Market analysis on March 1

Last night's PCE (personal consumption expenditure) data did not exceed market expectations, which had a positive impact on the US stock market. The S&P 500 index and NASDAQ index rebounded to record highs, while the three major US stock indices closed for four consecutive months. Among them, the S&P 500 index and the Dow Jones Industrial Average recorded the best performance in the first two months of the year in five years. Against this backdrop, the chip stock index and AI concept stocks showed a sharp rebound. Nvidia rose nearly 2%, and C3.ai rose more than 20% after the earnings report. Nvidia's performance in January and February was particularly outstanding, both up more than 20%.

The German stock market continued to maintain its strong momentum, reaching record highs for seven consecutive days and rising for four consecutive months. Federal Reserve Governor Waller is seen as a strong candidate for the next Federal Reserve Chairman. This prediction is based on his accurate judgment on the direction of the US economy in the past and his influence within the Federal Reserve.

After the PCE data was released, the price of US Treasury bonds rose, yields fell, and the two-year yield hit a new low in a week. The US dollar index rebounded after a new daily low, approaching a one-week high. The price of Bitcoin fell sharply in the intraday period, ending a two-year high, but the cumulative increase in February exceeded 40%, the biggest monthly increase in more than three years.

Crude oil prices fell for two consecutive days, but Brent crude oil futures prices and US natural gas prices both recorded two consecutive monthly increases in February. The price of gold rose after PCE data was released, and futures closed at a four-week high. Despite this, the price of gold fell for two consecutive months.

In the Chinese market, the Shanghai Composite Index rose nearly 2% to reach the 3,000 mark. Both the micro capitalization index and semiconductor industry chain stocks rose sharply, and the net purchase amount of northbound capital in a single day reached a seven-month high. Chinese securities listed in the US generally declined, but the cumulative increase in February was more than 10%. NetEase and Baidu each experienced a decline after the earnings report, while Xiaopeng Motors and NIO Auto respectively rose sharply. The offshore renminbi rose sharply in the intraday period and recovered at 7.21, thus ending more than a week's low.

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