Fed's Beige: From late May through June, 11 of 12 Fed districts reported economic activity expanding at a slight-to-moderate pace; one district reported no change.

Huatai Securities says focus for the earnings season is on three signals: the AI value chain, beneficiaries of price increases, and manufacturing exports. Interim earnings pre-announcement disclosure rates remain low; sectors with higher disclosure and positive surprise rates include petrochemicals, non-bank financials, nonferrous metals, chemicals and electronics. Median YoY net-profit growth in current previews is highest in agriculture, petrochemicals, military, computers and media, though rankings may change as disclosure rises. Over the past month, upward revisions were largest in coal, building materials, electronics, telecoms and chemicals; revision breadth was widest in building materials, coal, nonferrous metals, telecoms and machinery. Micro-level signals of improving cyclical momentum concentrate in the AI chain (components, semiconductors, optical communications, optoelectronics, gaming), price-rise chains (shipping, fiberglass, coal, paper, select chemicals, copper) and manufacturing export names (maritime equipment, general automation, batteries, construction machinery).

摩根士丹利：计划将财富管理资产从8万亿美元增至10万亿美元。