Overnight US stocks | The three major indexes are not uniformly up or down; Ethereum has risen nearly 33% this week.

2% On Friday, the three major indexes had mixed performances. The three major US stock indexes all declined for the week. The S&P 500 index fell by 0.47%, the Nasdaq index fell by 0.27%, and the Dow fell by 0.16%. [US Stocks] At the close, the Dow fell by 119.07 points, a decrease of 0.29%, to 41,249.38 points; the Nasdaq rose by 0.78 points to 17,928.92 points; the S&P 500 index fell by 4.03 points, a decrease of 0.07%, to 5,659.91 points. Tesla, Inc. (TSLA.US) rose by 4.7%, Apple Inc. (AAPL.US) rose by 0.5%, NVIDIA Corporation (NVDA.US) fell by 0.6%, the Nasdaq Golden Dragon Index fell by 0.4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by 0.4%. [European Stocks] The German DAX30 index rose by 146.02 points, an increase of 0.63%, to 23,495.32 points; the UK FTSE 100 index rose by 22.04 points, an increase of 0.26%, to 8,553.65 points; the French CAC40 index rose by 49.31 points, an increase of 0.64%, to 7,743.75 points; the Euro Stoxx 50 index rose by 22.01 points, an increase of 0.42%, to 5,310.95 points; the Spanish IBEX35 index rose by 71.71 points, an increase of 0.53%, to 13,549.41 points; the Italian FTSE MIB index rose by 387.70 points, an increase of 0.99%, to 39,362.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index rose by more than 1.5%, the South Korean KOSPI index fell slightly, and the Indonesian composite index rose slightly. [Foreign Exchange] The US dollar index, which measures the US dollar against six major currencies, fell by 0.3% to 100.338 in the foreign exchange market at the end of the day. At the end of the New York foreign exchange market, 1 euro exchanged for 1.1259 US dollars, higher than the previous trading day's 1.1225 US dollars; 1 pound exchanged for 1.3315 US dollars, higher than the previous trading day's 1.3251 US dollars. 1 US dollar exchanged for 145.27 Japanese yen, lower than the previous trading day's 145.88 Japanese yen; 1 US dollar exchanged for 0.8311 Swiss francs, lower than the previous trading day's 0.8312 Swiss francs; 1 US dollar exchanged for 1.3930 Canadian dollars, higher than the previous trading day's 1.3928 Canadian dollars; 1 US dollar exchanged for 9.7062 Swedish kronor, lower than the previous trading day's 9.7340 Swedish kronor. [Cryptocurrency] Bitcoin fell by 0.26% to $102926.4, according to data from the market value ranking website, the market value of bitcoin surpassed Amazon.com, Inc. (AMZN.US), reaching $2.044 trillion, ranking fifth in the global mainstream asset ranking; Ethereum rose by nearly 7% to $2340.01. Under the drive of the easing of global trade tensions and optimism about network upgrades, Ethereum has led the cryptocurrency rally this week, and is expected to achieve its largest gain since 2021. On Friday, the second largest digital token by market value soared by 14% to $2490, with a weekly gain of nearly 33%, the largest weekly gain since 2021. BRN's chief research analyst Valentin Fournier said, "The momentum is strong and may continue." "New breakthroughs and policy support may attract new buyers." [Metals] COMEX gold futures rose by 0.82% to $3333 per ounce, with a cumulative increase of 2.8% this week, and COMEX silver futures rose by 0.84% to $32.89 per ounce, with a cumulative increase of 1.94% this week. [Macro News] Trump reiterates that the benchmark tariff is 10% and does not rule out individual exemptions. US President Trump said on Friday that he will "always" impose tariffs of at least 10% on trading partners, but then added that "there may be exceptions", highlighting the unclear position of the current US in multiple trade negotiations. "You will always have a baseline," Trump told reporters at the White House. "Of course, there may be exceptions. Sometimes, some countries have done special things for us, that's a different story. But basically, the lowest baseline is 10%, and some tariffs may be far higher than that level." After the US and UK announced a framework agreement on Thursday, the US still maintains a baseline tariff rate of 10% for UK goods. Government officials insist that Trump will continue to impose tariffs of at least 10% on all imported goods to address trade imbalances and promote the development of US manufacturing. White House press secretary Levyt also said earlier in the day, "the President is determined to continue to implement this 10% tariff baseline. I just communicated with him." US Treasury Secretary Belsent: Unconventional measures to avoid hitting the debt ceiling may be exhausted in August. US Treasury Secretary Scott Belsent wrote to members of Congress, saying that the Treasury's ability to use special accounting measures to avoid breaching the federal debt ceiling may be exhausted as early as August this year. In a letter to House Speaker Mike Johnson, Belson said, "After reviewing the fiscal revenue for the April tax filing season, it can be reasonably judged that the federal government's cash reserves and unconventional measures may be exhausted in August, which is when the vacation period will be in progress." Belson urged Congress to "raise or suspend the debt ceiling" in mid-July, before the summer recess, to maintain America's credit and debt repayment capabilities. The US hit the current statutory debt limit of $36.1 trillion in early January. Since then, the Treasury has been using so-called "unconventional