May 19, Monday

High-Level Voices: 
International credit rating agency Moody's announced that due to the increasing proportion of U.S. government debt and interest payments, it has downgraded the U.S. sovereign credit rating from Aaa to Aal, while adjusting the U.S. sovereign credit rating outlook from "negative" to "stable."

Overall Sentiment: 
Moody's downgrade of the
U.S. credit rating had little impact. Previously, S&P and Fitch also adjusted their ratings, yet the U.S. credit rating remains the world's highest, not affecting U.S. debt issuance.
However, U.S. Treasuries did experience a dip following S&P and Fitch's adjustments.
On Friday, both A-shares and H-shares fell, with April's dismal financial data still weighing on markets. The lack of effective tools in the policy toolbox to address current issues is increasingly evident. The market did not naturally improve due to smooth trade negotiation progress; instead, it underwent sharp style shifts due to changes in Mutual Fund assessment methods.