Report Summary 1. Market Performance - International precious metal futures generally closed higher, with COMEX gold futures rising 2.74% to $3,406.40 per ounce and COMEX silver futures rising 5.76% to $34.93 per ounce. The increase was supported by heightened risk aversion due to trade tensions and geopolitical risks [6][34]. - International oil prices rose across the board, with the US crude oil main - contract rising 3.7% to $63.04 per barrel and Brent crude oil main - contract rising 3.63% to $65.06 per barrel. The increase was due to OPEC+’s lower - than - expected production increase and geopolitical concerns [6][37]. - London base metals mostly closed higher, with LME zinc rising 2.79% to $2,693.00 per ton and LME nickel rising 1.79% to $15,510.00 per ton. Future market volatility may continue [2][37]. 2. Macroeconomic Information - In May 2025, the People's Bank of China conducted 700 billion yuan of outright reverse repurchase operations [4]. - At the end of the first quarter of 2025, the balance of RMB loans of financial institutions was 265.41 trillion yuan, a year - on - year increase of 7.4%. The balance of RMB real - estate loans was 53.54 trillion yuan, a year - on - year increase of 0.04% [7]. - In 2024, the national housing provident fund loans issued were 1.3 trillion yuan, and the housing provident fund deposit amount was 3631.783 billion yuan [7]. - The US factory activity contracted for the fourth consecutive month in May, and the import index fell to a 16 - year low [8]. 3. Energy and Chemical Futures - Zhengzhou Commodity Exchange resumed the designated glass delivery warehouse business of Hubei Yijun Yaoneng New Materials Co., Ltd. and added two new designated glass delivery warehouses [10]. - In May, the inventory days of domestic photovoltaic glass increased to over 30 days, an increase of more than 1 day compared with April [11]. - OPEC+ agreed to increase oil production by 411,000 barrels per day for the third consecutive month in July [14]. 4. Metal Futures - Last week, copper inventory on the Shanghai Futures Exchange increased by 7,120 tons, while aluminum, zinc, lead, and tin inventories decreased, and nickel inventory increased [16]. - In April 2025, the total import and export volume of automobile commodities was $23.09 billion, a month - on - month increase of 6.8%. From January to April, the cumulative import and export volume was $81.88 billion, a year - on - year decrease of 5.2% [16]. - Goldman Sachs raised its aluminum price forecast for the second half of 2025 to $2,280 per ton but lowered the forecasts for 2026 and 2027 [16][37]. 5. Black - Series Futures - In May 2025, the coking coal long - term agreement coal - steel linkage floating value decreased by 31.2 yuan/ton compared with April, a decline of 2.39% [18]. - Mongolia's ER company's coking coal has had 16 consecutive auction failures [19]. - The total inventory of imported iron ore at 47 ports decreased by 122,250 tons [22]. - The blast furnace operating rate of 247 steel mills was 83.87%, and the blast furnace iron - making capacity utilization rate was 90.69% [23]. - Gabon will stop exporting manganese ore raw materials from 2029 [24]. 6. Agricultural Product Futures - As of the week of May 30, the self - breeding and self - raising pig farming profit was 35.65 yuan/head, and the profit from purchasing piglets for farming was a loss of 84.37 yuan/head [26]. - Muyuan Co., Ltd. decided not to sell commercial pigs to secondary fattening customers [27]. - It is expected that the soybean imports will be 12 million tons in June, 9.5 million tons in July, and 8.5 million tons in August [28]. - As of the week of May 27, about 17% of US soybean - growing areas and 23% of US corn - growing areas were affected by drought [31]. - As of May 31, the 2024/25 Brazilian soybean harvest rate was 99.8% [31]. - As of the week of June 1, the US soybean good - to - excellent rate was 67%, and the planting rate was 84% [31]. - As of the week of May 29, the US soybean export inspection volume was 268,343 tons [31]. - At the end of March, Indonesia's palm oil inventory decreased by 213,000 tons compared with February, and the March production increased by 7% year - on - year [32]. 7. Financial Markets - Many institutions are avoiding 30 - year US Treasury bonds and choosing short - term bonds. US Treasury yields rose across the board, and the US junk - bond default rate in May hit a 15 - month high [38]. - European bond yields generally rose [39]. - The US dollar index fell 0.75% in late New York trading. Non - US currencies mostly rose. Morgan Stanley predicts that the US dollar will fall by about 9% by the middle of next year [42]. 8. Upcoming Economic Data and Events - Economic data to be released include Australia's Q1 current account, China's May Caixin Manufacturing PMI, etc. [45]. - Events to occur include China's central bank's 830 billion yuan of 7 - day reverse repurchase expiring, the RBA's release of the June monetary policy meeting minutes, etc. [47]