measures" to delay the risk of federal default. Analysts predict that the Treasury may run out of cash between August and October, making it difficult to meet federal financial obligations on time. Congressional Budget Office (CBO) Director Philip Swagel said earlier this month that the agency still expects the debt ceiling to be reached around August or September. Fed's Barkin: Not all companies can raise prices due to tariff increases. Fed's Barkin said that not all companies can raise prices to offset the cost of tariffs, warning that after years of inflation, consumer tolerance is very low. "In my opinion, not every company can raise prices because once prices start to rise, consumers are not very willing to accept them again." Barkin said at an event in Washington that when it comes to the impact of tariffs on inflation, some companies may try to raise prices, but this does not apply to all companies because consumer tolerance is already very low. In addition, he also pointed out that although US inflation has been below 2% in recent years, inflation expectations are rising."At the retail level, what we're hearing is that consumers are tight on cash," Balkin said. "This means that passing on prices to consumers is not as easy as you might imagine." Balkin still believes that the US economy is in good shape. He added that consumer spending and business investment remain solid. He pointed out that although consumer confidence indicators are clearly weak, this has not yet dragged down spending. Balkin said he is considering whether tariffs will slow down economic growth to the extent of restraining inflation. He said that this was the experience in 2008, but there have been other times when it did not happen.Federal Reserve Governor Wall: The independent structure of the Federal Reserve has proven its value. Federal Reserve Governor Wall said that the structure of the Federal Reserve Board has "withstood the test of time" and should be preserved. Members of this structure cannot be dismissed due to policy disputes, and their terms are staggered with the presidents term. Wall cited his own research and others' earlier research, saying that the Federal Reserve's system allows each U.S. president to appoint members of a seven-person board with four-year terms, allowing for accountability through elections, while terms of up to 14 years enable the Federal Reserve to make objective, non-partisan decisions. Wall said, "This structure is the structure currently adopted by the Federal Reserve." "I believe it has withstood the test of time, and I hope it continues to exist in the coming years." UK steel industry urges government to clarify timetable for U.S. tariff removal. On Friday, the UK steel industry urged the government to clarify when the U.S. tariffs will be removed. Previously, the U.S. and UK reached a landmark agreement aimed at canceling tariffs imposed by Trump on the industry. The UK welcomed this trade deal, stating that it will reduce steel tariffs from 25% to 0%, allowing UK producers to continue exporting products to the U.S. However, details released on Thursday evening showed that both parties must formally determine the safety requirements and quotas that the steel industry must adhere to, leaving industry representatives unsure of when the tariffs will be lifted. "This is certainly not a formality; by that, I mean, there are clearly a lot of things that are not completely certain and defined in the agreement so far," said Chrysa Glistra, trade and economic policy manager at UK Steel. Glistra added that companies do not know the supply chain conditions they must meet to benefit from the tariffs. "We really don't know when this will take effect, or what the specific timetable will be." Stock News Mexico sues Alphabet Inc. Class C (GOOG.US, GOOGL.US) over renaming of "Mexico Gulf". On May 9th, local time, Mexican President Sinbaum announced that the country had officially sued Alphabet Inc. Class C because its map service "Alphabet Inc. Class C" renamed "Mexico Gulf" to "American Gulf" in the U.S. The lawsuit file has been submitted, but the specific court institution and timeline have not been disclosed. On January 20th, U.S. President Trump signed an executive order renaming "Mexico Gulf" to "American Gulf". Mexican President Sinbaum responded and expressed opposition, stating that the name "Mexico Gulf" had long been recognized by the United Nations. U.S. Patent and Trademark Office rejects Tesla, Inc. (TSLA.US) application to register "Robotaxi" as a trademark, halts "Cybercab" trademark application. A document shows that the U.S. Patent and Trademark Office rejected Tesla, Inc.'s application to register "Robotaxi" as a trademark on Tuesday. Tesla, Inc.'s other application to register "Robotaxi" as a trademark for the upcoming ride-hailing service is still under review by the patent office. The department has issued a "non-final review opinion" regarding the Robotaxi trademark application, which means Tesla, Inc. has three months to respond, or the patent office will abandon the application. Due to other companies applying for similar "Cyber" trademarks, Tesla, Inc.'s application for the "Cybercab" trademark has been halted. Analyst Ratings JPMorgan: Overweight rating on emerging market Asian currencies. Raised emerging market currencies to a neutral rating (previously underweight). Standard & Poor's: Maintains Israel's rating at "A/A-1" with a negative outlook.