Wall Street's optimism about restarting the economy continues. Small non-agricultural ADP signals economic recovery. The Dow Jones Industrial Average rose more than 500 points for its third consecutive victory. European stocks also rose across the board, leading analysts to judge

Wall Street’s optimism about restarting the economy continues, small non-agricultural ADP signals economic recovery, the Dow Jones Industrial Average rose more than 500 points for its third consecutive victory, and European stocks also rose across the board, leading analysts to judge: “The worst is over. "

The Bank of Canada kept its benchmark interest rate unchanged at 0.25% on Wednesday (June 3) and noted that the Canadian economy appeared to have avoided the "worst case scenario," prompting policymakers to scale back some market operations and lower their expectations for an economic downturn. expected. Jim Paulsen, chief investment strategist at

Leuthold Group, believes that more comprehensive stock markets, including small-cap and cyclical industries, as well as international and emerging stock markets, are gradually joining this rebound, indicating that the economic recession is over.

European and American stock markets generally rose

Wall Street's optimism about restarting the economy continued, far outweighing concerns about Sino-US trade tensions and US protests.

The U.S. Department of Transportation announced on Wednesday that it will suspend flights by Chinese airlines to the United States. The ban will take effect on June 16. In addition, the U.S. Department of Commerce announced on Wednesday that it announced last month that 33 Chinese companies and institutions were included in the entity list. This export control blacklist will officially take effect on June 5 this Friday.

However, the latest non-manufacturing data released in the United States improved, and the number of private enterprise job losses was smaller than expected, offsetting the negative impact of the wave of demonstrations.

Earlier, the U.S. ADP announced that private employment fell by 2.76 million in April, a figure that was better than market expectations.

news sent Wall Street stocks higher, returning to March highs. On June 3, local time, the Dow Jones Industrial Index rose 527.24 points, or 2.05%, to close at 26269.89 points; the S&P 500 Index rose 42.05 points, or 1.36%, to close at 3122.87 points; the Nasdaq Composite Index rose 74.54 points, or 0.78% , closing at 9682.91 points. The Dow has risen for three consecutive trading days, while the S&P 500 has risen for four consecutive days for the first time since February.

The Nasdaq 100, which tracks the 100 largest non-financial companies on Nasdaq, rose 0.5% and was within 0.3% of the high set on February 19, having risen since the intraday low on March 23. More than 43%.

Informa Financial Intelligence market strategist Ryan Nauman said: "We are seeing risk trades again today." He noted that larger cyclical sectors such as small caps and industrials performed well, "the vast majority of which are related to economic data." Related. The market believes that the worst is over and the economy will improve."

The recovery of the global economy has become a propeller to boost the stock market. The flattening of the new crown epidemic curve and the Federal Reserve's stimulus measures have also helped the stock market rise. Economic recovery-sensitive stocks such as aviation and finance led the gains. United Airlines rose 12.5%, Delta Air Lines rose 7.8%, Boeing rose 12.96% to become the strongest performing Dow component, American Express rose more than 6%, and JPMorgan Chase climbed more than 50%. On the contrary, technology stocks that have done well during the blockade have been bearish, with Facebook and Netflix both falling more than 1%.

European stocks rose, with the pan-European Stoxx 600 index rising 2.54%, German and French stocks gaining 3.88% and 3.36% respectively, and British stocks also rising 2.61%.

Capital outflows Hedging products

U.S. private sector employment data was better than expected. Investors sought riskier stocks and funds flowed out of the gold market. International gold prices came under pressure on Wednesday and fell to a three-week low.

New York gold futures for August delivery closed down $29.2, or 1.7%, at $1,704.8 an ounce. Lukman Otunuga, senior analyst at

FXTM, said that the decline in gold prices was because investors ignored the racial demonstrations in many cities in the United States and expected economic performance to improve. He believed that relevant sentiments would continue to hit gold prices.

However, Commerzbank analyst Carsten Fritsch pointed out that weak demand for physical gold in Asian countries is detrimental to the performance of gold prices. However, gold exchange-traded funds have entered the market, supporting gold prices to stabilize at low levels.

U.S. Treasury bonds are also a traditional safe haven for investors. On June 3, the 10-year U.S. Treasury bond yield rose 7 basis points to 0.75%.

OPEC+ will meet this week. There are rumors

Bloomberg News quoted people familiar with the matter as saying that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will not meet in advance on the 4th, and the meeting scheduled for next week may not be held unless all countries First agree to fulfill the previously promised production reduction amount.

At the beginning of this week, there was news that the OPEC+ meeting date was changed to June 4 so that some oil-producing countries can arrange oil sales activities in late June.

However, affected by the news of changes in the OPEC+ meeting, Brent crude oil, which once rose above US$40 per barrel on the 3rd, turned from red to black. Previously, oil prices had risen from the lows in April in recent days, driven by the gradual lifting of epidemic blockade measures in major economies. International oil prices closed up more than 3% on the 2nd, closing at the highest level since March 6.

OPEC+ originally planned to reduce production by 9.7 million barrels in April and May, but then reduced the amount of production cuts in June. However, after the international oil price recently returned to US$35 per barrel, some OPEC+ members proposed to maintain a production cut of 9.7 million barrels until the end of the year to maintain the stability of the oil market.

Reuters quoted sources as reporting that OPEC+’s two largest oil producers, Saudi Arabia and Russia, have finalized a preliminary agreement to extend the current production cuts for one month and put strong pressure on all countries to effectively implement their production reduction commitments.

Unlike the March meeting before the price war between Saudi Arabia and Russia, analysts believe that OPEC+’s mood is now more positive, and leaders of all major oil producing countries agree on the need to continue cooperation. The analysis also believes that it is possible to extend the current OPEC+ reduction level until the end of 2020.

reporter Yuan Yuan