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Investors are afraid that the Hong Kong Autonomy Law will drag down China's economic prospects, although mainland and Hong Kong officials have accused the law of being unreasonable, violating international practices and interfering in the internal affairs of other countries!

However, officials from both China and Hong Kong said that the bill had little impact on China and Hong Kong, and because China is now fearless, the US side unreasonably suppressed it and injected positive energy into the market. However, the mainland stock market was sold off yesterday afternoon and its decline increased.

The Shanghai and Shenzhen stock markets plunged by more than 4%, while the Hang Seng Index fell by 2%. The performance of Chinese stock markets also dragged down Asian stock markets by 1-3%. Yesterday, China's National Bureau of Statistics announced the second quarter GDP.

The quarterly growth rate was 11.5%, which was better than the market expected growth rate of 9.6%. The figure not only reversed the decline caused by novel coronavirus in the first quarter, but also increased by 3.2% year-on-year, which was far from the decrease of 6.8% in the same quarter last year.

The data clearly reveals that China's economy has gradually recovered from the shadow of the new crown virus, but the stock market is still falling. While some international organizations have announced that they are considering leaving Hong Kong and moving to South Korea or Singapore.

It's a mystery where the confidence of Hong Kong officials comes from! In the past two days, two major investment banks in the United States announced their second-quarter results. Goldman Sachs announced that its second-quarter earnings increased by 2% to US$ 2.247 billion.

Morgan Stanley, another investment bank, announced that the net profit in the second quarter increased by 45% year-on-year to US$ 3.2 billion, and the performance of both investment banks was better than market expectations.

Interestingly, the income from the trading department of the two investment banks both recorded a cross-increase, and the income from flat sales doubled and 68% respectively. Hong Kong people are often inferior to gambling because their business is weak. The performance of the two big William Thomas Mercer just confirms this statement!

Last night, the United States announced that core retail sales increased by 7.3%, better than the estimated 5%. The number of people applying for unemployment benefits for the first time is 1.3 million, which is more than the market expectation of 1.25 million. The cumulative number of people applying for unemployment benefits is still higher than 17.38 million.

It shows that unemployment in the United States is still serious. After the data was released, the price of gold was still contending around $1,805 at the beginning. Under the upward pressure of the US dollar index, the price of gold was forced to fall, and finally it failed to hold this support point and fell sharply.

At the worst, it fell to $1794, and finally closed at $1797 per ounce. OPEC＋+will reduce the scale of production reduction from next month, and the number of newly diagnosed pneumonia in the United States will continue to increase, which will cause the oil price to fall. new york oil will drop 45 cents and close at 40.75 US dollars per barrel.

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