---
title: "The US job market remains resilient, while China's foreign trade achieves \"stable volume and improved quality,\" and consumption recovers rationally."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40611984.md"
description: "Important Information: 01) E Fund Select Strategy Series - E Fund (Hong Kong) Select Bond Fund (the "Sub-Fund") is subject to general market fluctuations and other inherent factors of the Sub-Fund's assets. Therefore, you must bear the risk of not being able to recover the principal invested in the Sub-Fund or potentially losing most or all of your investment. 02) The Sub-Fund primarily invests in a portfolio of investment-grade debt securities denominated in offshore Renminbi, US dollars, Euros, or Hong Kong dollars, aiming to generate a stable income stream for the Sub-Fund beyond capital appreciation, thereby achieving long-term capital growth..."
datetime: "2026-05-11T03:19:27.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40611984.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40611984.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40611984.md)
author: "[易方达香港](https://longbridge.com/en/profiles/8787667.md)"
---

# The US job market remains resilient, while China's foreign trade achieves "stable volume and improved quality," and consumption recovers rationally.

_Important Information: 01) E Fund Select Strategy Series - E Fund (HK) Select Bond Fund (the "Sub-Fund") is subject to general market fluctuations and other inherent factors of the Sub-Fund's assets. Therefore, you bear the risk of being unable to recover the principal invested in the Sub-Fund or potentially losing most or all of your investment. 02) The Sub-Fund primarily invests in a portfolio of investment-grade debt securities denominated in offshore RMB, US dollars, euros, or Hong Kong dollars, aiming to generate a stable income stream beyond capital appreciation for the Sub-Fund, thereby achieving long-term capital growth. Potential risks include a) risks related to debt securities (including credit risk, risks related to credit ratings, credit rating downgrade risk, interest rate risk, valuation risk, volatility and liquidity risk, sovereign/government debt risk, risks of below-investment-grade or unrated debt securities, and risks associated with investing in debt instruments with loss-absorbing features), b) concentration risk, c) emerging market risk, d) foreign exchange risk, e) risks related to sale and repurchase agreements, f) risks related to reverse repurchase agreements, g) RMB currency risk and RMB-denominated class risk, h) hedging RMB-denominated class risk, i) convertible bond risk, j) risks related to equity securities, k) Eurozone and European country risk, l) "Dim Sum" bond risk. 03) The Sub-Fund may invest in derivatives for hedging or investment purposes within the limits permitted by the Code. Under adverse conditions, the use of financial derivatives may become ineffective and/or cause the Sub-Fund to suffer significant losses. 04) The Sub-Fund may pay distributions from its capital. Investors should note that paying distributions from capital is equivalent to returning or withdrawing part of the investor's original investment amount or any capital gains attributable to that original investment, and such distributions may lead to an immediate reduction in the net asset value of the relevant units. The distribution amount and net asset value of the Hedged Unit Class may be adversely affected by the interest rate differential between the class currency of the Hedged Unit Class and the base currency of the Sub-Fund, leading to an increase in distributions paid from capital and, consequently, greater capital erosion relative to other non-hedged unit classes. 05) You should not invest in the Sub-Fund unless the intermediary has explained to you, considering your financial situation, investment experience, and objectives, that this fund is suitable for you. 06) Investors should not make investment decisions based solely on the information provided in this document and should read the details and risk factors contained in the relevant fund's offering documents._

Hello, fellow investors. What significant changes occurred in the market last week? Let's take a look together:

