人行流动性宽松立场仍然明确

Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 1.51% to 3,883 points, marking a ten-year high, and total trading volume reaching 3.18 trillion RMB, the second highest in history[19] - The Hang Seng Index increased by 1.94%, driven by expectations of interest rate cuts, with major tech stocks like Alibaba and JD.com rising over 5% and 4% respectively[13] - European markets showed weakness, with the Stoxx 600 index down 0.44%, as investors awaited inflation data and trade agreement details[11] Economic Indicators - The People's Bank of China announced a 600 billion RMB MLF operation to maintain liquidity, resulting in a net liquidity injection of 300 billion RMB[6] - The U.S. market is focused on the upcoming PCE inflation data, with expectations of a 83% probability for a rate cut in September[32] Commodity and Currency Movements - Oil prices rose, with WTI crude increasing by 1.79% to $64.80 per barrel, supported by geopolitical tensions and anticipated U.S. sanctions on Russian oil[30] - The U.S. dollar index rose by 0.73% to 98.43, while gold prices remained stable at $3,373.8 per ounce[30] Stock Performance - Pinduoduo reported a 7.1% year-on-year revenue growth to 104 billion RMB, exceeding expectations, driven by a 13% increase in online marketing services revenue[9] - The S&P 500 saw a decline of 0.43%, with nine out of eleven sectors falling, led by a 1.62% drop in consumer staples[11] Fixed Income Market - U.S. Treasury yields rose slightly, with the 10-year yield at 4.28%, reflecting market anticipation of upcoming bond auctions[32] - Asian bond markets showed resilience, with credit spreads narrowing by 0-3 basis points[32]