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Financial market dynamics at a glance
< br/> U.S. stock markets were closed overnight. Previously, European stock markets closed slightly higher on the back of positive German economic data. On Monday, the Chinese stock market still performed anticlimactically after resuming trading after the holiday. Although the new policies introduced by the China Securities Regulatory Commission boosted the stock index to open higher, it still ended sharply lower under the hammering of heavyweight stocks such as banks. This keeps Chinese stocks in the spotlight on Tuesday.

In the foreign exchange market, the trends of major currency pairs were basically stable. Only USD/JPY showed some movement on Tuesday morning. After Japanese Prime Minister Shinzo Abe was successfully re-elected as president of the ruling Liberal Democratic Party without challenge, and data showed that Japan's performance in the second quarter was still unsatisfactory, the US dollar against the yen broke away from its previous lows and rose slightly.

Crude oil prices were under pressure again on Monday, falling below the US dollar. Although there was no trading during the New York session, Russia announced not to cut production, Iran once again emphasized the prospect of increasing exports, and China's economic outlook remains unclear. The impact of the news still means that the previous rebound in oil prices was just a dead cat jump and will soon be knocked back to its original shape. This week's U.S. crude oil inventory data will be released a week later.

Spot gold prices bottomed out at the US dollar overnight and then rebounded to the US dollar front line, with fluctuations also limited due to the US market shutdown. Although China's stock market and economic prospects have brought about certain market demand for hedging, the recent boost to gold prices has always been less than expected.

Fundamental news at a glance

San Francisco Fed President Williams said on Monday (May 1) that the U.S. economy is close to full employment. However, the U.S. economy currently faces huge headwinds from the global arena. Williams also pointed out that a strong dollar has a significant impact on the U.S. economy. If risks subside, interest rates could rise later this year.

China's Ministry of Finance, State Administration of Taxation and China Securities Regulatory Commission jointly issued a document stating that the State Council approved that individual income tax on dividends will be levied on a differentiated basis and that holding shares for more than one year will be temporarily exempt from income tax. Previously, the Shanghai Stock Exchange stated that it would adjust the single-day buying and selling limit to the single-day opening limit, and implement combined limit management for investors' single-day buying and selling positions.

The Russian Finance Minister said that the US dollar/barrel oil price will be used as the benchmark in the annual budget. If the oil price is USD/barrel, Russia's economic growth rate is expected to reach 20% next year. Therefore, Russia does not consider cutting crude oil production.