周三A股和港股均探底回升。A股汽车、医药和农林牧渔领涨，家用电器、公用事业和房地产跌幅领先。四部门召开房地产税改革试点座谈会的消息对房地产板块构成压力。港股恒生12个综合行业中6个行业上涨，6个行业下跌，其中科技、医药和非必需消费行业涨幅居前，而综合、地产和电讯业跌幅居前。北上资金净流出4.28亿人民币，南下资金净流入98亿港币，较前一交易日增长一倍。

超出预期的通胀和低于预期的社融。美国4月消费者价格指数同比上涨4.2%，为2008年以来的新高，高于市场预期。去除食品和能源的核心消费者价格指数上涨3%，市场预期为2.3%。美国10年期国债收益率上涨6.8个百分点到1.697%；30年期国债收益率上涨6.2个百分点到2.412%。银行和能源板块上涨，而科技股下跌。美国4月农产品价格上涨到9年以来的新高，而缓解只能等到下一茬农产品成熟之后，意即1年甚至2年以后。有鉴于此，市场有观点认为通胀将会持续，而不是像美联储预期的那样是短期现象。中国4月份社融存量同比增速为11.7%，广义货币(M2)余额226.21万亿元,同比增长8.1%，增速分别比上月末和上年同期低1.3个和3个百分点；狭义货币(M1)余额60.54万亿元,同比增长6.2%，增速比上月末低0.9个百分点，比上年同期高0.7个百分点。4月份因为2020年的高基数，市场预期社融及货币供应量同比增速下滑，但下滑幅度超出市场预期。美国消费者价格指数上涨超预期，背后是强劲的消费需求。这对出口导向的新兴市场国家是有利的。被称为新兴市场教父的马克·莫比乌斯认为美联储肆意放水对美元储备货币地位将造成威胁。在通胀高企的情况下，新兴市场包括中国和印度值得投资。他认为应该考查个股的资本汇报率和股息率，而不是一味追逐价值股。我们认为中国回收流动性明显早于美国，美元对人民币很可能在2季度再次贬值，推动资金进入A股和港股。

美股大跌。道指创下1月以来表现最差一天，FAANG股票跌2%左右。通胀威胁下，资金逃离股市。恐慌指数三个交易日上升11个百分点达到27.59。

Both A-share and HK stocks bottomed out on Wednesday. In A-share auto, medicine and farming and fishery sector rose the most while home appliance, utilities and property sector fell the most. The news that governments held a conference to discuss how to reform the property tax hit property sector badly. In HK 6 out of 12 sectors rose with tech, medicine and discretionary consumption rising the most. And conglomerate, property and telecom sector fell the most. North-bound capital saw net outflow of RMB 428 million while south-bound capital saw net inflow of HK$9.8 billion, which was 100% increase from that on Tuesday.  

The higher-than-expected inflation in the US and the lower-than-expected money supply in China.  The US consumer price index in April rose 4.2%year-on-year (yoy), the largest increase since 2008. Food prices in April reached nine-year high. Food inflation might continue until the next crop comes out in one or two years. So market doubts that inflation is transitory. 10-year Treasury yield rose 6.8 percentage point (ppt) to 1.697% while 30-year Treasury yield rose 6.2 ppt to 2.412%. China aggregate social financing in April rose 11.7% yoy while M2 rose 8.1% yoy and M1 rose 6.2% yoy. Market had expected that April money supply would grow less due to the high base in 2020. But the growth rate came out lower than expected. The higher-than-expected inflation in the US actually reflects strong consumer demand. The long-term investor Mark Mobius believes that emerging markets will outperform and recommends China and India as top choices.

The US stocks tumbled. DOW fell 1.99%, the worst day since January. FAANG stocks fell around 2%. The higher-than-expected inflation caused capital to flee away from the stock market. VIX Index, which measures panicin the stock market, rose 11 percentage point to 27 from Monday to Wednesday.

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