Oil prices fell nearly 2%, market sentiment rebounded slightly, gold prices continued to decline, OPEC+ considered increasing production in June

Basic news

On Thursday (April 24, Beijing time), spot gold trading was around 3311.10, and gold prices continued to decline from record highs on Wednesday, falling nearly 3%, and investors' appetite for risky assets improved. Previously, US President Trump said he did not intend to fire the Federal Reserve Chairman and hinted that progress was made on tariff issues. U.S. crude oil trading was around 62.25 USD/barrel, and oil prices fell nearly 2% on Wednesday, as there were reports that OPEC+ would consider increasing oil production in June.

Stock markets

U.S. stocks rose on Wednesday, with investors' hopes of a downgrade in trade tensions, and U.S. President Trump said he "has no intention to fire" Fed Chairman Powell, eased concerns about the Fed's possible loss of independence.

The three major U.S. stock indexes all shrink their gains at the close of the market. The momentum of upward gains increased earlier in the session after U.S. Treasury Secretary Bescent said high tariffs were unsustainable and Trump hinted that he was willing to ease trade tensions between the world's two largest economies. "We're seeing such a strong opening, which is actually related to the development of the situation in Washington," said Russell Price, chief economist at Ameriprise. "President Trump said he has no intention of firing Powell, and we may see a sharp drop in tariff rates at present. So, this is obviously the good news that the market wants to see, and they do see it." Later on Tuesday, Trump downplayed the attacks on the Fed, including withdrawing the threat of firing Powell. Most invested at a time when Trump's chaotic trade policy made market turbulentInvestors believe that the Fed chairman is a force for market stability.

Baird investment strategy analyst Ross Mayfield said, "The independence of the Federal Reserve is one of the self-evident bastions of developed market systems. Therefore, threatening the independence of the Federal Reserve obviously puts pressure on bonds and the US dollar, and accelerates the outflow of funds from US assets to a certain extent."

The first quarter financial report quarter was fully promoted, and 110 of the S&P 500 xmtraders.companies have announced their financial reports, of which 75% of the performance exceeded Wall Street expectations. Analysts currently expect S&P 500 xmtraders.companies to grow overall profits from January to March, according to data from London Stock Exchange Group (LSEG).

Tesla rose 5.3%, after CEO Musk said he would significantly cut his time in the Trump administration from next month and spend more time running his own many businesses. But Tesla's automobile business's quarterly revenue still fell by 20%, and its net profit plummeted by 71%.

Boeing jumped 6.1%, and the xmtraders.company reported a lower-than-expected quarterly loss as more aircraft were produced and delivered.

The Dow Jones Industrial Average rose 1.07% to 39,606.57 points; the S&P 500 rose 1.67% to 5,375.86 points; and the Nasdaq rose 2.50% to 16,708.05 points.

Among the 11 major sectors of the S&P 500, the technology sector and consumer discretionary sector had the largest percentage increase, with major consumer goods sectors and energy sectors underperforming.

Economic, S&P Global's initial purchasing managers' index (PMI) data in April shows that as uncertainty is increasing, corporate activity is losing momentum, and corporate pricing of goods and services rises accordingly.

Reuters/Ipsos' latest poll showed that only 37% of respondents recognized Trump's economic handling, down from 42% hours after Trump's inauguration on January 20. At that time, Trump promised to vigorously promote economic recovery and start the "Golden Age of America."

Gold market

Gold prices continued to decline from record highs on Wednesday, down 3%, and investors' appetite for risky assets improved after U.S. President Trump said he did not intend to fire the Federal Reserve chairman and suggested progress on tariffs.

Spot gold fell 3% to $3,281.6 per ounce, setting a record high of $3,500.05 last trading day. US gold futures fell 3.7% to settle at $3,294.10. PhillipStreible, chief market strategist at BlueLine Futures, said: "The market is starting to get out of the shadow of the collapse caused by tariffs. You will see funds widely rotated from some safe-haven assets, and instead chased specific stocks such as Apple and Tesla."

