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Gold
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Real-time News
On May 21st, driven by AI optimism and strong earnings reports, both the S&P 500 and Nasdaq hit record highs. However, this rally lacked breadth, with most gains coming from large-cap tech stocks. UBS analysts pointed out that in the six weeks ending May 15th, the market capitalization-weighted S&P 500 outperformed the equally weighted S&P 500 by the largest margin in at least 35 years. Given that much of the market value growth was driven by large-cap AI tech stocks, UBS advised investors to reduce overly concentrated positions and guard against the risks of concentrated holdings. UBS also stated that as earnings season nears its end and market focus shifts back to the unresolved Middle East situation, the market may enter a period of respite. Swissquote Senior Market Analyst Ipek Ozkardeskaya said she has been monitoring the market breadth issue, noting that most of the gains are currently concentrated in a few tech companies "priced in with perfect expectations." "If anything goes wrong with their pricing logic, we could see a bubble-like crash."The Eurozones preliminary consumer confidence index for May was -19, compared to a forecast of -20.8 and a previous reading of -20.6.The preliminary reading of the Eurozone consumer confidence index for May has not yet been released.On May 21, Chris Williamson, chief business economist at S&P Global, stated that the devastating economic impact of the Middle East conflict is becoming increasingly evident in business surveys. Preliminary May PMI data showed only moderate growth in business activity, as demand was again squeezed by further price increases, while businesses laid off employees due to concerns about rising costs and the economic outlook. Following weak April data, the May PMI index suggests that annualized GDP growth in the second quarter is unlikely to exceed 1%. However, even this slow growth is unlikely to be sustainable. Order growth has slowed to its lowest level in two years over the past three months, and the boost from precautionary inventory buildup due to concerns about further price increases and supply delays will not last forever. Business demand is expected to cool further due to rising prices. Business costs are rising at the fastest pace since the 2022 energy price shock and will be passed on to customers in the form of significantly higher selling prices. Therefore, the survey data suggests that inflation appears poised to intensify further just as the economy is cooling.May 21st - As of the end of March this year, the total number of 5G base stations nationwide had reached 4.958 million. From text to audio and video, mobile phones transmit messages and greetings via signals, connecting across the country through base stations. While 5G is becoming widespread, gigabit optical networks are also expanding simultaneously. By the end of 2025, the total length of optical cable lines nationwide will reach 74.99 million kilometers, enough to travel from Earth to the Moon nearly a hundred times. Among the next-generation communication networks, 6G, as a future industry strategically planned in the 15th Five-Year Plan, is currently receiving significant attention. Following the "ten-year generation" evolution pattern of mobile communication technology, 6G is expected to be officially commercialized around 2030; it is projected to cultivate a trillion-yuan-level industry and applications by 2035.
