Group 1 - The recent rise in gold prices is attributed to renewed risk aversion driven by geopolitical tensions and concerns over U.S. fiscal health, with gold surpassing $3,300 per ounce [1][2] - The U.S. government's trade policies, particularly the proposed tariffs on the EU, have negatively impacted U.S. stock indices, leading to a decline in major tech stocks [2] - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, reflecting growing concerns over U.S. fiscal stability, which has increased demand for gold as a safe-haven asset [2][4] Group 2 - Copper and oil prices have also risen significantly due to geopolitical risks and a weakening dollar, with WTI crude oil settling at $61.53 per barrel and Brent crude at $64.78 per barrel [3] - OPEC+ is expected to announce an increase in production, which may influence oil prices further, while the copper market has seen a price increase of over 5% in May [3] - The short-term impact of U.S. tariffs on metal exports is becoming evident, but low inventory levels are providing some support for metal prices [4]

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.61% at 41,603.07 points, the S&P 500 down 0.67% at 5,802.82 points, and the Nasdaq down 1% at 18,737.21 points [1] - Popular tech stocks experienced declines, with Apple dropping over 3%, and Nvidia, Microsoft, Google, and Meta each falling over 1% [1] - European stock indices also closed lower, with the German DAX down 1.54% at 23,629.58 points, the French CAC40 down 1.65% at 7,734.4 points, and the UK FTSE 100 down 0.24% at 8,717.97 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 1.90% at $3,357.70 per ounce and COMEX silver futures up 1.27% at $33.64 per ounce [1] - International oil prices strengthened, with the main US oil contract rising 0.92% to $61.76 per barrel and Brent crude rising 0.92% to $65.03 per barrel [1] - London base metals saw an overall increase, with LME lead up 1.22% at $1,994.00 per ton, LME copper up 1.19% at $9,614.00 per ton, and LME aluminum up 0.41% at $2,466.00 per ton [1] Bond Market - US Treasury yields fell across the board, with the 2-year yield down 0.43 basis points at 3.982%, the 10-year yield down 2.26 basis points at 4.506%, and the 30-year yield down 0.29 basis points at 5.038% [1] - European bond yields also declined, with the UK 10-year yield down 6.8 basis points at 4.679%, the French 10-year yield down 6 basis points at 3.258%, and the German 10-year yield down 7.6 basis points at 2.565% [1]

金十数据5月24日讯，美股周五收盘，道指初步收跌0.61%，标普500指数收跌0.67%，纳指跌1%。明星 科技股飘绿，苹果(AAPL.O)收跌3.02%，英伟达(NVDA.O)跌1.16%。核电概念股走强，Oklo Inc涨 23.1%、NANO Nuclear Energy涨30.07%。美国钢铁(X.N)涨21.61%，特朗普称美国钢铁和日本制铁同意 建立"计划中的合作伙伴关系"，美国钢铁将留在美国。 美股收盘：三大股指均收低 美国钢铁涨逾21% ...

金十数据5月23日讯，美股三大股指低开，道指跌1.1%，标普500指数跌1.2%，纳指跌1.5%。科技股全 面走低，苹果(AAPL.O)跌3.3%，特朗普威胁对苹果征税。英伟达(NVDA.O)跌2.2%，亚马逊(AMZN.O) 跌2.2%，特斯拉(TSLA.O)跌1.4%。罗斯百货跌超8%，公司撤回年度指引。 美股大幅低开 苹果跌3% ...

Group 1 - The core viewpoint of the articles emphasizes the importance of global asset allocation, particularly highlighting the potential of emerging markets as a counterbalance to the high valuations and risks associated with major tech stocks in developed markets [1][3]. - Morgan Stanley has upgraded its rating on emerging market stocks to "overweight," indicating a bullish stance and suggesting that these markets could provide significant investment opportunities, especially as they have underperformed developed markets by 40% over the past four years [1][2]. - Emerging market stocks have shown a notable recovery this year, with Indonesia's index rising by 10% and India's SENSEX30 increasing by 7%, outperforming the A500 index [1][2]. Group 2 - The report highlights that the forward P/E ratio for emerging market stocks is 12.4 times, significantly lower than the 19.1 times for developed markets, suggesting a potential for capital inflow as global investors currently have low exposure to these markets [1][2]. - The article points out that trade volumes within emerging markets have reached historical highs, with China exporting more to Southeast Asia than to the U.S., indicating a shift in trade dynamics [5]. - Specific opportunities are identified in markets like India, which has a large untapped mobile data user base, and Indonesia, where the digital economy is poised for significant growth due to its geographical characteristics [5].

