[Pre-market 0730]

English summary

1. US stocks fell at the close last night, with the Nasdaq turning from a lower open to gains and then to losses, ultimately because Trump released signals of escalation in the US-Iran conflict, raising market expectations for inflation. The Fed had already kept rates unchanged, but three people supported hikes, also signaling the Fed's concerns about inflation. Combined with Waller's comments, the market has less trust in the Fed and is uncertain whether it has the credibility to control inflation. This time, holding rates unchanged actually increased volatility risk in bond and stock markets. After hours, Meta's guidance disappointed as expected, while Microsoft's cloud business achieved its fastest growth in four years. Capex did not stop; it continued to invest in AI infrastructure, but began to emphasize capital efficiency, with after-hours strength. Japan and Korea opened with slight fluctuations. Based on information from yesterday, the Korean government does not seem eager to rescue the market, and deleveraging may take some time. First, wait for a process of volatility reduction, and then we may need to pay more attention to US stocks. ...