金十数据5月8日讯，市场分析师表示，市场正在发生变化。但问题在于，引发这种波动的可能更多是特 朗普有关贸易政策的言论，而不是美联储的任何动作。部分原因可能是由于股市下跌，投资者重新将美 债视为避险资产，推动国债价格上涨。 分析师：特朗普才是此时市场震荡的背后推手 ...

美联储官员们普遍强调，需要观望上个月实施的贸易政策将如何影响经济。较低的借贷成本往往对黄金 有利，因为黄金不支付利息。 周图：金价本周开盘直接反弹走强收复上周跌幅，也暗示前周的见顶形态利空压力依然出尽，布林带保 持向上延伸，5-10周均线保持向上排列，附图指标多头信号再度转强，看涨前景良好，本周目前也如期 反弹上探布林带上轨目标位置，且整体看涨趋势良好，仍将有望继续上行。 摘要周三(5月7日)国际黄金受到今日凌晨印巴局势陡然升级的影响，小幅高开至3437.49美元，但随即转 回撤走低，截至发稿金价暂报3375.94美元/盎司，跌幅1.62%，受到美联储决议公布前的短线获利了 结，以及美元指数开盘明显反弹走强的压力。但仍不改后市进一步的走强前景，故此，目前的回撤，也 是进场看涨的良好机会。 周三(5月7日)国际黄金受到今日凌晨印巴局势陡然升级的影响，小幅高开至3437.49美元，但随即转回撤 走低，截至发稿金价暂报3375.94美元/盎司，跌幅1.62%，受到美联储决议公布前的短线获利了结，以 及美元指数开盘明显反弹走强的压力。但仍不改后市进一步的走强前景，故此，目前的回撤，也是进场 看涨的良好机会。 今年以来 ...

Core Viewpoint - Deutsche Bank anticipates that the Federal Reserve will maintain its current interest rate range of 4.25-4.50% while awaiting the impact of recently implemented trade policies on economic growth and inflation [1] Interest Rate Projections - The Federal Reserve is expected to lower rates by 8 basis points in June and 24 basis points in July, totaling a reduction of 78 basis points by the end of the year [1] - For the following year, a total reduction of 113 basis points is projected by June 2026 and 118 basis points by December 2026 [1]

市场由此对世界两大经济体达成协议充满乐观预期。不过，中方明确表示，不会为达成协议而牺牲原则 立场和国际公平。受此影响，美元对多数主要货币汇率上涨。 在南亚地区，巴基斯坦称击落五架印度战机，并俘虏多名印度士兵，以此回应印度周三早些时候发动的 军事打击。通常情况下，两个拥核邻国之间爆发战争的可能性会推动黄金价格上涨，但在当前阶段，贸 易谈判带来的乐观情绪抵消了由此产生的避险需求。 智通财经APP获悉，尽管印巴军事冲突不断升级，但中美贸易谈判传来积极信号，市场避险情绪骤减， 黄金价格随之暴跌，终结了此前连续两日的涨势。 在过去两个交易日累计飙升近6%后，现货黄金价格当日跌幅一度高达1.6%。自唐纳德·特朗普总统对中 国加征大规模关税以来，中美两国将首次展开谈判。5月7日早，中国外交部发布消息，何立峰副总理将 于5月9日—12日访问瑞士，期间将与美方牵头人美国财长贝森特举行会谈。 今年以来，受特朗普激进的贸易政策和地缘政治举措冲击，市场陷入剧烈动荡，投资者纷纷涌入黄金市 场避险，推动金价累计飙升近30%。4月，黄金价格更是触及每盎司3500美元以上的历史高位，不过在 最近几周有所回落。此外，中国市场的投机性需求以及各 ...

智通财经5月7日电，橡树资本联席首席执行官Armen Panossian表示，由于担心特朗普政府的贸易政策 会损害经济和投资环境，客户们正在讨论将其对美国的敞口削减最高达10%。Panossian在米尔肯研究院 全球会议间隙表示，美国投资者更倾向于相信关税协商会在造成太大损害之前完成，而非美国投资者则 对美国声誉受损感到不安。 橡树资本联席CEO：公司投资人正在讨论削减对美国的敞口 ...