Last week, the US core macro landscape featured a coexistence of employment resilience and manufacturing divergence, with the Federal Reserve's policy wait-and-see stance unchanged. **Regarding employment, non-farm payrolls added 115,000 in April, exceeding market expectations, with the unemployment rate remaining at a low of 4.3%.** The labor market shows ample resilience, but the labor participation rate declined, and the employment structure shows divergence. The proportion of permanent unemployment decreased, and wage growth rebounded moderately year-on-year, though the room for further increases is limited. Residents' real purchasing power may be eroded by inflation. **Regarding manufacturing, the ISM Manufacturing PMI remained at an expansionary level of 52.7 in April, unchanged from the previous reading, but the input price index hit a four-year high.** The employment index contracted for the 15th consecutive month. Coupled with supply chain disruptions from the Middle East conflict, manufacturers face dual pressures of high costs and shrinking employment, with expansion momentum falling short of expectations. Regarding Fed policy, influenced by Middle East uncertainty, inflationary pressures, and the state of the labor market, the thresholds for both rate cuts and hikes within the year have increased. **It is expected that a wait-and-see stance will be maintained in the short term. Subsequent attention should be paid to policy statements after Walsh takes over.**

In China, the core macro focus was on foreign trade and consumption performance, overall showing strong foreign trade growth and a rational consumption recovery. **Regarding foreign trade, the total value of goods trade imports and exports in the first four months increased by 14.9% year-on-year, with April's imports and exports growing 14.2% year-on-year.** Import growth continued to outpace export growth, and the trade surplus expanded. Trade methods worked in synergy, with bonded logistics and processing trade showing significant growth. The diversification of trading partners continued to improve, with mechanical and electrical product exports leading the way. **Imports and exports by private, foreign-funded, and state-owned enterprises all achieved relatively fast growth,** demonstrating supply chain resilience and the effectiveness of high-quality development. **Regarding consumption, the number of domestic tourist trips during the "May Day" holiday increased by 3.6% year-on-year,** with total tourism spending up 2.9% year-on-year. However, per capita spending slightly decreased compared to the same period last year, reflecting more rational and cautious consumer behavior. Coupled with March's retail sales of consumer goods growth falling short of expectations, consumption recovery still requires sustained effort.

**In bond market performance, the global bond market recovered somewhat over the past week, with the global aggregate index up 0.36% and the US aggregate index up 0.26%.** US investment-grade corporate bonds rose 0.38%, and US high-yield corporate bonds rose 0.05%. The emerging market dollar bond aggregate index rose 0.41%, and the China dollar credit bond index rose 0.22%. **Regarding interest rates, US Treasury yield movements flattened more compared to last week,** with the 2-year US Treasury yield up 1bp to 3.88% and the 10-year US Treasury yield down 2bp to 4.35%.

The net asset value of the E Fund (HK) Select Bond Fund A Class Accumulative USD Share is 12.77\*. Regarding the recent overall bond market situation, **we will continue to deploy targets with high-quality credit credentials under low spread conditions, striving to provide more stable returns than the market.**

Key economic data releases to focus on this week:

Monday: China will release April CPI and PPI data.

Tuesday: The US will release April CPI data.

Wednesday: The US will release April PPI data.

Thursday: The US will release April retail sales data.

_\* Data sourced from E Fund Hong Kong's official website, as of 2026/5/11._

_Disclaimer: The issuer of this report is E Fund Management (Hong Kong) Limited. This report does not constitute an invitation or recommendation to invest in fund units. Subscription for fund units can only be made using the application form accompanied by the fund prospectus. Investments involve risks, and fund prices may rise or fall. Past performance is not indicative of future results. Before investing, investors should read the investment risks related to the fund contained in the fund prospectus (including the "Risk Factors" section). This report may only be distributed in certain jurisdictions. This report does not constitute such distribution or invitation or recommendation in any jurisdiction where the distribution of such information or making of any such invitation or recommendation is not permitted or would be unlawful. This document is exempt from pre-vetting and authorization by the Securities and Futures Commission of Hong Kong and has not been reviewed by the SFC. SFC authorization does not imply recommendation or endorsement of the scheme, nor does it guarantee the commercial merits or performance of the scheme, nor does it mean the scheme is suitable for all investors, or endorse the scheme for any individual investor or any class of investors. Copyright ©2026. E Fund Management (Hong Kong) Limited._