Hong Kong Market Performance - On May 20, the Hang Seng Index closed at 23,681, up 1.49% for the day and 18.05% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.52% to 8,589, with a year-to-date increase of 17.82%[4] - The Hang Seng Tech Index increased by 1.15% to 5,316, marking an 18.97% rise since the beginning of the year[4] - Southbound funds recorded a net inflow of HKD 6.332 billion[9] US Market Performance - On May 20, the Dow Jones Industrial Average closed at 42,677, down 0.27% for the day and up 0.31% year-to-date[4] - The S&P 500 index fell 0.39% to 5,940, with a year-to-date increase of 1.00%[4] - The Nasdaq Composite dropped 0.38% to 19,143, showing a year-to-date decline of 0.87%[4] Japanese Market Performance - The Nikkei 225 index closed at 37,529, up 0.08% for the day but down 5.93% year-to-date[4] - The Tokyo Stock Exchange saw a slight rebound after five days of decline[9] Sector Highlights - Major tech stocks in Hong Kong saw significant gains, with Xiaomi up 4.68% and Alibaba rising over 2%[9] - Pharmaceutical stocks performed strongly, with Sanofi rising over 32% due to positive news regarding COVID-19 treatments[9] - Conversely, military and online education stocks faced declines, with Alibaba Health down over 5%[9] Key Economic Indicators - The US is facing potential structural risks with the dollar overvalued by approximately 15% according to KKR[11] - The US International Trade Commission has imposed tariffs as high as 3521% on solar equipment imports from Southeast Asia[11] - China's budget deficit for January to April reached a record high, increasing over 50% year-on-year, indicating accelerated fiscal stimulus efforts[11]

Hong Kong Market Overview - The Hang Seng Index closed at 23,333, down 0.05% for the day and up 16.31% year-to-date[4] - The Hang Seng China Enterprises Index closed at 8,461, down 0.09% for the day and up 16.06% year-to-date[4] - The Hang Seng Tech Index closed at 5,255, down 0.50% for the day and up 17.61% year-to-date[4] - Southbound capital net inflow was HKD 8.459 billion[9] US Market Performance - The Dow Jones Industrial Average closed at 42,792, up 0.32% for the day and up 0.58% year-to-date[4] - The S&P 500 closed at 5,964, up 0.09% for the day and up 1.39% year-to-date[4] - The Nasdaq Composite closed at 19,215, up 0.02% for the day and down 0.49% year-to-date[4] Japanese Market Insights - The Nikkei 225 closed at 37,499, down 0.68% for the day and down 6.01% year-to-date[4] - In April, overseas investors bought Japanese stocks and long-term bonds worth JPY 8.21 trillion (approximately USD 566 billion), a record high[9] - The pharmaceutical sector saw the largest increase, up 1.96%, while the shipping sector fell by 2.75%[9] Notable Stock Movements - Xiaomi rose by 2.65%, Meituan increased by over 2%, while Alibaba fell by 3.4%[9] - In the US, Microsoft rose by 1.01%, while Apple fell by 1.17%[9] - In Japan, Mitsubishi Heavy Industries rose by 3.0%, while Disco Corporation fell by 1.5%[26]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.87% to close at 23,108 points, while the Hang Seng Tech Index dropped by 3.26% [4][9] - The US stock market showed mixed results, with the Dow Jones decreasing by 0.64% and the Nasdaq increasing by 1.61% [9] - The Nikkei 225 index in Japan rose by 1.43%, reaching a new high of 38,183 points, amid easing trade tensions between the US and China [3][4] Sector Performance - Major technology stocks in Hong Kong faced significant losses, with Meituan and Kuaishou both dropping over 4%, and Alibaba and Xiaomi falling more than 3% [9] - In contrast, the biopharmaceutical sector saw a rebound, with companies like WuXi Biologics rising over 6% and other firms like Rongchang Bio and BeiGene increasing by more than 4% [9] - Gold stocks gained traction, with Tongguan Gold surging over 15% and other gold companies also seeing increases [9] Investment Outlook - Nomura Securities upgraded its rating on Chinese stocks to "tactical overweight" following the US-China trade negotiations, indicating a shift of funds from India to China [9] - Citigroup raised its year-end target for the Hang Seng Index by 2% to 25,000 points, predicting it could reach 26,000 points by mid-2026 [9] Company Highlights - JD.com reported better-than-expected Q1 results, with revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [13] - The company also achieved an adjusted net profit of 12.8 billion yuan, up 43.4% year-on-year, exceeding market expectations [13]

