Financial Daily: Korean index rebounds after recording the largest single-day drop in history! With the release of the Fed's Beige Book, where is the global market heading?

- Focus

– The US sank an Iranian warship, and shipping through the Strait of Hormuz remains banned

– The Federal Reserve's Beige Book indicated a slight rebound in US economic activity, with prices continuing to rise and employment levels remaining stable

– South Korea’s stock index plummeted 12% on Wednesday but rebounded 12% in early trading on Thursday

– Putin stated that he is considering halting natural gas supplies to the European market

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- Stock Market

[US Market] All three major US stock indexes closed higher as positive economic data helped improve market sentiment

On Wednesday, the US Services PMI grew at its fastest pace in nearly four years. Combined with strong ADP employment data, this alleviated some market concerns about US inflation, boosting risk appetite. Tech stocks led gains in the US stock market, with all three major indexes closing higher. The Nasdaq rose over 1%, and the VIX panic index dropped significantly

At the close, the S&P 500 Index rose 0.78% to 6,869.50 points; the Nasdaq Composite Index rose 1.29% to 22,807.484 points; and the Dow Jones Industrial Average rose 0.49% to 48,739.41 points. The VIX panic index fell 10.27% to 21.15

The index of the seven major US tech giants rose 1.07%. Amazon rose 3.88%, Tesla rose 3.44%, Google A fell 0.15%, and Apple fell 0.47%. The Nasdaq Golden Dragon China Index rose 0.80% to 7,013.63 points. Among popular Chinese stocks, Nio rose 5.45%, Xiaomi and Pony AI gained over 4%, and NetEase and Tencent rose over 1%. Individually, Oracle rose 2.25%, Salesforce fell 1.51%, and Taiwan Semiconductor rose 1.22%

[European Market] Major European indexes rebounded on Wednesday

After several consecutive days of declines, major European stock indexes rebounded on Wednesday. At the close, the pan-European STOXX 600 Index rose 1.37% to 612.71 points, and the pan-European STOXX 50 Index rose 1.72% to 5,870.92 points

The German DAX 30 Index closed up 1.74% at 24,205.36 points; the French CAC 40 Index closed up 0.79% at 8,167.73 points; the UK FTSE 100 Index closed up 0.80% at 10,567.65 points.

[Asian Market] Asian stocks plummeted on Wednesday, with South Korean index dropping over 12%.

On Wednesday, Asian stocks were heavily affected by the rise in oil prices and the US dollar, resulting in a sharp decline. The South Korean index fell more than 12%. By the close, Japan's Nikkei 225 Index dropped 3.61% to 54,245.54 points; Japan's TOPIX Index dropped 3.67% to 3,633.67 points. South Korea’s KOSPI Index fell 12.24% to 5,083.02 points, marking its largest single-day drop ever, briefly triggering circuit breakers during trading. Thailand’s SET Index plunged 8%, prompting the Thailand Futures Exchange to temporarily halt trading of index futures.

[Hong Kong Market] Hong Kong stocks closed lower across all three major indices.

Hong Kong stocks continued to decline on Wednesday, with all three major indexes closing lower. At the close, the Hang Seng Index dropped 2.01% to 25,249.48 points; the Hang Seng Tech Index fell 0.96% to 4,829.50 points; and the Hang Seng China Enterprises Index declined 1.45% to 8,483.95 points. In terms of sectors, tech stocks generally fell, with Alibaba’s share price dropping more than 5% intraday after the announcement of a key figure leaving its large model division, before closing down 3.64%; JD.com closed down nearly 2.4%, while Baidu Group and Bilibili fell more than 1.8%. Oil stocks plummeted, with China-Hong Kong Petroleum closing down 47.19%, and Baichuan Oil Services falling 33.20%, with many stocks dropping over 10%.

[A-share Market] A-shares opened lower and closed lower, with all three major indexes declining.

