Following the CPI announced on Tuesday, the US PPI growth rate was also higher than expected, indicating that inflation did not continue to cool down as expected by the market: PPI increased 0.9% year on year in January, falling short of expectations. The month-on-month growth rate accelerated to 0.3% compared to expectations, and the core PPI increased 2% year over year and 0.5% month-on-month, all exceeding analysts' expectations.

Before the PPI data was released, Atlanta Federal Reserve Chairman Bostic, who has the right to vote at the Federal Reserve's FOMC meeting this year, said that since the labor market and economy are still strong, there is no hurry to cut interest rates, it is currently unclear whether inflation will continue to fall to the Federal Reserve's target. PPI has strengthened the possibility that the Fed will not be in a hurry to cut interest rates. Market expectations of the Federal Reserve's interest rate cut have been further thwarted. Swap contract pricing shows that traders expect the Fed to cut interest rates by a total of 85 basis points this year, down more than 40% from the 150 basis points expected two weeks ago. Two weeks ago, the market expected to cut interest rates for the first time in May; now it is expected that interest rates will most likely be cut in June.

After the PPI was announced, the price of US Treasury bonds dived and yields rose intraday. The yield on the benchmark 10-year US Treasury rose above 4.30% again after Tuesday, approaching the two-month high set after the CPI was announced. The increase in interest rate-sensitive two-year US Treasury yields quickly spread to more than 10 basis points. At one point, it reached 4.70%, breaking the high level since the December Federal Reserve interest rate meeting set on Tuesday, and close to equalizing all the declines since the December Federal Reserve meeting hinted at this year's dovish shift.

After the PPI was announced, major US stock indexes, which had rebounded over the past few days, fell across the board, and S&P lost touch with the weekly excellent results of continuous gains that have been rare since 1972. The tech giant “Seven Sisters” had a sharp decline in the intraday period. Meta, which closed at a record high on Thursday, led the decline. However, Nvidia only turned down in the short term, and generally rebounded slightly after closing against the market on Thursday. The AI concept “demon stock” ultra-microcomputer (SMCI), which has continued to set record highs for more than a week, dived high in early trading. After turning down, it once fell by nearly 20% from the record high set in the market. Meanwhile, China Securities generally maintained their upward trend. The China Securities Index had a good start in the first week of the Year of the Dragon, outperforming the market for four days within a week.

On the foreign exchange market side, after the PPI was announced, the US dollar index jumped intraday and reached a new high. US stocks took back all of their gains in the intraday period, and continued to rise throughout the week, maintaining the momentum of weekly gains since the new year. At a time when the US dollar regained its gains, non-US currencies rebounded. The offshore renminbi once rebounded more than 100 points from the day's low and stood at an intraday high since the previous week. As it continued to rise on Friday, it was able to reverse the cumulative decline throughout the week, and the first week of the Year of the Dragon had a good start.

Among commodities, the upward pressure on the US dollar soared after the PPI was announced, and gold quickly fell. Spot gold fell back to the $2,000 mark on Thursday. Since then, both futures and futures have moved up in the US stock market. Although futures continued to break out of the closing low for two months, due to the sharp drop after the CPI was announced on Tuesday, the decline remained unchanged throughout the week. Basic metals, on the other hand, generally rose this week. Various basic metals, led by Lun Copper, rose on Friday. Analysts say that bearish subsidies are driving up copper prices.

International crude oil carried the pressure of the dollar's rebound and repeated Thursday's intraday rise. US oil and oil together hit new highs for more than three months. The review said that the impact of the tense situation in the Middle East is relatively greater. Crude oil continued to rise this week, and is still affected by the geographical situation. The OPEC monthly report is optimistic about the growth prospects of oil demand this year and next, and also supports the rise in oil prices. However, last week's EIA crude oil inventories announced by the US Department of Energy far exceeded expectations and hit oil prices. US Oil only closed down on Wednesday when EIA inventories were announced throughout the week. Expectations of the Federal Reserve's interest rate cut were hit, and the strengthening of the US dollar curbed the rise in oil prices.

