The three major A-share indices opened higher collectively, with Western development and cross-border payment sectors leading the gains; the US April PMI preliminary values missed expectations across the board.
Stock Market Updates:
A-share Market: On Wednesday, April 24, the three major A-share indexes all opened higher, with the Shanghai Composite opening up 0.25%, the Shenzhen Component Index up 0.03%, and the ChiNext Index up 0.24%. Sectors leading the gains included Western Development and Cross-border Payments.
Hong Kong Stock Market: The Hang Seng Index rose by 1%, while the Hang Seng Technology Index increased by 1.5%.
U.S. Stock Market: The S&P and NASDAQ indices surged over 1%, rebounding from previous days, erasing last week's losses. Tesla's stock jumped 11% after-hours following its earnings report. AI-related stocks saw significant increases, with SoundHound up by 10%.
Performance of Chinese Concept Stocks: During the U.S. trading session, the index for Chinese concept stocks rose nearly 2%, outperforming the broader market over two days. Notable gainers included XPeng Motors and Li Auto.
Economic Data:
U.S. Economic Data: April's preliminary PMI fell short of expectations across the board, with manufacturing only at 49.9, indicating significant inflationary pressures. March's new home sales were unexpectedly strong, surging 8.8% month-over-month.
Eurozone Economic Data: April's composite PMI reached a near-one-year high, despite a severe decline in manufacturing.
International Monetary Policy:
Bank of Japan's Policy: The Bank of Japan will discuss the rapid depreciation of the yen and its short-term rebound. They are closely monitoring the core inflation rate to decide the timing of interest rate hikes.
South Korea's Economic Growth: South Korea's exports have grown for six consecutive months, with semiconductor exports up 43% and passenger car exports up 12.8%. However, there are concerns about the slowdown in economic growth due to its reliance on the manufacturing sector.
International Aid and Legislation:
U.S. Foreign Aid Bill: On April 23, local time, the U.S. Senate passed an amendment that included foreign aid proposals. According to the amendment, the U.S. will provide over $60 billion in aid to Ukraine and $26 billion to Israel. Additionally, the bill contains provisions requiring ByteDance to divest its social media platform TikTok.
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