Overnight US stocks | Three major indexes closed higher, with gold prices rising to a new record high. The Chinese concept index rose by 2.6%.

On Monday, the three major indices closed higher. US President Trump announced a 25% tariff on all imported steel and aluminum, exacerbating the increasing uncertainty in the global financial markets and pushing gold prices to new record highs. This week, investors will focus on a series of economic data and the financial reports of several important companies. US Stocks At the close, the Dow Jones rose 167.01 points, or 0.38%, to 44,470.41 points; the Nasdaq rose 190.87 points, or 0.98%, to 19,714.27 points; the S&P 500 rose 40.45 points, or 0.67%, to 6,066.44 points. NVIDIA Corporation (NVDA.US) rose nearly 3%, Tesla, Inc. (TSLA.US) fell 3%. The Nasdaq China Dragon Index rose 2.6%, hitting a two-month high, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 7.5%, Netease Inc Sponsored ADR Youdao Inc ADR Class A (DAO.US) rose 41%, KINGSOFT CLOUD (KC.US) rose over 8%. European Stocks The German DAX30 index rose 160.73 points, or 0.74%, to 21,923.54 points; the UK FTSE 100 index rose 68.97 points, or 0.79%, to 8,769.50 points; the French CAC40 index rose 33.19 points, or 0.42%, to 8,006.22 points; the Euro Stoxx 50 index rose 35.85 points, or 0.67%, to 5,361.25 points; the Spanish IBEX35 index rose 37.00 points, or 0.29%, to 12,712.00 points; the Italian FTSE MIB index rose 194.30 points, or 0.52%, to 37,250.00 points. Asia-Pacific Stock Markets The Nikkei 225 index was slightly higher, the KOSPI index in South Korea was slightly lower, and the Jakarta Composite Index in Indonesia fell by 1.4%. Cryptocurrency Bitcoin rose 0.73% to $97,110.83. Strategy (MSTR.US) company reported purchasing approximately 7,633 bitcoins for $742.4 million between February 3 and February 9. Gold Spot gold rose 1.63% to $2,907.76 per ounce, trading in a range of $2,855.21-2,911.72 per ounce during the day, oscillating upward in the early Asia-Pacific session to near $2,900, reaching a historic high at 23:40; COMEX gold futures rose 1.64% to $2,935.20 per ounce, trading in a range of $2,879.90-2,938.10 per ounce during the day. Gold and silver mining stocks generally rose, with Hecla Mining Company (HL.US) up 4.93%, Gold Fields Limited Sponsored ADR (GFL.US) up 4.71%, and Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) up 2.92%. Crude Oil US WTI crude oil closed higher on Monday. US President Trump again threatened tariffs, stating that he will impose tariffs on steel and aluminum imports, but the market seems indifferent to his latest threat. The Brent crude oil futures for March delivery on the Intercontinental Exchange in Europe rose $1.35, or 1.81%, to $76.01 per barrel. The Brent crude oil futures for March delivery on the New York Mercantile Exchange rose $1.32, or 1.86%, to $72.32 per barrel. USD The US dollar index, which measures the dollar against six major currencies, rose 0.26% to 108.319 at the end of the Forex market. At the end of the New York session, 1 euro exchanged for $1.0307, lower than the previous trading day's $1.0332; 1 pound exchanged for $1.2367, lower than the previous trading day's $1.2414. 1 dollar exchanged for 151.98 yen, higher than the previous trading day's 151.38 yen; 1 dollar exchanged for 0.9114 Swiss francs, higher than the previous trading day's 0.9092 Swiss francs; 1 dollar exchanged for 1.4308 Canadian dollars, higher than the previous trading day's 1.4284 Canadian dollars; and 1 dollar exchanged for 10.9161 Swedish kronor, lower than the previous trading day's 10.9415 Swedish kronor. Macro News Powell to Visit Capitol Hill, Trump Expected to Be a Dominant Theme in a "High-Pressure" Hearing. Federal Reserve Chairman Powell will face multiple hearings on Capitol Hill this week, with Democratic and Republican lawmakers throwing a series of questions at him, including the impact of Trump's policies on banking regulation, setbacks in diversity, equity, and inclusion (DEI) efforts, and more. Trump's policy plans on trade, taxes, immigration, and regulation have brought uncertainty to the prospects of the US economy, making it more difficult for the Fed to lower inflation and maintain a healthy labor market performance. New York Fed Consumer Expectations Survey: Household spending expectations drop to a four-year low. According to the New York Fed's Consumer Expectations Survey, one-year ahead inflation expectations in January remained flat at 3%. The report showed that the median growth expectations for household spending fell by 0.4 percentage points to 4.4%, the lowest level since January 2021 but still higher than pre-pandemic levels. Expectations for prices of major commodities in the next year all increased. Respondents' mean view on the probability of being unemployed in the next 12 months rose by 2.3 percentage points to 14.2%, the highest level since July. Consumers expect gasoline prices to rise by 2.58% in the next three months, food prices to rise by 4.6%, medical costs to rise by 6.78%, college education costs to rise by 5.95%, and rental prices to rise by 5.96%. Expectations for being unable to pay the minimum debt obligation in