Market analysis for April 12

The US producer price index (PPI) in March suspended market concerns about inflation, causing the Nasdaq Composite Index to soar by nearly 1.7%, recording the biggest one-day increase in seven weeks since Nvidia released its earnings report. Technology stocks led the way. Google and Amazon stock prices hit record highs, and Apple and Nvidia each recorded increases of more than 4%. In contrast, Morgan Stanley's stock price fell by more than 5%, the biggest drop in nearly half a year.

The year-on-year and month-on-month growth in US PPI in March fell short of market expectations, rising 2.1% year over year, the biggest increase since April last year, indicating a slowdown in service sector inflation. Despite this, recent statements by senior Federal Reserve officials have made the market generally believe that interest rate cuts are unlikely in the short term, and instead focus on whether interest rates will be cut and the likely timing of interest rate cuts. Analysts at J.P. Morgan Chase and Bank of America are optimistic about Apple. It is expected that Apple will equip Mac computers with next-generation M4 chips and push the stock price up 4.3% through AI technology upgrades.

In the fixed income market, US Treasury yields declined somewhat after the data was released, and two-year Treasury yields rose above 5.0%. The US dollar index rose during ECB President Lagarde's speech and reached a new high of nearly five months, while the euro hit a two-month low. The yen continued to depreciate, hitting a new low since 1990.

In the energy and metals market, U.S. crude oil prices fell by more than 1%, while gold prices rebounded, rising by nearly 2% in the intraday period and hitting a record high. Nickel prices on the London Metal Exchange ended eight days of continuous gains, while copper prices continued to fall.

According to China's economic data, the CPI growth rate fell back to 0.1% in March, and PPI fell 2.8% year on year. The response from the Chinese market was mixed. Chinese securities rebounded during the US market period. Stock prices of Station B and Xiaomi rose, while stock prices of NIO and Ideal Auto fell. The offshore renminbi rose after PPI data was released, and the exchange rate against the US dollar broke through 7.25. The A-share market showed a fragmented trend. Some sectors showed strong performance, while Hong Kong stocks closed down slightly.

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