Market analysis for April 30

The strong performance of US technology stocks last night once again boosted the rise in the US stock market, although the stock market briefly declined due to the Treasury's increase in borrowing expectations for the second quarter. Tesla's stock price surged 15%, the biggest one-day increase in three years, while Apple also rose 2.5%. In contrast, Google and Nvidia experienced a period of fluctuation. Google fell by more than 3%, and Nvidia rebounded slightly after falling nearly 3% in the intraday period.

In the European market, the British stock market hit record highs for three consecutive days. Dutch Philips shares soared 29%, while Deutsche Bank fell nearly 9%. Furthermore, news of Tesla CEO Elon Musk's visit to China attracted market attention, particularly the expectation that fully automated driving technology (FSD) will soon be implemented in China.

The US Treasury unexpectedly raised borrowing expectations for the second quarter. This move did not take into account the possibility that the Federal Reserve might slow down its contraction. Meanwhile, the market continues to pay attention to the Fed's future interest rate policy. Despite expectations of interest rate cuts, the market generally believes that it will not return to the period of ultra-low interest rates.

In the currency market, the yen fell sharply in the Asian market. At one point, it fell below 160 yen to 1 US dollar, a new low since 1990, but then surged 3.5% in the intraday period and once recovered to 155 yen. The US dollar index, on the other hand, turned down in the intraday period and was close to a two-week low. The cryptocurrency market is also quite volatile. Bitcoin's price once fell sharply, falling below the $62,000 mark.

The price of crude oil fell after rising for two consecutive days, and the price of US oil hit a new low in a month. Gold futures turned down after rising for three consecutive days. In the basic metals market, London's zinc price rose 3.5% to a 13-month high, while Lunyin rose for four consecutive days, breaking through $10,000 per ton for the first time in two years.

In the Chinese market, the Shanghai Composite Index reached 3,100 points, a new high during the year. Real estate stocks showed strong performance, and capital flows to the north again reached 10.9 billion yuan. The Hang Seng Index rose for six consecutive days. Treasury bond futures fell sharply. During the US stock market period, China's stock index continued to rise, and NEV stocks generally rose. Among them, Ideal Auto and Baidu surged 7.6% and 5.6%, respectively. The offshore renminbi rose sharply against the US dollar during the intraday period, breaking through 7.24 and hitting a five-week high. Furthermore, China's official manufacturing PMI report for April showed that it was in the expansion range for the second month in a row, further proving the economic recovery momentum.