Overnight US stocks | Three major indexes closed higher, the S&P 500 approaching a historic high, SK Hynix ADR rose nearly 13% on its first day of listing.

On Friday, the US stock market continued its previous day's gains, with the S&P 500 index approaching a historical high. SK Hynix (SKHYV.US) completed the largest foreign company IPO in US stock market history, rising nearly 13% on its first day of trading, driving AI trading back into the market spotlight. [US stock market] At the close, the Dow Jones index rose 149.68 points, or 0.29%, to 52637.09 points; the Nasdaq rose 74.72 points, or 0.28%, to 26281.61 points; the S&P 500 Index rose 31.61 points, or 0.42%, to 7575.25 points. This week, the S&P 500 rose 1.23%, the Nasdaq rose 1.74%, and the Dow fell 0.50%. SK Hynix ADR rose by 12.76%, NVIDIA Corporation (NVDA.US) rose by 4.03%, Micron Technology, Inc. (MU.US) fell by 1.24%, SanDisk (SNDK.US) rose by 3.10%, Meta Platforms (META.US) rose by 5.97%. [Euro stocks] The German DAX30 index fell 51.18 points, or 0.20%, to 25,067.09 points; the UK FTSE 100 index rose 24.84 points, or 0.24%, to 10497.29 points; the French CAC40 index rose 12.35 points, or 0.15%, to 8338.97 points; the Euro Stoxx 50 index fell 16.71 points, or 0.27%, to 6267.56 points; the Spanish IBEX35 index rose 61.90 points, or 0.32%, to 19384.70 points; the Italian FTSE MIB index rose 232.25 points, or 0.44%, to 52614.17 points. [Asian stock markets] The Nikkei 225 index rose by 1.20%, and the Korea Composite Stock Price Index rose by 2.52%. [US Dollar Index] The US Dollar Index, which measures the dollar against six major currencies, rose by 0.07% on the day, closing at 100.97 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1415 US dollars, higher than the previous trading day's 1.1433 US dollars; 1 pound exchanged for 1.3401 US dollars, higher than the previous trading day's 1.3413 US dollars. 1 US dollar exchanged for 161.70 Japanese yen, lower than the previous trading day's 162.37 Japanese yen; 1 US dollar exchanged for 0.8085 Swiss francs, lower than the previous trading day's 0.8066 Swiss francs; 1 US dollar exchanged for 1.4155 Canadian dollars, lower than the previous trading day's 1.4168 Canadian dollars; 1 US dollar exchanged for 9.6641 Swedish kronor, lower than the previous trading day's 9.6630 Swedish kronor. [Cryptocurrency] Bitcoin rose by over 1.4% to $64,121.3, and Ethereum rose by 2.93% to $1,796.39. [Crude oil] August WTI futures prices fell by 0.79% to close at $71.51 per barrel; September London Brent crude futures prices fell by 1.08% to close at $75.22 per barrel. US President Trump said on social media on the 10th that the US has agreed to continue negotiations with Iran, but the ceasefire has ended. At the same time, Qatar negotiators have gone to Iran to continue mediation. [Precious Metals] Spot gold fell to $4,108.15, and spot silver was at $59.682. [Macro News] Trump announces "End of ceasefire" with Iran US military says no change in actions. Tim Higgins, a spokesperson for US Central Command, said that after President Trump announced the end of the ceasefire with Iran, there are currently "no action updates." Trump said on social media that the US has informed Iran that the "ceasefire has ended." When asked if the end of the ceasefire meant that the US military would resume airstrikes, Higgins said he would not predict future actions. However, he said that US military personnel in the region remain "vigilant, lethal, and prepared to carry out actions as directed by the commander-in-chief." IEA lowers 2026 oil demand reduction to 1 million barrels per day, potential new conflicts pose uncertainty to supply and demand. In its July monthly oil market report, the International Energy Agency predicts that global oil demand reduction in 2026 will be 1 million barrels per day, narrower than the 1.1 million barrels per day forecast in mid-June, indicating a slow recovery in demand. The agency pointed out that due to the partial recovery of traffic in the Hormuz Strait during the ceasefire in June, global supply has shown some improvement, but overall production in the Middle East is still far below pre-war levels, and a supply-demand gap still exists. However, the IEA emphasized that the escalation of new hostile actions between the US and Iran introduces a high degree of uncertainty to the demand and supply prospects based on the ceasefire assumption. If the conflict continues, the normalization process of the oil market may be forced to halt. The agency warned that the resurgence of armed conflict in the Gulf highlights the risk of not reaching a lasting peace agreement, which is a necessary condition for the oil market to achieve supply and demand balance. The Federal Reserve officially releases its semi-annual monetary policy report, reaffirming its commitment to achieving price stability. Despite inflation well above the 2% target, Federal Reserve policymakers reiterated their commitment to achieving price stability in the semi-annual monetary policy report released on Friday. This is the first monetary policy report issued by new Fed Chair Powell, with an overall optimistic tone regarding the US economy. The report stated that economic growth is robust, labor productivity is strong, and the banking system has shown minimal risk. The report noted that inflation has risen over the past year due to the Iran