Weekly

The U.S. stock market continued last week's upturn, with the S&P 500 index performing brilliantly, recovering its lost ground from March 23 when the new virus hit a market value of 10 trillion U.S. dollars and was the fastest bear market in history.

The Dow Jones Industrial Average is still 8% below its pre-crash high, but the U.S. stock market has performed better than China, which overcame the epidemic first.  China was boycotted by western countries led by Britain and America.

Huawei, one of the most proud high-tech companies among the Chinese, is also unable to move forward. Huawei has launched a 5G propaganda campaign in the UK. However, British Prime Minister Johnson criticized Huawei's network as potentially involving security risks that could harm individuals.

Commercial organizations and even the country suffered losses.  Bloomberg reported yesterday that the U.S. Department of Commerce announced in May that global manufacturers are prohibited from supplying semiconductors made with U.S. technology or equipment to Huawei without permission.

The U.S. ban hit Huawei's heart. Huawei's own inventory of important chips designed for its own telecommunications equipment will be exhausted by early 2021.

Sino-US disputes continue. Unless there is a real escalation, investors have already filtered out such noises and will not be affected.  The latest US employment and Chinese export data show that the economy is recovering from the epidemic.

Hedge funds continued to flow out of the US dollar, with the US dollar index falling for eight days to 96.7.  Gold prices have rebounded and the market is concerned that the stimulus policies implemented by central banks will continue for a period of time to support gold prices.

Gold closed at $1,699 an ounce.  Oil prices fell by more than 3%. OPEC and its allies earlier agreed to extend the cut-off agreement until the end of July to cope with the drop in demand caused by the epidemic.

But Saudi Arabia, Kuwait and the United Arab Emirates said they did not intend to extend their voluntary reduction of 1.18 million barrels per day beyond the end of June.  New york Oil closed at $38.19, down $1.36, or 3.4%.

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