Investmen 28/7/2023

As expected, the Federal Reserve raised interest rates by 0.25%. The Hang Seng Index of Hong Kong stocks opened 136 points higher and then rose by as much as 320 points. The technology index closed at 4,341, up 122 points. The turnover of the main board was 113.5 billion Hong Kong dollars throughout the day. 

The results of the Federal Reserve’s interest rate meeting raised market expectations that the interest rate hike will peak. However, Hong Kong stocks were not too surprised. The signal from the Politburo meeting to support the economy was better than expected, stimulating capital inflows, and some large households took advantage of the situation to close their positions, driving up the market. 

The Hang Seng Index has seen a white candle for 3 consecutive days, and finally closed above the resistance level of the past 3 months at the 100-DMA(19,579), it means staying on all average moving lines, and the resistance at 19,800-20,000 points may be tested in the short term. If the transaction amount matches, it may return to the June high of 20,155 points. 

European stocks performed well across the board, with British, French and German stock markets rising 0.21%, 2.05% and 1.7% respectively. 

The U.S. economic growth in the second quarter unexpectedly accelerated to 2.4%. After the U.S. stock market opened 38 points higher on Thursday, the U.S. stock market Dow increased by as much as 125 points, reaching a high of 35,645. Near the close, it fell by 303 points and reached a low of 35,216. The closing decline narrowed narrow. The index rose by 0.88%; the Nasdaq rose by 1.65% at most, and both the index and the Nasdaq closed closer to the day's lows. As of Wednesday, the Dow had risen for 13 straight sessions, its longest run since 1987, and failed to keep up on Thursday, missing the longest run since the index was founded in 1897, its second year. 

The US stock market closed. The Dow fell 237 points to 35,282; the S&P fell 29 points to 4,537; the Nasdaq fell 77 points to 14,050. 

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