war, tariffs, and rising costs of technology products. However, the report also highlighted that other inflation indicators, including the trimmed mean of the PCE price index, have fallen slightly over the past year. Powell has established five working groups led by external experts, one of which is specifically studying the inflation framework and is expected to submit a report to policymakers by the end of the year. The monetary policy report states: "Price stability is the foundation for the stable operation of the economy and also helps improve the welfare of all Americans. The Committee is prepared to take decisive action to ensure that long-term inflation expectations remain stable." When discussing the impact of the AI boom on the economy, the report pointed out that the adoption of new technologies by companies could drive an increase in labor productivity. However, the report also emphasized that prices of computers, electronic products, and software have risen significantly this year, reflecting increased demand for semiconductors and other related materials driven by AI development. The report also analyzed the forecast records of Fed policymakers, noting that these forecasts are still subject to significant uncertainty. The US relaxes export restrictions on the UAE, opening the door for AI chip sales. The Trump administration plans to relax export restrictions on the UAE, clearing obstacles for its purchase of various advanced technologies, including commercial satellites and semiconductors for artificial intelligence. The US Department of Commerce said in a notice to be released next week that the UAE now qualifies for more lenient treatment under US export control laws. The US Department of Commerce also mentioned that the UAE supports the US in its anti-Iran campaign. The relaxation of export restrictions will allow UAE companies to purchase advanced AI chips from NVIDIA Corporation, AMD, and Cerebras Systems. This agreement was reached between the US and the UAE over a year ago, requiring these companies to supply thousands of processors to G42, a UAE-supported tech leader, for a new AI data center in the region. $350 billion in debt over five years bet on AI! The five tech giants in the US are creating history. In order to capture the high ground of AI data centers, the top five tech giants in the US have doubled their debt over the past five years, paving the way for what they call "economic transformation" investments. Data compiled by the market shows that Alphabet, Amazon.com, Meta, Microsoft Corporation, and Oracle Corporation - the five largest companies in the new data center field in the United States - have added approximately $350 billion in debt over the past five years. [Stock News] SK Hynix completes $26.5 billion US listing, CEO expects memory chip shortage to continue beyond 2030. SK Hynix's CEO, Lu Zhezheng, stated that the current memory chip shortages affecting the computer, automotive, and consumer electronics markets are likely to continue well beyond 2030. Previously, the Korean memory chip giant completed a record-breaking US listing on July 10th, with its American Depositary Shares (ADS) priced at $149 per share, raising approximately $26.5 billion, making it one of the largest foreign company ADS offerings in US market history. Lu Zhezheng pointed out that SK Hynix's analysis shows that the memory chip shortage may last into the next decade. Signals released by customers also indicate that they expect the shortage of memory chips to persist for a long time, with many customers signing long-term contracts because "they believe the shortage will last for a longer period." SK Hynix plans to explore new business model "Memory as a Service": Customers can lease chip usage rights. According to reports, SK Hynix is considering adjusting its memory chip sales model and exploring new solutions including "Memory as a Service." Under this concept, customers may not necessarily have to directly purchase semiconductors in the future, but can lease memory chip usage rights from SK Hynix. Choi Tae-Yong, Chairman of the SK Group, said in an interview, "We can actually introduce other business models. We can become memory service providers and provide a storage-as-a-service model. In the future, this is also a direction we can focus on." Apple Inc. sues OpenAI for stealing secrets. Apple Inc. filed a lawsuit against OpenAI on Friday, accusing the AI giant of stealing the iPhone maker's intellectual property to develop its own consumer-grade AI hardware. Apple Inc. is suing OpenAI to cease such actions and destroy all confidential information, and to redesign products that are about to be released to ensure that they do not contain any Apple Inc. technology. Approved to establish a national trust bank! Circle (CRCL.US) enters the US federal regulatory system. Circle rose nearly 5% on Friday. In terms of news, the Office of the Comptroller of the Currency (OCC) officially approved USDC stablecoin issuer Circle to establish a national trust bank, Circle National Trust. The approval means that this trust bank will be placed under the direct federal regulatory framework of the OCC and is expected to further consolidate the infrastructure supporting USDC through regulated digital asset custody arrangements. Reserve management functions have been listed as capabilities to be expanded in the future.