Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

The US July unemployment rate and non-farm payroll data will be released at 20:30 Beijing time tonight. Below are institutional forecasts for US July non-farm payroll employment: Vanguard: +10,000; Berenberg Bank: +40,000; Scotiabank: +50,000; Moody's Analytics: +50,000; Royal Bank of Canada: +63,000; Deutsche Bank: +65,000; SEB: +65,000; UBS Group: +70,000; TD Securities: +70,000; Danske Bank: +70,000; Morgan Stanley: +70,000; HSBC Holdings: +70,000; BNP Paribas: +75,000; ING Group: +75,000; Bank of Montreal: +75,000; Goldman Sachs: +75,000; JPMorgan Chase: +75,000; Daiwa Capital Markets: +75,000; Westpac Banking Corp: +75,000; Standard Chartered: +75,000; Pantheon Macroeconomics: +75,000; U.S. Bancorp: +75,000; Canadian Imperial Bank of Commerce: +75,000; High-Frequency Economics: +78,000; Sumitomo Mitsui: +78,000; Oxford Economics: +80,000; Commonwealth Bank of Australia: +80,000; BofA Merrill Lynch: +80,000; ANZ Bank: +80,000; Lloyds Banking Group: +80,000; NatWest Markets: +85,000; Capital Economics: +90,000; Wells Fargo: +95,000; Barclays: +100,000; Commerzbank: +100,000; Societe Generale: +105,000; Citigroup: +115,000; Mizuho Securities: +115,000; Nomura Securities: +130,000. Reuters consensus forecast: +80,000.

According to Bitget market data, the Nikkei 225 index closed down 76.55 points on Friday, August 7, a 0.12% drop, at 65,606.71 points. South Korea's KOSPI index closed down 37.67 points on Friday, August 7, a 0.6% decline, at 6,258.71 points; SK Hynix fell 4.88%, while Samsung Electronics rose 0.21%.

Japan’s Government Pension Investment Fund announced record quarterly earnings, reaching 24.1 trillion yen.

According to Bitget's market data, the intraday gain of spot silver has expanded to 3%, currently trading at $63.37 per ounce.

According to an official announcement, Binance has completed the integration of Momentum (MMT) on the BNB Smart Chain (BEP20) network and now supports deposit and withdrawal services.

Korea Exchange will officially launch after-hours trading for Exchange-Traded Funds (ETFs) on September 14. The exchange aims to compete with alternative trading system Nextrade and all-day cryptocurrency exchanges. Asset management firms have warned that the lack of real-time net asset value (NAV) estimates could widen ETF price deviations; the industry had previously called on Korea Exchange to delay the service’s launch. Single-stock leveraged ETFs will not be included in the eligible securities for after-hours trading. (Jin10)