S&P Hits New High; China Stocks Soar 11%; Offshore Yuan Gains; Euro Luxury Stocks Jump

• 2024-09-26
• News

Global central banks take turns cutting interest rates, China's "policy package" ignites global optimism, coupled with the resilience of U.S. economic data, which has led to an increase in investors' risk appetite, pushing up European and American stock markets. The S&P 500 index and the pan-European Stoxx 600 index both hit historical highs. In terms of sectors, Micron Technology's better-than-expected performance highlights the potential demand for AI, helping European and American chip stocks and technology stocks to lead the gains. Stocks such as Chinese concept stocks, European and American luxury stocks, and mining stocks have also soared due to China's policy stimulus, while defensive sectors have lagged behind. AMD is under investigation by the U.S. Department of Justice for alleged accounting violations, and its stock price fell nearly 18.6% at one point during the trading day. The offshore renminbi surged by 600 points, breaking through 6.98 yuan to a 16-month high.

U.S. economic data adds signs of a soft economic landing, suppressing expectations for a significant interest rate cut, and U.S. Treasury yields rise across the board. The final annualized quarter-on-quarter growth rate of U.S. real GDP in the second quarter was 3%, exceeding expectations and unexpectedly not revised downward. The core PCE price index was 2.8%, lower than the initial value. U.S. initial jobless claims data for the previous week fell to 218,000, better than expected and the lowest in five months. U.S. durable goods orders in August were flat month-on-month but better than the expected decline, indicating that there is a willingness for long-term corporate investment. However, election and demand uncertainties have led to cautious expansion plans, which may affect factory production in the coming months.

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Investors are paying attention to the speeches of Federal Reserve officials to find clues for interest rate cuts. Federal Reserve Governor Cook fully supports the FOMC's decision to cut interest rates by 50 basis points in September. Federal Reserve Chairman Powell did not discuss monetary policy in his speech. The "third in command" of the Federal Reserve, New York Federal Reserve President Williams, officially announced the establishment of a new agency to monitor the use of interest rate benchmarks or reference rates in the financial market. U.S. Treasury Secretary Yellen said that she expects housing costs to decrease, which will help achieve a 2% inflation target.

Internationally, the Swiss National Bank cut its policy interest rate by 25 basis points, and Goldman Sachs expects another rate cut in December. Goldman Sachs also expects the European Central Bank to accelerate the pace of interest rate cuts. As other parts of the world enter a "loose" mode, expectations for interest rate cuts in the U.S. market have cooled, and the expectation for interest rate cuts in 2024 has been reduced to less than three times, with the probability of a 50 basis point cut at the November meeting falling from 57.4% to 51.1%.

In terms of commodities, gold, silver, and copper prices have soared, with investors betting on Chinese policy stimulus for industrial demand. Gold has reached a new high, and silver prices have risen to their highest level in nearly 12 years. Due to reports that Saudi Arabia is considering increasing production in December to compete for market share, which will lead to a long-term decline in oil prices, coupled with eased concerns about Libyan supply, U.S. oil prices fell nearly 4% to below $67 at one point during the trading day.

U.S. economic data remains resilient, boosting expectations for a soft landing, and U.S. stocks rose slightly across the board. Stocks benefiting from China's stimulus policy have soared, including Chinese concept stocks surging nearly 11%, with GaoTu and New Oriental both rising more than 23%. China is a major force in luxury consumption, and European luxury concept stocks have soared, with Hermes and LVMH Group both rising more than 10%. The raw materials and technology sectors led the gains, with the raw materials industry boosted by China and the technology industry boosted by Micron Technology, as its better-than-expected performance highlights a strong AI environment and the recovery of traditional servers. The energy sector lagged significantly due to the plunge in oil prices. Against the backdrop of global central banks cutting interest rates and rising risk appetite, defensive stocks, real estate, utilities, and consumer staples lagged behind:

The three major U.S. stock indexes all rose: The S&P 500 index rose by 23.11 points, a gain of 0.40%, to 5,745.37 points, setting a new closing high. The Dow Jones Industrial Average, which is closely related to the economic cycle, rose by 260.36 points, a gain of 0.62%, to 42,175.11 points. The technology stock-heavy Nasdaq Composite Index rose by 108.09 points, a gain of 0.60%, to 18,190.29 points. The Nasdaq 100 rose by 0.72%, and the Nasdaq Technology Market Value-Weighted Index (NDXTMC), which measures the performance of technology stocks in the Nasdaq 100, rose by 1.13%. The Russell 2000 Index, which is more sensitive to the economic cycle, rose by 0.57%. The VIX volatility index fell by 0.26% to 15.37.

