Financial Daily: Middle East tensions triggered oil prices to break above $100, US tech stocks collectively closed lower, VIX fear index surged over 12%!

- Focus

– The International Energy Agency's monthly report stated that the Middle East war would lead to the largest oil supply disruption in global history.

– Iran’s new Supreme Leader spoke for the first time since taking office, stating that Iran will continue to fight and use the blockade of the Strait of Hormuz as leverage against the US and Israel.

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- Stock Market

[US Market] All three major US stock indexes fell over 1.5%

Escalation of conflicts in the Middle East, oil prices closing above $100 per barrel, and large-scale redemptions in the private credit market have jointly driven up market panic. The VIX panic index surged over 12%, while all three major US stock indexes fell by more than 1.5%. Large-cap technology stocks generally declined.

At the close, the S&P 500 Index fell 1.52% to 6,672.62 points; the Nasdaq Composite Index dropped 1.78% to 22,311.979 points; the Dow Jones Industrial Average declined 1.56% to 46,677.85 points. The VIX panic index rose 12.63% to 27.29 points. Chip, S&P Industrials, and banking sector ETFs led the declines in the US stock market.

The index of the seven major US tech giants fell 1.68%, with all its components closing lower. Tesla fell 3.14%, Meta dropped 2.55%, Apple slid nearly 2%, Google A, and NVIDIA fell more than 1.5%. The Nasdaq Golden Dragon China Index dropped 1.03% to 7,094.61 points. Among popular Chinese concept stocks, Pony AI fell more than 4.5%, Li Auto and Tencent dropped over 2%, Alibaba slid about 1.5%, and PDD Holdings fell approximately 1.3%. On an individual stock basis, Adobe plunged about 7% due to weakening business performance and the CEO's announcement of impending departure.

[European Market] Major European national indices fell on Thursday, with the STOXX 600 dropping below the 600-point mark

On Thursday, major European national indices continued their downward trend from the previous trading session. At the close, the pan-European STOXX 600 Index fell 0.61% to 598.86 points; the pan-European STOXX 50 Index dropped 0.79% to 5,748.89 points.

The German DAX 30 Index fell 0.21% to 23,589.65 points; the French CAC 40 Index declined 0.71% to 7,984.44 points; the UK FTSE 100 Index dropped 0.47% to 10,305.15 points.

[Asian Market] Asian stock markets generally fell on Thursday, with Japanese indexes dropping over 1%

On Thursday, Asian stock markets generally fell, with Japanese indexes dropping over 1%. At the close, the Nikkei 225 Index fell 1.04% to 54,452.96 points; the Japan TOPIX Index dropped 1.32% to 3,649.85 points. The South Korean KOSPI Index declined 0.48% to 5,583.25 points.

[Hong Kong Market] All three major Hong Kong stock indexes closed lower

Hong Kong stocks opened lower but rebounded on Thursday, with all three major indexes closing lower. At the close, the Hang Seng Index fell 0.70% to 25,716.76 points; the Hang Seng Tech Index dropped 0.54% to 5,027.64 points; the Hang Seng China Enterprises Index declined 0.06% to 8,699.55 points. In terms of sectors, large-cap technology stocks generally fell, with Alibaba and Baidu Group dropping over 1.1%, Tencent falling 1%, and Meituan sliding 0.9%. Oil stocks performed actively, with CNOOC surging 3.71%, hitting a record high at closing. Biopharmaceuticals, military, automotive electronics, insurance, and other sectors weakened.

A-share Market: The three major A-share indices closed lower, with the ChiNext Index falling nearly 1%.

