Overnight US stocks | The three major indexes recorded gains this week, with Tesla, Inc. (TSLA.US) up 9.8%.

On Friday, the three major indices rose for the fourth consecutive trading day, all recording gains for the week. This week, all three major U.S. stock indices recorded gains, with the Dow rising by 2.46%, the Nasdaq rising by 6.73%, and the S&P 500 rising by 4.59%. President Trump expressed his hope to maintain tariffs of 20% to 50% a year from now. [Stocks] At the close, the Dow rose 20.10 points, or 0.05%, to 40,113.50 points; the Nasdaq rose 216.90 points, or 1.26%, to 17,382.94 points; and the S&P 500 rose 40.44 points, or 0.74%, to 5,525.21 points. Tesla, Inc. (TSLA.US) rose 9.8%, while NVIDIA Corporation (NVDA.US) rose 4.3%. The Nasdaq Golden Dragon Index fell 0.4%, with XPeng, Inc. ADR Sponsored Class A (XPEV.US) dropping 3.5%. [European Stocks] The German DAX30 index rose by 180.19 points, or 0.82%, to 22,249.56 points; the UK FTSE 100 index rose by 8.52 points, or 0.10%, to 8,415.96 points; the French CAC40 index rose by 33.48 points, or 0.45%, to 7,536.26 points; the Euro Stoxx 50 index rose by 41.07 points, or 0.80%, to 5,156.05 points; the Spanish IBEX35 index rose by 183.04 points, or 1.39%, to 13,354.34 points; and the Italian FTSE MIB index rose by 548.31 points, or 1.49%, to 37,357.00 points. [Forex] The ICE Dollar Index has accumulated a 0.35% increase, closing at 99.580 points on Friday (April 25) in New York, dropping to 97.921 points early Monday in the European market, then rebounding continuously on Tuesday and Wednesday, rising to 99.939 points after the U.S. market closed on Wednesday, and subsequently fluctuating at high levels. The Bloomberg Dollar Index has accumulated a 0.11% increase, reaching 1,226.05 points, dropping to 1,212.03 points early Monday, then continuing to rebound on Tuesday and Wednesday, reaching 1,229.29 points in the Asia-Pacific market on Friday. [Cryptocurrency] Bitcoin rose by over 1% to $94,977.29, while Ethereum rose by over 1.5% to $1,796.47. The newly appointed Chairman of the SEC, Atkins, spoke at a cryptocurrency roundtable meeting in Washington, D.C., in his first public appearance since taking office. He stated that the previous SEC administration had fostered uncertainty and he assured the cryptocurrency industry that he was ready to work with the U.S. Congress and the Trump administration to make regulations in the sector clearer. [Metals] Spot gold fell by 0.99% to $3,316.17 per ounce, accumulating a 0.30% decline for the week, fluctuating between $3,349 and $3,259 from Wednesday to Friday after reaching a high of $3,500.10 in the Asia-Pacific market on Tuesday. COMEX gold futures fell by 0.65% to $3,326.70 per ounce, accumulating a 0.10% decline for the week, with a high of $3,509.90 in the Asia-Pacific market on Tuesday. [Crude Oil] The price of light crude oil futures for June delivery on the New York Mercantile Exchange rose by 23 cents to $63.02 per barrel, a 0.37% increase; while Brent crude oil futures for June delivery in London rose by 32 cents to $66.87 per barrel, a 0.48% increase. [Macro News] Federal Reserve Financial Stability Report: Global trade tensions and policy uncertainty are the biggest risks to financial stability. The latest financial stability report released by the Federal Reserve on Friday showed that rising global trade risks, overall policy uncertainty, and the sustainability of U.S. debt are the top risks to the American financial system. This is the first semi-annual survey of financial risks conducted by the Federal Reserve since Trump returned to the White House. Seventy-three percent of respondents indicated that global trade risks are their top concern, more than double the proportion in the November report. Half of respondents believed that overall policy uncertainty is the most worrying issue, showing an increase from last year. The survey also found that issues related to recent market turmoil have attracted more attention, with 27% of respondents expressing concerns about the operation of the U.S. Treasury market, up from 17% in the fall. Concerns about foreign disinvestment in U.S. assets and the value of the U.S. dollar have also risen on the worry list. "The Federal Reserve Echo Chamber": Market overinterprets Harker's remarks on rate cuts in June. The Federal Reserve "echo chamber" NickTimiraos