Hong Kong Market Overview - The Hang Seng Index closed at 22,776, up 0.37% for the day and up 13.54% year-to-date[4] - The Hang Seng China Enterprises Index rose 0.70% to 8,300, with a year-to-date increase of 13.86%[4] - The Hang Seng Tech Index increased by 0.56% to 5,229, showing a year-to-date growth of 17.03%[4] - Southbound capital recorded a net sell of HKD 2.385 billion[10] US Market Performance - The Dow Jones Industrial Average closed at 41,368, up 0.62%, but down 2.76% year-to-date[4] - The S&P 500 Index rose 0.58% to 5,664, with a year-to-date decline of 3.70%[4] - The Nasdaq Composite Index increased by 1.07% to 17,928, down 7.16% year-to-date[7] Japanese Market Insights - The Nikkei 225 Index closed at 36,929, up 0.41%, with a year-to-date decrease of 7.43%[7] - Investors showed caution as the Nikkei approached the psychological level of 37,000, leading to profit-taking[10] - Semiconductor stocks in Japan saw gains, with Advantest rising 3.73% and Tokyo Electron up 2.05%[10] Sector Highlights - Major tech stocks in Hong Kong, such as Meituan and Tencent, rose nearly 2%, while Baidu fell nearly 3%[10] - Defense stocks surged due to escalating tensions in South Asia, with China Aerospace Science and Industry Corporation gaining over 6%[10] - New energy vehicle companies saw significant increases, with Geely and Li Auto both rising over 4%[10] Market Sentiment and Trends - The overall market sentiment in Hong Kong was bullish, with most sectors showing positive performance[10] - The international gold price experienced a pullback, leading to declines in gold stocks[10] - The semiconductor sector in the US showed signs of recovery, positively impacting related stocks in Japan[10]

Hong Kong Market Overview - The Hang Seng Index closed at 22,663, up 0.70% for the day and up 12.97% year-to-date[4] - The Hang Seng China Enterprises Index rose 0.37% to 8,262, with a year-to-date increase of 13.33%[4] - The Hang Seng Tech Index slightly declined by 0.09% to 5,240, but is up 17.26% year-to-date[4] - Net inflow from southbound funds reached HKD 13.475 billion[9] US Market Performance - The Dow Jones Industrial Average fell 0.95% to 40,829, down 4.03% year-to-date[4] - The S&P 500 Index decreased by 0.77% to 5,607, with a year-to-date decline of 4.67%[4] - The Nasdaq Composite Index dropped 0.87% to 17,690, down 8.39% year-to-date[4] - Major tech stocks mostly declined, with Microsoft down 0.66% and Apple down 0.19%[9] Sector Highlights - Large tech stocks like Meituan and Tencent saw gains, with Meituan up 4.53% and Tencent over 1%[9] - Airline stocks surged, with China Eastern Airlines up 7.3% and China Southern Airlines up 6.56%[9] - Gold stocks performed well, with Chifeng Jilong Gold Mining up over 12%[9] - Education stocks collectively weakened, with China Oriental Education down over 3%[9] Trade Deficit Insights - The US trade deficit reached a record high of USD 140.5 billion in March, a 14% increase from February[12] - Imports surged by 4.4% to USD 419 billion, while exports only slightly increased by 0.2% to USD 278.5 billion[12] - The trade deficit significantly impacted the US GDP, contributing to a 0.3% annualized decline in Q1 2025[12]

