Investment 19/7/2023

The mainland's GDP in the last quarter was worse than expected, and the market was worried about the slowdown in economic recovery. Hong Kong stocks retreated significantly after rising for 5 consecutive days. The HSI opened 89 points lower and then fell sharply. It fell by as much as 434 points and reached a low of 18,979, which was close to completely covering the gap left by last Thursday (13th). The HSI closed at 19,015, down 398 points, barely guarding the 19,000-point mark.  The HS technology index closed at 4,129, down 99 points. The daily turnover of the main board was HK$95 billion . 

The United States may implement a new executive order to restrict investment in China, which will affect the sentiment of technology stocks. However, if the peripherals are doing well, it may cause capital outflow, which is not good for Hong Kong stocks. It is expected that the Hong Kong stock market will still be dominated by ups and downs in the market outlook. In the short term, the HSI is expected to support at 18,000 points and resistance at 20,000 points. 

European stock markets stabilized at the end of the session, with British stocks closing 0.64% higher, while French stocks and Germany both rose more than 0.3%. 

Credit Suisse U.S. stock strategist Jonathan Golub raised his benchmark target for the end of this year from 4,050 to 4,700. Golub said that the main reason for turning his optimism on U.S. stocks is that the U.S. economy is not expected to experience a recession in the short term, inflation remains high, and monetary policy remains tight. According to the survey, 68% of the fund managers surveyed predict that the global economy will have a soft landing in the next 12 months. 

U.S. major banks performed well, and U.S. stocks performed well on Tuesday. The Dow opened slightly higher by 11 points. After retreating slightly in the early stage, the rising trend continued upward. It once rose 401 points to a high of 34,986. It still rose 366 points to 34,951 at the close, marking a 7-day winning streak. Banking stocks performed well, but some heavyweight technology companies retreated at high levels. The S&P 500 index closed up 32 points at 4,554; the technology-heavy Nasdaq rose 108 points to 14,353. 

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