🔥 Biya Morning Brief | Global Market Highlights, May 28 1️⃣ Macro Trump stated that no agreement has been reached between the U.S. and Iran, expressing dissatisfaction with the current progress of negotiations; the White House subsequently denied reports of a draft agreement leaked by Iranian media. Risk-off sentiment has returned, with Federal Reserve officials continuing to signal a pause on rate cuts. Kashkari noted it is still too early to determine the next move on interest rates; Cook indicated that if inflation declines slower than expected, the Fed may still raise rates. 2️⃣ Precious Metals COMEX gold futures fell 1.11% to around $4,481 per ounce; silver futures dropped over 2%. Volatile market risk appetite has weighed on precious metals overall. 3️⃣ Crude Oil International oil prices plunged sharply: WTI crude fell 5.6% to $88.68 per barrel; Brent crude dropped 5.3% to $94.29 per barrel. Markets continue pricing in expectations of easing tensions in the Middle East. 4️⃣ Hong Kong Stocks Hong Kong’s three major indices opened lower: the Hang Seng Index fell 0.39%, and the Hang Seng Tech Index dropped 0.25%. Tech stocks including Tencent, Meituan, and Alibaba generally weakened. Pop Mart rose逆势 3.76% amid news of Duan Yongping’s increased holdings, boosting market sentiment; NIO-SW opened up over 7%, supported by overnight gains in U.S. equities. 5️⃣ U.S. Stocks The Dow Jones rose 0.36%, hitting an intraday high; the S&P 500 and Nasdaq both closed at new record highs. Meta gained 3.74%, Amazon rose 2.47%, and Tesla added 1.56%. The semiconductor sector surged then retreated: Qualcomm fell over 6%, while NVIDIA declined for the fourth consecutive day. Chinese ADRs were mixed: NIO rose over 9%, while Pinduoduo dropped over 10%. Snowflake surged over 30% in after-hours trading after raising its full-year guidance and announcing a $6 billion partnership agreement with AWS. 6️⃣ Cryptocurrencies BTC dropped below $75,000, down about 2% over 24 hours; ETH retreated to around $2,000. BTC ETFs saw net outflows exceeding $1.2 billion over the past week, as capital continues flowing into popular assets such as HYPE, SOL, and XRP. Cash App has begun rolling out USDC payment functionality to users.