Financial Daily: Global stock markets were mixed, Nasdaq hit a record high; focus today on China's GDP data!

- Hotspot Focus

– The US government expressed optimism about reaching an agreement with Iran to end the war, while warning that if Iran continues its resistance, it will face more severe economic pressures.

– US President Trump stated that if Fed Chair Powell does not resign from his position as a Fed governor after his term ends, he will be fired.

– The Fed's Beige Book report showed that uncertainty brought by the Middle East conflict has led US businesses to adopt a wait-and-see approach.

Content compiled by 'Harbor Family Office,' a subsidiary of Henry Jia Group. It does not constitute any investment or trading advice. Stay tuned.

- Stock Market

[US Market] The three major US stock indexes were mixed, with the S&P 500 and Nasdaq hitting new all-time highs.

Markets are anticipating the resumption of talks between the US and Iran later this week, along with strong earnings reports from several large companies, spreading optimism in the market. The three major US stock indexes were mixed, with both the S&P 500 and Nasdaq hitting record highs, marking the Nasdaq’s 11th consecutive gain.

At the close, the S&P 500 was up 0.80% at 7,022.95 points, a new record high; the Nasdaq rose 1.60% to 24,016.017 points, also a record high; the Dow Jones Industrial Average fell 0.15% to 48,463.72 points. The VIX volatility index dropped 1.03% to 18.17 points. The network stock index ETF gained over 2%, and the technology sector ETF rose about 1.6%.

The index of the seven major US tech stocks closed up 2.22%, with Tesla surging 7.62%, Microsoft rising over 4.6%, Apple closing up nearly 3%, Meta, Google A, and NVIDIA all gaining over 1%, while Amazon fell 0.21%. The Nasdaq Golden Dragon China Index closed up 0.75% at 7,068.97 points. Among popular Chinese stocks, Pony AI rose about 7.8%, Baidu gained 2.2%, Alibaba rose 1.5%, and Tencent gained less than 1%. In individual stocks, Oracle rose about 4.2%, Microsoft gained over 4.5%, and Taiwan Semiconductor fell 1.21%.

[European Markets] European major indices generally declined on Wednesday.

On Wednesday, most major European indices closed lower, with only Germany’s main index posting a slight gain. By the close, the pan-European STOXX 600 Index fell 0.43% to 617.27 points, and the pan-European STOXX 50 Index dropped 0.74% to 5,940.34 points.

Germany’s DAX 30 Index rose 0.09% to 24,066.70 points; France’s CAC 40 Index fell 0.64% to 8,274.57 points; and the UK’s FTSE 100 Index dropped 0.47% to 10,559.58 points.

[Asian Markets] Asian stock markets generally trended higher on Wednesday.

Asian stock markets generally moved higher, with South Korea's main index rising over 2%. By the close, Japan’s Nikkei 225 Index gained 0.44% to 58,134.24 points, and Japan’s TOPIX Index rose 0.40% to 3,770.33 points. South Korea’s KOSPI Index surged 2.07% to 6,091.39 points.

[Hong Kong Market] Hong Kong shares opened higher but retreated; all three major indices closed with gains

Hong Kong stocks opened higher on Wednesday but gradually gave back gains, with the three major indices closing in positive territory. By the close, the Hang Seng Index rose 0.29% to 25,947.32 points, the Hang Seng TECH Index climbed 1.23% to 4,911.79 points, and the Hang Seng China Enterprises Index increased 0.54% to 8,718.26 points. Sector-wise, pharmaceuticals performed strongly across the board. Quanxin Bio-B surged over 8.5%, while Wuxi JUNO-B and MicroPort Robotic-B both gained over 7%. This was largely due to the 'Several Opinions on Improving the Drug Pricing Mechanism,' issued by the General Office of the State Council on April 14, which outlined 14 key measures to lay a solid foundation for the development of the pharmaceutical industry. Declining oil prices reduced costs for airlines, leading to gains in most airline stocks. China Eastern Airlines rose over 3.5%, and Air China closed up 2.26%.

[A-Share Market] A-share indices diverged, with the ChiNext Index dropping more than 1%.

