Core Points - The article discusses the impact of tariff uncertainties on the market, highlighting a slight increase in the US dollar and mixed performance in European stock indices [1][5] - A legal challenge to Trump's tariff agenda has been reported, with a US appellate court reinstating the tariff policy, providing the Trump administration with some relief [1][2] - Concerns about "stagflation and tariffs" are causing a decline in market risk appetite [1][2] Market Performance - European stock indices opened mixed, with the Euro Stoxx 50 down 0.02%, while the German DAX rose 0.1% and the UK FTSE 100 increased by 0.24% [3][5] - The 10-year US Treasury yield remained stable at 4.41% [4][5] - The S&P 500 futures showed little change, while the Nasdaq 100 futures fell by 0.1% [5] Currency and Commodity Movements - The US dollar index increased by 0.21% to 99.54 points, while the euro fell by 0.2% against the dollar to 1.1349 [5][8] - Gold prices decreased by 0.5% to $3,295.62 per ounce, and West Texas Intermediate crude oil fell by 0.2% to $60.79 per barrel [5]

Group 1 - The core viewpoint of the news is that the recent US-China trade negotiations have reached significant consensus, leading to short-term optimism in the market, with US stock futures rising and both the US dollar and offshore RMB strengthening [1][2][5] - The offshore RMB appreciated nearly 200 points, indicating a positive market reaction to the trade talks [5] - The S&P 500 and Nasdaq 100 futures rose over 1% during the Asia-Pacific trading session, reflecting increased risk appetite among investors [2] Group 2 - There is a notable decline in risk aversion, as evidenced by a 3.6 basis point increase in the yield of the 10-year US Treasury bonds and a drop of over $40 in gold prices [6] - Market participants are awaiting the details of the joint statement expected on May 12, which will be crucial for sustaining the current optimism [1] - Analysts express caution, suggesting that while there is a tendency for risk-taking, confidence may remain fragile until specific details from the negotiations are disclosed [1]