Investment 14/7/2023

US interest rate hike is expected, the US dollar fell, and the RMB rebounded sharply, driving Hong Kong stocks to perform well in recent days. The Hang Seng Index opened 320 points higher after rising as much as 508 points earlier. It peaked at 19,368 points and closed at 19,350 points, up 489 points. It has risen 984 points for 4 consecutive days. The technology index closed at 4,237 points. The daily turnover of the main board exceeded 100 billion, reaching 111.3 billion Hong Kong dollars. 

The Hang Seng Index rose sharply yesterday, making up for the decline of last Thursday (6 days) (18,973 to 19,095), forming a favorable "island" bottom" pattern, and recovering the 50-DMA (19,285) with increased turnover, which was blocked the 250-DMA (19,379) at the bull-bear boundary. If the optimistic atmosphere continues, the bull-bear line is expected to recover in the short term and challenge the 100-DMA(19,690) again. There is resistance at 20,000 points in the Hang Seng Index, and support at 18,800 points. USD and U.S. bonds began to fall, which is good for Hong Kong stocks. In addition, the rebound of the RMB and the mainland’s favorable policies for the economy have also improved the overall market sentiment. It is expected that Hong Kong stocks will rise in the short term .

Across the board in European stocks , with British, French and German stocks rising by 0.32%, 0.5% and 0.74% respectively.

 The U.S. producer price index (PPI) rose slightly by 0.1% year-on-year in June, the slowest increase since 2020, further showing that inflationary pressures have eased, U.S. debt fell sharply, U.S. stocks rose on Thursday, and the Dow opened 64 points higher. Then it continued to rise, once rising 134 points, the highest support was 34,482 points, and the closing gain narrowed, rising for the fourth consecutive day; The Nasdaq index rose the most, up 1.76%.
 
 The U.S. stock market closed, the Dow narrowed its gains by 47 points to 34,395 points; the S&P 500 index rose 37 points to 4,510 points; the Nasdaq index rose 219 points to 14,138 points . 

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