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Glonhui June 4th｜Citigroup has raised Oracle's target share price from $320 to $330.

The Bank of England announced on Thursday that it allocated a record £122.918 billion in seven-day funds through its weekly short-term repo operations, surpassing the previous record of £114.888 billion set last month. The central bank is increasingly relying on short-term repo operations to provide reserves to banks, while gradually reducing its holdings of government bonds accumulated under the quantitative easing programme.From a market sentiment perspective, the record repo demand indicates that, as the central bank’s balance sheet reduction progresses, the banking system is facing increasing reserve pressure. The ongoing reduction of quantitative easing bond holdings is forcing financial institutions to turn to the central bank’s short-term liquidity tools to fill funding gaps, leading to a significant rise in market reliance on central bank funds.This dynamic reflects a structural transformation underway in the money market. The previously abundant reserve-driven accommodative environment is gradually giving way to the tightening pressure brought by balance sheet reduction. By proactively injecting liquidity into the market through short-term repo operations, the Bank of England is essentially acting as the lender of last resort during the quantitative tightening process, aiming to prevent excessive reserve tightening from triggering severe volatility in the money market.

According to data from the China Passenger Car Association on June 3, the wholesale volume of new energy vehicles in May was 1.365 million units, up 11% compared to the same period last month; retail sales reached 974,000 units, up 15% compared to last month. Furthermore, downstream production remains at a high level, with resilient demand providing some support for the market bottom. However, this week’s latest inventory data shows a drawdown of 730 tons for small samples and 1,340 tons for large samples, which may not meet expectations. Additionally, the ongoing increase in lithium carbonate warehouse receipts is putting significant pressure on the market. Market sentiment remains weak, and it is expected that lithium prices will continue to fluctuate at low levels in the short term. Attention should be paid to developments at the Jiangxi mining end.