Global investor pessimism continues.
Overnight, U.S. stocks fell sharply: the three major indexes fell across the board, with the technology stocks tumbling 4.29 percent, the S&P down 3.20 percent, and the Dow down 1.99 percent.
Major European stock markets also fell, with Germany down 2.15 percent, France 2.75 percent and Britain down 2.32 percent.
International crude oil prices also fell sharply, with Brent crude falling 5.92% below $110 at $105.25 and U.S. oil down 6.76% at $102.35.
From the perspective of individual stocks, large technology stocks are the leading force of US stocks. Yesterday, Tesla and Nvidia fell more than 9%, Amazon fell more than 5%, and Apple and Meta fell by more than 3%. In this wave of markets, Musk lost 120 billion yuan overnight, and the market value of the US technology giant shrank by more than $1 trillion in three days.
Nasdaq chart
In terms of Chinese stocks, New Oriental fell more than 16%, iQiyi fell more than 10%, JD.com fell more than 8%, and Xiaopeng Automobile, Ideal Automobile and Weilai all fell by more than 8%.
In addition, the energy, aviation, charging piles and other sectors also fell in the front. Among them, Boeing fell 10.48%, American Airlines fell 8.52%, and Chevron fell 6.6%.
List of Chinese stock declines
Recently, the major U.S. stock indexes have been falling continuously, and the three major stock indexes have fallen for six consecutive weeks. Among them, the NASDAQ has fallen by 18.5% since April, hitting a new low since December 2020 and the worst performer among the world's important indexes in April, while the S&P 500 ranked third with an 11.9% decline.
European stock markets
CITIC Securities believes that in the short and medium term dimension, the european economic downturn, global supply chain disturbances, and the strength of the US dollar are still the main risk items that US stocks need to pay attention to, while the liquidity of the US dollar is tightening rapidly, and the possible risk of the economy falling into recession prematurely has become the main concern of the short-term market and brought about high volatility in the recent market.
CICC analysis believes that overall, the performance of US stocks on Monday was a situation in which assets and sectors fell, resulting in investors having "nowhere to hide". Slightly differently, U.S. Treasury rates rose and fell back, closing around 3 percent. Although it is difficult to determine whether it has peaked in the short term, it reflects a certain panic and some of the safe-haven needs in this position.
Research by Soochow Securities shows that the A-share market is also depressed, and short-term retail investors are accelerating their exit. The recent market shock adjustment, the net outflow of funds continued, of which retail funds in the market sentiment grinding bottom out of the willingness to flow stronger, the past four weeks of leveraged funds net outflow scale of more than 20 billion yuan, the latest week is a net outflow of 78.2 billion yuan, the largest weekly net outflow since January 2016. The current financing balance is $1,438.8 billion (as of 5/6), the lowest since November 2020.
Zhongyuan Securities said that the current average price-to-earnings ratio of the Shanghai Composite Index and the ChiNext Index is 12 times and 45 times, respectively, which is below the median level in the past three years; the trading volume of the two cities on Monday is 671.4 billion yuan, which is in the median area of the average daily trading volume in the past three years. The overall trend of the number of new cases across the country and in Shanghai is expected to continue to decline, and all localities have accelerated the speed of orderly resumption of production and work. In the future, the stock index is expected to fluctuate upwards, and it is still necessary to pay close attention to the changes in the policy side, the capital side and the hot spots that lead the rise. It is recommended that investors pay attention to investment opportunities in industries such as engineering construction, new energy, medicine and aerospace and military industry in the short term, and continue to pay attention to investment opportunities in undervalued blue-chip stocks in the middle line.
Shanxi Securities believes that after the market fully digests the short-term bearish factors at home and abroad, the policy bottom is constantly consolidated, the emotional bottom has also emerged, and the short-term market bottom has basically formed, but there is still a process of grinding the bottom, if there is a continuous rebound, the process will also be twisted and turned, and the stage is recommended to focus on large-cap value stocks with strong profitability, better defense capabilities and valuation repair space. It is recommended to continue to pay attention to the valuation repair of industry boom reversal and high-quality targets in the trend counterattack, the real estate chain has been adjusted in the short term due to the impact of sales deterioration, but the improvement of policy expectations has led to a large upward potential in valuation, and there is still a certain amount of valuation repair space for oversold growth sectors such as national defense and military industry, new energy and large technology sectors.
Source: Qianjiang Evening News Hourly News reporter Liu Qianxin
Editor on duty: Dong Xiaole