冠通期货早盘速递-20250507

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The April Caixin China Manufacturing PMI was 50.4, 0.8 percentage points lower than the previous month, reaching a three - month low; the Caixin China Services PMI also dropped 1.2 percentage points to 50.7, the lowest since Q4 2024 [1] - The global manufacturing PMI in April was 49.1%, down 0.5 percentage points from the previous month, remaining in the contraction range for two consecutive months, indicating increased downward pressure on the global economy [1] - "Fed whisperer" Nick Timiraos said Trump's tariff policies might put the Fed in a lose - lose situation, and the Fed is expected to maintain a wait - and - see stance on interest rate cuts [1] - China's attitude towards the US - China tariff war is clear: ready to fight if necessary and willing to talk [2] - China and the European Parliament have decided to cancel restrictions on mutual exchanges [2] 3. Summary According to Related Catalogs 3.1 Hot News - The April Caixin China Manufacturing PMI and Services PMI both declined, with the manufacturing PMI at 50.4 and the services PMI at 50.7 [1] - The global manufacturing PMI in April was 49.1%, down 0.5 percentage points from the previous month, in the contraction range for two consecutive months [1] - Trump's tariff policies may pose challenges to the Fed, and the Fed will likely maintain a wait - and - see stance on interest rate cuts [1] - China's attitude towards the US - China tariff war is "fight if necessary, talk if possible", and China and the European Parliament will cancel restrictions on mutual exchanges [2] 3.2 Plate Performance - Key areas to focus on include crude oil, Shanghai gold, asphalt oil, coking coal, and urea [3] - In the night session, the non - metallic building materials sector rose 2.59%, the grain sector 1.77%, and the agricultural and sideline products sector 2.69% [3] 3.3 Plate Capital Occupancy - The capital occupancy ratios of different commodity sectors are as follows: precious metals 30.03%, oilseeds and oils 12.13%, soft commodities 3.20%, non - ferrous metals 19.39%, coal, coke, steel, and minerals 12.87%, energy 2.66%, and chemicals 12.68% [4] 3.4 Plate Positions - The chart shows the changes in commodity futures plate positions in the past five days, but specific data is not clearly described [5] 3.5 Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 1.13% daily, 1.13% monthly, and was down 1.06% year - to - date; the S&P 500 was down 0.77% daily, up 0.68% monthly, and down 4.67% year - to - date; the Hang Seng Index rose 0.70% daily, 2.46% monthly, and 12.97% year - to - date [7] - In the fixed - income category, the 10 - year Treasury futures were flat daily, up 0.04% monthly, and up 0.11% year - to - date; the 5 - year Treasury futures were down 0.04% daily and monthly, and down 0.45% year - to - date [7] - In the commodity category, the CRB Commodity Index rose 1.35% daily, 1.20% monthly, and was down 1.51% year - to - date; WTI crude oil rose 3.43% daily, 1.55% monthly, and was down 17.84% year - to - date; London spot gold rose 5.88% daily, 4.34% monthly, and 30.75% year - to - date [7] - In other categories, the US Dollar Index was down 0.53% daily, 0.38% monthly, and 8.50% year - to - date; the CBOE Volatility Index was flat daily, down 4.29% monthly, and up 36.25% year - to - date [7]