US stocks fell Friday and the S&P 500 slipped from a record high after President Trump slapped Canada with a 35% tariff and threatened higher levies on most other nations.The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46.The Dow Jones Industrial Average lost 262 points, or 0.6%, and the Nasdaq fell 0.3% by approximately 9:30 a.m. ET.The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46. APTrump on Thursday sent Canadian Prime Minister Mark ...

Sellers are growing scarce in the US stock market, a potentially ominous sign of overconfidence as equities roar to new highs https://t.co/wFTse9HbkH ...

The bulls, bears, and everything in between Investor Sentiment: Risk-Love Optimistic, not euphoric Climbing the wall of worry Global Equity Risk-Love, which derives two-thirds of its underlying factors from Developed Markets (DM) and one-thirds from Emerging Markets (EM), continues to climb higher in the neutral zone. It is currently stationed at the 76th percentile of its history since 1987 – a reading consistent with Michael Hartnett's gauge of global cross asset risk, the Bull & Bear Indicator (see note) ...

Investment Rating - The report provides a detailed forecast for various asset classes, indicating a bearish outlook for equities and a mixed sentiment for fixed income and commodities [2]. Core Insights - The report highlights significant declines in equity indices, with the S&P 500 expected to drop by 20.7% in a bear scenario, while the MSCI Europe is projected to decline by 22.3% [2]. - The report notes that the AAII survey for Net Bulls has reached a six-month high, indicating a potential shift in market sentiment [6]. - US Quality metrics have fallen to their lowest levels since 2001, suggesting deteriorating market conditions [6][9]. Summary by Sections Equities - S&P 500 forecasted returns range from 4,900 to 7,200, with a base case return of 4.7% [2]. - MSCI Europe shows a similar trend with a forecast range of 1,610 to 2,620 and a base case return of 7.3% [2]. - Topix is projected to decline by 23.3% in a bear scenario, with a base case return of 5.0% [2]. Fixed Income - UST 10-year yields are forecasted to range from 2.85% to 4.35%, with a base case return of 12.1% [2]. - US Investment Grade (IG) credit is expected to yield excess returns of -0.1% in a bear scenario [2]. Commodities - Brent crude oil is projected to have a bear case return of -23.6%, with a base case return of -8.3% [2]. - Gold is expected to decline by 20.6% in a bear scenario, with a base case return of -6.5% [2]. Market Sentiment - The Market Sentiment Indicator (MSI) reflects a negative sentiment shift, with various indicators showing increased volatility and negative positioning [55][62]. - The report indicates a significant divergence in positioning among asset managers, hedge funds, and dealers across different markets [62]. Cross-Asset Correlations - The report notes that cross-asset correlations have increased, with equities showing a correlation of 71% and credit at 82% [73]. - The correlation between equity and rates is notably negative at -7%, indicating a potential decoupling of these asset classes [73].

Group 1 - The document provides information regarding the total number of voting rights and shares as mandated by French commercial law and the regulations of the French market authority (AMF) [2] - The theoretical voting rights encompass all voting rights, including those with double voting rights [3]

Let's talk about the stock market today, hitting another record, wrapping up a big comeback in the second quarter for stocks this year. Look at this. The S&P at an all-time high.Same for the NASDAQ, by the way. Both indices ending the quarter with double digit gains. So, hey, not bad for your 401k or whatever you're invested in.The market seem to be liking some good news on trade with Canada scrapping this tax that it had planned on US tech companies. It was supposed to go into effect today. It's not.That's ...

Market Overview - The report focuses on updates regarding the US stock market [1]

