Overnight US stocks | The three major indexes rose by more than 1%. The China Golden Dragon Index rose by 6.4%. The US dollar index dropped by more than 1%.

On Wednesday, all three major indices closed up by over 1%, with Chinese concept stocks collectively rising. President Trump of the United States announced a one-month tariff exemption for cars imported through the USMCA agreement. [US Stocks] At the close, the Dow rose 485.60 points, up 1.14%, to 43006.59 points; the Nasdaq rose 267.57 points, up 1.46%, to 18552.73 points; the S&P 500 rose 64.48 points, up 1.12%, to 5842.63 points. Chinese concept stocks surged, with the China Golden Dragon Index up 6.4%, the China Overseas Internet ETF (KWEB.US) up 7.13%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) up 8.61%, PDD Holdings Inc. Sponsored ADR Class A (PDD.US) up 6%, and Bilibili, Inc. Sponsored ADR Class Z (BILI.US) up 5.59%. [European Stocks] The German DAX30 index rose 746.09 points, up 3.34%, to 23075.00 points; the UK FTSE 100 index fell 4.67 points, down 0.05%, to 8754.33 points; the French CAC40 index rose 125.83 points, up 1.56%, to 8173.75 points; the European Stoxx 50 index rose 93.00 points, up 1.72%, to 5490.05 points; the Spanish IBEX35 index rose 186.50 points, up 1.43%, to 13212.00 points; the Italian FTSE MIB index rose 767.84 points, up 2.03%, to 38504.00 points. [Asia-Pacific Stocks] The Nikkei 225 index rose by 0.23%, the KOSPI index in South Korea rose by 1.16%, and the Indonesian Composite index rose by 2.37%. [Foreign Exchange] The US Dollar Index against six major currencies fell by 1.36% to close at 104.301 in the forex market. At the New York market close, 1 euro exchanged for 1.0790 US dollars, higher than the previous trading day's 1.0597 US dollars; 1 pound exchanged for 1.2897 US dollars, higher than the previous trading day's 1.2787 US dollars. 1 US dollar exchanged for 148.79 Japanese yen, lower than the previous trading day's 149.27 Japanese yen; 1 US dollar exchanged for 0.8904 Swiss francs, higher than the previous trading day's 0.8888 Swiss francs; 1 US dollar exchanged for 1.4336 Canadian dollars, lower than the previous trading day's 1.4503 Canadian dollars; 1 US dollar exchanged for 10.1990 Swedish kronor, lower than the previous trading day's 10.4760 Swedish kronor. [Cryptocurrency] Bitcoin rose by over 3.5%, surpassing $90,000. President Trump of the United States will host the first White House cryptocurrency summit on March 7, where industry leaders will gather to discuss regulatory policies, stablecoin regulation, and the potential role of Bitcoin in the American Financial Group, Inc. system. [Gold] At the New York market close, spot gold rose slightly by 0.04% to $2919.19 per ounce, with a V-shaped trend after the release of the US ADP employment figures. COMEX gold futures rose by 0.29% to $2929.00 per ounce, with a trading range of $2903.40-2941.30 per ounce during the day. [Crude Oil] President Trump's trade war has cast a shadow on the outlook for oil demand, with international oil prices plunging to their lowest level in over three years as OPEC+ signals an increase in supply. Brent crude futures fell below $69 per barrel, reaching their lowest point since December 2021. US crude futures approached $65 per barrel, hitting their lowest point since May 2023. Trump's trade measures may reduce demand and alter the flow of oil. At the same time, OPEC+ countries are increasing production as planned, and last week's increase in US domestic inventories has exacerbated expectations of oversupply. Growing pessimism has led many companies to lower their price forecasts. Rebecca Babin, senior energy trader at CIBC, said, "The market is repricing the downside risk for crude oil, with the $65 floor for US crude shifting to close to $60. The focus has shifted entirely from supply risk to demand concerns, which may indicate that we are approaching a bottom." [Macro News] US service sector economic activity expanded for the eighth consecutive month in February. The Institute for Supply Management (ISM) stated that the US service sector economic activity expanded for the eighth consecutive month in February. The services PMI recorded 53.5%, marking the 54th expansion in 57 months since the economic recession caused by the pandemic began to