Market Overview - The New York stock market experienced fluctuations with the three major indices closing higher on June 2, 2023, despite initial declines due to trade tensions and negative data [1] - The Dow Jones Industrial Average rose by 35.41 points to close at 42,305.48, an increase of 0.08%; the S&P 500 gained 24.25 points to finish at 5,935.94, up 0.41%; and the Nasdaq Composite increased by 128.85 points to close at 19,242.61, a rise of 0.67% [1] Sector Performance - Among the eleven sectors of the S&P 500, ten sectors saw gains while one sector declined. The Energy and Technology sectors led the gains with increases of 1.15% and 0.89%, respectively, while the Industrial sector fell by 0.24% [1] Economic Indicators - The final manufacturing index for May was reported at 52, slightly below the initial estimate of 52.3 but above April's 50.2 [2] - The Institute for Supply Management reported a manufacturing index of 48.5 for May, which was below the market expectation of 49.1 and April's 48.7 [2] - Construction spending in April decreased by 0.4% month-over-month, contrary to market expectations of a 0.4% increase, with March's figure revised from -0.5% to -0.8% [2] Company-Specific Movements - Cleveland-Cliffs, a steel company in Ohio, saw its stock price surge by 23.16% following the announcement of increased tariffs on steel and aluminum, while U.S. Steel Corporation's stock experienced a slight decline of 0.54% [3]

Group 1 - The core viewpoint is that some European Central Bank (ECB) officials believe the interest rate cut in April effectively brought forward the anticipated rate cut originally scheduled for June [1][2][3] - The ECB's meeting minutes indicate that recent events have convinced officials that cutting rates now provides a safeguard against negative outcomes and avoids adding uncertainty during periods of market volatility [1][3] - The market currently estimates a 90% probability of a rate cut next month, with expectations for another cut later this year, bringing the ECB's deposit rate down to 1.75%, which aligns with the lower bound of the neutral interest rate range [1][3][4] Group 2 - ECB officials view eurozone inflation as "close to its end," although trade tensions may suppress prices in the short term [4][5] - The minutes from the meeting express increased confidence among committee members that inflation will return to target in the medium term, suggesting that deflationary forces may dominate in the short term [5] - Some decision-makers believe that tariffs could be a long-term source of inflation, with the potential for trade shocks to trigger inflation beyond the short term due to the disruptive effects on global value chains [5]

Market Overview - The New York stock market experienced a significant rebound on April 22, with all three major indices closing higher, recovering from previous losses. The Dow Jones Industrial Average rose by 1016.57 points to close at 39186.98, a gain of 2.66%. The S&P 500 increased by 129.56 points to 5287.76, up 2.51%, while the Nasdaq Composite gained 429.52 points, closing at 16300.42, a rise of 2.71% [1]. Sector Performance - All eleven sectors of the S&P 500 index saw gains, with the financial sector leading the way with a rise of 3.28%, followed closely by the consumer discretionary sector at 3.23%. The consumer staples sector had the smallest increase at 1.61% [1]. Investor Sentiment - Fiona Cincotta, a senior analyst at a brokerage firm, noted that during crises, asset prices tend to correlate closely. Although the U.S. economy has not reached crisis levels, the correlation among U.S. assets is rapidly increasing in the current environment [1][2]. Asset Behavior - Over the past two weeks, there has been a synchronized decline in U.S. equities (S&P 500), U.S. Treasury futures, and the U.S. dollar index, indicating a broad willingness among investors to sell U.S. assets regardless of their risk profiles. This reflects a systemic rejection of the U.S. government's economic strategy [2]. Company Performance - Tesla's stock price increased by 4.6% on the day, closing at $237.97 per share, ahead of its quarterly earnings report [3].