This week, all three major US stock indexes reached historic highs, with the Dow Jones Industrial Average closing above 40000 points for the first time, reaching a new closing high. In the eyes of institutions, investors have reignited hope that the Federal Reserve will cut interest rates later this year, triggering a rebound in the stock market in May.
Spot gold is once again approaching a historic high this week, supported by factors such as central bank purchases, expected interest rate cuts, geopolitical tensions, and the continued expansion of US Treasury bonds. Spot silver has surged, hitting an 11 year high in price. On May 17th local time, Hai Di Lao's subsidiary, Tehai International, was listed on NASDAQ under the stock code HDL, with a rise of about 14% on its first day of listing.
Be wary of the risk of interest rate cuts being pushed back again
On May 17th local time, the three major US stock indexes closed with mixed gains and losses. As of the close, the Dow Jones Industrial Average rose 0.34% to 40003.59 points, the S&P 500 Index rose 0.12% to 5303.27 points, and the Nasdaq fell 0.07% to 16685.97 points. This week, the Dow Jones Industrial Average rose 1.24%, the S&P 500 index rose 1.54%, and the Nasdaq rose 2.11%, both reaching historical highs. The Dow Jones Industrial Average closed above 40000 points for the first time, reaching a new closing high.
On the news front, on May 17th local time, Federal Reserve Director Michelle Bowman stated that she expects US inflation to remain high and reiterated the possibility of interest rate hikes if necessary.
Huajin Securities stated that since the May meeting, the slow cooling of core inflation may actually be something that the Federal Reserve is happy to see, starting from slowing down the balance sheet to regulate long-term interest rates. The core CPI in the United States may still experience "secondary inflation" within the year, but the magnitude is relatively mild. More attention should be paid to whether the interest rate reduction guidelines of the European, British, and Japanese central banks will exceed expectations in the current economic "transition from stagflation to deflation".
Huafu Securities stated that in the context of time still needed to reduce inflation, interest rate cuts may not be achieved overnight, and caution should be exercised against the potential disturbance risk to the valuation of US stocks caused by further interest rate cuts.
CITIC Securities stated that there is currently downward pressure on US economic growth, but the overall macro environment is relatively stable, similar to 1995. The current US inflation data is still sticky, and the timing of the Federal Reserve's interest rate cut still needs to wait for "more good inflation data".
Haidilao's subsidiary, Tehai International, went public in the United States
14% increase on the first day
On May 17th local time, Haidilao's subsidiary Tehai International was listed on NASDAQ under the stock code HDL, with an opening price of up to $27, 38% higher than the IPO price of $19.56. HDL's stock price once surged to $30, with a surge of 53.4%; But then it fell back to $19.8, with the increase narrowing to less than 1.3%. Afterwards, it expanded again to over 10% and ultimately closed at $22.29 with a growth rate of about 14%.
Haidilao has issued 2.6927 million American Depositary Shares (ADSs) in the United States, with each ADS representing 10 newly issued common shares. According to the conversion ratio previously announced by the Hong Kong Stock Exchange, the relevant shares per share are approximately HKD 15.28, representing a discount of over 23% compared to Friday's closing price of HKD 19.94. According to the issuance price, the company's valuation reaches 1.26 billion US dollars. Excluding underwriting discounts, commissions, and other offering expenses, the size of this US stock issuance is $52.67 million.
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