Market Analysis on April 18th

The U.S. stock market continued to be under pressure this week, with the Nasdaq index falling by more than 1%, sliding for four consecutive days, and the S&P 500 index also unable to escape, both falling to their lowest points in nearly two months. In the technology sector, Google performed well, rising against the market, while chip stocks generally declined, with Nvidia and ASML falling by nearly 4% and 7% respectively. Meanwhile, after the release of its financial report, United Airlines surged by a substantial 17%. In the European stock market, the technology sector fell by more than 3%; however, LVMH and Adidas rose by nearly 3% and 9% respectively after their financial reports, showing strong performance in some individual stocks.

In terms of monetary policy, the New York Fed hinted that the Fed may stop reducing its balance sheet next year, with the scale expected to be reduced to $6 to $6.5 trillion. In addition, the latest Beige Book from the Fed showed that although inflation is tending to be moderate, consumers are still very sensitive to prices. In the U.S. bond market, the auction of 20-year bonds attracted strong demand, but the bid yield approached historically high levels. The yield on the 10-year U.S. Treasury note significantly fell back from a five-month high, and the U.S. dollar index also stopped its five-day upward trend.

In the commodity market, crude oil prices plummeted by more than 3%, marking the largest single-day decline in three months, while gold also retraced from its record highs over the past four days. As for metal prices, London copper and London tin prices showed some resilience, both rebounding.

In the Chinese market, despite the global market turmoil, the Chinese concept stock index continued to fall for the third consecutive day, while Xpeng bucked the trend with a nearly 4% increase. Offshore renminbi significantly appreciated, exceeding 200 points to reach a one-week high. The performance of China's A-share market was robust, with all three major indexes rising significantly. In particular, the ChiNext Index surged by 9.6%, and China Citic Bank hit the limit-up, while Hong Kong stocks also rose slightly. These market dynamics reflect investors' reactions to various economic data and policy trends, while also demonstrating the complexity and interdependence of the global financial markets.

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