周三A股涨跌不一。上证指数下跌0.51%，创业板指上涨0.9%。申万28个行业中9个上涨，19个下跌。其中汽车、休闲服务和电气设备领涨，而钢铁、银行和采掘领跌。周三香港市场因佛诞日休市，沪深股通和港股通均暂停交易。国常会时隔一周后再次讨论大宗商品价格上涨问题，提高钢铁出口关税以及降低进口成本，同时排查异常交易和恶意炒作行为。受此消息影响，国内大宗商品价格全线走低。

英国超预期的通胀引发欧洲股市大跌。英国4月消费者价格指数同比上涨1.5%，较3月份的同比增速0.7%增长一倍。去除能源以及其他价格波动较大的项目，核心消费者价格指数上涨1.3%。英国银行，即英国的中央银行认为通胀在向2%的政策目标推进，并有望在2021年底超过2.5%，但2022年通胀将会再次回到2%的水平。美国银行分析师认为能源价格将会推动英国的通胀水平在11月份达到2.7%，之后回落到2%一下。生产者价格指数4月份同比上涨3.9%，主要是供应链被疫情破坏所导致的。4月原材料价格同比上涨9.9%，是2017年2月以来的最大涨幅。英国银行表示还没有看到生产领域的通胀向生活领域传导的迹象。市场预计英国银行会继续保持宽松的货币政策直到2024年。受到英国通胀超预期影响，欧洲股市全线下跌。欧洲斯托克50指数下跌1.71%，英法德国家的股指均下跌超过1个百分点。

比特币大跌。比特币从4月高点下跌50%。根据摩根大通，机构投资者在4月底之前停止了持续两个季度买入比特币的行为。机构投资者买入比特币主要是因为比特币的数量被设定在2100万枚，因而具有抵御通胀的能力。但随着通胀来临，他们又回到了黄金这一传统对冲通胀品种。中国政府打压虚拟货币加剧了零售投资人抛售比特币。

美股探底回升。美联储会议纪要提到必要时要考虑缩减债券购买。但目前美联储似乎还没有充分的理由。美元指数再度走强，站上90大关。在超预期的通胀与正在复苏的经济之间，投资者无所适从，似乎找不到方向。

A-share mixed on contracted volume. Shanghai Composite Index fell while Chinext Index rose. 9 out of 28 sectors in A-share rose with auto, leisure service and electric equipment rising the most.Cyclical sectors fell the most. State council standing committee convened to discuss how to deal with the rising commodity prices. This is the second time for such a meeting in one week. The measures included decreasing the export duty and cutting back the import costs of iron and steel. It was also proposed to blow heavily on speculation in commodity future markets. Commodity prices fell sharply overnight. HK market closed for Buddha’s Birthday.

European stock market crashed on higher-than-expected inflation in the UK. The UK April Consumer Price Index (CPI) rose 1.5% year-on-year (yoy) compared with 0.7% in March. Core CPI, which excludes energy and other volatile items, rose 1.3% yoy. Bank of England (BOE) believed that inflation will edge up above 2% and reach 2.5% by the end of 2021. But it will fall below 2% in 2022. Bank of America held the same view. They expected inflation to reach 2.7% in November due to the rising energy prices. But it will fall below 2% in 2022. Producer’s Price Index rose 3.9% yoy and input costs rose 9% yoy in April. BOE said they did not see the evidence that the input costs were feeding through to consumer.Market is still expecting BOE to remain easing monetary policy until 2024.

Bitcoin tumbled.  It fell 50% from its high in April. JP Morgan observed that institutional investors stopped buying bitcoin, which already continued for two quarters in a row, at the end of April. With the inflation coming they shifted back to gold, the traditional tool for hedging against inflation.

The US stocks recovered big losses and closed down slightly.Fed’s minutes in April showed that Fed would begin to consider tapering once economy grows strongly. Market stopped panic at this news.

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