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This week's market recap: This week, the Dow Jones Industrial Average closed up over 2% at 39,512 points, the Nasdaq Composite closed up over 1% at 16,340 points, and the S&P 500 closed up over 1% at 5,222 points. Leading sector: Utilities +4% Lagging sector:
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Weekly Summary
Economy & Financial Markets
- The US nonfarm payrolls data was released this week.
The nonfarm payrolls data unexpectedly missed expectations, potentially reigniting rate cut expectations.
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The 10-year Treasury yield closed at 4.5%.
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WTI crude oil closed at $78.20 per barrel, Brent crude at $82.78.
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Gold closed at $2,360.
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The US Dollar Index closed at 105.31.
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Bitcoin closed at $60,000.
China released April financial data:
M2 grew 4.7%, officially exceeding 300 trillion yuan.
In the first four months of 2024, aggregate social financing increment totaled 12.73 trillion yuan, down 3.04 trillion yuan year-on-year.
Geopolitics
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Russia-Ukraine: No major changes in front-line trends.
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Israel-Palestine:
Palestine passed a UN General Assembly vote to become a UN member state, with 143 votes in favor, 9 against, and 25 abstentions. China voted in favor. Israel announced an offensive into the southern Rafah area, threatening a larger and deeper humanitarian catastrophe.
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Key Macro Events to Watch Next Week (Eastern Time) Monday: Fed Vice Chair Philips speaks. Tuesday: 8:30 AM PPI data. Wednesday: 8:30 AM CPI data, retail data, New York Fed manufacturing data. Thursday: 8:30 AM initial jobless claims, Philadelphia Fed manufacturing survey. Friday: 10:30 AM US leading economic indicators.
(Beijing Time) Monday: Tuesday: Wednesday: Thursday: Friday: China urban unemployment rate, real estate investment, retail sales, industrial production above designated size.
Key focus: US CPI data.
Risk Disclaimer: The views in this article are for reference only and do not represent any investment advice. Market risk exists; invest with caution.
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