Financial Daily: Taiwan Semiconductor's earnings report ignites a rebound in US stocks, yields on US Treasuries rise across the board!

- Focus

– Multiple European countries send military personnel to Greenland; White House says this action will not affect Trump’s views on the region

– The United States and Taiwan have reached a trade agreement, with most reciprocal tariffs reduced to 15%.

– Kansas City Fed President Esther George stated there is currently little justification for interest rate cuts.

Content compiled by the 'Harbor Family Office' under Henry Group. It does not constitute any investment or trading advice. Stay tuned.

- Stock Market

[US Market] The three major U.S. stock indexes closed higher on Thursday, with Taiwan Semiconductor's earnings report boosting the U.S. stock rebound.

Taiwan Semiconductor's impressive earnings report boosted market sentiment, with Taiwan Semiconductor surging over 4%, bringing fragile tech stocks back into focus. A broad rise in chip stocks drove the rebound in U.S. indexes. Additionally, the banking sector rebounded after Goldman Sachs and Morgan Stanley reported strong earnings results. All three major U.S. indexes closed higher, led by gains in semiconductor, global aviation, and regional banking sectors.

At the close, the S&P 500 Index rose 0.26% to 6,944.47 points; the Nasdaq Composite Index gained 0.25% to 23,530.022 points; and the Dow Jones Industrial Average increased 0.60% to 49,442.44 points. The VIX volatility index rose 4.82% to 16.75. In individual stocks, Goldman Sachs rose 4.6%, and Morgan Stanley climbed 5.8%.

The U.S. tech giants' index rose 0.21%, with Alphabet A shares falling 0.91%, NVIDIA climbing approximately 2.1%, Meta rising 0.86%, and Tesla dropping 0.14%. The Nasdaq China Golden Dragon Index fell 0.60% to 7,809.82 points. Among popular Chinese stocks, Tencent Music dropped about 4.9%, and Kingsoft Cloud declined approximately 4.6%.

[European Market] Most major European stock indexes closed higher on Thursday, with the pan-European index continuing to hit record highs.

Most European stock markets closed higher on Thursday, with the pan-European index continuing to hit record highs. The pan-European STOXX 600 Index rose 0.49% to 614.57 points, continuing its record high close; the pan-European STOXX 50 Index gained 0.60% to 6,041.14 points, hitting another record closing high.

Germany’s DAX 30 Index rose 0.26% to 25,352.39 points; France’s CAC 40 Index fell 0.21% to 8,313.12 points; and the UK’s FTSE 100 Index climbed 0.54% to 10,238.94 points.

[Asian Market] Japanese stock indexes were mixed, while South Korean indexes surged over 1.5%.

Japanese stock indices were mixed on Thursday, while the South Korean KOSPI index rose over 1.5%. By the close, the Nikkei 225 fell 0.4% to 54,110.50 points; the TOPIX index rose 0.7% to 3,668.98 points. The South Korean KOSPI index closed up 1.58% at 4,797.55 points.

[Hong Kong Market] Hong Kong's three major indices collectively closed lower.

Hong Kong's three major indices collectively closed lower on Thursday. By the close, the Hang Seng Index fell 0.28% to 26,923.62 points; the Hang Seng Tech Index dropped 1.35% to 5,828.35 points; and the Hang Seng China Enterprises Index declined 0.52% to 9,266.86 points. Semiconductors surged in late trading, with SMIC rising more than 3% and Huahong Semiconductor climbing over 6%; Ctrip fell over 19%, and Alibaba dropped more than 2%.

[A-Share Market] China’s three major indices ended mixed

China's A-share three major indices ended mixed on Thursday. By the close, the Shanghai Composite Index fell 0.33% to 4,112.60 points; the Shenzhen Component Index rose 0.41% to 14,306.73 points; and the ChiNext Index gained 0.56% to 3,367.92 points. In sector performance, precious metals, lithography machines, phosphorus chemicals, and battery sectors led gains; commercial aerospace stocks saw a pullback, with several high-flying stocks like China Satellite, Aerospace Power, and Zhide Buy hitting limit-downs. AI applications, digital currencies, and brain-computer interface sectors posted notable declines.

– Bonds

[US Bonds] US Treasury yields collectively rose, with the 10-year Treasury yield up 3.15 basis points.

US Treasury yields collectively increased. Following the release of US unemployment data, Treasury yields accelerated upward. In New York trading late session, the 10-year Treasury yield rose 3.15 basis points to 4.1635%; the 2-year Treasury yield climbed 5.24 basis points to 3.5620%.

[Non-US Bond Markets] European government bond yields were mixed

European government bond yields were mixed on Thursday. In European late trading, Germany’s 10-year government bond yield fell 3 basis points to 2.82%; Germany’s 2-year government bond yield rose 1 basis point to 2.09%; and the UK’s 10-year government bond yield increased 4.8 basis points to 4.388%.

[China Bond Market] Government bond futures were mixed on Thursday.

Government bond futures were mixed on Thursday. By the close, the 30-year main contract fell 0.08%, the 10-year main contract rose 0.11%, the 5-year main contract gained 0.09%, and the 2-year main contract was up 0.04%.

– Foreign Exchange

[Dollar] The US dollar index strengthened, with the ICE Dollar Index at 99.337 points.

The US dollar index strengthened on Thursday. Following a decline in initial jobless claims, investors expect the Federal Reserve to keep interest rates unchanged in the coming months. In New York late trading, the ICE Dollar Index rose 0.28% to 99.337 points; the Bloomberg Dollar Index climbed 0.07% to 1,211.49 points.

Non-US currencies: The US dollar rose against major currencies, with the dollar up 0.13% against the yen.

On Thursday, the US dollar rose against major currencies. In late New York trading, the dollar was up 0.13% against the yen at 158.603 yen. The euro fell 0.27% against the dollar to 1.1606 dollars, and sterling fell 0.45% against the dollar.

Renminbi: The offshore dollar-yuan exchange rate stood at 6.9632 yuan.

In late New York trading, the offshore dollar-yuan exchange rate fell by 69 points from Wednesday's close to 6.9632 yuan. The onshore renminbi gained 36 points against the dollar from the previous trading day’s close, standing at 6.9698 yuan.

Cryptocurrencies: The cryptocurrency market turned lower, with Bitcoin falling more than 2%.

After several days of consecutive gains, the cryptocurrency market turned lower. In late New York trading, the price of Bitcoin fell more than 2%, to $95,514; Ethereum dropped about 2.2%, to $3,297.

- Commodities

Energy: Crude oil futures prices plummeted, ending a five-day rally.

Oil prices plunged, ending a five-day winning streak, as US President Trump said the situation inside Iran was easing, reducing investor concerns over a drop in Iranian crude supply. Brent crude futures fell about 4.15%, settling at $63.76 per barrel; US crude futures dropped about 4.56%, settling at $59.19 per barrel.

Precious Metals: Safe-haven sentiment eased, pausing the rise in precious metals prices.

Precious Metals:Market safe-haven sentiment eased, slowing the rise in gold prices. In late New York trading, spot gold prices fell approximately 0.24%, to $4,615.19 per ounce; US gold futures dropped 0.37%, to $4,618.40 per ounce.

Metals Futures Market:In late New York trading, spot silver fell 0.80% to $92.4120 per ounce, after dropping below $90 at one point; US silver futures declined 0.91% to $92.220 per ounce. US copper futures dropped 1.07% to $5.9910 per pound; spot platinum rose 0.50%, while spot palladium fell 0.45%.

[Disclaimer]

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