Last week's stock market summary

Last week's US personal consumption expenditure (PCE) data was relatively moderate, easing market concerns about aggressive monetary policies, causing the Nasdaq index to achieve its biggest weekly gain in two months, with an overall rise of more than 4%. After the earnings report, Google soared 10%, to a record high and the biggest one-day increase in nearly nine years, while Microsoft also closed up nearly 2%. Although Tesla fell more than 1% during the earnings week, it still accumulated a cumulative increase of more than 14% throughout the week. Meta, on the other hand, dropped nearly 8% in the same week.

The chip industry also showed vitality. The overall chip stock index rose by more than 2%. Among them, Nvidia surged 15% throughout the week, the biggest weekly increase in 11 months, even though Intel's stock price fell by more than 9% after the earnings report. In Europe, British stocks hit another record high. The pan-European stock index recorded its biggest weekly gain in three months, and the technology sector rose nearly 5% throughout the week.

In terms of monetary policy, the US core PCE price rose to 2.82% year on year in March, slightly exceeding expectations. This led the market to increase its bet on the Federal Reserve's interest rate cut in September, and the probability increased from 60% to 65%. The year-on-year growth rate of US core PCE data spending in March hit a year-on-year high. Although US bond yields were low on a new day after the data was released, the US dollar index also rebounded at an accelerated pace after hitting a new low for two weeks. Meanwhile, after the Bank of Japan's policy decision, the yen continued to depreciate, falling below the 156, 157, and 158 marks one after another, hitting a new low since 1990.

In the commodity market, crude oil prices continued to rise for more than a week before ending the previous two-week decline, while US gas prices hit a new low since 1995. Gold recorded its biggest weekly decline in four months after a two-day rebound. Copper prices showed strong performance. Copper prices rose for three consecutive days, and at one point broke through the 10,000 US dollar mark per ton.

In the Chinese market, with large purchases from foreign investors, the A-share and Hong Kong stock markets both exploded. The net purchase of Northbound Capital within a week reached 22.4 billion yuan, a record high. Meanwhile, the China Securities Index also performed strongly during the US stock period, rising nearly 9% within a week. Despite the sharp decline in the offshore renminbi during the intraday period, the overall market atmosphere is still optimistic.