Market Inventory

On Monday, the US dollar index fluctuated downwards, briefly falling close to the 98 mark, then recovering some ground, ultimately closing down 0.13% at 98.28; the benchmark 10-year US Treasury yield ultimately closed at 4.181%, while the 2-year US Treasury yield, sensitive to Federal Reserve policy rates, closed at 3.516%.

Due to the weakening of the US dollar and the decline in US Treasury yields, spot gold briefly returned above $4,350 during the session but was unable to hold this level, retracting over $60, and ultimately closed up 0.12% at $4,305.54 per ounce; spot silver returned near historical highs, ultimately closing up 3.4% at $64.07 per ounce.

As investors assessed disruptions caused by rising tensions between the United States and Venezuela, concerns about oversupply, and the potential impact of a peace agreement between Russia and Ukraine, oil prices continued to decline. WTI crude oil ended down 1.61%, to $56.47 per barrel. Brent crude oil ended down 1.31%, to $60.63 per barrel.

All three U.S. stock indexes closed lower. The Dow fell 0.09%, the S&P 500 fell 0.16%, and the Nasdaq fell 0.59%. Broadcom (AVGO.O) fell 5.5%, Tesla (TSLA.O) rose 3.5%, and Strategy (MSTR.O) fell more than 8%. The Nasdaq Golden Dragon China Index fell 2.17%, Baidu (BIDU.O) fell nearly 5%, and Alibaba (BABA.N) fell more than 3%.

Major European stock indexes rose across the board. Germany’s DAX30 rose 0.18%; the UK’s FTSE 100 rose 1.06%; and the STOXX 50 index rose 0.56%.

Hong Kong stocks closed. The Hang Seng Index fell 1.34%, and the Hang Seng Tech Index fell 2.48%. Total market turnover reached HK$204.289 billion. Among the gainers, environmental protection, gold stocks, dairy products, online education, sports goods, and insurance stocks led the rise. On the decliners, healthcare, biotech and pharmaceuticals, chip stocks, and short-video concept stocks were among the biggest losers. Zijin Mining International (02259.HK) rose more than 7%, Chifeng Gold (06693.HK) and Li Ning (02331.HK) rose more than 5%, New Oriental (09901.HK) rose nearly 3%, and Xinhua Insurance (01336.HK) rose more than 4%. Hansoh Pharma (03692.HK) fell more than 7%, Huarong Semiconductor (01347.HK) fell more than 6%, Baidu (09888.HK) fell more than 5%, and Kuaishou (01024.HK) and SMIC (00981.HK) fell more than 4%.

China A-shares closed. After turning positive in the morning, the Shanghai Composite Index retreated again; it fell 0.55%, the Shenzhen Component fell 1.1%, and the ChiNext Index fell 1.77%. Turnover across the Shanghai and Shenzhen markets totaled 1.77 trillion yuan, shrinking by 318.8 billion yuan from the previous trading day. In terms of sector performance, stocks across the market that declined numbered nearly 3,000. The AI phone sector was weak throughout the day: Jiangbo Longyu fell more than 7% and Furong Technology fell more than 6%. The CPO sector weakened during the day; Shijia Photonics and Tengjing Technology both fell more than 10%. The semiconductor sector pulled back: Xinyuan Co., Ltd. fell more than 11%, and Chanyi Shares and Chengdu Huayi fell more than 7%. On the other hand, the dairy sector fluctuated and strengthened; several stocks hit the daily limit, including Nanjiao Food, Sun Dairy, and Junyao Health. The insurance sector performed strongly: China Ping An rose nearly 5% and China Taiping rose more than 3%. Sectors including film and television cinemas, lab-grown diamonds, and computing power leasing led the declines, while beverage manufacturing, precious metals, and liquor-related stocks led the gains.