Stock index:
YesterdayCapcomarcade2ndstadiumThe equity market is mixed.Capcomarcade2ndstadiumWind all A closed down 0.Capcomarcade2ndstadium.15%, with a turnover of 820 billion yuan. CSI 1000 rose 0.Capcomarcade2ndstadium.24%, CSI 500 rose 0.5%, CSI 300 fell 0.01%, and SSE 50 fell 0.08%. The A-share market is still in the center of wide volatility, the implied volatility at the option end of the index has been enlarged, and the discount of the basis of the small-cap index is relatively large, all of which indicate that the market is forming a deterministic opinion on the early divergency. this divergence is now developing in a positive direction. On the one hand, manufacturing PMI jumped sharply above the boom and bust line in March, indicating a significant improvement in domestic and foreign demand, as the recovery trend of the manufacturing sector concerned by the market was further certified. On the other hand, the market began to discuss the feasibility of the central bank buying treasury bonds in the open market. If it can be successfully landed, its fiscal support is expected to be greater, and may be accompanied by inflation expectations. In the medium to long term, the small-cap stock index may receive a significant boost. In terms of basis difference, IM2404 basis difference-26.12 recordIC2404 basis difference 1.19 quotation IF2404basis difference 4.56 quotation IH2404basis difference 3.93.
National debt:
On April 11, most treasury bond futures closed down, the 30-year main contract fell 0.68%, the 10-year main contract was unchanged, the 5-year main contract was unchanged, and the 2-year main contract fell 0.02%. In terms of the open market, the central bank today carried out a seven-day reverse repurchase operation of 2 billion yuan, and the winning interest rate was 1.80%, the same as before. The inter-deposit pledge repo interest rate is mixed. The 1-day variety was 1.7223%, up 0.62 basis points, and the 7-day variety was 1.8239%, down 1.49 basis points. Due to the expiration of the reverse repurchase of 2 billion yuan in 7 days, there is no net release. With the return of easy funding in April, yields on short-term treasury bonds are expected to remain low and volatile. Taking into account the central bank's emphasis on long-term yields and the high probability of ultra-long-term special treasury bonds landing in the second quarter, the adjustment pressure on long-end treasury bonds is greater than that on the short end, and the yield curve is expected to steepen again.
Precious metals:
Overnight London spot gold pulled up again, and set a new all-time high, spot silver rose. The US March PPI data released last night rose 2.1 per cent from a year earlier, up from 1.6 per cent but below expectations of 2.2 per cent, the highest level since April last year. However, the US PPI in March was lower than expected on a month-on-month basis, indicating a limited rebound in US inflation, which also allayed market concerns about the postponement of the Fed's rate cut. In addition, the United States has warned Iran that it will fight back against Israel, adding that any conflict is at risk of further spread. Previously, gold pushed up the factors together, the gold price also quickly resumed the upward trend. However, the gold market has been overheated, the risk of chasing high is still increasing, and recent data and events also show that gold prices are gradually overdrawing and cutting interest rates. With the postponement of interest rate cuts and increased certainty, gold still has a high performance in the short term or driven by emotions. however, in the medium term, the correction trend under pressure is inevitable, pay attention to the rhythm of operation. For silver, with the rapid rise in silver prices, the gold-to-silver ratio has adjusted somewhat, but it is still high from the low in recent years, whether the market continues to trade gold-silver ratio return, or affect the short-term silver price trend.