The Nasdaq led the way at the beginning of the trading day but eventually saw its gains narrow, ending with a similar increase to other major indices.

Most U.S. industry ETFs closed higher. The Global Airlines ETF rose nearly 5%, the Semiconductor ETF rose nearly 3%, and global technology stocks rose by more than 1.5%, with technology industry ETFs, regional bank ETFs, and biotechnology index ETFs all rising by at least 1%. In contrast, the Energy Industry ETF fell by nearly 2%, and the Utilities ETF fell by more than 0.5%.The S&P 500 Index saw gains in 11 of its sectors, with the Materials sector leading the pack with a 1.97% increase. The Information Technology/Tech sector followed closely with a 0.89% rise, while the Telecommunications sector was nearly at the bottom with a gain of over 0.3%. The Real Estate sector closed down by 1.05%, making it the second-worst performer, and the Energy sector fell by 2%.

Wall Street perspectives: Morgan Stanley predicts that the CSI 300 Index may rise by another 10% in the short term, based on an analysis of the interest rates of China's re-lending programs and the dividend yields of the CSI 300 Index stocks. Strategists believe that what truly surprises the market is the unprecedented measures to stabilize it. Scott Rubner from Goldman Sachs believes that China's stock market may be on the verge of a recovery and advises investors to participate. He notes that before the recent uptrend, hedge funds' investment in Chinese stocks was less than 7%, the lowest in about five years, but they have recently started to buy heavily, setting a record for the largest single-day purchase since March 2021 and the second-largest single-day net purchase in the past decade on Tuesday.

The "Tech Seven Sisters" experienced mixed performances. Tesla rose by over 1.8%, then fell back to close down by 1.09%. Amazon rose by over 1%, then fell back to close down by 0.71%. Microsoft closed down by 0.19%. "Metaverse" Meta closed down by 0.08%. Nvidia CEO Jensen Huang praised Meta's first Orion AR glasses prototype, calling the 100-gram weight "significant," while Nvidia initially rose by nearly 3.4% but closed up by 0.43%, after briefly turning negative during the session. Apple closed up by 0.51%, and Google A initially rose by over 1.6% but closed up by 0.77%.

Most chip stocks rose. The Philadelphia Semiconductor Index closed up by 3.47%. The industry ETF SOXX closed up by 3.57%; the Nvidia double long ETF closed up by 0.7%. Micron Technology closed up by 14.73%, briefly rising by nearly 20% during the session, marking the largest single-day gain since 2011, as the company's revenue in the last quarter surged by over 90%, and its guidance for the current quarter crushed expectations. TSMC's US-listed shares closed up by 2.46%. Applied Materials closed up by 6.23%, ASML ADR closed up by 4.19%, KLA closed up by 4.21%, Arm Holdings closed up by 1.86%, Intel closed up by 1.61%, Broadcom closed up by 1.46%, AMD closed up by 3.38%, Qualcomm closed up by 2.61%, ON Semiconductor closed up by 5.27%, and Marvell Technology closed up by 3.19%.

AI concept stocks saw more gains than losses. Advanced Micro Devices closed down by 12.17%, briefly falling by nearly 18.6% during the session, triggering a temporary trading halt, as reports emerged that the US Department of Justice is investigating Advanced Micro Devices for alleged accounting violations. CrowdStrike closed down by 1.74%, Palantir closed down by 0.05%, Snowflake closed down by 0.12%, while Nvidia-backed AI voice company SoundHound AI closed up by 0.41%, Serve Robotics closed up by 0.65%, Oracle closed up by 1.09%, BigBear.ai closed up by 1.29%, BullFrog AI closed up by 1.72%, Dell Technologies closed up by 5.26%, and C3.ai closed up by 0.87%.

