Weekly

U.S. President Trump said harshly that he didn't want to talk to Xi because China's handling of novel coronavirus was too poor and suggested that in the most extreme case, relations with China could be cut off.

His remarks may be a political gesture for the presidential election, but they will definitely heat up the Sino-US trade war.

The Dow Jones Industrial Average fell 450 points at one point after the opening and recovered its lost ground in the afternoon. Energy stocks did a good job in driving the index up and ended up 377 points.

Oil prices rebounded, and the International Energy Agency predicted that global inventories would decrease by about 5.5 million barrels per day in the second half of this year as demand increased.  According to data from the US Energy Information Administration,

Last week, crude oil stocks unexpectedly decreased by nearly 750,000 barrels, the first decline in 15 weeks.

In addition, major oil-producing countries have also promised to reduce production one after another, and more countries have relaxed restrictions, all of which have led to a rebound in oil prices.

New york crude oil closed at $27.6 a barrel this month, up 9%.  The increase in oil prices is still determined by stocks.

The U.S. stock market fell sharply and then rose sharply on Thursday, based on optimism that the market will gradually open up the economy.  However, the number of initial claims for unemployment benefits last week announced by the United States yesterday was exposed

The unemployment rate caused by coronavirus and the strong presentation of the US economic situation are still deteriorating.

In the week ending May 9, 2.98 million people applied for unemployment benefits for the first time in the United States, down from 3.17 million in the previous week, but more than the 2.5 million expected by the market.

This reflects that the market is overly optimistic about the speed of economic recovery brought about by the gradual relaxation of restrictions.

First-time data underperformed expectations, becoming a catalyst for higher gold prices.  After the data was released, the gold price could begin to rise, reaching as high as 1737 to close at 1730.

A further challenge to April's high 1748 or higher may require consolidation between 1720 and 1730 before it can be realized.

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