Market Overview - Wall Street experienced modest midday gains as investors reacted to President Trump's trade policy developments, particularly the three-month suspension of the planned 25% tariffs on Chinese imports, including critical components like GPUs and solar panels [1] - Small-cap stocks outperformed large-cap stocks, driven by positive labor market indicators, with job openings rising by 191,000 to 7.391 million, exceeding expectations [2] - The Russell 2000 index increased by 1.9%, while the S&P 500 rose by 0.7%, indicating strong performance in small-cap stocks [3] Sector Performance - The energy sector saw significant gains, with WTI light crude oil prices reaching $63.6 per barrel, the highest in two weeks, amid supply concerns related to Russia [5] - The Energy Select Sector SPDR Fund outperformed, rising by 1.7%, while the Real Estate Select Sector SPDR Fund lagged, decreasing by 0.5% [6] Notable Stock Movements - Dollar General Corp. experienced a notable increase of 14% following stronger-than-expected earnings and a positive outlook, marking its best performance since going public in 2009 [3] - Other stocks reacting positively to earnings included Signet Jewelers Ltd., which rose by 10%, and Ferguson Enterprises Inc., which increased by 14% [8] - Kenvue Inc. led S&P 500 losses, dropping 6.8% after warnings of weaker second-quarter shipments due to inventory cuts amid tariff uncertainties [8]

Core Viewpoint - The recent credit ratings outlook for Hong Kong from major agencies such as Fitch, S&P, and Moody's reflects a stable assessment, with Moody's upgrading its outlook, indicating Hong Kong's robust credit reliability amidst global trade tensions [1] Economic Resilience - Hong Kong's credit rating performance demonstrates its economic resilience and positive expectations, serving as a "vote of confidence" in its status as an international financial center [1] - The Hong Kong government asserts that the financial system remains stable, with an active capital market and a thriving new stock market, showcasing global investor confidence in Hong Kong [1] Development Opportunities - The ongoing high-quality development in China is seen as providing greater development opportunities and momentum for Hong Kong [1] - There is a strong invitation for international businesses to invest in Hong Kong, aiming for mutual development and shared prosperity [1]

Core Insights - The fourth China-Central and Eastern European Countries Expo & International Consumer Goods Fair will take place in Ningbo from May 22 to 25, 2025, showcasing Ningbo's economic resilience and commitment to openness [1][2] - The expo will feature over 400 exhibitors presenting more than 8,000 products across a 20,000-square-meter area, expecting to attract 15,000 professionals, including over 3,000 foreign buyers, marking record highs in various metrics [3] Economic Performance - Ningbo's total import and export value reached 1.42 trillion yuan in 2024, a year-on-year increase of 11.1%, ranking among the top five cities in China for foreign trade for the first time since the 21st century [5] - From January to April 2025, Ningbo's total import and export value was 472.45 billion yuan, a year-on-year increase of 8.2%, with high-tech product imports growing by 18.1% and electronic product imports surging by 38.4% [6] Private Sector Dynamics - Ningbo's private sector is a significant contributor to its foreign trade-oriented economy, being the third city in China to have a private enterprise foreign trade scale exceeding one trillion yuan [7] - Private foreign trade enterprises in Ningbo have enhanced competitiveness through technical advancements and a shift to a global market layout, adapting to a dual circulation model that includes both domestic and international markets [9] Trade Growth and Innovations - From January to April 2025, Ningbo's private enterprises reported an import and export value of 365.44 billion yuan, a 12.3% increase, contributing 9.1 percentage points to the city's overall growth [10] - Ningbo is leveraging its role as a pilot area within the China (Zhejiang) Pilot Free Trade Zone, implementing institutional innovations to enhance foreign economic and trade cooperation [12] Strategic Initiatives - The theme of the expo emphasizes innovation, practical outcomes, and future-oriented cooperation, reflecting Ningbo's development as a high-energy open stronghold [13]