recover in June 2020. Steve Miller, Chairman of the Services Business Survey Committee, said, "In February, 14 industries reported growth, the same as last month. The February PMI was 53.5%, higher than January's 52.8% and the average PMI of 52.5 over the past 12 months." "February is the third consecutive month where all four sub-components directly affecting the services PMI - business activity, new orders, employment, and supplier deliveries - are in the expansion zone, the first time since May 2022. The slight increase in the business activity index was offset by the growth in the other three sub-component indices. However, anxiety continues due to the potential impact of tariffs. Some respondents noted that federal spending cuts are negatively affecting their business forecasts." The United States will grant a one-month tariff exemption for any cars imported through the USMCA agreement. On March 5 local time, White House Press Secretary Lavett announced that the United States will grant a one-month tariff exemption for any cars imported through the USMCA agreement. On March 3 local time, President Trump of the United States stated that the 25% tariffs on Mexican and Canadian goods would be imposed on March 4.Take effect. Trump reiterated on the joint session of Congress on the 4th that equivalent tariffs will be imposed starting on April 2nd.Fed Beige Book: Economic activity slightly increased with moderate price increases. The Fed Beige Book shows that since mid-January, economic activity has "slightly" increased, but consumer spending has decreased. The report states, "Overall consumer spending has declined, with reports suggesting strong demand for necessities but increased price sensitivity for discretionary items, particularly among lower-income shoppers." Meanwhile, prices have "moderately increased," with some regions experiencing faster price increases than before. The Fed noted that "abnormal weather conditions" in some regions weakened demand for leisure and hospitality industries. Elon Musk: U.S. Postal Service and Amtrak should be privatized as both are significantly losing money. According to foreign media reports, Musk is advising President Trump on a plan to greatly reduce the size of the U.S. government. On Wednesday, he stated that the U.S. Postal Service and Amtrak should be privatized. Musk said, "Logically, I think we should privatize anything that can be privatized within reason." He mentioned that these actions would require approval from Congress. Amtrak, established in 1970, and the U.S. Postal Service, government-owned entities, have not immediately commented on this proposal. The U.S. Postal Service has reported losses exceeding $100 billion since 2007, with a $9.5 billion loss in the 12 months ending September 30. Amtrak reported an adjusted operating loss of $705 million in the 12 months ending September 30. [Stock News] Alphabet Inc. Class C (GOOG.US, GOOGL.US) tests new AI search mode for complex queries. Alphabet Inc. Class C will begin testing a new AI search mode that allows users to ask multi-part questions. Robby Stein, VP of Search Products at Alphabet Inc. Class C, said the new feature named "AI Mode" can run multiple related searches in the background, predict which subtopics users may be interested in next, and provide a comprehensive answer summarizing multiple questions. The feature will run in a separate tab and is suitable for handling more complex queries. Early tests show that queries in AI Mode take twice as long as regular searches. Stein stated that this feature allows users to access information on the web and across all of Alphabet Inc. Class C's new information systems. AI Mode can process text, images, and videos, and runs on Alphabet Inc. Class C's latest flagship AI model, Gemini 2.0. AI Mode will first be available to users who purchase Alphabet Inc. Class C's AI subscription package. Apple Inc. (AAPL.US) introduces new MacStudio with up to 512GB of memory. Apple Inc. has launched its new MacStudio, with a maximum configuration upgrade to 512GB of unified memory, AppleM3Ultra (32+80+32 core) processor, and a 16TB solid-state drive. The increased unified memory of over 256GB helps users run large AI tasks on the device. This new product will be available for purchase on March 12.