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Market Insights: Apr 23rd, 2024

TraderKnows
TraderKnows
04-23

Gold prices opened lower with a gap; Tesla's stock price fell for the seventh consecutive trading day; International copper prices are close to the $10,000 mark.

Stock Market Trends:

  • The three major A-share indexes showed a diverging trend today. The Shanghai Index experienced fluctuations and adjustments after opening, while the ChiNext Index slightly surged.
  • In terms of sector performance, stocks in education, underground networks, pan-AI, and military informatization led the gains, while gold, shipbuilding, coal, and non-ferrous metals sectors saw significant declines.
  • In the Hong Kong stock market, both the Hang Seng Index and the Hang Seng Technology Index opened higher.
  • The A-share market as a whole showed fluctuations and adjustments, with cyclical sectors such as oil and gas collectively falling, while the Hong Kong stocks rose by more than 1%.
  • Chinese concept stocks listed in the US performed well, with gains exceeding 2%.

Gold Market:

  • The gold market experienced severe fluctuations on Monday. Gold prices opened lower and at one point fell 2.8% to a low of $2,324.96 per ounce, marking the biggest intraday drop since June 2022.
  • COMEX June gold futures closed down 2.79% at $2,346.4 per ounce, reaching the lowest close since April 5.

Tesla and U.S. Stocks:

  • Tesla's stock price fell 3.4% in Monday's trading, hitting a new low since January 2023. This marks the seventh consecutive trading day of declines for Tesla.
  • Tesla announced a recall of 3,878 electric Cybertruck vehicles in the United States due to the risk of the accelerator pedal getting stuck and potentially causing safety issues.

Bond and Currency Markets:

  • The yield on the two-year U.S. Treasury note broke above 5.0% during trading, reaching a five-month high, but subsequently fell.
  • The US Dollar Index fell continuously during trading, and the Japanese yen reached a new low against the US dollar since 1990.
  • Bitcoin experienced a surge in trading after the "halving," approaching $67,000 for the first time in a week.

Corporate Dynamics:

  • Credit Suisse expects to cut its workforce by between 50% and 60%, mainly affecting its investment banking and wealth management divisions. Considering market efficiency, the layoffs in Asia are relatively significant.
  • UBS Group may significantly adjust the 19 private equity funds of stocks and bonds it launched in China, possibly closing up to 17 and planning to return funds to investors.
  • The EU has launched a second investigation into TikTok, alleging that the TikTok Lite launched in France and Spain may violate the law. The EU has requested TikTok to submit a risk assessment report by April 23, or it will face fines.

Zimbabwe's Stock Market and Currency Situation:

  • Zimbabwe's stock market plunged by 99.95% due to the introduction of the new currency ZiG.
  • Before the introduction of ZiG, the Zimbabwean dollar depreciated by 80%.
  • With an inflation rate of 55.3%, Zimbabwe's stock market has become a haven for investors.

Commodities Market:

  • The base metals continued to rise. The main contract of Shanghai Copper reached a new high since 2006, standing at 80,170 yuan per ton.
  • The international price of copper is getting closer to the $10,000 mark, with LME copper prices touching $9,988, continuing to hit a near two-year high.
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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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