News

Looking ahead to May, macroeconomic catalysts are weakening, but concerns over tightening and high oil prices have eased, so overall risks are not significant. Various asset classes may continue their recovery trend. In the short term, gold and U.S. Treasuries previously experienced the most pronounced shocks, and their current levels are still far from previous highs, suggesting greater room for recovery. In the medium term, the fundamental outlook will determine the direction. China Securities Construction Investment favors a restart of interest rate cuts, and an easing policy would benefit gold and U.S. Treasuries. If U.S. fiscal conditions deteriorate, gold would outperform U.S. Treasuries.

According to ChainCatcher, citing Golden Ten Data, a research report by CITIC Securities states that the number of new non-farm jobs in the US for April 2026 exceeded expectations, and the unemployment rate of 4.3% met expectations. The firm believes that April's data better reflects the current state of the US job market compared to the previous two months, mainly due to the reduction of one-off factors and a higher enterprise response rate. Regarding Federal Reserve monetary policy, if the situation in Iran eases and falling oil prices cool inflation expectations, the base scenario for the second half of the year is one rate cut of 25 basis points.

Glonghui, May 11｜Australia's S&P/ASX200 index opened down 69.70 points, a decrease of 0.80%, at 8674.70 points.