环球市场动态：出口订单反弹推动内地制造业景气改善

Market Overview - The US appeals court reinstated tariffs imposed by Trump, leading to a cautious global market sentiment[3] - A-shares experienced volatility and weakened overall, while Hong Kong stocks were soft with major tech stocks declining[3] - European markets showed optimism ahead of a potential interest rate cut by the ECB, despite tariff concerns[3] Economic Indicators - China's manufacturing PMI for May was 49.5, up 0.5 from the previous month, indicating a slight recovery in manufacturing activity[6] - The non-manufacturing PMI for China decreased to 50.3, down 0.1 from the previous month, showing limited elasticity to tariff changes[6] - The US personal consumption expenditure (PCE) data showed a significant slowdown in consumer spending growth in April[6] Stock Market Performance - The Dow Jones closed at 42,270.1, up 0.1%, while the S&P 500 and Nasdaq saw minor declines of 0.0% and 0.3% respectively[8] - In Latin America, the S&P Mexico IPC index fell by 1.3%, and the Brazilian IBOVESPA index decreased by 1.1%[9] Sector Performance - In Hong Kong, the Hang Seng Index dropped by 1.2%, with the Hang Seng Tech Index declining by 2.48%[11] - The healthcare sector in Hong Kong showed resilience, with some biotech stocks performing strongly despite overall market weakness[11] Fixed Income Market - The US Treasury yield curve steepened, with the 2-year yield at 3.90% and the 10-year yield at 4.40%[26] - Asian bond markets were generally weak, with investment-grade bond spreads widening by 2-6 basis points[26] Commodity Prices - International oil prices rose over 2% amid escalating tensions between Russia and Ukraine[22] - The Bloomberg Commodity Index showed a slight decline of 0.9% over the past day[21] Currency Movements - The US dollar index was at 99.33, reflecting a 0.1% increase, while the dollar's value against the Chinese yuan was 7.199, down 0.2%[21] - The euro appreciated against the dollar, trading at 1.135, a decrease of 0.2%[21]