citic securities·2025-07-31 02:39Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.17% at 3,615 points, while the Shenzhen Component Index fell 0.77% and the ChiNext Index dropped 1.62%[17] - The Hang Seng Index declined 1.36% to 25,176 points, marking a five-day losing streak, with significant drops in major tech stocks[13] - U.S. stock indices experienced slight declines, with the Dow Jones down 0.38% at 44,461 points and the S&P 500 down 0.12% at 6,362 points, while the Nasdaq rose 0.15% to 21,129 points[11] Economic Indicators - The U.S. GDP growth rate for Q2 was reported at 3.0%, significantly improving from a contraction of 0.5% in Q1[31] - The Federal Reserve maintained interest rates, with a shift in focus towards the perception of tariff-induced inflation as a one-time event, impacting future rate cut expectations[7] Commodity and Currency Movements - International oil prices rose over 1%, with WTI crude oil reaching $70.0 per barrel, influenced by geopolitical tensions and sanctions[28] - The U.S. dollar index increased by 0.9% to 99.82, marking a two-month high, while gold prices fell by 0.8% to $3,295.8 per ounce[28] - Copper prices plummeted by 18% after the U.S. excluded refined copper from new tariffs, leading to significant market volatility[5] Corporate Earnings Highlights - Microsoft reported Q4 earnings exceeding expectations, with net profit of $27.23 billion, a year-on-year increase of 23.6%, driven by strong growth in cloud and AI services[9] - Meta's Q2 net profit rose 36% to $18.337 billion, with revenue growth of 22% to $47.52 billion, surpassing market forecasts[9] Bond Market Trends - U.S. Treasury yields rose by 4-7 basis points, with the 2-year yield at 3.94% and the 10-year yield at 4.37% following the Fed's decision to hold rates steady[6] - Asian bond markets showed mixed performance, with Chinese investment-grade bonds remaining stable amid varying yield spreads[31]