Investment 3/8/2023

Fitch’s downgrade of the U.S. credit rating dragged down the market sentiment. Hong Kong stocks opened 109 points lower, followed by external declines. The HSI fell by as much as 535 points, reaching a low of 19,475 points; it closed at 19,517 points, down 493 points, falling below the 20,000 mark and falling below 100 DMA. The HS Tech index closed at 4,388 points, down 149 points. The daily turnover of the main board was HK$ 113.3 billion . 

After last week’s strength, the HSI has seen black candlesticks for 3 consecutive days this week and penetrated the 100-DMA(19,552).  The trend has weakened significantly, and it is not ruled out that it will continue to adjust. Today, it may fall below the 250-DMA (19,308), which is the boundary between bulls and bears. It depends on whether the 20-DMA (19,169) will have support. 

Although the mainland has introduced policies to rescue the market and has written in many ways, it is still not specific enough, leading to a correction in Hong Kong stocks. The market outlook still needs to pay attention to whether there will be more specific news from the mainland, and wait for listed companies to announce their results one after another. 

European stock markets fell across the board. British and German stock markets both fell 1.36%, while French stocks fell 1.26%. The Nikkei index closed 2.3% lower.

Rating agency Fitch predicts that the U.S. fiscal situation will deteriorate in the next three years, and the overall deficit will expand by more than 70% this year. It downgraded the U.S. debt rating from "AAA" to "AA+".  The U.S. has had a triple-A rating from Fitch since at least 1994, according to data compiled by Bloomberg. 

The market’s risk aversion surged, coupled with the U.S. long-term bond yields turned around and rose, U.S. stocks were under significant pressure on Wednesday. The Dow opened 78 points lower and then jumped into the water. Near the close, it fell 404 points, reaching a low of 35,226; the index fell the most 1.6%; the Nasdaq, which is dominated by technology stocks, once fell 2.6%, recording its worst single-day performance since February. 

The US stock market closed. The Dow fell 348 points to 35,282; the S&P 500 dropped 63 points to 4,513; the Nasdaq dropped 310 points to 13,973. 

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