SMM5, January 1: on the first day of the May Day holiday, China's internal market was closed, today's financial markets collectively declined, the world's major stock markets tumbled across the board, Asia-Pacific stock markets completely lost, the Australian stock index fell more than 4%, and the Japanese stock market fell more than 3%. The US stock index, which has a good rebound momentum, also fell sharply across the board, and Chinese assets also suffered a sell-off. The offshore renminbi plunged more than 500 points in a single day, and the A50 index fell by as much as 5% at its peak.

The market believes that the US president has released expectations that there will be some retaliatory action against the new crown epidemic, that the chairman of the Federal Reserve believes that the economic recovery will be very tortuous, and that the economic data just released in the United States have been very bleak. Many of the data have tumbled record.

Metal futures markets also fell today, with LME copper, aluminium, lead, zinc and tin all falling more than 1 per cent at one point.

The final value of manufacturing PMI in the UK for April, released today, was 32.6, expected to be 32.8, with an initial value of 32.9. Both the manufacturing PMI employment index and the new orders index recorded record lows in April. The Bank of England approved 56200 mortgages in March, up from an estimated 58000, up from a previous value of 73500.

Federal Reserve Kaplan said in an evening statement that the unemployment rate in the United States could be as high as 20% and could be 8-10% by the end of the year. Consumer spending has been hit hard, with US GDP likely to shrink at an annualised rate of 30 per cent in the second quarter and 4.5-5 per cent for the full year. Interest rates will remain low for a long time, and the Fed needs to do more to get through it.

U. S. National Economic adviser Dirk Kudlow said the second quarter will again be badly hit by the epidemic.

"[global markets] economic data are still bad. Capital markets are collectively depressed. Investors are waiting for US PMI data.

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Contact person: Zhou Zhiqiang

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