Market Insights: April 9th, 2024

Commodity Market:

• Crude oil ends its six-day winning streak, while gold sets a new intraday historical high for seven consecutive days.
• Copper prices in London rebound to near two-year highs, and tin prices in London rise by nearly 3.7%, reaching a new high for the first time in 14 months.
• On April 9, Bitcoin experienced a short-term decline, dropping by $500 and breaking below the $71,000 level, with a daily decrease of 1.01%.

China Market:

• A-share market experienced fluctuations and adjustments throughout the day, with the Beizheng 50 Index falling by more than 4%.
• Chinese concept stocks halted their three-day losing streak, with Li Auto's stock price rising by nearly 5% and Baidu's stock price falling by more than 3%.
• The offshore yuan rose by more than 100 basis points during trading, nearing a breakthrough of the critical 7.24 level.

Technology Industry:

• Xiaomi Automobile issues consecutive warnings to IM Motors, which issues a public apology.
• Tesla's CEO announces the launch of the autonomous taxi service Robotaxi, causing the stock price to surge by 5%.

US Economy:

• A Federal Reserve survey shows that short-term inflation expectations in the US have stabilized, but concerns about debt have resurfaced.
• US Treasury yields reach their highest level this year, challenging market expectations for a Federal Reserve rate cut.
• The US government announces a $11.6 billion investment in TSMC to support its chip manufacturing operations in the United States.

Global Financial Markets:

• The CEO of JPMorgan Chase comments on the difficulties of falling inflation, warning that inflation could lead to an economic recession.
• The People's Bank of China increases its gold reserves, and gold purchases by Asian central banks push up gold prices.

Other Markets:

• Hong Kong stocks rally, with both the Hang Seng Index and the Hang Seng Tech Index rising by more than 1%.
• The three major US stock indexes remain essentially flat, with Tesla up 4.9%.
• Major European stock indexes are up, with the German DAX30 index rising by 0.79%.

Asian Markets:

• Today, FTSE China A50 Index futures rose by 0.2% at the start of trading.
• The Nikkei 225 Index opened up by 0.4%, as did the Tokyo Stock Price Index.
• The South Korean KOSPI Index opened up by 0.6%.