Financial Daily: US employment data exceeded expectations, most of the three major US stock indexes closed lower; how is the global market reacting?

- Focus

– The average daily trading volume of the US stock market in January surpassed $1 trillion for the first time in history.

– A Dutch court has ordered an investigation into Nexperia

– US added 130,000 jobs in January, surpassing market expectations of 65,000, with the unemployment rate dropping to 4.3%

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- Stock Market

[US Market] US January employment data exceeded expectations; most of the three major US stock indexes closed lower

The US January employment report surpassed market expectations, lowering expectations for a near-term Fed rate cut. Large-cap US tech stocks showed weakness, and concerns over AI-driven disruptions across industries continued to spread, gradually extending from software to financial and real estate services, weighing on the overall US stock market performance. Most of the three major US indexes closed lower, with the S&P 500 Index remaining nearly flat.

At the close, the S&P 500 Index was nearly flat compared to the previous trading day, closing at 6,941.47 points; the Nasdaq Composite fell 0.16% to 23,066.467 points; the Dow Jones Industrial Average dropped 0.13% to 50,121.40 points. The VIX volatility index rose 2.48% to 17.79.

The index of the seven giants of US technology stocks fell 0.57%, with Tesla rising 0.8%, Amazon falling 1.34%, and Alphabet A and Microsoft both dropping more than 2%. The Nasdaq China Golden Dragon Index fell 0.65% to 7,834.34 points. Among popular Chinese stocks, WeRide fell 5.5%, NetEase dropped about 4%, and Xiaomi gained 3.9%.

[European Market] European main indexes were mixed on Wednesday, with the UK index closing at a record high

On Wednesday, European main indexes were mixed, with the UK index closing at a record high. At the close, the pan-European STOXX 600 Index rose 0.10% to 621.58 points, while the pan-European STOXX 50 Index fell 0.19% to 6,035.64 points.

Germany's DAX 30 Index fell 0.53% to 24,856.15 points; France's CAC 40 Index dropped 0.18% to 8,313.24 points; the UK FTSE 100 Index rose 1.14% to 10,472.11 points.

[Asian Market] Japan's stock market was closed on Wednesday, while South Korea's index rose by 1%

The Japanese stock market was closed on Wednesday, while the South Korean stock index rose by 1%. By the close, the South Korean KOSPI index gained 1.00%, reaching 5,301.69 points after a low opening and volatile trading.

【Hong Kong Market】Hong Kong stocks opened higher and continued to rise, with the three major indexes all closing higher

Hong Kong stocks opened higher on Wednesday and continued to fluctuate at high levels, with all three major indexes closing in positive territory. The Hang Seng Tech Index rose by 0.9%. By the close, the Hang Seng Index was up 0.31% at 27,266.38 points; the Hang Seng Tech Index climbed 0.90% to 5,499.99 points; and the Hang Seng China Enterprises Index gained 0.28% to 9,268.18 points. In terms of sectors, most tech stocks rebounded, with Bilibili rising over 5%, and NetEase and Meituan closing higher. Semiconductors declined, with SMIC falling 2.17% and Hua Hong Semiconductor dropping 1.68%. Pop Mart led the losses on the Hong Kong stock market, down 5.49%, while China Life Insurance fell nearly 4%.

[A-share Market] A-shares showed divergent performance throughout the day, with mixed gains and losses among the three major indexes.

A-shares showed divergent performance throughout the day, with mixed gains and losses among the three major indexes. The Shanghai Composite Index extended its winning streak to seven trading days, while the ChiNext Index fell more than 1%. By the close, the Shanghai Composite Index rose 0.09% to 4,131.99 points; the Shenzhen Component Index fell 0.35% to 14,160.93 points; and the ChiNext Index dropped 1.08% to 3,284.74 points. In terms of sectors, the fiberglass and glass sector performed strongly, with International Refractory surging 20%, and Honghe Technology, Zhongcai Technology, China Jushi, and Shandong Fiberglass among others hitting their daily limits. The energy metals sector strengthened, with GEM Co., Ltd. hitting the daily limit; non-ferrous metals also performed well, with Zhongtung High-Tech among others hitting the daily limit. Film concept stocks collectively adjusted downward, with Hengdian Film, Golden Harvest Film, and others hitting the lower limit; education, tourism and hospitality, and aerospace sectors saw significant declines.