A-shares opened lower and trended downward on Wednesday, with all three major indexes closing lower and the ChiNext Index falling more than 1%. By the close, the Shanghai Composite Index was down 0.98% at 4,082.47 points; the Shenzhen Component Index fell 0.75% to 13,917.75 points; and the ChiNext Index dropped 1.41% to 3,164.37 points. PetroChina opened higher early but hit the lower limit during trading, before rebounding to close up 0.68% at 13.24 yuan, making its market cap rise to second place in A-shares, just behind ICBC. The power grid equipment sector performed strongly against the trend, with Tongguang Cable and Anka Intelligent both closing up 20%; the memory concept sector rose, with Better Storage closing up 20% and Longsys Electronics rising 14.87%.

– Bonds

[US Bonds] US bond yields increased.

Strong US economic data improved risk appetite in the market, leading to an increase in US bond yields. In late New York trading, the yield on the 10-year US Treasury note rose 2.69 basis points to 4.0862%; the yield on the two-year US Treasury note climbed 2.49 basis points to 4.0843%.

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

On Wednesday, yields on 10-year European government bonds broadly declined. In late European trading, Germany's 10-year government bond yield fell 0.2 basis points to 2.750%; the UK’s 10-year government bond yield dropped 3.1 basis points to 4.439%; France's 10-year government bond yield decreased 2.0 basis points to 3.354%.

[China Bond Market] On Wednesday, most treasury futures rose

On Wednesday, most treasury futures increased, with only the 30-year bond falling. By the close, the main 30-year contract fell by 0.03%, the main 10-year contract rose by 0.05%, the main 5-year contract rose by 0.08%, and the main 2-year contract rose by 0.05%.

– Foreign exchange

[US Dollar] The US Dollar Index fell, with the ICE US Dollar Index dropping by 0.30%

The US Dollar Index fell. In late New York trading, the ICE US Dollar Index dropped by 0.30% to 98.756 points, while the Bloomberg US Dollar Index declined by 0.29% to 1,199.95 points.

[Non-US Currencies] The US dollar weakened against most major currencies

The US dollar weakened against most major global currencies. In late New York trading, the US dollar fell approximately 0.4% against the Japanese yen to 157.02 yen. The euro rose about 0.2% against the US dollar to 1.1632 dollars.

[Renminbi] The US dollar against offshore renminbi was at 6.8951 yuan

In late New York trading, the US dollar against offshore renminbi fell by 243 points from the previous trading day’s close to 6.8951 yuan. The onshore renminbi against the US dollar fell by 123 points from the previous trading day's closing price to 6.9120 yuan.

[Cryptocurrency] Cryptocurrency market rises, with Bitcoin gaining about 7.3%

On Wednesday, market risk aversion decreased as substantial funds flowed into the cryptocurrency market. Bitcoin prices rose about 7.3% to above $73,000, while Ethereum prices climbed about 8.4% to $2,148.70.

– Product

[Energy] Crude oil futures closed nearly flat

Crude oil futures closed nearly flat, with the Strait of Hormuz having been closed for five days. In the final hours of US trading, Brent crude oil futures were roughly unchanged from the previous session, settling at $81.40 per barrel; US crude oil futures rose about 0.1%, settling at $74.66 per barrel.

[Precious Metals] Precious metals rebounded broadly, with spot gold prices rising over 0.8%

Precious Metals:In late New York trading, spot gold prices increased by 0.84%, reaching $5,131.75 per ounce; US gold futures climbed 0.50% to settle at $5,149.20 per ounce.

Metals Futures Market:Precious metals rebounded broadly. In late New York trading, spot silver rose by 1.45% to $83.2039 per ounce; US silver futures gained 0.15% to close at $83.600 per ounce. US copper futures advanced 1.20%, settling at $5.9020 per pound; spot platinum surged over 3%, and spot palladium jumped more than 1.5%.

[Disclaimer]

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