Financial Data and Key Metrics Changes - The company generated revenue of $40 million for Q1 2025, a decrease from $42.9 million in Q1 2024, primarily due to lower services activity [17] - Adjusted EBITDA for Q1 2025 was $4.5 million, up from $3.7 million in Q1 2024, reflecting improved performance in the fabrication division [17] - The services division revenue decreased by 22% year-over-year to $19.9 million, while the fabrication division revenue increased by 21% to $20.7 million [17][18] Business Line Data and Key Metrics Changes - Services Division: Revenue decreased to $19.9 million, with EBITDA of $2.1 million (10.4% of revenue), down from $3.3 million (13.1% of revenue) in the prior year [18] - Fabrication Division: Revenue increased to $20.7 million, with adjusted EBITDA rising to $4.5 million, compared to $2.5 million in the prior year [18][19] - Corporate Division: EBITDA loss was $2 million, slightly improved from a loss of $2.1 million in the previous year [19] Market Data and Key Metrics Changes - The company is experiencing extended decision cycles for new project awards due to macroeconomic uncertainty, particularly affecting the fabrication business [12] - Customers in the Gulf of America are targeting lower capital spending levels in 2025 due to reduced demand for crude oil [13] Company Strategy and Development Direction - The company remains committed to its strategic framework focused on profitable growth, operational efficiency, and capital deployment to drive shareholder value [7][14] - Recent strategic initiatives include entering a financing arrangement with ENGlobal Corporation and pursuing growth in cleaning and environmental services [9][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term market opportunities despite short-term challenges due to macroeconomic uncertainties and trade policies [12][22] - The company anticipates a significant decline in Q2 results compared to Q1, with potential operating losses of $1 million to $2 million during the integration of ENGlobal [20][22] Other Important Information - The company ended Q1 2025 with a cash and short-term investments balance of over $67 million, maintaining a strong liquidity position [19] - The acquisition of ENGlobal is expected to provide strategic benefits, including diversification into new end markets and enhancing existing service offerings [11][22] Q&A Session Summary Question: Can you discuss the customer base of ENGlobal and potential new customers? - Management noted that ENGlobal serves many onshore customers, while the company primarily serves offshore clients, providing broader reach and access to new markets [25][26] Question: Are customers inquiring about domestic fabrication capabilities due to tariff uncertainties? - Management confirmed that some customers are considering domestic options for LNG projects due to uncertainties around tariffs and supply chains [28][29] Question: What are the reasons for delays in LNG projects? - Management indicated that the delays are primarily related to minimizing overall costs rather than issues with off-take agreements [31][32]

Group 1: Hot News - The US economy contracted for the first time since 2022 in Q1, with annualized inflation-adjusted GDP down 0.3%, far below the average growth rate of about 3% in the past two years. Net exports dragged GDP by nearly 5 percentage points, and consumer spending grew at only 1.8%, the weakest since mid-2023. Business equipment spending was the only bright spot, growing at an annualized rate of 22.5% [3] - In April, China's manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month. Non-manufacturing PMI and composite PMI were 50.4% and 50.2% respectively, remaining in the expansion range. High-tech manufacturing and related industries continued to expand, and manufacturing enterprises focusing on domestic sales had stable production and operations [3] - The US and Ukraine jointly created the Ukraine Reconstruction Investment Fund. The ownership and control of resources in Ukraine remain with Ukraine. The fund will be jointly managed by the two countries with a 50:50 ratio, and neither has a dominant voting right. The fund will be filled entirely by new license revenues [4] - OPEC+ announced that 8 participating countries will increase production by 411,000 barrels per day in June. The gradual increase may be suspended or reversed depending on market conditions [4] - US employment growth was strong in April, with non-farm payrolls increasing by 177,000 (expected 130,000), and the unemployment rate remaining stable at 4.2%, indicating that the uncertainty of Trump's trade policy has not significantly affected recruitment plans [4] Group 2: Commodity Market - The capital proportions of different commodity sectors are as follows: non-metallic building materials 2.52%, precious metals 29.74%, oilseeds 12.51%, soft commodities 3.18%, non-ferrous metals 19.54%, coking coal and steel minerals 12.98%, energy 2.70%, chemicals 12.36%, grains 1.91%, and agricultural and sideline products 2.56% [5] - Key commodities to focus on include urea, crude oil, plastic, glass, and lithium carbonate [6] Group 3: Asset Performance - The daily, monthly, and annual percentage changes of major indices are as follows: Shanghai Composite Index -0.23%, 0.00%, -2.17%; SSE 50 -0.47%, 0.00%, -1.92%; CSI 300 -0.12%, 0.00%, -4.18%; CSI 500 0.48%, 0.00%, -1.64%; S&P 500 0.15%, 1.46%, -3.93%; Hang Seng Index 0.51%, 1.74%, 12.19%; Germany DAX 0.32%, 3.77%, 17.26%; Nikkei 225 0.57%, 2.18%, -7.68%; UK FTSE 100 0.37%, 1.19%, 5.18% [8] - The performance of major commodities shows different trends, such as WTI crude oil -3.69% daily, -1.63% monthly, -20.41% annually; London spot gold -0.85% daily, -1.45% monthly, 23.49% annually; LME copper -3.34% daily, 2.64% monthly, 6.65% annually [8]

