Q1 Global Assets Recap1. Click to see the Chart 1: Q1 2025 Global Asset Highlights The first quarter of 2025 has already passed, and the performance of global major asset classes has shown a diversified trend.The three major U.S. stock indexes fell sharply in the first quarter, with the $S&P 500(.SPX)$ down 4.59%, the $Dow Jones(.DJI)$ down 1.28%, and the $NASDAQ(.IXIC)$ down 10.42%.Meanwhile, Hong Kong stocks performed well, driven by China's artificial intelligence industry. The $HSI(HSI)$ and the $HSTE

In January and February 2025, copper prices both domestically and internationally have shown signs of strengthening. This trend is driven by two key factors: expectations of copper supply shortages and a recovery in copper demand, both domestically and abroad. Reflecting on the surge in copper prices from February to May 2024, it was primarily fueled by market optimism about increased copper consumption due to advancements in artificial intelligence (AI). However, weaker-than-expected domestic copper consumption subsequently limited the price rally.Looking ahead, we anticipate a renewed upward trend in copper prices. The primary drivers include a tightening copper supply worldwide, which has led to negative spot market treatment and refining charges (TC/RC) for copper concentrates. Additio

U.S. bond yields rose further last week, putting gold under pressure, but the long-term narrative has not changed. As far as copper is concerned, the performance of copper prices in the past two weeks has been extremely calm and in a state of volatility convergence, just as all kinds of assets have amplified fluctuations due to Trump's coming to power, thus pricing in advance the possibility after he took office. CORE POINTS1. Copper prices continued to fluctuate last week, and gold fell back after hitting a new highIn terms of precious metals, COMEX gold fell 0.55% and silver fell 5.22% last week; The Shanghai Gold 2410 contract fell 0.46%, and the Shanghai Silver 2410 contract fell 5.12%. Among the prices of major industrial metals, COMEX copper and Shanghai copper changed by-7.53% and-3

Last week, the Federal Reserve opened a new rate-cutting cycle with an "unconventional" 50 basis points, marking the official end of tightening since early 2022.The background and implications of this decision are worth exploring in depth. $S&P 500(.SPX)$ Extent and path of the rate cutThe Federal Reserve's 50 basis point rate cut is intended to be a quick response to potential economic growth pressures. $Cboe Volatility Index(VIX)$ Although the market is generally positive about the rate cut, but there are also concerns about recession.Powell emphasized in this context, there is no obvious signs of recession, and the future path of interest rate cuts will be more gentle.According to the Fed's "dot plo

From the domestic macro point of view, it is still unsatisfactory at present, but the price decline has already priced in some negative factors in stages. Considering that the overall decline of other industrial metals has been very considerable, and many of them have fallen near the cost or reduced production, so the weak recovery may start to price towards the end of recovery, and the price will rebound.1. Review of COMEX copper market last weekCOMEX copper price fluctuated and rebounded last week, and the operating center of gravity moved up. The resolution of the debt ceiling problem has given the market some room to risk on, and risky assets have generally rebounded. The weaker economic data in Europe was priced in the previous price decline, while the economic data in the United Stat

Tonight at 9:30, the US December CPI data will be released. As the last key data for the year 2022, it will directly affect the Fed's interest rate hike path and is highly concerned by investors around the world.Due to the recent sustained low crude oil prices, inflation pressure has been further released. Currently, the market is relatively optimistic about this CPI data and generally believes that inflation growth will slow down further. The consensus expectation for CPI YoY is 6.5%, lower than the previous value of 7.1%; the consensus expectation for core CPI MoM is 5.7%, also lower than the previous value of 6%.Source: TradingEconomics1. AutoGoldman Sachs sees a significant drop in auto prices.On the one hand, used cars saw a net price decline in December auctions, with the u