Investment Rating - The report maintains an "Overweight" (OW) position on cash, equities, credit, and bonds, while being "Underweight" (UW) on commodities for the next three months [3][21]. Core Insights - Emerging Market (EM) equities have shown resilience despite tariff uncertainties, with a projected earnings growth of 10% to 11% for CY 2025/26, which is 2-3 percentage points higher than previous forecasts [2][6]. - The S&P 500 had its best May performance since 1990, outperforming EM equities year-to-date, although EM equities have generally outperformed US equities in the same period [2][7]. - A weaker US Dollar is expected to support EM outperformance, as EM equities have historically benefited from a weaker Dollar [2][14]. Summary by Sections Economic Outlook - The report highlights the importance of upcoming economic data and decisions from G4 central banks, with expectations of a 25 basis point rate cut by the ECB and stable unemployment rates in the US [1][2]. Market Performance - The S&P 500's performance in May 2025 was notably strong, while EM equities have shown positive macro surprises, contrasting with muted US macro surprises [2][9]. Asset Allocation - The report suggests a diversified approach, advocating for international diversification in equities and bonds, and highlights the potential benefits of EM equity and local rates [3][6][21]. Correlation Analysis - The correlation between MSCI EM and the US Dollar has turned more positive, indicating a decoupling of EM rates from US rates, which may provide investment opportunities [16][18].

Group 1 - Since May, several companies including *ST Zhongcheng, *ST Renle, *ST Hengli, and *ST Gongzhi have announced receipt of termination of listing advance notice, indicating a trend of companies leaving the capital market [1][3] - As of May 12, 2025, a total of 10 companies have received termination of listing advance notices from the Shanghai and Shenzhen Stock Exchanges, with additional companies like *ST Puli and *ST Xulan also facing similar fates [1][3] - The new delisting regulations have been implemented, leading to the first annual report season under these rules, resulting in multiple companies being warned of delisting risks and several directly delisted [5] Group 2 - *ST Renle reported a net asset of -387 million yuan for 2023 and -404 million yuan for 2024, triggering termination of listing due to financial report issues [3] - *ST Hengli's 2023 net profit was negative, and its revenue was below 100 million yuan, leading to a delisting risk warning [3][4] - *ST Zhongcheng's 2023 net asset was also negative, and its 2024 financial report received a qualified opinion, resulting in a proposed termination of listing [3][4] Group 3 - A total of 9 companies have completed delisting in 2025, with reasons ranging from continuous low stock prices to major violations [6][7] - The companies that have delisted include *ST Meixun, Haitong Securities, and *ST Boxin, among others, with various reasons for their delisting [7][8] - The trend indicates a significant number of companies facing financial difficulties and regulatory challenges, leading to increased scrutiny and potential delisting [10] Group 4 - The Beijing Stock Exchange may see its first delisted company, with Guandao Digital and Yun Chuang Data facing delisting risks due to audit issues [9][10] - Both companies have received audit opinions that could lead to termination of listing if they continue to meet financial delisting criteria in 2025 [10] - A total of 96 companies in the A-share market have been warned of delisting risks due to various financial issues, indicating a broader trend of financial instability among listed companies [10]

Investment Rating - The report advises a balanced portfolio with high-quality, large-cap offshore internet names and A-share blue-chip consumer names [1][12]. Core Insights - A-share investor sentiment improved significantly, with the weighted Morgan Stanley A-share Sentiment Indicator (MSASI) rising by 9 percentage points to 76% [2][6]. - The People's Bank of China (PBoC) announced a monetary easing package, including a 50 basis point cut in the reserve requirement ratio (RRR) and a 10 basis point cut in the policy rate to 1.4% [11]. - High-level US-China trade negotiations are set to begin, which could lead to a gradual removal of tariffs, although a durable resolution remains uncertain [4][11]. Summary by Sections Investor Sentiment - The weighted MSASI improved to 76%, while the simple MSASI rose to 67% [2][6]. - Average daily turnover for ChiNext, A-shares, and Northbound increased by 13%, 12%, and 19% respectively compared to the previous cycle [2]. Trade Negotiations - Vice Premier He Lifeng will meet with US Treasury Secretary Scott Bessent, marking the first high-level talks since tariff escalations [4]. - Current US effective tariffs on China are at 107%, with a potential reduction to 45% by year-end [4]. Monetary Policy - The PBoC's recent easing measures include a Rmb1.1 trillion lift in relending quota and support for the stock market [11]. - The easing package exceeded market expectations and indicates further room for monetary support [11]. Market Monitoring - Key indicators to monitor include the progress of US-China talks, potential tariff pauses, and developments regarding non-tariff measures against China [13].