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Market Insights: May 15th, 2024

TraderKnows
TraderKnows
05-15

On Wednesday, the three major A-share indexes opened lower; GME (GameStop) and AMC (AMC Entertainment) surged 60% and 32% overnight, respectively; the former BlackRock executive will become the CEO of the asset management giant Vanguard in July.

A-Share Market Overview:

  • A-Share Market Performance: On Wednesday, the three major A-share indexes opened lower collectively. By the time of publishing, the Shanghai Composite Index had fallen by 0.25%, the Shenzhen Component Index by 0.27%, and the ChiNext Index had risen by 0.19%. On the market, power equipment led the gains, followed by non-bank financials, household appliances, light manufacturing, food and beverages, banks, real estate, while coal, automotive, oil & petrochemicals, and defence sectors weakened.

Stock Market Gains and Losses:

  • Top Gaining Stocks: GME (GameStop) and AMC (AMC Entertainment) overnight soared by 60% and 32% respectively, hitting new highs since 2021. Headphone manufacturer Koss rose by 40%, BlackBerry by 12%, Tupperware by 17%. Reddit increased by 7%, while online broker Robinhood nearly went up by 7%.
  • Chinese Concept Stocks: During the U.S. stock market session, the index of Chinese concept stocks fell, with Tencent closing up nearly 5% after earnings, Alibaba falling by 6%, NIO rising by 7%, and XPeng dropping by nearly 5%. The offshore yuan, once falling below 7.24, rebounded sharply by more than 100 points.

Commodity Market:

  • Crude Oil Prices: Crude oil prices fell by more than 1%, reaching a nine-week low. Gold rebounded, but the PPI data subsequently led to a brief downturn. Copper in New York reached a two-year high, with the July contract squeezing shorts, rising by 5.5% and approaching an all-time high, while copper in London fell from a two-year high.
  • New York and London Copper: New York copper reached a two-year high, with the July contract squeezing shorts, up by 5.5% and nearing an all-time high, while London copper dropped from a two-year high.

Personnel Appointments:

  • Lleadership Changes: Salim Ramji, former head of BlackRock's iShares and index investment business, will become CEO of the asset management giant Vanguard in July, marking the first time in Vanguard's 50-year history that a CEO has been appointed from outside the company.

Policy Directions:

  • Tariff Adjustments: The Biden administration will increase tariffs on strategic sector products from China, including steel, aluminum, semiconductors, electric vehicles, and lithium batteries. The tariffs for some products will rise from a maximum of 7.5% to 25%, and in some cases, even to 50%.

Index Changes:

  • MSCI Index Review Results: MSCI announced the results of its May 2024 semi-annual index review, including 10 new constituent stocks, among them 2 Hong Kong stocks (Hisense Home Appliances H and Minmetals Resources) and 8 A-shares (CITIC Special Steel, Hisense Home Appliances A, Wanfeng Auto Holding, Jin Chengxin, Pingmei Shenma, Nanjing Iron & Steel, Tiandi Science & Technology, and CNOOC Development).
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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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