stated that Harker's remarks on Thursday attracted widespread attention because some market participants overinterpreted them as a signal that the Federal Reserve may be preparing to cut rates in June. Harker did not actually say that a rate cut in June is imminent. When Harker referred to a rate cut in June, he used two qualifying terms, "if": "If we have clear and convincing data before June, if we know what action to take at that time is correct, then I think the committee will take action." The danger of relying too much on these overly broad "if" assumptions is that they do not provide a particularly clear answer. EU considers amending minimum tax laws to ease tension with Trump. The EU will consider amendments to its laws regulating a 15% minimum corporate tax in order to ease tensions with the United States. Documents show that officials will discuss policy options next Tuesday that could significantly change the way EU laws are applied. Their goal is to appease Trump, as the U.S. government does not want American companies to be subject to these laws. The "Minimum Tax Directive" has been in effect for less than two years, applying a 15% corporate tax baseline across the EU, a law that the U.S. government did not want American companies to be subject to at the time.The agreement for the year 2021 signed by over 140 countries, including the United States, is unanimous.Bitcoin achieved its largest single-week increase since the US election, outperforming US stocks. Bitcoin led the rebound of risky assets and is expected to achieve its largest single-week increase since Trump won the US presidential election. As investors digest the impact of Trump's trade war, the tech-heavy Nasdaq 100 index rose by about 5%, but Bitcoin has already risen by about 12% since last week, breaking through $95,000 for the first time since early March. Jack Ostrovsky, a trader at cryptocurrency market maker Wintermute, said: "Despite the ongoing volatility, the implied correlation within the cryptocurrency space remains high." "Therefore, although the entire market has improved, it is clear that macro and geopolitical factors are still the main drivers of capital flows." US one-year inflation expectations surged to the highest level since 1981. The Consumer Confidence Index has declined for the fourth consecutive month, down 8% from March. Although the decline in the current situation index in April was not significant, the expectations index fell significantly as personal financial and business conditions deteriorated. Since January, the expectations index has dropped sharply by 32%, the largest three-month percentage decrease since the 1990 economic recession. Expectations of moderate-income households deteriorated significantly this month, with expectations of a wide range of population groups deteriorating across different ages, education levels, incomes, and political parties. Consumers believe that there are risks in various aspects of the economy, largely due to trade policy uncertainty and the possibility of future inflation. Labor market expectations remain bleak. What is more worrying is that consumers expect their income growth to slow down over the next year. The final value of the one-year inflation rate expectation soared from 5.0% last month to 6.5% this month, the highest level since 1981, marking the fourth consecutive month of a significant increase of 0.5 percentage points or more. Long-term inflation expectations rose from 4.1% in March to 4.4% in April. [Tesla, Inc. (TSLA.US) Stock News] Tesla, Inc. refunded early booking users in India, sparking speculation that Musk will launch a new car in India. Emails show that Tesla, Inc.'s India office is refunding early booking users for the Model 3, sparking speculation that the electric car manufacturer is about to launch a new car in India. The email stated: "We would like to temporarily refund your reservation fee. We will contact the market again once we have finalized our sales plan in India. We hope to see you again when we are ready to launch and deliver in your country." These emails are from Tesla, Inc.'s domain and are signed "Tesla, Inc. India." According to a customer who received a call, Tesla, Inc. is still calling users who booked the Model 3. These bookings date back to 2016, and the refunds are due to the discontinuation of the old Model 3.