the next three months decreasedThe consumer ratio has decreased to 13.32%, compared to 14.16% the previous month.Fitch: The threat and uncertainty of US tariffs pose risks to Mexico. The Trump administration announced a 25% tariff on all Mexican imports, highlighting the potential trade risks Mexico faces. While the tariff measure is currently suspended for a month to allow time for negotiations on trade and other non-economic issues, as well as providing Mexico with a way to avoid these negative outcomes, US protectionism and its uncertainty remain a serious risk. Mexico is highly vulnerable to US trade protectionism as it is the largest exporting country to the US, with exports exceeding $500 billion in 2024, equivalent to 28% of its GDP. The industrial sectors of Mexico and the US are integrated through long-established supply chains, benefiting from the fact that most goods are not subject to tariffs under the USMCA trade agreement. Currently, the effective tariff rate on Mexican goods in the US is only 0.3%. The high uncertainty regarding the extent, scale, and timing of tariffs that Trump is willing to use may indicate that the tariff threat is also being used as a negotiation tool for non-trade issues such as security, immigration, and drugs. However, Trump has consistently listed bilateral trade deficits as his top concern, and tariffs as his preferred remedy and means to increase fiscal revenue. Therefore, Fitch believes that some form of tariffs represent a significant risk to Mexico. Trump reiterates Gaza rebuilding plan, stating that Palestinians have no right to return to their land once they leave. US President Trump said according to his Gaza rebuilding plan, Palestinians have no right to return to the area once they leave. When asked by Fox News' Bret Baier if Palestinians have the right to return, Trump said, "No, they're not coming back, because they have a better place to live, in other words, I'm talking about building them a permanent residence because Gaza would not be a suitable place to live if they came back now." These comments are almost certain to anger Palestine, the Arab world, and other countries globally. Trump initially proposed the idea of taking over Gaza at a press conference following a meeting with Israeli Prime Minister Netanyahu. World Gold Council: Global gold ETFs see $3 billion net inflow in January 2025. Data from the World Gold Council shows that global physical gold ETFs saw a net inflow of $3 billion in the first month of 2025. Europe led the inflow, increasing by $3.4 billion, marking the largest monthly inflow since March 2022; while North America saw a decline for the second consecutive month, with an outflow of $499 million. By the end of January, total assets under management for global gold ETFs rose to $294 billion, a record level, with holdings increasing by 34 tons. The average daily trading volume for gold in global markets in January was $264 billion, a 20% increase month-on-month. This growth is mainly attributed to the strong gold prices attracting traders, as trading volumes on the New York Commodities Exchange (COMEX) surged 60% month-on-month, driving a 39% increase in trading volumes on global exchanges. [Stock News] McDonald's Corporation (MCD.US) sees improved global sales offsetting weakness in the US in the fourth quarter. Improvement in international sales helped McDonald's Corporation overcome some weakness in the domestic market in the fourth quarter. McDonald's Corporation reported on Monday that same-store sales in the US dropped by 1.4% in the October to December period last year, attributed to an E. coli outbreak associated with the "Quarter Pounder" affecting demand. However, same-store sales in its overseas franchised markets grew by 4.1%. Sales for McDonald's Corporation were strong in the Middle East and Japan, where sales have been sluggish in recent years. Overall, McDonald's Corporation saw global same-store sales growth of less than 1% in the fourth quarter of last year, which was better than the predicted 1.1% decline on Wall Street. Hedge fund guru who claimed to buy "anything" Chinese assets intensively increased holdings in Chinese stocks and ETFs. Bloomberg's analysis of 13F disclosure documents from the hedge fund run by billionaire investor David Tepper, Appaloosa LP, found that the fund significantly increased holdings in Chinese stocks and Chinese stock funds in the fourth quarter. Increase and quantities: JD.com, Inc. Sponsored ADR Class A (JD.US) by 3.17 million shares, Alibaba Group Holding Limited Sponsored ADR (BABA.US) by 1.84 million shares, KE Holdings, Inc. Sponsored ADR Class A (BEKE.US) by 400,000 shares, Baidu Inc Sponsored ADR Class A (BIDU.US) by 100,000 shares, PDD Holdings Inc. Sponsored ADR Class A (PDD.US) by 55,000 shares; KraneShares CSI China Internet ETF by 810,000 shares, iShares Core MSCI China Index ETF by 800,000 shares. Alibaba Group Holding Limited Sponsored ADR remains the largest core holding, occupying 16% of net assets. [Majors Rating] Citi: Raises Boeing Company (BA.US) target price from $207 to $210 Stifel Investment Bank: Lowers Tesla, Inc. (TSLA.US) target price from $492 to $474