Market Performance Overview - The Hang Seng Index closed at 22,505, up 1.74% for the day and 12.19% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.92% to 8,231, with a year-to-date increase of 12.91%[4] - The Hang Seng Tech Index surged 3.08% to 5,244, marking a 17.37% increase year-to-date[4] U.S. Market Trends - The Dow Jones Industrial Average fell 0.24% to 41,219, down 3.12% year-to-date[4] - The S&P 500 Index decreased by 0.64% to 5,650, with a year-to-date decline of 3.93%[4] - The Nasdaq Composite dropped 0.74% to 17,844, reflecting a year-to-date decrease of 7.59%[4] Japanese Market Insights - The Nikkei 225 Index increased by 1.04% to 36,831, but is down 7.68% year-to-date[4] - The Topix Index rose 0.31%, supported by a weaker yen boosting export-related stocks[9] Sector Performance Highlights - Technology stocks in Hong Kong saw significant gains, with Xiaomi up over 6% and Alibaba and JD.com rising over 3%[9] - Pharmaceutical outsourcing stocks were active, with Kanglong Chemical and WuXi AppTec both gaining over 7%[9] - Conversely, restaurant stocks faced declines, with Yum China dropping over 7%[9] Economic Indicators - U.S. non-farm payrolls increased by 272,000 in April, exceeding market expectations of 180,000[12] - The market anticipates the Federal Reserve will maintain current interest rates in the upcoming meeting, with a potential rate cut not expected until at least July[12]

Hong Kong Market Overview - On April 28, the Hang Seng Index closed at 21,981, down 0.04% for the day but up 9.53% year-to-date[4] - The Hang Seng Tech Index rose 0.12% to 4,983, with a year-to-date increase of 11.66%[4] - The Hang Seng China Enterprises Index remained flat at 8,081, with a year-to-date increase of 10.84%[4] US Market Performance - On April 28, the Dow Jones Industrial Average rose 0.28% to 40,114, while the Nasdaq Composite fell 0.10% to 17,383[10] - The S&P 500 Index increased by 0.06% to 5,525, with a year-to-date decline of 6.00%[4] - Major tech stocks showed mixed results, with Apple up 0.41% and Microsoft down 0.18%[10] Japanese Market Insights - The Nikkei 225 index closed at 35,706, up 0.38%, while the year-to-date performance showed a decline of 10.16%[4] - Investor sentiment in Japan was boosted by potential easing of US-China trade tensions and nearing agreements on tariffs[10] Apple Inc. Earnings Forecast - Apple is expected to report Q2 2025 revenue of $94.06 billion, a year-on-year increase of 3.64%[11] - The anticipated earnings per share (EPS) is $1.606, reflecting a 4.99% increase year-on-year[11] - iPhone revenue is projected to be approximately $47.8 billion, up 4% year-on-year, driven by a 10% increase in unit sales[11] Trade and Tariff Implications - Recent tariff exemptions on smartphones and PCs are expected to provide short-term relief for Apple, although uncertainties remain regarding future trade policies[12] - The US Treasury has significantly raised its borrowing expectations to $514 billion due to the debt ceiling impasse[13]

Market Overview - The Hang Seng Index closed at 21,395, up 1.61% for the day and 6.66% year-to-date[4] - The Hang Seng Tech Index rose by 1.90%, with a year-to-date increase of 9.38%[4] - The Dow Jones Industrial Average fell by 2.48%, down 10.28% year-to-date[4] - The S&P 500 decreased by 2.36%, with a year-to-date decline of 12.30%[4] - The Nikkei 225 dropped by 1.30%, down 14.07% year-to-date[4] Sector Performance - Major tech stocks in Hong Kong saw significant gains, with NetEase up 4.56% and Alibaba rising over 3%[9] - Real estate stocks performed strongly, with Shimao Group surging over 9%[9] - Defensive sectors like rare earth, banking, and gold stocks experienced declines, particularly gold stocks which saw notable pullbacks[9] Economic Context - U.S. market declines were attributed to pressure on the Federal Reserve from former President Trump, raising concerns about the Fed's independence[9] - The Japanese yen strengthened against the U.S. dollar, reaching its highest level since September 2024, impacting export-related stocks negatively[9] Company Insights - Alphabet's Q1 2025 revenue is projected at $89.22 billion, a year-on-year increase of 11%, with net profit expected at $24.71 billion[12] - Alphabet's stock has seen a year-to-date decline of 20%, reflecting regulatory pressures and competition in the advertising market[12] - The company plans to increase capital expenditures to $75 billion in 2025, focusing on AI infrastructure[12]

