环球市场动态

Group 1: Macro Economic Overview - In May 2024, mainland China's general public fiscal revenue decreased by 3.2% year-on-year, showing a slight narrowing of the decline compared to the previous value of -3.7%, primarily supported by high growth in non-tax revenue, while tax revenue saw an expanded decline [4] - From January to May 2024, tax revenue has continuously shown negative growth, reflecting weak nominal growth in the macroeconomic context, with income tax and real estate-related taxes performing poorly [4] - Government fund revenue has seen an expanded decline, with land transfer income continuing to decrease, while the acceleration of special bond issuance has helped narrow the decline in government fund expenditures [4] Group 2: Stock Market Performance - The Hang Seng Index showed a slight decline of less than 1 point, while the Hang Seng Technology Index fell by 23 points (-0.65%) [25] - The A-share market experienced a drop, with the Shanghai Composite Index closing at 2,963.10 points, down 1.17%, and the Shenzhen Component Index down 1.55% [27] - The performance of the automotive sector was mixed, with companies like Xpeng and BYD rising by 3.23% and 0.59%, respectively, while Geely fell by 1.12% [25] Group 3: Commodity and Currency Market - International oil prices rose by 1% due to tensions in Russia and a weaker dollar, with New York crude oil increasing to $81.63 per barrel [37] - The international gold price increased by 0.6%, reaching $2,330.0 per ounce [37] - The Chinese yuan continued to hit a 7-month low, with the offshore yuan recovering slightly towards the end of trading [25] Group 4: Fixed Income Market - U.S. Treasury bonds saw a slight increase overnight, with the long end outperforming, while the market remained quiet without significant driving factors [40] - The issuance of $20 billion in senior bonds by LG Energy included $7 billion for 3-year, $8 billion for 5-year, and $5 billion for 10-year bonds, with final pricing spreads between 110-135 basis points [40]