Market Overview - The US stock market experienced declines ahead of the Memorial Day holiday, with the Dow Jones falling 256 points or 0.61% to close at 41,603 points, marking four consecutive days of losses[10] - European markets also weakened, with the Stoxx 600 index dropping 0.93% due to renewed trade tensions following Trump's tariff threats against the EU[10] Currency and Commodities - The US dollar index decreased by 0.8%, reflecting an 8.6% decline year-to-date, while gold prices rose by 2.1% to $3,394.50 per ounce amid increased safe-haven demand[27][28] - Oil prices saw a slight increase, with NY crude oil rising 0.5% to $61.53 per barrel, as market confidence in a potential US-Iran nuclear deal weakened[28] Fixed Income - US Treasury yields fell significantly, with the 10-year yield dropping to 4.51%, a decrease of 1.8 basis points, as investors sought safety amid escalating trade tensions[32] - Asian investment-grade bonds remained strong, with Chinese investment-grade bond spreads narrowing by 2-5 basis points, driven by demand from major companies like Alibaba and Tencent[32] Sector Performance - In the Chinese A-share market, the Shanghai Composite Index fell 0.94% to 3,348 points, with over 4,200 stocks declining, while the healthcare sector showed resilience[16] - The Hong Kong market displayed mixed results, with the Hang Seng Index rising 0.24% and healthcare stocks leading gains, while technology stocks faced pressure[12] Key Corporate Developments - Trump's threats of a 50% tariff on EU imports and pressure on Apple to shift production to the US contributed to market volatility, impacting major tech stocks like Apple, which fell 3.02%[10][12] - Xpeng Motors' new MONA series is expected to significantly boost sales, with projections of 600,000 units contributing to a 10% market share in the 100,000-150,000 RMB price range[8]
美元体系长期根基已出现松动
citic securities·2025-05-26 03:06