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Morning Briefing: August 28th, 2023

Equity Futures Show Positive Momentum

Equity futures are displaying a positive disposition, building on the gains from Friday. This upward trajectory is attributed to the favorable price action in mega-cap stocks. Additionally, 3M (MMM) has seen a significant boost due to recent news, further aiding this positive trend.

China’s Brokerage Stocks Surge

China’s brokerage stocks have witnessed a notable outperformance. This comes after officials confirmed that the stamp duty on stock trades will be slashed by 50%. This move is expected to invigorate the stock market and attract more investors.

U.S.-China Relations: A Focus on Technology and Semiconductors

Commerce Secretary Gina Raimondo is set to visit China this week. The primary agenda for this visit revolves around discussions on advanced technology and semiconductor investment restrictions. This visit signifies the importance of technological collaboration and competition between the two economic giants.

U.S. Economic Data: What to Expect

While today might not have significant U.S. economic data releases, the upcoming week is packed with crucial reports. These include:

  • August Consumer Confidence Index
  • July JOLTS – Job Openings Report
  • Second estimate for Q2 GDP
  • July Personal Income and Spending
  • August ISM Manufacturing Index
  • August Employment Situation Report

Note Yields Update

The 2-yr note yield has risen by three basis points, now standing at 5.08%. Conversely, the 10-yr note yield has decreased by one basis point, settling at 4.23%.

Corporate News Highlights

  • Horizon Therapeutics plc (HZNP): The FTC has filed a motion concerning the Amgen (AMGN) deal for HZNP.
  • XPeng: The company plans to expand in the A-class Smart EV Segment through a strategic alliance with DiDi (DIDIY).
  • 3M (MMM): The company has agreed to pay $5.5 billion to settle military earplug lawsuits, as reported by Bloomberg.
  • Hawaiian Electric: The company has provided updates on the Lahaina Fires and their response strategy.
  • RPT Realty: Kimco Realty (KIM) is set to acquire RPT Realty. A joint conference call is scheduled for 8:30 a.m. ET today.
  • NovoCure: The company released an update on its phase 3 trial, which unfortunately did not meet its primary endpoint.
  • Hersha Hospitality Trust: KSL Capital Partners will acquire the trust, offering a 60% premium to the prior closing price.
  • Abcam: Danaher (DHR) will acquire the company for $24.00 per share.
  • Boston Scientific: The company announced that its ADVENT study met primary efficacy and safety endpoints.

Global Market Overview

U.S. futures and European stocks are on the rise, with China’s latest market support measures counterbalancing uncertainties about interest rate outlooks. Notably, 3M Co. saw a more than 5% gain after agreeing to the aforementioned military earplug lawsuit settlement. Meanwhile, the technology sector in Europe is leading the advance, especially after the Jackson Hole meeting where central bankers, including Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde, provided cautious comments on interest rates.

Asian Market Dynamics

Asian benchmarks are on the rise, buoyed by Beijing’s decision to reduce the levy on stock trades. However, Chinese stocks have trimmed most of their early gains, indicating that more tangible policy actions are needed to truly shift the market mood. Notably, China Evergrande Group saw a significant slump in Hong Kong trading after a prolonged halt.


Today’s briefing underscores the dynamic nature of global markets, with significant movements in equity futures, corporate decisions, and international relations. As investors and stakeholders navigate these developments, it’s crucial to stay informed and make data-driven decisions. The week ahead promises more insights with the release of key U.S. economic data.




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