Chinese concept stocks soared. The NASDAQ Golden Dragon China Index closed up by 10.85%, marking the largest single-day gain since 2022, at 6,958.10 points. Among ETFs, the China Technology Index ETF (CQQQ) closed up by 9.68%. The China Internet Index ETF (KWEB) closed up by 11.55%. The FTSE China 3x Long ETF (YINN) closed up by 23.55%, while the FTSE China 3x Short ETF (YANG) closed down by 23.13%.

Among popular Chinese concept stocks, Bilibili closed up by 15.44%, Mengniu Dairy ADR closed up by 15.22%, JD.com closed up by 14.39%, New Oriental closed up by 14.16%, Pinduoduo closed up by 13.57%, Meituan ADR closed up by 12.86%, NIO closed up by 2.3%, Li Auto closed up by 6.73%, Ji氪 closed up by 4.92%, XPeng Motors closed up by 11.89%, Vipinhui closed up by 10.4%, Ctrip.com closed up by 10.96%, NetEase closed up by 4.88%, Alibaba closed up by 10.07%, Baidu closed up by 0.09%, Tencent Holdings ADR closed up by 9.29%, and Miniso closed up by 10.21%.

European stocks rose, with the pan-European index up over 1% to a new high, the German index up 1.7% to a new high, home goods up 4.6% leading the gain, luxury stocks across the board up, LVMH and Kering both up nearly 10%:

The pan-European Stoxx 600 index closed up by 1.25%, at 525.61 points, with mining stocks and technology stocks up by 4.3% and 3%, respectively, while oil and gas stocks fell by 3%, with BP down by 4.1% and Shell down by about 4.3%. Boosted by China's "policy package," European luxury stocks rose across the board, with French luxury giant LVMH Group and Kering closing up by 9.88% and 9.61%, respectively, Hermès up by 9.10%, L'Oréal up by 6.96%, and Richemont Group up by 8%.

In terms of news, in the game between German and Italian banking giants, Commerzbank seeks independence, while UniCredit wants to merge. Commerzbank will hold its first talks with UniCredit Bank tomorrow.German stock indices closed up 1.69%, historically surpassing the psychological milestone of 19,000 points for the first time. French stock indices closed up 2.33%. Italian stock indices closed up 1.68%. British stock indices closed up 0.20%. Spanish stock indices closed up 1.36%. Dutch stock indices closed up 0.62%.

U.S. stock indices experienced a significant rise due to better-than-expected economic data, which dampened expectations for substantial interest rate cuts. U.S. Treasury yields rose across the board, with short-term yields increasing more significantly. The two-year yield increased by 7 basis points, and the 10-year benchmark bond yield reached its highest in three weeks. Investors are concerned about France's fiscal situation, with French debt risk premiering over Spanish debt since 2007 for the first time.

U.S. Treasuries: At the close, the two-year U.S. Treasury yield, which is more sensitive to monetary policy, rose by 6.95 basis points to 3.6287%, trading within the range of 3.5245%-3.6287%. The U.S. 10-year benchmark Treasury yield increased by 1.14 basis points to 3.7963%, trading within the range of 3.7526%-3.8191%, hitting a daily low five minutes before the release of U.S. GDP, durable goods orders, and weekly employment survey data at 20:30 Beijing time, then rebounding significantly upon data release and subsequently reaching a daily high.

Citi analysts pointed out that as the proportion of people feeling that "jobs are hard to find" rises, the U.S. economy may face the risk of a "hard landing," similar to the situation in September 2001. The rise in unemployment reflects the weakness of the job market rather than an increase in labor supply. This could lead the Federal Reserve to adopt more aggressive interest rate cuts in November, with a reduction of 50 basis points.

Eurozone debt: The benchmark 10-year German government bond yield rose by 0.9 basis points. The two-year German government bond yield increased by 0.8 basis points. The French 10-year government bond yield rose by 1.4 basis points, with investors concerned about France's fiscal situation. The Italian 10-year government bond yield fell by 4.1 basis points, while the Spanish 10-year government bond yield fell by 1.2 basis points, marking the first time since 2007 that it was lower than the comparable French sovereign debt yield. The British 10-year government bond yield rose by 2.0 basis points, and the two-year British government bond yield increased by 0.2 basis points.