Overall financial market sentiment improved, the dollar rebounded, and after several consecutive days of increasing criticism of Fed Chairman Powell's failure to cut interest rates, Trump withdrew his threat of firing him.

Burning from central bank buying, tariff war concerns and strong investment demand, gold prices have risen more than 26% since the beginning of 2025. "From a technical point of view, gold rose above $3,500, surged around this level, and then reversed sharply, which increased the risk of a further correction in the short term," Ole Hansen, head of xmtraders.commodity strategy at Saxo Bank, said in a note. "Silver rose 3% to $33.48 per ounce, platinum rose about 1.1% to $969.1, and palladium remained stable at $935.59. Oil market

Oil prices fell 2% on Wednesday as news that OPEC+ will consider increasing oil production in June, but tariffs are reported to be positive and oil prices have been curbed.

Brent crude oil futures closed down 1.96% to $66.12 a barrel, while the U.S. closed down 2.2% to $62.27.

Before the OPEC+ news came out, the global indicator Brent crude oil price hit an intraday high of $68.65 per barrel, its highest level since April 4.

Three sources familiar with the matter told Reuters that several OPEC+ member states will propose to accelerate the increase in oil production for the second consecutive month in June. Recently, OPEC+ member states have been tense due to xmtraders.compliance with production quotas.

The Kazakhstan Ministry of Energy issued a statement saying that Kazakhstan is not an OPEC member, but an ally within the OPEC+ group, and is a responsible participant in the international energy xmtraders.community, focusing on predictability and supply and demand balance. Oil prices at both indicators then shrank some of the declines in afternoon trading. Kazakhstan's production exceeded its allocated quotas, angering other OPEC+ member states.

Earlier, Kazakhstan Energy Minister Erlan Akkenzhenov told Reuters that the country placed national interests above the interests of OPEC+ Group of oil-producing countries when deciding on oil production. Government data showed that U.S. crude oil inventories unexpectedly increased last week, while gasoline and distillate inventories both fell more than expected, and the market also gained some support.

Foreign exchange market

The dollar rebounded against major currencies on Wednesday, as investors felt relieved of hopes of easing trade tensions and the threat of President Trump to abandon the firing of the Fed chairman.

According to a person familiar with the matter, the Trump administration is considering a tariff cut, adding that no action will be conducted unilaterally. Hopes of a eased trade war boosted the dollar against the euro and the Swiss franc.

Investors have returned to the US dollar one after another. The dollar has been hovering around three-year lows in recent weeks, and its safe-haven position is subject toquestion.

The US dollar index opened rapidly during the Asian trading session, but then stabilized due to the continued fragility of market sentiment. The U.S. dollar index rose 0.297% to 99.86 in late trading.

This week, the market is also struggling to cope with the idea that the Fed's independence could be threatened as Trump repeatedly verbally attacked Fed Chairman Powell for not cutting interest rates since he took office in January, and Trump appeared to have backfired in his speech late Tuesday. "I have no intention of firing him," Trump told reporters in the Oval Office. "I want to see him be more proactive in lowering interest rates." Lee Hardman, senior currency analyst at Mitsubishi UF Financial Group, said Trump's "flat denial" is an encouraging signal for the market.

The euro fell 0.86% to $1.132, down from the three-and-a-half-year high of $1.15, which was set earlier this week.

The survey on Wednesday showed that business growth in the euro zone stagnated this month and the German private sector shrank due to service industry difficulties and trade-related uncertainties.

The US dollar rose 1.27% against the yen to 143.435; against the Swiss franc, the US dollar rose 1.32% to 0.8298 in the late trading.

Although the dollar attempts to rebound, it is still not far from its multi-year low against the euro and Swiss francs and not far from its seven-month low against the yen.

Nicholas Res, head of macro research at MonexEurope, said: "We think this will be the theme of the future. We will see the ongoing shocks put downward pressure on the dollar and see the dollar rebound repeatedly. But the dollar will not return to its previous highs," said Nicholas Res, head of macro research at MonexEurope. "The market does not trust Trump."

