At the open, China's most-active commodity futures were mixed. Shanghai gold and silver jumped over 4%; alumina and palladium advanced >2%; platinum, Shanghai tin and zinc were near 2% stronger; iron ore, lithium carbonate and cotton rose >1%; coking coal gained ~1%. On the downside, propylene, pure benzene, ethylene glycol (EG), methanol and styrene (EB) fell >3%; polypropylene, PTA and PET chips were down around 3%.

Shopify (SHOP.N) shares rose 33.8% in U.S. premarket trading after the company said its Q3 revenue outlook implies just over 30% growth, above the Street’s ~27% consensus and marking a sixth consecutive quarter of >30% revenue growth. Analyst Anurag Rana said rising AI costs had been expected to compress margins entering the quarter; Shopify told investors in May that more than half its code is generated by AI.

1、沪深两市8月5日总成交量为2.66万亿，从年内波动区间下端反弹，初步站上20日均线（2.5万亿），为7月10日以来首次。 2、8月5日衡量A股杠杆水平的融资买入额占A股流动市值之比升至7.92%，在一年波动区间下限上方徘徊，年内一直围绕着10%波动，但5月以来波动明显加剧。 -------- 注：1、两市成交量反映了各大机构、游资、广大散户对A股看法，高于均线代表总成交量升高，市场情绪偏乐观，低于均线代表总成交量下降，市场情绪降温。 2、2015年以来，A股杠杆水平大部分时候维持在6%-10%，杠杆率超过10%意味着市场活跃度较高，可能接近或者处于牛市。达到15%以上意味着市场有过热风险，需要警惕风险。