The three major US stock indexes ended a five-week streak of gains, and the technology “Seven Sisters” fell sharply, and the China General Stock Index outperformed the market this Thursday

The three major US stock indexes fell sharply in early trading. The S&P 500 index and the Nasdaq Composite Index, which opened slightly higher, quickly turned down at the beginning of the session. The Nasdaq index fell close to 1% in early trading, nearly erased all losses in midday trading, then widened, and fell nearly 1% at the end of the session. S&P fell below 5,000 points and fell 0.6% in early trading. At the end of early trading and mid-day trading, it rose nearly 0.2% when it hit a new high in midday trading, and fell below 5,000 points and 0.6% in late trading. The Dow Jones Industrial Average, which opened low, fell nearly 190 points at the beginning of the session. It turned up at the end of early trading and midday trading. It rose more than 50 points when it hit a new high in midday trading. After turning down, the decline widened, and fell nearly 190 points at the end of the session.

In the end, all three indices closed down after two consecutive days of gains. S&P closed down 0.48% to 5005.57 points. The Dow closed down 145.13 points, or 0.37%, to 38627.99 points. The NASDAQ closed down 0.82% to 15775.65 points. If S&P had closed higher on Friday, it would have been able to rise for six consecutive weeks, and would have been rising for the 15th week in the last 16 weeks, the first good result seen in March 1972.

The small-cap stock index Russell 2000, which is mainly value stocks, closed down 1.39%, falling after two consecutive gains until closing at a high level since December 27 last year. The tech-heavy Nasdaq 100 index turned down at the beginning of the session and closed down 0.9%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 index, turned down 1.09% at the beginning of the session, falling 1.09%, falling 2.25% this week, and falling after five consecutive weeks of gains.

Most of the major stock indexes fell sharply this week. S&P fell 0.42%, the Dow fell 0.11%, the NASDAQ fell 1.34%, and the NASDAQ 100 fell 1.54%, all ending five weeks of continuous gains. Following the first week of the new year, it has declined for the second week since the beginning of 2024. Meanwhile, Russell rose 1.13% in 2000, rising for two consecutive weeks.

Among the constituent stocks of the Dow Index, Nike closed down 2.4% after announcing plans to lay off about 2% of employees and more than 1,600 people in order to cut costs. Among the major sectors of the S&P 500, materials, which rose by only 0.5% on Friday, medical care, and essential consumer goods, which rose nearly 0.2%, closed up. Communications services where Meta and Google are located fell nearly 1.6%, leading the decline. Real estate that is sensitive to interest rates fell 1%, and IT, where chip stocks are located, fell 0.8%.

A total of four S&P sectors fell this week, mainly related to tech giants. Among them, IT fell nearly 2.5%, communications services fell 1.6%, non-essential consumer goods fell nearly 0.8%, and real estate fell nearly 0.2%. Among the rising sectors, the energy and materials sectors, driven by rising commodities such as crude oil, all rose by more than 2%, utilities and finance both rose by more than 1%, and healthcare rose by about 1%.

Seven major technology stocks, including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla, closed down across the board. Tesla, which surged more than 6% on Thursday, turned down at the beginning of the session. It fell nearly 1% and closed down 0.3% in early trading. It fell to the high closing level since January 24, which was refreshed for two days. It has been rising 3.3% this week. After a sharp drop of nearly 14% in the week when the weekly earnings report was released on January 26, it continued to rise for three weeks.

Among FAANMG's six major technology stocks, Facebook's parent company Meta, which rose more than 2% on Thursday and closed down 2.2% throughout the day; the Apple market, which is said to be close to completing the development of a new AI tool, turned up in the short term, closing 0.8%, falling for five days in a row, breaking the closing low since January 5; Microsoft closed down 0.6% after the initial decline, falling for two consecutive days, breaking the closing low since February 1; after founder Bezos sold shares worth 2.03 billion US dollars, Amazon closed down nearly 0.2%, two days in a row, close to Tuesday Since February 1, when it was created The closing level was low; despite the release of the big model Gemini 1.5 Pro, Google's parent company Alphabet turned down at the beginning of the session, falling 1.5%, falling for two days in a row, breaking the closing low since January 8; Netflix, which has continuously closed since December 2021, closed down 1.6% on Wednesday and Thursday.

