**Pre-Market Movements**

1. On Friday, August 22, US stock index futures posted gains ahead of the market open. As of press time, Dow futures rose 0.33%, S&P 500 futures gained 0.28%, and Nasdaq futures advanced 0.22%.

2. European markets also showed positive momentum, with Germany's DAX up 0.08%, the UK's FTSE 100 gaining 0.05%, France's CAC 40 rising 0.25%, and the Euro Stoxx 50 climbing 0.30%.

3. In commodities, WTI crude oil rose 0.31% to $63.72 per barrel, while Brent crude advanced 0.19% to $67.80 per barrel.

**Market Focus: Jackson Hole in Spotlight**

Fed Chair Powell's speech could mark pivotal moment for central bank policy. Federal Reserve Chairman Jerome Powell is scheduled to deliver remarks on Friday (10 PM Beijing time) at the annual global central bank symposium in Jackson Hole, Wyoming. This summer financial market "annual highlight" is viewed as a critical moment for the future direction of Fed monetary policy.

Markets are highly anticipating Powell's confirmation of September rate cut prospects. According to the CME FedWatch tool, traders on Thursday priced in a 73.5% probability of a 25 basis point rate cut at the Fed's September 16-17 meeting, with expectations of at least one additional cut this year. However, analysts warn that if Powell refuses to commit early or suggests market expectations are excessive, it could trigger significant repricing in bond yields and risk assets.

**Wall Street Outlook: Goldman Expects Powell Won't Signal Rate Cuts, Yardeni Sees Only 40% September Cut Probability**

Goldman Sachs economist David Mericle stated: "We expect Powell won't clearly signal a September rate cut, but the speech should indicate to markets that he might support rate reductions." "If Powell pushes for cuts, the majority of FOMC members who are conflicted about September cuts might support action. But he believes a more reasonable approach would be to convince them closer to the meeting based on more data."

Yardeni Research President Ed Yardeni believes the probability of a Fed rate cut in September is approximately 40%. He noted that the Fed still needs to evaluate two inflation reports and one employment data release before the September meeting.

**HSBC: AI Helps US Companies Cut Costs Amid Tariff Impact, Could Support S&P 500 Rise to 7,000 by Year-End**

HSBC stated that while tariffs are a negative factor for US corporate profit margins, they could also serve as a catalyst for companies to rapidly adopt artificial intelligence (AI) for cost savings. The bank believes it's feasible for AI to reduce operating costs for S&P 500 component companies by 1% over the coming years, which would help offset about a quarter of the cost increases from a 20% effective tariff rate.

The benefits of AI adoption extend beyond cost reduction, as AI also helps automate tasks and enhance efficiency, enabling companies to generate more revenue on the same cost base. The bank's US equity strategists also indicated that if AI adoption continues to accelerate, it could drive meaningful market revaluation and support the S&P 500 reaching 7,000 points by year-end (in a bull market scenario).

**US Tariff Inflation Really Not Coming? UBS: Costs Are Already Being Passed Through**

UBS noted that the current US effective tariff rate has exceeded 18% and is expected to stabilize around 15% by mid-2026. The surge in tariffs and corresponding dollar depreciation have not yet produced significant impact in official inflation data, as cost pass-through takes time, but evidence is accumulating that companies will transfer tariff costs to consumers.

Despite the slow manifestation of effects, tariffs are expected to ultimately reduce US GDP growth by approximately 1 percentage point, with the US Consumer Price Index (CPI) eventually being about 1 percentage point higher than in a no-tariff scenario.

**Silver Price Consolidation, UBS Bullish: Medium to Long-term Potential to Approach 2011 Highs**

Recently, silver prices have shown consolidation around the $38 per ounce level. UBS expects that if the Fed continues implementing rate cut policies, silver prices will rise to $42-44 per ounce, an expectation consistent with its recently raised gold price forecasts. UBS is bullish on silver long positions and would increase holdings if silver falls below $36 per ounce. Additionally, the bank believes that despite reduced options volatility, the metal remains suitable for volatility short strategies.

**Individual Stock News**

**Gold Prices Soar! Gold Fields (GFI.US) Doubles Profits in First Half, Interim Dividend Significantly Increased**

Financial results show the company achieved net profit of $1.02 billion in the six months ended June 30, significantly up from $389 million in the same period last year, with core profit rising from $320.7 million to $1.027 billion year-over-year. Basic earnings per share increased from $0.43 to $1.15, falling within the forecast range of $1.09-1.21. Earnings per share excluding special items was $1.15, also meeting expectations. The company announced an interim dividend of 7 rand per share ($0.3948), significantly higher than 3 rand per share in the first half of 2024.

**Zoom (ZM.US) Achieves Strongest Growth Rate in 11 Quarters**

In the second quarter of fiscal 2026, the company's enterprise business sales grew 7% year-over-year to $730.7 million, above Wall Street analysts' average expectation of $716.7 million. Zoom reported having 4,274 customers who each contributed over $100,000 in revenue over the past year. The company expects full fiscal year revenue ending next January to be approximately $4.83 billion, with non-GAAP profit in the strong growth range of $5.81 to $5.84 per share. In comparison, Wall Street analysts averaged expectations of approximately $4.8 billion in revenue and about $5.60 earnings per share. As of press time, Zoom gained 5% in Friday pre-market trading.

**Discount Retailer Ross Stores (ROST.US) Beats Expectations on Both Results and Guidance**

As tariff policies lead to rising retail prices during the holiday season, consumer demand for discount clothing and accessories continues growing. In the three months ended August 2, the company's sales reached $5.53 billion, up 2% year-over-year but slightly below market expectations of $5.57 billion. Adjusted earnings per share reached $1.56, beating market expectations by 2 cents. Looking ahead, Ross Stores reissued full-year earnings per share guidance with an expected range of $6.08 to $6.21, compared to market expectations of $6.10. As of press time, Ross Stores gained over 2% in Friday pre-market trading.

**Popular Chinese ADRs Mostly Rise in Pre-Market Trading**

In Friday US pre-market trading, as of press time, MINISO (MNSO.US) gained over 8%, NIO (NIO.US) rose over 5%, PDD Holdings (PDD.US) advanced over 4%, Futu Holdings (FUTU.US) and Alibaba (BABA.US) gained over 2%, XPeng (XPEV.US) and Kingsoft Cloud (KC.US) rose about 2%, while BOSS Zhipin (BZ.US), Legend Biotech (LEGN.US), and Yum China (YUMC.US) gained over 1%.

**Important Economic Data and Event Preview**

22:00 Beijing Time: Fed Chairman Powell delivers remarks at Jackson Hole Global Central Bank Symposium