Investment 10/10/2023

Today is the National Day of the Republic of China, Double Ten Day!


 Affected by the typhoon and black rain, the Hong Kong stock market was suspended yesterday morning, but rose first and then recovered after reopening in the afternoon. The Hang Seng Index rose up to 147 points, reaching a high of 17,633 points and then fell 38 points; it closed at 17,517 points, up 31 points. The technology index closed at 3,825 points, up 9 points. Main board transaction volume was HK$46.8 billion. 


Hong Kong stocks were only open for half a day on Monday (9th) due to weather problems, and the Israeli-Palestinian conflict made the situation tense, so investors were more cautious. In the market outlook, we should pay attention to the US Consumer Price Index (CPI) for September released this week. If there are signs of a pullback, it will be beneficial to Hong Kong stocks. It is expected that the government will propose measures to stimulate the stock market in its policy address later. The current important defensive range below the Hong Kong stock market is 16,500 points to 17,000 points. It is initially looking at the 20-DMA (17,731), and the next challenge target is 17,800 points.


 European stock markets fell across the board, with French and German stocks falling 0.55% and 0.67%, and British stocks falling slightly by 0.03%.


 The war in the East is fierce and the Palestinian armed group Hamas raided Israel last weekend. The market is worried that the situation will get out of control and evolve into a regional war. US stocks came under pressure on Monday. However, oil and defense industry stocks bucked the market trend and surged; safe-haven assets such as gold and the U.S. dollar were also popular. International oil prices once rebounded by more than 5%, driving U.S. stocks to rebound. 


After opening 147 points lower, the Dow Jones Industrial Average fell as much as 153 points to a low of 33,253 points. It closed up 197 points to 33,604, marking its second consecutive day of gains; the S&P 500 index rebounded 27 points to 4,335 points; technology stocks The dominated Nasdaq rose 52 points to 13,484. 

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