Oct 29, 2024: Global Market Recap

On Monday, the market focused on a series of significant economic data and financial reports to be released this week. U.S. stocks rose, with the small-cap index leading with a 1.7% increase, and the Nasdaq approaching its highest level. Tesla turned down 2.5%, and the chip index turned down, with Nvidia temporarily falling 1%. North American uranium mining and nuclear energy stocks rose together, with Oklo, supported by OpenAI CEO Altman, surging more than 28% to a new high.

Chinese concept stocks soared, with the Chinese concept index rising 4% throughout the day, outperforming the broader market, and NIO Inc.'s stock rising more than 10%. Photovoltaic stocks, such as Daqo New Energy, rose more than 14%.

U.S. Treasury yields rebounded across the board, with the 10-year U.S. Treasury yield reaching a three-month high. The dollar turned up. The yen temporarily fell 1%, hitting a three-month low.

Bitcoin futures rose more than 4%, surpassing the $70,000 mark, and the cryptocurrency exchange Coinbase rose more than 5%.

Concerns about the Middle East eased, suppressing gold and oil prices. Oil prices plummeted by more than 6%, marking the largest drop in over two years, while gold recovered the losses from the early U.S. trading session by the close. Palladium rose more than 2% to a ten-month high.

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In the Asian session, the Shanghai Composite Index closed up 0.68%, while the Northern Board 50 fell nearly 1%. Micro-cap stocks experienced a surge in trading limits, and government bond spot prices fell across the board.

Chinese Market: On Monday, the A50 index was unaffected by the weekend's Israeli airstrikes on Iran, continuing to narrow its range and rise 84 points throughout the day, closing at 13,333, with a daily increase of 0.62%.

Yesterday, the three major A-share indices fluctuated narrowly in the morning, with the ChiNext index performing weakly. By midday, the Shanghai Composite Index was up 0.17%, the Shenzhen Component Index was up 0.27%, and the ChiNext index was down 0.47%. In terms of sectors, the steel sector saw significant gains, with multiple stocks such as Jiugang Hongxing, Liugang Shares, and Anyang Iron & Steel hitting their trading limits. Photovoltaic concept stocks were active, with stocks like Anchi High-Tech, Haiyuan Composite Materials, and Baoxin Technology also hitting their trading limits. The banking sector回调, with stocks like Shanghai Rural Commercial Bank and China Merchants Bank leading the declines. Sectors such as seed industry, real estate, military, and home furnishings also saw gains, while sectors like petroleum, insurance, and semiconductors led the declines. Approximately 3,800 stocks rose across the two markets, with a half-day trading volume of over 1.2 trillion yuan.

U.S. Market: The Dow Jones Industrial Average closed up 0.65%, the S&P 500 Index rose 0.27%, and the Nasdaq Composite rose 0.26%. Apple (AAPL.O) rose nearly 1%. The NASDAQ Golden Dragon China Index closed up 4%, Alibaba (BABA.N) rose 2.6%, NIO Inc. (NIO.N) rose 10%, and JD.com (JD.O) rose over 4%.European Market: European stock indices closed higher across the board, with the German DAX 30 index closing up by 0.35%; the UK's FTSE 100 index closed up by 0.45%; the Euro Stoxx 50 index closed up by 0.54%.

Commodity Market: Spot gold opened with a gap lower, then fluctuated around the $2,740 threshold multiple times, and ultimately closed down by 0.17%, at $2,742.27 per ounce. Spot silver closed flat, at $33.66 per ounce.

Due to Israel's retaliatory strikes against Iranian forces bypassing oil and nuclear facilities, which did not lead to disruptions in energy supply, crude oil opened significantly lower, plunging as much as 6% during the session. WTI crude oil once fell to an intraday low of $66.79, and ultimately closed down by 5.18%, at $67.83 per barrel; Brent crude closed down by 5.21%, at $71.59 per barrel.

Foreign Exchange Market: On Monday, the US Dollar Index first rose and then fell, reaching an intraday high of 104.57, but then gave up all of the day's gains and turned negative, ultimately closing down by 0.03%, at 104.29. US Treasury yields continued to rise, with the benchmark 10-year US Treasury yield closing at 4.2860%; the two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.1530%.