The performance of A-shares diverged, with the Shenzhen Component Index and ChiNext Index opening higher before falling, while the Shanghai Composite Index remained flat compared to the previous trading day. By the close, the Shanghai Composite Index edged up 0.01% to 4,027.21 points, the Shenzhen Component Index fell 0.97% to 14,498.45 points, and the ChiNext Index dropped 1.22% to 3,514.96 points. Supported by favorable policies, the innovative drug sector performed strongly, continuing to rise after midday. BrightGene Biomedical and Huaren Health surged 20%, while Kangenbei, Hisun Pharmaceuticals, and Double-Crane Pharmaceuticals hit their daily limit. The commercial aerospace concept continued its rally from the previous trading day, with Aerospace Engineering, Shenjian Shares, and others hitting their daily limit. The computing power rental concept also showed strong activity, with Xiechuang Data surging over 12% to reach an all-time high. Oil and gas stocks fell as crude oil and other commodity futures prices declined, with Meinneng Energy hitting its daily downside limit.

– Bonds

[U.S. Treasuries] U.S. Treasury yields moved higher

US Treasury yields rebounded but trimmed gains in late trading. At the New York close, the US 10-year Treasury yield rose 3.16 basis points to 4.2795%, while the US two-year Treasury yield increased 1.65 basis points to 3.7614%.

[Non-US Bond Markets] European government bond yields generally rose.

European government bond yields generally rose on Wednesday. At the close of European trading, Germany's 10-year government bond yield rose by 2.0 basis points to 3.043%, while the two-year government bond yield increased by 0.3 basis points. The UK's 10-year government bond yield rose by 3.4 basis points to 4.814%, and its two-year government bond yield climbed by 1.8 basis points. France’s 10-year government bond yield increased by 2.4 basis points to 3.682%.

[China Bond Market] Mixed performance in government bond futures on Wednesday

Government bond futures were mixed on Wednesday, with long-term bonds experiencing a pullback. By the close, the 30-year main contract fell by 0.04%, the 10-year main contract rose by 0.07%, the five-year main contract gained 0.08%, and the two-year main contract increased by 0.04%.

– Foreign exchange

[US Dollar] The US dollar index continued its downward trend, with the ICE US dollar index falling by 0.08%

The US dollar index continued its downward trend. By the end of New York trading, the ICE US dollar index was down slightly by 0.08% at 98.047 points, while the Bloomberg US dollar index also dropped by 0.08% to 1,192.34 points.

[Non-US currencies] The Japanese yen fell slightly

By the close of New York trading, the US dollar rose 0.12% against the yen to 158.96 yen, while the British pound fell slightly by 0.04% against the US dollar to 1.3558 dollars.

[Renminbi] The US dollar against offshore renminbi was quoted at 6.8181 yuan

By the close of New York trading, the US dollar against offshore renminbi rose by 73 points compared to the previous trading day’s close, reaching 6.8181 yuan. The onshore renminbi fell by 32 points against the US dollar compared to the previous night session closing price, settling at 6.8188 yuan.

[Cryptocurrency] The cryptocurrency market strengthened, with Ethereum rising about 2%

The virtual currency market strengthened on Wednesday, with Bitcoin experiencing volatile upward movement, rising about 1%, hovering near $74,500 in late New York trading; Ethereum rose approximately 2%.

– Product

[Energy] US crude oil futures prices increased slightly by 0.01%

Oil prices fluctuated widely on Wednesday before closing near the previous trading day's level as the market awaited the outcome of renewed talks between the US and Iran. In late New York trading, US crude oil futures rose slightly by 0.01%, settling at $91.29 per barrel.

[Precious Metals] The metals market was mixed, with spot gold falling below $4,800

Precious Metals:Gold prices declined, with spot gold falling 1.08% to $4,789.13 per ounce in late New York trading; US gold futures fell 0.74% to $4,814.20 per ounce.

Metals Futures Market:The metals market was mixed, with spot silver falling nearly 0.8% to $78.93 per ounce; US silver futures dropped 0.35% to $79.260 per ounce. US copper futures fell about 0.1% to $6.1370 per pound, while spot platinum rose 0.34% and spot palladium fell approximately 1.2%.

[Disclaimer]

The content above is provided by Harbor Family Office (hereinafter referred to as "Harbor Family Office"), sourced from market information gathered from various channels. Neither Harbor Family Office nor its group members participated in preparing the content, nor did they explicitly or implicitly endorse or approve it. This article is for reference only and does not constitute any investment or trading advice. Investment involves risks. Readers should independently evaluate and judge this information and are advised to consult professionals before making any investment or trading decisions. Without authorization, no one may reproduce, copy, or publish the content in whole or in part to the public in any manner. Copyright belongs to Harbor Family Office and relevant providers.

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