Most of these six technology stocks fell this week. Alphabet fell 5.6%, Microsoft fell nearly 4%, Apple fell nearly 3.5%, Amazon fell 2.8%, while Netflix rose 4% and Meta rose 1.1%.

Chip stocks, which generally reversed the market on Thursday, turned down again in the intraday market. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX rose more than 1% at the beginning of the session. After turning up in early trading, they turned down again in mid-day trading, closing down nearly 0.7% and 0.6%, respectively. This week, they have declined by nearly 0.9% and 0.7%, respectively. Among individual stocks, Nvidia, which rose 2.4% at the beginning of the session, turned down less than 0.1% at the end of the session, falling for two days after reaching a record high on Wednesday. This week's increase was nearly 0.7%, far lower than the 9% increase last week; after Nvidia disclosed that it held shares in the fourth quarter, Arm, which rose nearly 6% on Thursday, and fell nearly 8% in early trading to close 4%; by the close, Intel and AMD fell more than 1%, and due to strong demand related to AI chips, it announced that the second-fiscal quarter revenue guidance was better than expected and closed 10% at the beginning of the application materials market. Up 6.4%.

AI concept stocks generally fell sharply and outperformed the market. The ultra-micro computer (SMCI), which has been rising for nine consecutive trading days, continued to hit a record high of $1,078 at the beginning of the session. It rose nearly 7.4% during the day and turned down less than half an hour after opening. It fell to $801.15 in the middle session, falling 20.2% during the day, falling nearly 26% from the daily high, falling to the historical closing level set for nine consecutive days, and the cumulative increase this week narrowed to 8.5%; at the close, C3.ai (AI) fell more than 4%; BigBear.AI (BBAI), which had fallen more than 7% in early trading, fell nearly 1.8%; (Palantir); PLTR) fell 3.8% Adobe (ADBE) fell 7.4%; Soundhound.ai (SOUN), which closed up nearly 67% on Thursday after Nvidia revealed that it held shares for the fourth quarter, fell nearly 10% at the beginning of the session, turned up in midday trading, and closed up 1.4%.

Most of the popular Chinese securities market continued to rise, outperforming the market. The Nasdaq Golden Dragon China Index (HXC) rose nearly 2.6% at the beginning of the session, then gradually regained gains and closed up nearly 0.6%. It outperformed the market for three consecutive days and the fourth day of this week, rising 4.3% throughout the week. Following a 5.2% increase last week, it continued to rise for two weeks, and surged for both weeks. China's general ETFs KWEB and CQQQ closed up nearly 0.9% and 1%, respectively. Among individual stocks, by the close, Xiaopeng Motor had risen nearly 4%, Ideal Auto had risen by more than 3%, JD had risen by more than 3%, Station B had risen by more than 2%, Jinshanyun and Dada had risen by more than 2%, Huya had risen by more than 1%, NIO had risen by 1%, Tencent Fan had risen by nearly 0.8%, Baidu had risen by 0.3%, Alibaba had risen 0.1%, while the two Bitcoin mining giants, Jianan Technology and Yibang International fell slightly after rising more than 1% in early trading.

Bank stock indices all declined on Friday after rising for two consecutive days to their highest level since January 31. The overall banking index KBW Bank Index (BKX) closed down 0.3%, rising 1.9% this week; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed down 1.1%, and the regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed down 1%, rising more than 1.4% and nearly 1.8% respectively this week. Among regional banks, New York Community Bank (NYCB) closed down 0.6%, closing at the same level as last Friday.

Among the individual stocks that announced financial reports, the fourth quarter's revenue increased by nearly 50% and net profit reached 273 million US dollars. After recording a quarterly loss and profit for the first time in two years, Coinbase (COIN), the largest cryptocurrency exchange in the US, opened up more than 10% and closed up 8.8%; Trade Desk (TTD), an advertising technology company with fourth-quarter revenue and first-quarter guidance higher than expectations, rose more than 20% at the beginning of the session, closed up 17.5%; the fourth-quarter results were better than expected and the restaurant management software company Toast ( TOST) closed up 16.8%; sports betting company DraftKings (DKNG), which unexpectedly reported unprofitable losses in the fourth quarter, fell more than 6% at the beginning of the session and rose more than 1% in early trading and closed up nearly 0.3%; while streaming service company Roku (ROKU), which lost more than expected in the fourth quarter, closed down 23.8%; the cloud storage company Dropbox (DBX), which had weak revenue guidance in the first quarter due to growth pressure from paying users, closed 22.9%; “US version of Meituan” DoorDash (DASH), which had higher than expected revenue in the fourth quarter but higher than expected losses Early The market had fallen by more than 10%, closing down 8.1%.

