全球市场观察系列：中美通话，资产空间待打开

Group 1: Policy and Economic Outlook - The report highlights a potential easing of trade tensions between the US and China, with a significant phone call between President Trump and President Xi Jinping contributing to a positive market sentiment [1][2] - US employment data shows resilience, with April JOLTS job openings at 7.391 million and May non-farm payrolls increasing by 139,000, surpassing expectations [1][2] - Geopolitical tensions are also easing, as Russia and Ukraine engage in direct negotiations for peace, which positively impacts market sentiment [1] Group 2: Market Performance - The report indicates that developed markets rose by 1.3% and emerging markets increased by 2.2% during the week [5] - US stock markets are expected to experience a short-term upward trend, driven by both hard and soft economic data improvements [2] - The Nasdaq led gains with a 2.2% increase, while the S&P 500 and Dow Jones rose by 1.5% and 1.2%, respectively [5] Group 3: Bond Market Insights - The report notes that better-than-expected non-farm payroll data has suppressed interest rate cut expectations, leading to a 10 basis point rise in long-term interest rates [2][3] - Despite short-term upward risks for long-term US Treasury yields, the report anticipates a long-term downward trend due to concerns over US fiscal sustainability [3] Group 4: Sector and Investment Trends - The report observes a cautious optimism towards Hong Kong stocks, with the Hang Seng Technology Index rising by 2.3% and the Hang Seng Index by 2.2% [6] - There is a notable increase in gold ETF holdings, particularly in SPDR Gold Trust, which saw inflows of $433 million [6] - Global stock ETFs experienced a net inflow of $7.939 billion, while bond ETFs saw a more significant net inflow of $11.829 billion [26]