Investment 8/9/2023

U.S. bond yields and the U.S. dollar index both rose, and th RMB weakened. Hong Kong stocks HSI opened slightly lower yesterday at 12 points to 18,437, which was already a day high , the decline slightly recovered in the late market, and finally closed at 18,202, down 247 points, setting a new closing low since August 28. The high and low fluctuations throughout the day were 264 points, with a cumulative gain of 642 points in 3 days. The HS technology index closed at 4,091, down 85 points. The main board's full-day turnover was HK$86.8 billion, a daily decrease of 6.6%, the lowest since August 25. 

The positive effect of the mainland supporting the property market is gradually being digested, and the market is dominated by the negative atmosphere of rising US interest rate hike expectations. After falling below the short-term upward trajectory the day before yesterday, it closed lower than the 10-DMA(18,360) and the 20-DMA (18,357) yesterday. There is no major moving average support. If there is no new good news, the market will continue to decline. The first hurdle is to focus on the bullish zone at 17,900 points, and then try the August 22 low of 17,573 points. If the rising gap of 17,364 to 17,536 points on November 29 last year is fully covered, the potential will continue to find a bottom, and the next support level is 16,600 to 16,800 points. Since the Hang Seng Index fell below the double top neckline, the target for the measurement is 16,198 points . 

European stock markets developed individually, with British stocks rebounding by 0.21%, French stocks rising slightly by 0.03%, and German stocks falling by 0.14%. 

The market is worried that China plans to expand its ban on iPhones, and Apple continues to sell off, triggering a sell-off in the overall technology stocks. Daniel Ives, an analyst at brokerage Wedbush, believes that the market is overly concerned about the ban, and it is expected that iPhone sales in China will only decrease by 500,000 units, which is negligible compared to the estimated total sales of 45 million in the next 12 months. 

U.S. stocks came under pressure on Thursday as international oil prices continued to rise, pushing up inflation and concerns over U.S. interest rate hikes. After opening 92 points lower, the Dow hit an early low of 34,351, and then stabilized repeatedly. It bounced 117 points in the middle, reaching a market high of 34,560. The S&P fell as much as 0.78%. 

The U.S. stock market closed : The Dow rebounded 57 points to 34,500, ending the decline of the past two days; the S&P 500 dropped 14 points to 4,451; the Nasdaq continued to drop 123 points to 13,748, marking the 4th consecutive day of losses. 

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