In terms of news, (1) considering the steady downward trend in inflation, the Swiss National Bank announced a 25 basis point interest rate cut to 1%, marking the third consecutive rate cut. Following the announcement, the market increased its bets on the European Central Bank cutting rates, expecting an additional 50 basis point cut before the end of the year. (2) Research institutions predict that the German economy will slightly contract by 0.1% this year, contrasting with the 0.1% growth forecast in March. The German Institute for Economic Research pointed out that, in addition to the economic downturn, Germany also faces challenges from structural changes.

U.S. Treasury yields rose across the board, with short-term Treasury yields leading the increase, and yields accumulated a rise across the week.

The U.S. Dollar Index (DXY) fell by more than 0.3%, approaching 101 before retreating. The Japanese yen briefly broke below the 145 mark to its lowest in over three weeks before rebounding slightly. The offshore Chinese yuan rose by more than 610 pips, breaking through 6.98 yuan to reach a 16-month high and a new high for over a year. The British pound refreshed its two-and-a-half-year high, and Bitcoin reached a high not seen since July.The Bloomberg Dollar Index fell by 0.42%, closing at 1221.05 points, with intraday trading ranging from 1226.15 to 1219.72 points, remaining in a downward trend throughout the day.

The US dollar rose and then retreated, giving up most of Wednesday's gains.

Non-US currencies generally rose: the euro rose by 0.40% against the US dollar, the British pound rose by 0.70% against the US dollar, and the US dollar fell by 0.51% against the Swiss franc; among commodity currencies, the Australian dollar rose by 1.04% against the US dollar, the New Zealand dollar rose by 1.04% against the US dollar, and the US dollar fell by 0.12% against the Canadian dollar.

Candriam fund manager believes that the market's judgment on the path of the Bank of England's interest rates is wrong, and the rise of the British pound will come to an end, possibly falling sharply. Fund manager Jamie Niven is preparing to short the British pound against the euro, pointing out that the market's expectations for the final interest rate levels in the UK and the Eurozone are too far apart, and crowded positions may exacerbate the decline.

Japanese yen: The yen regained its downward trend, breaking through the 145 mark at one point, the first time since September 4. The yen fell by 0.47% against the euro, at 161.89 yen; the yen fell by 0.75% against the British pound, at 194.308 yen.

Offshore renminbi (CNH) once again broke through the 7.00 mark: the offshore renminbi rose by 598 points at the end of the day, at 6.9730 yuan, with the offshore renminbi rising throughout the day, reaching a high of 6.9713 yuan at the end, the highest in over a year.

Cryptocurrencies rose across the board. The largest market cap leader, Bitcoin, rose by 2.38% at the end of the day, at $64,705.00. The second-largest Ethereum rose by 2.25% at the end of the day, at $2,637.50.

Bitcoin reached a high not seen since July.

Reports that the OPEC's top member, Saudi Arabia, is considering increasing production to maintain market share, coupled with the easing situation in Libya, both bearish for oil prices, with US oil falling nearly 4% to below $67 at one point during the day, and Brent crude falling below $71 at its lowest:

US oil: WTI November crude oil futures fell by $2.02, a drop of nearly 2.90%, closing at $67.67 per barrel, approaching the September 10 closing price of $65.14.Brent Crude: Brent's November crude oil futures closed down $1.86, a decrease of 2.53%, at $71.60 per barrel, approaching the closing price of $69.19 on September 10th.

Market Performance: Both US and Brent crude oil maintained a downward trend throughout the day. During the Asian midday, news broke that Saudi Arabia aimed to regain market share, causing both oils to accelerate their decline. Subsequently, during the US stock market's early session, reports of eased tensions in Libya alleviated concerns over supply disruptions, leading both oils to hit new daily lows. US oil fell by more than 3.9%, breaking through the $67 mark, while Brent oil fell by more than 3.7%, approaching $70.70. Earlier in the week, both oils had benefited from China's "policy gift package" and rose.

Newswise, firstly, Libyan government officials signed an agreement to end the dispute over the control of the central bank, which had previously led to a sharp reduction in oil exports. Secondly, sources familiar with Saudi Arabia's thinking revealed that the country is prepared to abandon its target of $100 per barrel for crude oil, accepting the current lower prices and committing to resume production on December 1st.