Group 1 - The 28th ASEAN Plus Three (10+3) Finance Ministers and Central Bank Governors Meeting was held in Milan, discussing global and regional macroeconomic conditions and financial cooperation [1] - The Hong Kong Monetary Authority sold a total of HKD 116.614 billion over three days to stabilize the Hong Kong dollar exchange rate, ensuring the effectiveness of the linked exchange rate system [1] - President Trump announced a 100% tariff on all foreign-produced films entering the U.S. market as part of a broader trade strategy aimed at negotiating new trade agreements with multiple countries [1] Group 2 - California Governor Gavin Newsom stated that the Trump administration's tariff policies have significantly harmed California, but the state remains committed to maintaining long-term trade relations with China [2] - The U.S. Bureau of Labor Statistics reported an increase of 177,000 non-farm jobs in April, with the unemployment rate remaining unchanged at 4.2% [2] - Eurozone inflation levels remained stable, and the manufacturing Purchasing Managers' Index (PMI) showed improvement, indicating a gradual recovery in the European economy [2] Group 3 - Japan's official unemployment rate for March was reported at 2.5%, slightly above expectations [3] Group 4 - The Dow Jones Industrial Average fell by 0.24% to 41,218.83 points, the S&P 500 dropped by 0.64% to 5,650.38 points, and the Nasdaq Composite decreased by 0.74% to 17,844.24 points [4] Group 5 - COMEX gold futures rose by 3.09% to USD 3,343.50 per ounce, while COMEX silver futures increased by 1.29% to USD 32.68 per ounce [5] Group 6 - U.S. crude oil main contract fell by 1.82% to USD 57.23 per barrel, and Brent crude oil main contract decreased by 1.55% to USD 60.34 per barrel [6] - The 2-year U.S. Treasury yield rose by 1.86 basis points to 3.8302%, the 5-year yield increased by 2.1 basis points to 3.9376%, the 10-year yield rose by 3.5 basis points to 4.3433%, and the 30-year yield increased by 4.67 basis points to 4.8336% [6] - The U.S. dollar index fell by 0.25% to 99.79, while the euro rose by 0.14% against the dollar to 1.1316 [6]

Core Viewpoint - Gold prices are expected to trade in the range of $3200 to $3350 ahead of the Federal Reserve meeting, influenced by a weaker dollar and anticipation of trade policy clarity between the U.S. and its trading partners [1] Group 1 - Gold prices strengthened on Monday due to a softening dollar, as investors await clearer trade policies [1] - Tim Waterer, Chief Market Analyst at KCM Trade, indicated that gold prices may continue to fluctuate within the $3200 to $3350 range before the Federal Reserve meeting [1] - Any new developments regarding trade agreements could lead to increased volatility in gold prices [1]

当地时间5月3日，伯克希尔·哈撒韦年度股东大会在美国召开。现年94岁的伯克希尔·哈撒韦公司首席执 行官、被称为"股神"的沃伦·巴菲特宣布，计划于2025年底退休。他还在现场回答关于美国关税政策问 题，指出美国不应该"将贸易当作武器"。2023年11月，南都记者曾在巴菲特好友查理·芒格去世时梳理 两人相识故事，他们还曾在2010年时到广东深圳参观车企。 据悉，当地时间5月3日，被誉为"投资界春晚"的伯克希尔·哈撒韦年度股东大会在美国内布拉斯加州奥 马哈召开。现年94岁的伯克希尔·哈撒韦公司首席执行官沃伦·巴菲特出席会议。 2010年9月27日下午3点半，巴菲特和芒格乘坐专机降落深圳宝安机场。当天，他们参观了比亚迪位于深 圳的总部公司和生产工厂。 工厂里，巴菲特、芒格和比尔·盖茨乘坐着绿色的导游小车，衣着都很简便。巴菲特穿着一件颜色艳丽 的紫色Polo衫，上印着车企的标志，芒格则是一身低调的白衬衫，敞着领口。 当时，巴菲特、芒格和比尔·盖茨还在该广东车企内拍摄了一张纪念合影。他们站在这家公司一辆当时 最新款的汽车旁，竖起大拇指，笑容满面。在他们背后的大屏幕上，写着"Build Your Dream"。 当地时间2 ...