– Bonds

[US Bonds] US bond yields fell, with the 10-year Treasury yield rising 2.77 basis points.

US bond yields rose, quickly reversing from losses after the employment data release. In New York trading late hours, the 10-year US Treasury yield rose 2.77 basis points to 4.1704%; the two-year US Treasury yield climbed 5.79 basis points to 3.5099%.

[Non-US Bond Markets] Yields on 10-year European government bonds generally declined.

On Wednesday, the 10-year European government bond yields generally fell. At the end of European trading, the German 10-year bond yield dropped 1.6 basis points to 2.792%; the UK 10-year bond yield fell 3.0 basis points to 4.476%; the French 10-year bond yield decreased 2.7 basis points to 3.380%, and the Italian 10-year bond yield fell 1.4 basis points.

[China Bond Market] On Wednesday, government bond futures generally fluctuated upwards.

On Wednesday, government bond futures generally fluctuated upwards. By the close, the 30-year main contract rose 0.05%, the 10-year main contract increased 0.06%, the 5-year main contract rose 0.05%, and the 2-year main contract remained unchanged.

– Foreign exchange

[US Dollar] The US Dollar Index edged slightly higher on Wednesday, with the ICE US Dollar Index at 96.860 points.

The US Dollar Index experienced strong intraday volatility on Wednesday, followed by a slight increase. At the New York close, the ICE US Dollar Index rose by 0.06% to 96.860 points, while the Bloomberg US Dollar Index fell by 0.09% to 1,181.41 points.

[Non-US Currencies] The US dollar showed mixed performance against most major currencies, with the yen continuing its upward trend.

The US dollar had mixed results against major global currencies, with the yen continuing its upward momentum. At the New York close, the US dollar fell 0.83% against the yen to 153.12 yen. The euro dropped 0.18% against the dollar, the pound declined 0.14% against the dollar, and the dollar rose 0.42% against the Swiss franc.

[Renminbi] The US dollar against offshore renminbi was quoted at 6.9095 yuan.

At the New York close, the US dollar against offshore renminbi fell by 26 points compared to the previous trading day's close, quoted at 6.9095 yuan. Onshore renminbi against the dollar increased by 68 points compared to the previous trading day's closing price, quoted at 6.9140 yuan.

[Cryptocurrencies] The cryptocurrency market continued its weak performance.

On Wednesday, the cryptocurrency market continued its weak performance. At the New York close, Bitcoin fell about 1.2%, and Ethereum dropped over 2%.

– Product

[Energy] Crude oil futures prices rise

Oil prices rose as investors awaited developments in the current tensions between the United States and Iran. At the close of the US stock market, Brent crude oil futures increased by approximately 0.87%, settling at $69.40 per barrel, while US crude oil futures rose by approximately 1.05%, settling at $64.63 per barrel.

[Precious Metals] The precious metals market rebounded, with silver prices rising over 4%.

Precious Metals:Gold prices fluctuated higher on Wednesday. At the New York close, spot gold increased by 1.06%, quoted at $5,078.98 per ounce, while US gold futures rose by 1.48%, quoted at $5,105.43 per ounce.

Metals Futures Market:Precious metals rebounded broadly, with silver surging over 4%. At the New York close, spot silver rose 4.20% to $84.2080 per ounce; US silver futures climbed 4.42% to $83.935 per ounce. US copper futures increased approximately 1.27% to $5.9885 per pound, spot platinum advanced 2.48%, and spot palladium gained 0.61%.

[Disclaimer]

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