and SMI fell over 1%. -
U.S. Stocks in Optical Communication Sector Drop Pre-Market
On July 7, stocks in the optical communication sector of the U.S. market collectively fell pre-market. Astera Labs dropped over 4%, while Marvell Technology, Credo Technology, and AXT Inc. fell more than 3%. Tower Semiconductor, MaxLinear, Corning, Applied Optoelectronics, GlobalFoundries, Lumentum, and Qorvo all declined by more than 2%. Coherent, Nokia, Amphenol, and Broadcom dropped over 1%. -
Pre-market Decline in U.S. Storage Stocks
In pre-market trading, U.S. storage concept stocks experienced a widespread decline, with Micron Technology falling by 4.8%, SanDisk dropping over 4%, Corning down more than 2%, and Intel decreasing by over 3%. -
Two Departments: Support for Reinsurance Institutions to Increase Capital and Issue Supplementary Capital Tools
On July 7, the National Financial Supervision and Administration Bureau and the Shanghai Municipal Government released several measures to accelerate the construction of the Shanghai International Reinsurance Center. Among these measures, they proposed to enhance the quality and efficiency of the reinsurance industry, support reinsurance institutions in increasing capital and expanding shares, and issuing supplementary capital tools to improve the capacity for internal capital accumulation and external capital supplementation, thereby strengthening the reinsurance industry's capabilities. The initiative aims to guide the insurance industry to focus on major national projects, strategic emerging industries, and livelihood security, consolidating insurance and reinsurance underwriting capabilities to enhance risk protection levels. It also supports reinsurance institutions in leveraging their professional technical advantages to assist the insurance industry in reducing risk.
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