关税反转，全面反弹：申万期货早间评论-20250410

Core Viewpoint - The article discusses the recent announcement by Trump to suspend tariffs for 90 days on countries that do not retaliate, leading to a rebound in various markets, including commodities and stock indices [1][5]. Group 1: Oil Market - Following Trump's tariff suspension announcement, international oil prices experienced a strong rebound, with a reported increase of 3.46% to 484.2 yuan per barrel [1][10]. - As of April 4, U.S. crude oil inventories totaled 839.055 million barrels, up by 2.829 million barrels from the previous week, while gasoline inventories decreased by 1.6 million barrels [2][10]. - U.S. crude oil production averaged 13.458 million barrels per day, down by 122,000 barrels from the previous week but up by 358,000 barrels compared to the same period last year [2][10]. Group 2: Precious Metals - Gold and silver prices stabilized and rebounded due to market reactions to tariff concerns, with gold maintaining a strong position despite some price corrections [3][17]. - The exclusion of precious metals from Trump's "reciprocal tariffs" alleviated market pressures, leading to a recovery in prices [3][17]. - Market sentiment remains cautious due to inflationary pressures and uncertainty surrounding future U.S. monetary policy [3][17]. Group 3: Stock Indices - The U.S. stock market surged following Trump's tariff suspension announcement, with significant rebounds in various indices, including a 1.50% increase in IH2504 and a 3.33% increase in IM2504 [4][6]. - The total trading volume reached 1.74 trillion yuan, reflecting increased market confidence due to coordinated efforts from multiple regulatory bodies to stabilize the market [4][6]. - The A-share market has shown resilience against downward pressures from tariffs, with implied volatility decreasing significantly [4][6]. Group 4: Domestic News - The Central Surrounding Work Conference emphasized the importance of building a community of shared destiny with neighboring countries, focusing on strategic mutual trust and regional stability [6]. - The conference highlighted the need for enhanced cooperation in supply chains and infrastructure connectivity among regional countries [6]. Group 5: Automotive Industry - In March, retail sales in the passenger car market reached 1.94 million units, marking a year-on-year increase of 14.4% and a month-on-month increase of 40.2%, the highest growth rate for March in nearly a decade [8]. - The retail sales of new energy passenger vehicles in March reached 991,000 units, up by 38% year-on-year and 45% month-on-month [8].