International News

11 more states in the United States sued Trump after California The government's abuse of tariff policies is "illegal"

On April 23 local time, a reporter from the Taiwan Taiwan learned that New York, Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, New Mexico, Oregon and Vermont filed lawsuits in the U.S. Court of International Trade, trying to prevent the implementation of the Trump administration's tariff policies and seek courts to announce that their new tariff policies are illegal. It is reported that New York Attorney General Liticia James said in a statement on the lawsuit that the president has no power to raise taxes as he pleases, but Trump has done so on the issue of tariff policy. The lawsuit believes that the US president has no right to arbitrarily impose tariffs under the International Emergency Economic Powers Act cited when Trump enforces tariff policies. Earlier, California Governor Gavin Newsom, announced on the 16th local time that he sued the Trump administration for tariff issues, accusing the latter of abusing tariff policies of "illegal". This is the first state government in the United States to challenge Trump's tariff "big stick". The lawsuit is in the Northern District of California, according to a statement issued by the California Governor's OfficeThe federal district court filed a request to the court to declare the tariffs imposed by the Trump administration invalid and prohibit them from being implemented.

British media: Trump plans to exempt some tariffs on automakers

According to the Financial Times, US President Trump plans to exempt some of the most stringent tariffs on automakers, which is another concession in the trade war after recent intensive lobbying by automotive executives. However, Trump's 25% tariff on all imported vehicles will remain. Another 25% tariff on auto parts will also be retained and will take effect from May 3. Although the United States has previously excluded automobile products under "reciprocal" tariffs on its major trading partners, American auto xmtraders.companies are still seeking more exemptions in the near future. These concessions will mark an initial victory for the automotive industry, and another retreat from Trump on his most radical tariffs. People familiar with the matter said the current negotiations focus mainly on simplifying the taxation process, such as relaxing the rules of origin for automotive parts. This policy adjustment reflects that while maintaining the core position of the "U.S. First" trade policy, the Trump administration is responding pragmatically to specific industry pressures.

The U.S. Secretary of xmtraders.commerce initiated a national security investigation into truck imports

The U.S. Department of xmtraders.commerce said it launched an investigation on Tuesday to determine the impact of imported medium-sized trucks, heavy trucks, and medium-sized and heavy truck parts and their derivatives on national security.

The Federal Reserve's "Black Book": Increased economic uncertainty and prospects in many places have deteriorated significantly

On April 23 local time, the Federal Reserve issued a "Black Book" for economic status. The Beige Book shows that economic activity has been almost unchanged since the last report, but uncertainty in international trade policy is widespread in various reports. Only five regions saw a slight increase in economic activity, three regions reported a slight decrease in economic activity, and the remaining four regions reported a slight decrease in economic activity. Overall, both leisure and business travel have declined, and the number of international tourists in some regions has also declined. House sales have increased, with many regions continuing to maintain low inventory levels; net loan demand remained flat or slightly higher; non-financial services demand in some regions has declined. Overall, transportation activity increased slightly. Manufacturing performed in a mixed manner, but two-thirds of regions said that manufacturing activity had little change or had declined. The energy industry has grown slightly. The agricultural conditions in many regions are relatively stable. As economic uncertainty increases, especially around tariff uncertainty, the outlook for multiple regions has deteriorated significantly. Prices have risen in all regions, and most regions point out that xmtraders.companies expect tariffs to lead to accelerated growth in input costs. Many businesses have received supplier notifications saying costs will rise. Businesses reported that they increased tariff surcharges or shortened pricing periods due to uncertainty in trade policies. Most businesses expect to pass on additional costs to their customers. There are reports that profit margins are squeezed due to rising costs.

