Investment 2/11/2023

As the market waits to see the outcome of the Federal Reserve's interest rate meeting, Hong Kong stocks were mixed on the first trading day of November. The Hang Seng Index opened 26 points higher and then fell 133 points. It found support at 16,979 points, and then regained the 17,000 mark and closed at 17,101 points, down 10 points. The HS Technology Index closed at 3,752 points, down 6 points. The main board's full-day trading volume shrank to HK$67.9 billion. 


Mainland economic data is not good, and Hong Kong stocks are still sluggish. Although the Hang Seng Index closed at 17,000 points, it was still controlled below the 10-DMA (17,234), which means that the bottom-hunting pattern is not over yet. Judging from the technical trend, the Hong Kong stock market is lower than the previous wave and has not yet seen a breakthrough. The Hang Seng Index is expected to fluctuate between 16,800 points and 18,200 points. 


European stock markets rose across the board, with British, French and German stocks rising by 0.28%, 0.68% and 0.76% respectively. 


The Federal Reserve kept interest rates unchanged, with the federal funds rate target range remaining at a 22-year high of 5.25% to 5.5%, in line with expectations and keeping the policy unchanged for the second consecutive meeting. Chairman Powell held a press conference after the meeting and said that the FOMC is not currently considering or discussing interest rate cuts. The Federal Reserve's monetary policy was "on hold" like an eagle. After the interest rate meeting results were released, U.S. stocks maintained a moderate upward trend of less than 100 points; after Powell's speech, the three major indexes expanded their gains in the late period, and all closed closer to the market high; the Dow Jones Industrial Average It rose as much as 284 points, reaching a high of 33,337 points. 


At the close of the U.S. market, the Dow still rose 221 points to 33,274 points; the S&P 500 index climbed 44 points to 4,237 points; the Nasdaq Composite, which is dominated by technology stocks, rose 210 points to 13,061 points. 

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