Market analysis for September 16

U.S. August PPI data shows continued cooling inflation, while unexpectedly, first-time jobless claims rose last week, leading the market to slightly raise expectations for aggressive rate cuts by the Federal Reserve. This optimistic outlook drove a broad rally in U.S. stocks, with technology stocks performing particularly well, helping the S&P 500 index achieve four consecutive gains. Nvidia's stock price rose nearly 2%, while Oracle hit a new high in after-hours trading. Meanwhile, Adobe fell over 10% in after-hours trading due to disappointing earnings guidance. Nio Inc and Xpeng also fell by over 5% each.

In terms of macroeconomic data, U.S. August PPI increased by 1.7% year-on-year, hitting a new low since February this year, though slightly above expectations on a monthly basis. The number of initial jobless claims last week reached 0.23 million, higher than market expectations, marking the first increase in three weeks.

In the bond market, the results of the 30-year U.S. bond auction showed relatively weak demand, especially compared to short-term U.S. bonds. The yield curve between 2-year and 10-year U.S. bonds also ended its continuous days of inversion.

In the European market, as expected, the European Central Bank once again cut the benchmark interest rate by 25 basis points, while also signaling that rates will remain at restrictive levels. This decision led to a decline in European bond markets, particularly with the 2-year German bond yields rising more than 7 basis points, while the euro rebounded from a four-week low.

In the commodity market, hurricanes disrupted oil production and refining activities in the Gulf of Mexico, driving up U.S. crude oil prices by 3.7% at one point. Gold prices rose nearly 2%, reaching a record high. Other precious metals such as palladium and copper prices also rose by over 4% and 1.4% respectively, with the latter marking the largest gain in two months.

In the foreign exchange market, the offshore renminbi appreciated by more than 120 points against the US dollar, breaking the 7.12 yuan barrier. The yen also performed strongly, breaking through the 142 level and approaching the year's high. Bitcoin rose by more than 1% to reach a one-week high of over $0.058 million.

In the Asian market, the three major A-share indexes fluctuated, with liquor stocks falling, including a 3.26% drop in Kweichow Moutai. Treasury futures showed divergent trends, with continued rebound in black assets. Wu Qing, chairman of the China Securities Regulatory Commission, stated that it will support enterprises in developing and growing through stock and bond financing and futures risk management, while taking various measures to activate the mergers and acquisitions market.

Risk warning and disclaimer: The market carries risks, and investment needs to be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances.

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