In terms of European stocks, retail sales in the UK improved sharply in January, exceeding expectations by 3.4% year on year. The month-on-month decline did not narrow to 1.6% as expected, but instead increased by 0.7%, with British stocks leading the rise. Furthermore, Bank of France Governor Francois Villeroy de Galhau said that there are many compelling reasons to explain why the ECB should not delay cutting interest rates for the first time this year for too long. This dovish statement also boosted market sentiment.

The pan-European stock index rose for three consecutive days. The European Stoxx 600 Index closed at a new high since January 5, 2022 for two consecutive days, and closed at a new high since the beginning of January 2022 on the 3rd day of this week. Most of the major European stock indexes continued to rise on Friday. The leading stock market rose 1.5%, and German, French and Italian stocks both rose three times in a row. German and French stocks closed at record highs for two consecutive days, while the Spanish stock index, which rebounded on Thursday, fell on the 3rd day of this week.

Among the various sectors, the basic resources of mining stocks rose more than 2%. Among the constituent stocks, British-listed Glencore, Anglo-American Resources, and Chilean mining company Antofagasta rose more than 2%, about 2%, and more than 5% respectively; Driven by the positive quarterly guidance for applied materials in the US chip stocks, the technology sector rose more than 0.8%, and ASML, the highest European market capitalization chip stock listed in the Netherlands, closed 1.6%, and began to approach the high closing history set this Monday; the medical sector rose nearly 0.7%, and closed with the highest European market capitalization pharmaceutical company listed in Denmark. It hit a record closing record for the fourth day in a row.

The Stoxx 600 index rose more than 1% this week. It has been rising for four consecutive weeks, and the increase is still far less than the week of January 26, when it rose by about 3.1%. Most of the stock indexes of various countries have been rising. Both British stocks and Italian stocks have risen more than 1.8%. Italian stocks have been rising for four weeks, and British stocks have rebounded after falling for two weeks. German and French stocks have risen more than 1% and have been rising for two weeks in a row, while Spanish stock indexes have declined slightly, falling for two consecutive weeks.

Among the various sectors, the automotive sector, which rose more than 2% last week, accelerated upward by about 3%. As a result of Friday's increase, basic resources were able to rise more than 2% throughout the week, and the medical sector rose more than 1%, which was supported by Novo Nordisk's cumulative increase of nearly 2.3%; while technology, which rose by more than 4% last week, fell 0.6%, and ASML declined slightly by nearly 0.2% this week.

US bond yields rose more than 10 basis points in the second year after PPI and hit a new high since the Federal Reserve meeting in December last year on the 3rd day of this week

The price of European treasury bonds fell for two consecutive days, and yields followed the rise in US bonds. By the end of the bond market, the yield on the UK 10-year benchmark treasury bond was about 4.10%, rising about 5 basis points during the day. After the US PPI was announced, it was close to 4.13%, and still not close to the high level since December 4, 2023, which was refreshed after the US CPI announcement on Tuesday; the 2-year British bond yield was about 4.60%, up about 6 basis points during the day; the yield on the benchmark 10-year German treasury bond was about 2.40%, rising by about 4 basis points during the day. debt The yield was about 2.81%, up about 6 basis points during the day. After the US PPI was announced, it was close to 2.84%, which also set a new high since December 1.

Due to further increases on Friday, European bond yields continued to rise this week, but the upward trend was moderated from last week. The 10-year British bond yield, which rose by about 17 basis points last week, rose by about 2 basis points in 2 consecutive weeks and 8 weeks; the yield on 2-year British bonds rose by about 2 basis points, rising by about 19 basis points last week, and rising by 5 consecutive weeks; German bond yields rose by about 2 basis points; the 10-year German bond yield, which rose about 14 basis points last week, rose by about 2 basis points in the last eight weeks; the 2-year German bond yield, which rose about 16 basis points last week, rose about 10 basis points.