Natural Gas: The US October natural gas futures closed down 1.97%, at $2.5850 per million British thermal units.

This week's favorable factors for oil prices included China's stimulus plan, improved US economic data, the Federal Reserve's interest rate cut, and a sharp drop in inventory levels. However, on Thursday, oil prices plummeted due to bearish factors from Saudi Arabia and Libya.

Gold, silver, and copper all surged. Due to interest rate cuts by major central banks such as China and the US, coupled with ongoing tensions in the Middle East, spot gold rose above $2,850 during the session, setting a new historical high. Under China's stimulus policy, silver, a key material for industry, also touched a 12-year high during the session. LME copper closed up more than 2.7%, surpassing the $10,000 mark, reaching a three-month high:

Gold: COMEX December gold futures rose by 0.39% at the close, at $2,695.00 per ounce. Before the US stock market session, it rose by more than 0.8% to $2,708.70, setting a new historical high. Spot gold initially fell slightly in the Asian morning session due to profit-taking by investors, but then continued to rise, setting a new historical high before the US stock market session, with the highest increase nearing 1.1% above $2,685. At the close, it rose by 0.58%, at $2,672.38 per ounce. Driven by US interest rate cuts, safe-haven demand, and strong central bank purchases, gold prices have accumulated a rise of over 29% so far this year.

Silver: COMEX December silver futures rose by 0.88% at the close, at $32.3 per ounce. Before the US stock market session, it rose by more than 3%, standing above the $33 mark. Spot silver maintained an upward trend throughout the day, with the highest increase of more than 2.8% before the US stock market session, standing above $32.70, setting a new high since 2012 (the historical highest was $49.8044 on April 25, 2011). At the close, it rose by 0.67%, at $32.0180 per ounce. So far this year, silver prices have accumulated a rise of over 36%.

Analysis indicates that silver is both a safe-haven investment and a key material for industrial applications. Amelia Xiao Fu from Bank of China International believes that interest rate cut expectations and China's stimulus policy will drive silver prices to continue rising in the coming quarters, with a target price of $37.

In terms of news, according to CCTV news, the leader of the opposition party stated that Israel should accept the ceasefire proposal on the Lebanese border, but only for a ceasefire of 7 days. Iran's Foreign Minister said that the Security Council must take immediate action to stop Israel's war actions, implement an immediate ceasefire, otherwise, the Middle East region will face the risk of a full-scale conflict. The Defense Minister approved the plan to continue offensive actions against Hezbollah in Lebanon.Most base metals in London rose. The economic barometer "Dr. Copper" closed up 2.73% at $10,080 per ton, while COMEX copper futures increased by 3.53% to $4.6480 per pound. London zinc closed up 3.40%. London aluminum closed up 2.87%. London tin closed up 1.04%. London lead closed up 1.91%. London nickel fell by $51.

Iron ore, which climbed nearly 8% in the previous two trading days, rose by 3.5% to $99.90 per ton. New York cocoa futures surged over 10%, reaching a new high since June. Shanghai aluminum rose by about 2.9%, and Shanghai zinc increased by 3.4%. Pure alkali night session closed up nearly 6.1%, coking coal rose by 4.6%, coke and iron ore increased by over 2.9%, while fuel oil fell by 2.7%.

Gold continued to rise to new highs, touching $2,685 during Thursday's trading.

Below is the content updated before 23:00 on September 26th:

The United States released a series of economic data that exceeded expectations, adding signs of a soft economic landing. The U.S. second-quarter real GDP annualized quarter-over-quarter final value was 3%, higher than expected, and the core PCE price index was 2.8%, lower than the initial value. The number of first-time unemployment claims in the U.S. last week fell to 218,000, better than expected, and hit a five-month low.

The data eased concerns about a recession and supported the rise of the U.S. stock market. The S&P 500 index set a new intraday historical high, and the small-cap index rose by nearly 1.4% before cutting the increase in half:

All three major U.S. stock indices rose: The S&P 500 index once rose by nearly 0.8%. The Dow, closely related to the economic cycle, once rose by nearly 0.7% or 281 points. The technology stock-dominated Nasdaq rose by nearly 1.4% before cutting the increase in half. The Russell 2000 index once rose by nearly 1.4%.

