Domestic News
1. The General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on the pilot work of extending land contracts for another 30 years after their expiration.
2. Ministry of Foreign Affairs: China and the United States will continue to maintain communication regarding President Trump's visit to China.
3. Alibaba Cloud and Baidu Smart Cloud officially announced price increases, while JD Cloud lowered prices.
4. A negative list management mechanism for fiscal subsidies will be established, and related documents are expected to be released soon.
5. China Securities Regulatory Commission: Resolutely remove "roadblocks" and "stumbling blocks" affecting the reform and development of the capital market.
International News
1. Federal Reserve March Interest Rate Meeting
—The Fed maintained interest rates at 3.5%-3.75%, while Milan believed a 25 basis point rate cut was necessary. The impact of the Middle East situation on the US economy remains uncertain. The dot plot maintains the expectation of one rate cut each in this year and next, but the distribution has become more hawkish. Powell believes that interest rates are at the high end of the neutral range, or slightly tight, in a favorable position; there is currently no stagflation; and the energy supply disruption was a one-off event. 1. Jerome Powell gave a tough response regarding his continued tenure: he will not leave until the investigation is complete, and even if it is, he may not leave; if a successor is not confirmed, he will continue to serve as interim chairman.
2. Market bets on a Fed rate cut throughout the year have been reduced from approximately 20 basis points to less than 11 basis points.
3. The Afghan Taliban announced a temporary suspension of military operations against Pakistan.
4. Samsung Electronics union members voted to hold a full-scale strike from May 21 to June 7.
5. The Bank of Canada kept interest rates unchanged, stating it would "ignore" the impact of a short-term surge in oil prices.
6. US PPI data exceeded expectations across the board, with the annual PPI rate reaching 3.4%, a new high since February last year.
7. Overnight market activity—gold fell 3.7%, silver fell nearly 5%, WTI crude oil rose nearly 4%, Brent crude oil rose over 6%, US Treasury bonds rose 10 basis points in 2-year terms, and the three major US stock indices fell over 1%. 8. Energy Situation
—① Iran's southern oil facilities were attacked, and the country vowed to retaliate by striking oil facilities in three Middle Eastern countries. ② Qatar claims Iranian missiles hit the Ras Raffan industrial city, a natural gas hub, causing serious damage. ③ Iran struck a US-owned refinery in Riyadh, causing a fire. ④ Trump authorized the lifting of the 60-day embargo to reduce energy transportation costs within the US. ⑤ Vance held an emergency meeting with oil executives, planning to announce a response policy within 48 hours. ⑥ US media: Trump hopes Israel will postpone further attacks on Iranian energy facilities. ⑦ Russia may consider providing military escort for merchant ships.
9. Iran Situation
—① Iran's Revolutionary Guard stated it would launch its "toughest" strike against the US and Israel. ② The Israeli military began its first strikes against targets in northern Iran. ③ The Israeli Defense Minister: He has authorized the Israeli military to kill any senior Iranian officials. ④ The Iranian President confirmed the assassination of Iranian Intelligence Minister Khatib. ⑤ US media reports that the US wants to destroy Iran's military power and then cease hostilities as soon as possible, while Israel insists on pursuing and killing the Iranian leader.
