The US composite purchasing managers' index, or PMI, and the US consumer confidence index for June, which were released one after another last week, were significantly lower than market expectations, especially the closely watched inflation expectations of US consumers for the next five years fell to 3.1% in June, which was also lower than market expectations. The series of data dissipated concerns in financial markets about the Fed's continued aggressive rate hike, with all three major New York stock indexes rising sharply last week. The Dow is up 5.39%, the S & P 500 is up 6.45%, and the Nasdaq is up 7.49%. Among them, the S & P 500 recorded its second-biggest weekly gain this year last week. It is also worth recalling the performance of Chinese stocks, which outperformed the US stock market in three of the four trading days last week. The NASDAQ Golden Dragon China Index rose 11% last week. (CCTV Finance)