Market Insights: May 8th, 2024

Commodity Market Overview:

Crude Oil and The most formal 10 yuan micro-trading platformGold:

• Prices of crude oil and gold fell after a rebound, particularly with crude oil prices nearing a seven-week low.
• Gold stocks recovered from fluctuations, with Western Gold and Xiao Cheng Technology rising over 6%, Hunan Gold over 2%, and Zijin Mining turning positive.

Metal Market:

• London zinc prices rose nearly 2%, reaching a 13-month high.
• Copper prices in London broke through the $10,000 mark again after a week, approaching a two-year high.

Other Commodities:

• Cocoa futures surged 14% during the session, marking the largest increase since 1960.

Stock Market Overview:

Chinese Market:

• Both A-shares and Hong Kong stocks experienced pullbacks, with the Hang Seng Tech Index dropping 2%, while A-shares in the military and real estate sectors witnessed a surge.
• Indexes of Chinese concept stocks listed in the US fell more than 2%, with Xpeng Motors dropping over 6%, and Li Auto more than 3%.
• The offshore yuan fell more than 100 points during the session, breaching the 7.22 level.

A-share Market Opening:

• A-shares opened lower, with the Shanghai Composite Index down 0.2%, the Shenzhen Component Index down 0.28%, and the ChiNext Index down 0.25%. Sectors such as synthetic biology and flying cars led the declines.

Stock Market Sector Trends:

• Coking coal prices initiated a fifth round of increases, leading to a rebound in the coal sector, with Jinneng Holding Coal Industry rising by 8%.
• Stocks related to cell immune therapy led gains, while real estate and precious metals sectors were underperforming.

Economic Data:

• The latest data from the U.S. Bureau of Labor Statistics shows that the number of non-farm payroll employment increased by 175,000 in April, significantly below the expected 240,000. The unemployment rate rose to 3.9%, the highest since January 2022, with the labor participation rate remaining at 62.7%.
• Former U.S. Treasury Secretary Mnuchin stated that the strong dollar is currently an advantage in helping the United States finance its substantial fiscal deficit. However, he also called for the winner of the November presidential election to lead a new initiative to control the federal debt burden.

Corporate News:

• Italy's Tod's Group has officially delisted from the Milan Pan-European Stock Exchange, with support from LVMH-owned private equity firm LCatterton.

Currency Market Situation:

• The US dollar reached a new high of 155.18 against the Japanese yen on Wednesday, up by about 0.32%. This highlights the significant interest rate differential between the US and Japan, indicating that Japan's interventions could only offer temporary relief.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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