The yield on the 10-year benchmark treasury bond fell below 4.24% in early Asian trading. After the US PPI was announced before the US stock market, it quickly rose 4.30% and was close to 4.33%, approaching the high level since December 1, 2023, which was refreshed for two consecutive days on Tuesday. It rose nearly 10 basis points during the day, about 4.28% at the end of the bond market, and rose about 5 basis points during the day. It rebounded after 2 consecutive days of decline. This week, it has been rising for 2 consecutive weeks.

The 2-year US Treasury yield, which is more sensitive to interest rate prospects, continued to rise throughout the day. After two days of continuous decline, it broke 4.58%. After the US PPI was announced, the increase rapidly expanded, breaking 4.70%, once close to 4.72%. Following Monday and Tuesday, on the 3rd day of this week, it reached a high level since the first day of the Federal Reserve interest rate meeting on December 13 last year. It rose by more than 14 basis points during the day. By the end of the bond market, it rose nearly 7 basis points during the day. It has climbed for the fifth week in the last ten weeks.

The US dollar index jumped after PPI and then fell back to the beginning of the year, and the offshore renminbi had a good start in the first week of the Dragon Year

The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, fell slightly in early trading. The increase expanded rapidly after the US PPI was announced. At one point, it was close to 104.70, rising nearly 0.4% during the day, and then continued to decline. After falling midday trading, US stocks fell below a fresh daily low of 104.20, fell more than 0.1% during the day, and then rebounded to smooth out most of the decline. It still failed to get close to the high level since November 14, 2023, which was updated for two consecutive days.

By the close of the US stock market on Friday, the US dollar index was slightly below 104.30, falling slightly during the day, and was unable to reverse the trend of two consecutive declines; the Bloomberg US dollar spot index, which tracks the exchange rate of the US dollar against ten other currencies, rose slightly during the day and stopped two consecutive declines. This week and the US dollar index both had a cumulative increase of nearly 0.2%, both rising for seven weeks and week since entering 2024.

Among non-US currencies, the yen rebounded over the past few days, and the US dollar maintained gains against the yen after early trading. The increase expanded after the US PPI was announced, rising above 150.60, close to the high level since November 2023, which was refreshed by 150.9 on Tuesday, rising nearly 0.5% during the day. US stocks closed at the 150.20 line and rose 0.2% during the day; EUR/USD dropped to a new low of 1.3007 after the US PPI was announced. It fell nearly 0.4% during the day, and the US stock rose slightly below 1.0780 during the day, not slightly below 1.0780 during the day. It fell again and fell below Wednesday 1.0700 hit a new low since November 2023; GBP/USD fell below 1.2550 after the US PPI was announced, falling 0.4% during the day. It fell 0.4% during the day. US stocks narrowed most declines after opening, hovering around the 1.2600 line at the close, almost flat at the 24-hour level.

The offshore renminbi (CNH) rose several times against the US dollar in the Asian market and European stocks. The decline first widened after the US PPI was announced, falling to a new daily low of 7.2234, then fluctuated and rebounded. US stocks continued to rise after early trading. They rose to 7.2124 in early trading, breaking the intraday high level since last Friday, February 9, and rebounded 110 points from the daily low. At 5:59 Beijing time on February 17, the offshore renminbi reported 7.2128 yuan against the US dollar, up 48 points from the end of Thursday in New York. It rose for three consecutive days and on the fourth day of this week. This week, the first week of the Dragon Year, it rebounded after two weeks of continuous decline. Following a week of January 26, it has been rising steadily for the second week since the beginning of the year.

Bitcoin (BTC) has fallen below $51,600 in the European stock market. It has risen above $52,500 before the US market, close to the high since December 2021, which was set at $52,700 on Thursday. The US stock market soon fell below 52,000 US dollars after opening, and continued to take back gains in the intraday period. US stocks closed above $51,700, up about 0.3% in the last 24 hours, and rose about 9% in the last 7 days.