At the beginning of the U.S. stock market, most of the main industry ETFs rose, with the global aviation industry ETF rising by more than 4%, the semiconductor ETF rising by 3.5%, and the global technology stock index ETF rising by nearly 2%.The "Tech Seven Sisters" saw more gains than losses. Nvidia once led the gains with a nearly 3.4% increase, Alphabet Inc. (Google A) once rose by over 1.6%, Tesla once increased by more than 1.8%, "Metaverse" Meta once climbed by nearly 1.6%, Apple fell by over 0.4% before turning positive, Microsoft once dipped by nearly 0.3%, and Amazon rose by over 1% before falling by over 0.4%.

Most chip stocks rose. The Philadelphia Semiconductor Index once climbed by nearly 4.4%; Micron Technology once surged by nearly 19.9%, marking the largest single-day gain since 2011. The company's revenue for the last quarter soared by over 90%, and its guidance for the current quarter crushed expectations. AMD once rose by over 4%, TSMC's U.S.-listed shares once increased by over 3.8%, Broadcom once climbed by nearly 2.7%, and Qualcomm's gains were halved after a rise of over 4.4%.

AI concept stocks saw more gains than losses. Dell Technologies once rose by nearly 4.5%, SoundHound AI, an AI voice company with Nvidia stakes, once increased by over 2.8%, Oracle once rose by over 1.2%, BigBear.ai once climbed by over 1.9%, and CrowdStrike once fell by nearly 1.4%. Super Micro Computer plummeted by nearly 16.6%, as the U.S. Department of Justice investigated Super Micro Computer for suspected accounting violations.

Chinese概念股 skyrocketed. The NASDAQ Golden Dragon China Index once rose by over 12.7%, and the 3x Leveraged FTSE China ETF-Direxion once climbed by over 25.6%. Among popular Chinese概念股, New Oriental once increased by over 20%, JD.com once rose by nearly 15%, Miniso once climbed by over 19%, Mengniu Dairy's ADR once increased by over 15.5%, NIO rose by over 9.7% before giving up most of its gains, Meituan's ADR once climbed by over 12.1%, XPeng Motors once increased by over 14%, Li Auto once rose by nearly 11.7%, Ji氪 once climbed by nearly 9.7% before giving up most of its gains, and Bilibili once increased by over 18.3%.

The current market prices in the Federal Reserve are expected to cut interest rates by 75 basis points this year, with a 59% chance of a 50 basis point cut at the November meeting. The expectation of a significant interest rate cut in the U.S. is heating up, coupled with the recent "policy package" from the People's Bank of China, optimism in the international financial market continues to spread.

Today, Asian stocks reached a two-year high, led by technology stocks. U.S. stock futures for the three major indices all rose, with Micron Technology's impressive earnings leading to a rise of over 16%, and popular Chinese概念股 generally rising. European stocks also opened collectively higher, with the EURO STOXX 50 Index up by 1.52%.

Spot gold maintained its high position. International oil prices continued to fall, with both U.S. and Brent crude falling by over 3% during the day. It was previously reported that Saudi Arabia is prepared to abandon the unofficial price target of $100 per barrel for crude oil and is ready to increase production to protect its market share.

U.S. stocks opened with all three major indices rising, with the NASDAQ up by over 1%. The NASDAQ Golden Dragon China Index rose by 12%, reaching its highest level since May. Micron Technology surged by 20%, marking the largest single-day gain since 2011.

European stocks opened collectively higher. The EURO STOXX 600 Index rose by 1.2%, heading towards a record closing high.Asia-Pacific stock markets are surging. The Nikkei 225 index closed up 2.79%. The FTSE China A50 index futures rose by more than 5%.

International oil prices continue to decline, with both US and Brent crude falling by more than 3% during the day.

Spot gold remains at high levels. It is temporarily reported at $2,682.81 per ounce.

[Updated at 21:50]

Copper prices rebounded to $10,000 per ton for the first time since July, and other industrial metals also rose.

