Core Points - The U.S. government shutdown has officially ended, leading to a rally in global stock markets, with the S&P 500 futures and European stock futures approaching historical highs [1][2] - Investors are now focused on the uncertainty surrounding delayed economic data due to the shutdown, which could impact the Federal Reserve's future interest rate decisions [2][7] - Gold prices have risen for five consecutive days, reaching over $4220 per ounce, as expectations of potential interest rate cuts by the Federal Reserve grow [3][6] Market Reactions - U.S. stock futures have recovered losses, with the Nasdaq 100 futures up by 0.3% and the S&P 500 futures up by 0.2% [6] - European and Asian stock markets also showed positive movements, with the Euro Stoxx 50 futures up by 0.3% and Japan's Nikkei 225 index rising by 0.4% [6] - The 10-year U.S. Treasury yield increased by 2 basis points to 4.09%, indicating a shift in investor sentiment [6] Economic Data Concerns - The prolonged government shutdown has created a significant "data vacuum," complicating economic forecasts for investors and policymakers [2] - Key economic indicators, including employment data and the Consumer Price Index (CPI) for October, are delayed, raising concerns about the accuracy of market pricing [2] - Analysts warn that political risks remain, with potential for another funding impasse in February [2] Federal Reserve Outlook - There is a growing expectation that the Federal Reserve may consider interest rate cuts in December, contingent on the release of economic data [7] - Some Federal Reserve officials express caution, with Boston Fed President Susan Collins advocating for maintaining current interest rates due to strong economic growth [7] Trade Developments - Positive signals have emerged regarding trade negotiations, with the EU preparing to propose a plan to implement a trade agreement with the U.S. [8] - The Japanese yen is under pressure, with concerns about the new government's ability to support its currency through intervention [8] Commodity Market Movements - Gold prices have reached their highest level since October 21, reflecting investor sentiment amid economic uncertainty [3][6] - Oil prices have stabilized after experiencing significant declines, with WTI prices around $58 per barrel [8]

Core Viewpoint - Investors are closely monitoring the latest developments in trade negotiations, with progress reported in talks between the US and multiple countries, alongside inflation data reinforcing expectations for a Federal Reserve rate cut this week, leading to increased market risk appetite and record highs for major US stock indices [1] Market Performance - On Monday, the Dow Jones Industrial Average rose by 0.71%, the S&P 500 increased by 1.23%, and the Nasdaq Composite gained 1.86%, all reaching historical highs [1] - Among the eleven sectors of the S&P 500, nine sectors saw gains while two sectors declined, with the communication services and technology sectors leading the way [1] Notable Stock Movements - In the technology sector, Nvidia's stock rose over 2.8%, Tesla's stock increased by more than 4%, and Apple's stock climbed over 2%, achieving a historic closing high with a market capitalization nearing $4 trillion [1] - Chinese concept stocks in the US also experienced a positive trend, with the Nasdaq Golden Dragon China Index rising approximately 1.6% [1]

Group 1: Report Information - Report Name: PTA Daily Report [1] - Date: May 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: On the 12th, the closing price of PTA's main futures contract TA2509 was 4,710 yuan/ton, up 142 yuan/ton or 3.11%. The settlement price was 4,638 yuan/ton, and the daily open interest increased by 36,095 lots. The TA2505 contract closed at 4,826 yuan/ton, up 150 yuan/ton, with a trading volume of 39,828 lots, a decrease of 1,328 lots [6]. - Market Outlook: Due to the progress in trade negotiations, the rise in crude oil prices, the recovery in downstream polyester sales, and the continuous inventory reduction of PTA, positive factors are concentrated, and the PTA market is expected to rise [6]. Group 3: Industry News - Crude Oil: The market expects the easing of trade tensions between China and the US. The UK announced a "breakthrough" in the US trade agreement, and international oil prices continued to rise. On May 9, the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $61.02 per barrel, up $1.11 or 1.85%. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $63.91 per barrel, up $1.07 or 1.70% [7]. - PX: The evaluated price of the PX market in China was $784 - 786 per ton, unchanged from the previous trading day. The evaluated price of the PX market in South Korea was $764 - 766 per ton, also unchanged. Affected by the progress in Sino - US trade relations, the oil market continued to rise. However, due to the Vesak Day holiday in Singapore, there were no reported transactions [7]. - PTA: The price of PTA in the East China market was 4,819 yuan/ton, up 97 yuan/ton. The average daily negotiation basis was a premium of 181 yuan/ton over the futures 2509 contract, up 27 yuan/ton [7]. Group 4: Data Overview - Figures: The report includes figures such as international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, processing margins, downstream product inventories, PTA warehouse receipts, polyester factory load rates, and downstream product prices [11][15][18]