On May 2, A shares and Hong Kong shares were closed for holidays.

Singapore's FTSE A50 index fell quickly after the opening bell.


　　On May 2, the FTSE China A50 Index futures opened lower on the basis of a 1.1% decline in last Friday night trading, and then rapidly expanded the decline, falling nearly 3% at one point, but then the decline narrowed. 1.94%.

　　In terms of Asia-Pacific stock markets, as of press time, the Nikkei 225 Index fell 0.53%, the Korea Composite Index fell 0.76%, and the Korea KOSDAQ Index fell 1.18%.

　　In terms of commodities, gold and crude oil all fell.

Wind market data shows that as of press time, London gold is now down 0.5%, COMEX gold is down 1.21%, ICE oil is down 1.19%, and NYMEX crude oil is down 1.04%.

　　On Friday, the three major U.S. stock indexes collectively closed sharply lower.

As of the close of the day, the Dow fell 2.77%, the Nasdaq fell 4.17%, and the S&P 500 fell 3.63%.

　　Regarding the sharp drop in U.S. stocks last Friday, CICC believes that the direct reason for micro-watching is that the performance of major leading technology stocks or management's guidance is not as expected; Values ​​are still the main drag.

CICC believes that the valuation is affected by the combination of rising interest rates (Rf) and growth concerns (ERP) under tightening expectations; it is currently back below the 5-year average and near the long-term average, but it is still difficult to be the main support for the market.

　　CICC said that the recent sharp drop in the U.S. stock market is due to the fact that the inflation has not yet seen an inflection point, and then there are still constraints on monetary policy. .

On the contrary, if the inflation turning point can gradually appear, it means that the Fed can continue to promote tightening in a relatively calm and preset way, at least not to continue to exceed expectations to accelerate the rise in US bond interest rates, thereby leaving room for breathing space for valuations; The fundamentals of earnings are still resilient and can provide a period of transition and support, although this transition is difficult to be smooth.

　　Based on the current situation, CICC is still inclined to the "apparent" inflection point of inflation or there is a possibility that it will come first. Although this will not interrupt the Fed's tightening pace, it can first alleviate some concerns about exceeding expectations, especially considering the current asset Too many tightening expectations have been included in the price, which may cause the upward trend of interest rates to slow down in stages; at this time, growth may still be some distance away from a real recession, thus providing the market with a relatively mild window.

Looking ahead, CICC believes that early May may provide a key verification point for the above judgment.