Iran condemns the latest U.S. sanctions

U.S. Treasury DepartmentPreviously announced sanctions against an Iranian entrepreneur and his xmtraders.company. In response, Iranian Foreign Ministry spokesman Bagae strongly condemned this on the 23rd. According to a statement released by the Iranian Foreign Ministry, Bagae said that the continued imposition of sanctions on Iran is bullying and illegal, which is contrary to the US's attempt to talk to, and shows that the United States lacks sincerity in negotiations. Bagae said the U.S. government used sanctions to exert political pressure on other countries, which violated the UN Charter and international law and undermined the rule of law and free trade principles. The United States and Iran held indirect talks in Muscat, the capital of Oman on the 12th. This is the first formal negotiation between the United States and Iraq since the United States unilaterally withdrew from the Iran nuclear deal during its first presidency in May 2018. On the 19th, the United States and Iran held the second round of indirect talks in Rome, Italy. The third round of indirect talks between the two sides will be held in Oman on the 26th.

ECB Management xmtraders.committee Nott: As the impact continues to unfold, the neutral policy orientation is correct

ECB Management xmtraders.committee Nott said that since the medium-term impact of the recent economic shock is still unclear, he believes that there is no need to stimulate the economy by lowering interest rates. While inflation slows down faster than previously expected, he said the impact of trade frictions and increased European defense and infrastructure spending on the future is "far from clear". He said: "This shows that overall, policy rates that are neither loose nor restricted are still viable. In any case, we will maintain medium-term attention and strive to develop a policy that keeps inflation sustainable near the target level of 2%, and is confident not only in the benchmark level, but also in a range of scenarios." U.S. Treasury Secretary Becent said the United States supports the IMF and the World Bank and urged reforms. U.S. Treasury Secretary Becent called on the International Monetary Fund and the World Bank to adjust their direction, and said that the two institutions play a "critical role" and that the Trump administration is willing to cooperate with them. "In the status quo, they're not doing enough" when talking about the two institutions on Wednesday at an event held by the International Finance Association (IIF). He specifically pointed out that the IMF has encountered "functional drift". The U.S. Treasury Secretary said that "international financial institutions must pay special attention to ensuring economic and financial sustainability. "I'm not talking about climate change or carbon footprint."

New home sales in the United States exceeded all expectations in March. The growth in the southern region is significant.

New home sales in the United States rose sharply last month, thanks to a slight decline in mortgage rates and continued sales incentives to start the spring sales peak season. Sales of new single-family homes rose 7.4% in March to an annualized rate of 724,000 units, driven mainly by surges in sales in the southern region, according to the government data released on Wednesday. This exceeded expectations of all economists surveyed. Sales in the southern region rose to its fastest in nearly four years, continuing a moderate increase in February after experiencing severe weather at the beginning of the year. Sales in the Midwest also climbed, while sales in the West and Northeast declined.

DomesticNews

In 2025, special treasury bonds injected by central financial institutions are issued today

In accordance with the relevant arrangements of the Ministry of Finance, the issuance of special treasury bonds in 2025 will be launched today, with the issuance amount of 165 billion yuan and the issuance period is 5 years. Interest will be calculated from April 25 and interest will be paid every year. This period of treasury bonds will be listed and traded from April 29.

Yin Jiangao of the State Administration for Financial Regulation: The construction of Shanghai International Reinsurance Center has made phased progress

The People's Bank of China held a press conference on the 23rd to introduce the relevant situation of the "Action Plan for Further Improving the Facilitation of Cross-border Financial Services" (hereinafter referred to as the "Action Plan"). Yin Jiangao, Director of the Property Insurance Supervision Department of the State Administration for Financial Regulation, introduced the construction of Shanghai International Reinsurance Center. He said that in recent years, the State Administration for Financial Regulation has conscientiously implemented the decisions and arrangements of the CPC Central xmtraders.committee and the State Council on building an international first-class reinsurance center, worked closely with relevant departments and Shanghai, focused on the Shanghai International Reinsurance Registration and Trading Center, and actively promoted the construction of reinsurance centers. At present, phased progress has been made.

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