Financial Markets and Metals
- Stock Market
- NVIDIA's stock price surged by more than 80%, but recent options trading indicates some investors are betting on a decline.
- The three major A-share indices opened slightly lower. The Shanghai Composite Index fell by 0.2%, the Shenzhen Component Index by 0.3%, the ChiNext Index by 0.22%, and the STAR 50 Index by 0.17%. The combined trading volume of the Shanghai and Shenzhen markets reached 7.445 billion yuan. The industrial metals sector was actively traded.
- Goldman Sachs raised its target for the CSI 300 Index to 4100 points, reflecting a positive market outlook.
- Precious and Non-Ferrous Metals
- Spot silver surged by 2% and then plummeted, currently down 1.2% to $31.4. Domestic silver narrowed its gain to 4% after soaring over 7%. Shanghai silver increased more than 6% in early trading. London copper rose by 2.27% to $10,958.5 per ton, a historic high. Shanghai copper climbed by 0.99% to 87,600 yuan per ton.
- New York futures gold and copper hit consecutive record closing highs for two days. Copper futures rose nearly 3% intraday, and silver futures hit an eleven-year high for the fourth straight day.
- Cryptocurrencies
Overnight, Ethereum saw its largest gain in 18 months, driving up the prices of Bitcoin and other cryptocurrencies. Ethereum surged nearly 20%, and Bitcoin climbed over 7%, breaking the $70,000 barrier.
Chinese Stocks
- U.S. Trading Session
The index of Chinese stocks dropped by over 1%. Li Auto fell nearly 13% after its earnings report, Haidilao fell more than 6% on its second day of listing, NIO fell over 1%, while Zeekr gained more than 4%. Offshore Yuan fell over 100 points, dropping below 7.24.
Asset Valuations
- Silver and Bitcoin
Silver has once again surpassed Bitcoin in market capitalization, becoming the world's eighth-largest asset. Silver's market cap is $1.828 trillion, approximately $500 billion more than Bitcoin, which currently has a market cap of $1.322 trillion, the world's ninth-largest asset.
Company Developments
- Hims & Hers Health
Launched a $199 per month weight loss injection to challenge the market's expensive weight loss drugs. Revenue from weight loss products is expected to surpass $100 million by the end of 2025.
- Li Auto
Released its Q1 2024 earnings report, with revenue of 25.6 billion yuan, up 36.4% year-on-year, but down 38.6% quarter-on-quarter. Net profit was 591 million yuan, down 36.7% year-on-year and 89.7% quarter-on-quarter.
Macroeconomics
- Chinese Real Estate
CITIC Securities noted that China's real estate market is entering a consumer goods era, marked by four trends: reshaping of property and land pricing, a downward shift in sales and investment volumes, rapid market differentiation, and rebalancing of assets and liabilities.
Global News
- Iran
Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian were killed in a helicopter crash in the Varzaqan region of East Azerbaijan Province.
