Investment 30/8/2023

The ministers of commerce of China and the United States expressed goodwill to each other and agreed to set up a working group to solve trade and investment issues. In addition, the mainland official media said that RRR cuts may be put on the agenda at a faster pace. Yesterday, Hong Kong stocks followed Monday’s rally. The HSI opened 130 points higher to 18,261 points. Afterwards, it rose by as much as 453 points, reaching a high of 18,583 points, and once saw a low of 18,239 points after a tug-of-war, but the increase further expanded in the afternoon. HSI closed up 353 points to 18,484 points. The HS technology index closed at 4,234 points, up 106 points. The turnover of the market was HK$101.3 billion , an increase of 0.36% from the previous day, and it was the most after the turnover of HK$101.5 billion  on August 24. 

The HSI has held above the 10-DMA (18,065) for two consecutive days, and regained the technical support level of 18,300 points. The big black candlestick has greatly improved, and it is expected to fluctuate above the 10-DMA in the short term. There will be initial resistance at the recent high of 18,564 points. If favorable policies such as RRR cuts are implemented, the market will have the potential to challenge the gap between 18,792 points and 19,049 points on August 14. Only when the gap is completely filled can the trend be turned. Hong Kong stocks are generally not driven by fundamental factors, and if there is no new stimulus plan in the Mainland, although Hong Kong stock futures are still preferred before the settlement date, there is little room for upward optimism. 

European stock markets were positive across the board. British stocks rose 1.72% after the holiday, while French and German stocks rose 0.67% and 0.88% respectively. 

The latest bad economic data in the United States led to a decline in bond yields. U.S. stocks continued to rise on Tuesday. The Dow opened 28 points lower, and then turned around and rebounded. At the end of the period, the gains expanded to 304 points, reaching a high of 34,864. It rose for the third trading day; the index once rebounded 1.51%, and the Nasdaq, which is dominated by technology stocks, rose by up to 1.86%. 

The U.S. stock market closed. The Dow rose 292 points, or 0.85%, to 34,852; the S&P 500 rose 64 points to 4,497; the Nasdaq rose 238 points to 13,943. 

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