Crude oil hit a three-month high and rose for two weeks, US natural gas stopped falling eight times in a row and fell 13% in a week

International crude oil futures maintained their rebound momentum for two consecutive days due to intraday gains. When European stocks hit a new low in early trading, US WTI crude oil was close to 77.20 US dollars, down about 1% during the day. Brent crude oil fell below 81.90 US dollars, fell nearly 1.1% during the day, and continued to rebound thereafter. US stocks turned short-term declines in early trading. At noon trading, US oil rose above 79.30 US dollars, up about 1.7% during the day, and oil was close to 83.70 US dollars, up nearly 1% during the day.

In the end, crude oil closed higher for two consecutive days. WTI crude oil futures for March closed up 1.49% to 79.19 US dollars/barrel on Wednesday; Brent crude oil futures for April closed up 0.74% to 83.47 US dollars/barrel. Both US oil and US oil hit closing highs since November 6, 2023, and closed higher on the 3rd day of this week.

This week, US oil surged 3.06%, and oil surged 1.56%. It has been rising for two consecutive weeks and the fourth week in the last five weeks. In the 19 weeks since the outbreak of the Israeli-Palestinian conflict, crude oil has been rising for a total of nine weeks. This week's increase is still far less than the week of January 26 three weeks ago, and far less than last week, which rose more than 6%.

US gasoline and natural gas futures continued to rise and fall unevenly. NYMEX gasoline futures for March, which rebounded slightly on Thursday, closed down about 0.8% to $2.336 per gallon, and continued to fall from the high level since October 2, 2023, which was refreshed on Tuesday. After falling by more than 3% on Wednesday and falling nearly 0.2% this week after last week's rebound; from eight consecutive declines to a low level since June 2020, NYMEX March gas futures closed up 1.77% to 1.6090 US dollars/million British thermal units, and fell 12.89% this week for at least three weeks. Within the last 9 weeks The fourth week saw a sharp decline.

Luntong rose more than 2% to a two-week high. After PPI was announced, gold quickly turned down and then continued to fall for two weeks

London basic metals futures mostly rose on Friday. Luntong, which led the rise, rose more than 2%. For the first time since February 1, it closed close to the 8,500 US dollar mark, and Helun Zinc both rose for two consecutive days. Both lunzinc and lun lead, which have been rising for three days, hit new highs of more than a week. The rebound of nickel, which stopped rising three times in a row on Thursday, refreshed the high since the end of January set on Wednesday.

Meanwhile, after six consecutive days, Renxi fell below 27,000 US dollars at the close for the first time in a week. Lead fell for two days in a row, breaking the low since late January set last Monday.

Basic metals continued to fall collectively this week. Luntong rose nearly 4%; Lunzinc, which fell by more than 6% last week, rose 3.7%, while Lunn Lead, which rose more than 2%, Lunnickel, which rose nearly 3%, and Lunaluminum, which rose less than 0.1%, stopped falling for two consecutive weeks. Renxi, which rose more than 3% last week, rose more than 2%. It has been rising for two consecutive weeks and for the fifth week in the last six weeks.

After the US PPI was announced, New York gold futures quickly fell before the US market. US stocks fell as low as 2006.6 US dollars on the morning trading day, falling more than 0.4% during the day. US stocks continued to rise after turning up in early trading. They reached 2027.2 US dollars on the midday trading refresh day and rose 0.6% during the day.

In the end, COMEX gold futures closed up 0.46% to 2024.1 US dollars/ounce in April, continuing to break away from the closing low since December 13, 2023, after falling on Wednesday and five consecutive days. As it closed down nearly 1.3% on Tuesday, the biggest drop since January 3, gold continued to decline by 0.72% during the current cycle, falling for two consecutive weeks.

In the 19 weeks since the outbreak of the Arab-Israeli conflict, futures fell for a total of six weeks. Three of these weeks were in January, including the first week of the new year. The biggest drop was in the week of December 8, which fell nearly 3.6%. Spot gold fell below the $2,000 mark in the same market this week.

After PPI was announced, spot gold quickly fell below the new daily low of $2,000, and is still far from the low set since December 13, which fell below $1985 on Wednesday. It fell nearly 0.5% during the day. US stocks rose back to $2,000 in early trading and turned up. They rose to a new daily high above the 2015 dollar in midday trading, rising more than 0.5% during the day. US stocks closed above $2012 and rose about 0.4% during the day.

Editor/Jeffrey