Market Overview - On May 19, US stock indices experienced slight gains, with the Dow Jones Industrial Average, Nasdaq, and S&P 500 rising by 0.32%, 0.02%, and 0.09% respectively [3] - Major US tech stocks mostly increased, although the Wind US Tech Seven Index fell by 0.09%. Notable individual stock movements included Microsoft rising over 1%, while Apple and Tesla fell by over 1% and 2% respectively [5][6] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index declining by 0.17%. Among Chinese stocks, Donis rose over 19% and Hesai Technology increased by over 10% [5] Precious Metals - International precious metal futures generally rose, with COMEX gold futures increasing by 1.41% to $3232.2 per ounce, and COMEX silver futures rising by 0.44% to $32.495 per ounce [9] - As of May 20, gold and silver futures showed slight declines [9] Oil Prices - International oil prices saw an increase, with ICE Brent crude rising by 0.11% and NYMEX WTI crude increasing by 0.08% [11][12] US Treasury Yields - The 30-year US Treasury yield surpassed 5% during trading on May 19, influenced by Moody's downgrade of the US sovereign credit rating, which also affected US stock index futures. The 10-year Treasury yield also crossed 4.5% [14]

Group 1 - Moody's downgraded the US government's credit rating from "Aaa" to "Aa1" due to significant increases in government debt over the past decade and higher interest payment ratios compared to similarly rated countries [1][6] - The market reaction to this downgrade was relatively muted compared to the 2011 S&P downgrade, as investors were more prepared for the change [1][6] - Following the downgrade, the S&P 500 and Nasdaq indices experienced minor declines but recovered by the end of the trading day, indicating a more stable market response [6] Group 2 - The rise in US Treasury yields poses a greater risk to tech stocks than the credit rating downgrade itself, with the 10-year Treasury yield reaching 4.57% and the 30-year yield surpassing 5% [6] - Despite the challenges, the AI trend is providing a positive boost to the tech sector, with major cloud service providers planning to increase investments in AI infrastructure [6] - Five of the "Magnificent Seven" tech giants reported strong earnings in Q1, and investor confidence is improving, partly due to temporary tariff reductions announced by former President Trump [7]

图 / 新华社 据央视新闻报道，当地时间1 6日，美国联邦储备委员会主席杰罗姆·鲍威尔向员工发送的一份 备忘录显示， 美联储计划在未来几年内裁减约1 0%的员工。 这一举措旨在与总统特朗普精简 联邦政府的整体政策保持一致。 美股收涨，穆迪下调美国主权信用评级 周五（5月1 6日），美国股市高开高收，三大指数集体收升， 标普连涨第五天，道指收复年 内所有跌幅。 截至收盘，道琼斯指数涨0 . 7 8%，年内变化由跌转涨，该指数今年一度累跌约 1 4%。 据 央 视 新 闻 报 道 ， 国 际 信 用 评 级 机 构 穆 迪 1 6 日 宣 布 ， 由 于 美 国 政 府 债 务 和 利 率 支 付 比 例 增 加， 该机构决定将美国主权信用评级从Aa a下调至Aa 1， 同时将美国主权信用评级展望从"负 面"调整为"稳定"。 来 源 | 2 1财经客户端、央视新闻、财联社 SFC 本期编辑 刘雪莹 21君荐读 周线上看， 道指本周累涨3 . 4 1%，标普累涨5 . 2 7%，纳指累涨7 . 1 5%。 纳指领涨主要源于科 技股表现强劲，英伟达本周累涨1 6 . 0 7%，Me t a累涨8 . 0 8%，苹果累 ...

宏观数据提振降息预期，市场目前预测美联储今年将降息两次，美元继续走弱，而日元和瑞士法郎走高。美债收益率继续下滑超3 个基点。 另外，美股指数期货几近持平，欧股开盘小幅走高，亚太股市表现分化，日股、韩股小幅上涨，而越南股指跌约1%。 股市方面，美股三大指数期货几近持平，道指期货涨约0.05%，而标普500指数期货跌约0.01%，纳指100期货跌约0.07%。 | = US 30 | 42,343.00 | 42,349.50 | 42,252.00 | +20.30 | +0.05% | | --- | --- | --- | --- | --- | --- | | = US 500 | 5,916.40 | 5,920.90 | 5,904.10 | -0.50 | -0.01% | | 트 US Tech 100 | 21,321.60 | 21,354.60 | 21,269.00 | -14.20 | -0.07% | Union Bancaire Privee的董事总经理Vey-Sern Ling表示："现在市场有点缺乏方向，在周末美中关税争端缓和后，市场需要新的催化 剂，并期待本周中国科技股财报能够 ...

在美股近期快速反弹之后，华尔街大行最新警告，市场再次回撤风险大。 据追风交易台消息，高盛在5月15日发布的研报中称，尽管关税谈判释放积极信号，市场信心有所恢复，但这并不意味着风险已经消除。 报告指出，特朗普政府的有效关税水平仍然远高于4月2日宣布所谓"对等关税"前的水平，且美股市场仍然面临高估值、市场集中度和增长放缓等风险。 在4月初，美股市场剧烈动荡，标普500指数下跌近20%，纳斯达克下跌23%。随着美英宣布贸易协议，再加上中美贸易谈判远超预期，市场信心恢复，美 股也反弹走高。 高盛认为，这表明4月初的熊市是事件（特朗普关税）驱动型的，主要是由外部冲击引发。 当下风险是否消失？ 报告指出，尽管关税消息令人欣慰，但是高关税仍然存在，增长将会放缓。在美国，关税影响是通胀性的，且仍存在高度不确定性。 而且高盛认为，美联储可能不太愿意降息，现在他们预计美联储开始三次降息的时间将晚于之前预期(12月而非7月)。因此高盛在报告中指出： 尽管在暴跌之后，股市随后调整异常迅速，符合"事件驱动型"熊市特征，但这类熊市的典型走势在初始下跌后通常在一段时间内保持平稳。如 果遵循这种典型模式，近期上行空间可能有限，市场可能面临再 ...