The three major A-share indices closed lower. The Shanghai Composite Index followed a V-shaped trend and recovered most of its losses in late trading, while the ChiNext Index fell nearly 1%. At the close, the Shanghai Composite Index was down 0.10% at 4,129.10 points, the Shenzhen Component Index dropped 0.63% to 14,374.87 points, and the ChiNext Index fell 0.96% to 3,317.52 points. The coal sector performed strongly, with Zhengzhou Coal Industry closing up 10.06%, and Yanzhou Energy and Shaanxi Hei Mao hitting their price limit. The chemical sector continued its strong performance from the previous trading day, with Jin Niu Chemical and Jin Mei Technology among those hitting the price limit, and many stocks within the sector rising more than 4%. The wind power sector surged mid-session, with Shuangyi Technology closing nearly 20% higher, and Haili Wind Power and other stocks rising over 10%. Sectors such as military, precious metals, and energy equipment were among the biggest losers.

– Bonds

US Bonds: US Treasury yields continue to rise.

Due to escalating military actions by the United States, Israel, and Iran, the US's military expenditures in this operation have been continuously increasing, causing some market concerns about the long-term outlook for the US dollar and Treasuries. US Treasury yields rose, with the two-year yield climbing more than 10 basis points. In late New York trading, the US 10-year Treasury yield rose 3.3 basis points to 4.2746%, and the two-year Treasury yield climbed more than 10 basis points to 3.7637%.

Non-US Bond Markets: The 10-year European government bond yields continue to rise.

On Thursday, the 10-year European government bond yields continued their upward trend. In late European trading, Germany's 10-year government bond yield increased by 2.5 basis points to 2.957%, the UK's 10-year government bond yield rose by 8.7 basis points to 4.774%, and France's 10-year government bond yield climbed by 5.8 basis points to 3.628%.

China Bond Market: Government bond futures strengthened across the board on Thursday.

Government bond futures strengthened across the board on Thursday. At the close, the 30-year main contract rose 0.12%, the 10-year main contract increased by 0.04%, the 5-year main contract gained 0.02%, and the 2-year main contract also advanced by 0.02%.

– Foreign exchange

US Dollar: The dollar strengthened, with the ICE US Dollar Index rising 0.50%.

The US dollar strengthened, reaching a near two-month high. In late New York trading, the ICE US Dollar Index rose 0.50% to 99.750, and the Bloomberg Dollar Index gained 0.50% to 1,208.86.

[Non-US Currencies] The US dollar generally strengthened against most major currencies.

The US dollar generally rose against major global currencies, with the Australian dollar falling over 1%. In late New York trading, the dollar rose 0.30% against the Japanese yen to 159.43 yen. The euro fell 0.47% against the dollar, and the pound fell 0.50% against the dollar. The Australian dollar dropped 1.04% against the dollar, while the US dollar rose 0.34% against the Canadian dollar.

[Renminbi] The US dollar is trading at 6.8813 yuan against the offshore renminbi.

In late New York trading, the US dollar rose 46 points against the offshore renminbi compared to the previous trading day, reaching 6.8813 yuan. The onshore renminbi fell against the US dollar from the previous trading day's closing price.Dropped 52dropping 52 points to 6.8752 yuan.

[Cryptocurrency] The cryptocurrency market saw narrow fluctuations, with Bitcoin hovering near $70,000.

The cryptocurrency market experienced narrow fluctuations throughout Thursday, with Bitcoin maintaining its price near $70,000.

– Product

[Energy] Crude oil futures prices surged significantly, with Brent crude closing above $100.

Oil prices surged on Thursday, with Brent crude futures closing above $100 per barrel. In late US stock trading, Brent crude futures rose approximately 9.2%, settling at $100.46 per barrel, while US crude futures climbed 9.72%, settling at $95.73 per barrel.

[Precious Metals] Precious metals continued to decline, with US gold futures falling over 2%.

Precious Metals:Near the close in New York, spot gold prices fell 1.88% to $5,080.00 per ounce; US gold futures dropped 2.06% to $5,072.40 per ounce.

Metals Futures Market:Precious metal prices continued to decline, with spot silver falling 2.13% to $83.9060 per ounce; US silver futures dropped 2.32% to $83.550 per ounce. US copper futures fell 1.61% to $5.8130 per pound; spot platinum was down 1.74%, and spot palladium declined 1.33%.

[Disclaimer]

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