Group 1: Fund Performance - The performance of various funds is summarized, with notable weekly returns and annualized yields for different funds, such as Huaxia Select USD Money Market Fund at 0.073% weekly increase and 4.490% annualized return [1] - The dollar index fell to 99.376, while the USD/CNY exchange rate increased from 7.2921 to 7.2997, reflecting a weekly rise of 0.10% [1] Group 2: Global Asset Performance - The dollar index decreased by 0.73% for the week and 8.40% year-to-date, currently priced at 99.376 [5] - The 2-year and 10-year U.S. Treasury yields saw declines of 4.08% and 3.67% respectively, indicating a bearish trend in the bond market [5] - The Hong Kong Hang Seng Index increased by 2.30% for the week, while the U.S. stock indices, including the Nasdaq 100 and S&P 500, experienced declines of 2.31% and 1.50% respectively [5] Group 3: U.S. Monetary Policy and Political Pressure - The divergence between President Trump and the Federal Reserve escalated, with Powell emphasizing inflation control and independence from political pressure, which led to Trump's public criticism of Fed policies [8][9] - Concerns arose regarding the potential undermining of the Fed's independence, which could lead to a loss of investor confidence in the dollar, as historical precedents suggest that political interference can destabilize monetary policy [9][12] - The dollar index fell below 100, reaching a near three-year low of 98.278, reflecting market reactions to the political climate and Fed's policy stance [9][12] Group 4: Trade Relations and Market Outlook - Ongoing trade tensions, particularly regarding tariffs on imports, have led to a cautious outlook for U.S. equities, with major investment banks downgrading their year-end targets for the S&P 500 [13] - The report suggests maintaining a cautious stance on both Hong Kong and U.S. stocks, while highlighting the potential for the Chinese yuan to depreciate against the dollar by year-end [13] - The report recommends focusing on U.S. Treasury bonds and specific bond funds as a more stable investment choice amid current market volatility [13]

Market Performance Overview - The Hang Seng Index closed at 21,057, down 1.91% for the day and up 4.97% year-to-date[4] - The Hang Seng Tech Index fell 3.72% to 4,796, with a year-to-date increase of 7.34%[4] - The Dow Jones Industrial Average decreased by 1.73% to 39,669, with a year-to-date decline of 6.76%[4] - The S&P 500 dropped 2.24% to 5,276, down 10.30% year-to-date[4] - The Nasdaq Composite fell 3.07% to 16,307, with a year-to-date decrease of 15.55%[4] Sector-Specific Insights - Major technology and financial stocks in Hong Kong experienced significant declines, with Apple’s Q1 shipments in China down 9%, leading to an 8% drop in related stocks like AAC Technologies[10] - Semiconductor stocks, such as SMIC, saw gains amid U.S. chip export restrictions, with SMIC rising 4% during trading[10] - Gold futures surpassed $3,300, with gold stocks like Zhaojin Mining increasing over 8% to reach a new historical high[10] Economic Indicators - U.S. retail sales rose by 1.4% in March, the largest increase since January 2023, as consumers rushed to purchase goods before tariffs took effect[13] - The World Trade Organization revised its 2025 global goods trade growth forecast from 3.0% to -0.2%, indicating a significant downturn, particularly affecting North America[13]