WTI crude oil plummeted 4% during the day, currently reported at $67.07 per barrel. Brent crude fell by 3.65%, reported at $70.38 per barrel. According to the Financial Times, Saudi Arabia is preparing to abandon the unofficial price target of $100 per barrel for crude oil and is ready to increase production to maintain its market share. At the same time, all parties in Libya reached a "compromise," paving the way for the resumption of crude oil production.

[Updated at 21:46]

At the beginning of the US stock market, most major industry ETFs rose, with the global aviation industry ETF up by more than 4%, the semiconductor ETF up by 3.5%, and the global technology stock index ETF up by nearly 2%.

[Updated at 21:36]

The NASDAQ Golden Dragon China Index's increase rapidly expanded to 12%.【Updated at 21:33】

U.S. stocks opened with a collective rise across the three major indices, with the Nasdaq Composite up over 1%.

The NASDAQ Golden Dragon China Index surged by 7.4%, reaching its highest level since May.

Micron Technology's stock price soared by 20%, marking its largest single-day gain since 2011.

【Updated at 21:00】

Major European stock indices expanded their gains, with the CAC 40 in France up by 2% for the day, the EURO STOXX 50 up by 2.17%, and the German DAX up by 1.45%.

【Updated at 20:45】

The FTSE China A50 Index futures' gains widened to 3% during the night session.

Following the release of U.S. economic data, U.S. stock index futures maintained their gains, with U.S. Treasury yields edging higher, the 2-year Treasury yield reaching an intraday high. Spot gold prices dipped briefly, with gains narrowing to 0.51%.

【Updated at 19:46】Spot gold's intraday gain has expanded to 1%, currently at $2,682.81 per ounce; COMEX gold futures are up 0.8%, currently at $2,706.1 per ounce.

Spot silver has risen by 2.71%, quoted at $32.64 per ounce; COMEX silver futures have surged over 3%, surpassing $33 per ounce.

Copper prices have broadened their gains, touching $10,000 per ton for the first time since July.

[Updated at 19:26]

Spot silver has risen to $32.61 per ounce, setting a new high since 2012.

[Updated at 18:50]

The offshore renminbi against the US dollar has gained over 350 points during the day, once again breaking through the 7.00 mark, currently quoted at 6.9973.

Before the US stock market opens, the three major stock index futures are collectively rising, with the Nasdaq futures up over 1%, and Micron Technology's stock price rising by more than 14%.

[Updated at 18:44]

India's SENSEX index closed up 0.78%, at 85,836.12 points, continuing to set a record high during the trading session.Spot gold once rose to $2,673.71 per ounce, continuing to set a new historical high.

【Updated at 16:10】

The European Stoxx 600 index rose by 1.2%, heading towards a record closing high.

【Updated at 16:04】

Before the U.S. stock market, most star technology stocks rose, with Micron Technology's U.S. pre-market shares surging by more than 16%, as the company's revenue in the last quarter surged by over 90%, and this quarter's guidance crushed expectations; Nvidia rose by 1.98%.

Popular Chinese concept stocks generally rose, with Alibaba rising by more than 5%, and XPeng Motors rising by nearly 7%.

The FTSE China A50 index futures rose by more than 5%.

Spot gold maintained its upward momentum. Temporarily reported at $2,666 per ounce.

【Updated at 15:30】

On Thursday, the three major U.S. stock index futures all rose. The Nasdaq 100 index futures continued to rise, now up by 1.35%; the S&P 500 index futures rose by 0.74%; the Dow Jones Industrial Average futures rose by 0.38%.European stocks opened higher across the board. The Euro Stoxx 50 index rose by 1.52%, the German DAX 30 index increased by 0.98%, the French CAC 40 index gained 0.52%, and the UK's FTSE 100 index climbed by 0.68%.

Asia-Pacific stocks surged higher. The Nikkei 225 index closed up 2.79% at 38,925.63 points, with major constituent stocks broadly rising, and the Japanese Topix index ended up 2.7%; Australia's S&P/ASX 200 index once rose by 1%. The FTSE China A50 index futures increased by over 4%.

[Updated at 14:11]

International oil prices continued to decline, with both US and Brent crude falling more than 3% during the day, currently trading at $67.56 a barrel and $70.67 a barrel, respectively. Reports suggest that Saudi Arabia is preparing to abandon its $100 per barrel crude oil target in order to regain market share.