农银国际证券：每天导读-20250207

Core Insights - The report highlights a mixed performance in global stock markets, with the US indices showing gains while the Hong Kong indices experienced declines due to trade war concerns [6][10] - Economic indicators such as the ADP employment change in the US exceeded expectations, indicating resilience in the labor market [6][7] - The report notes a significant increase in global gold demand, reaching a record high of 4,974.5 tons, driven by investment demand and central bank purchases [10][9] Economic Data Summary - China's Caixin Composite PMI for January was reported at 51.1, slightly down from 51.4 in the previous month [7] - The US ADP employment change for January was 183,000, surpassing the market expectation of 150,000 [7] - The Eurozone HCOB Composite PMI remained stable at 50.2, indicating steady economic conditions [7] Major News Summary - Over 14.36 million people traveled in and out of mainland China during the Spring Festival, a 6.3% increase compared to the previous year [10] - The World Gold Council reported a 1% increase in global gold demand, with a notable 25% rise in investment demand [10][9] - Reports indicate that over 20,000 US federal employees have agreed to voluntary resignations as part of a cost-cutting initiative [10][9] - There has been a significant outflow of $9 billion from Indian stocks due to overseas fund selling [10][9]