Investment 4/12/2023

Hong Kong stocks fell again in December. The Hang Seng Index opened 23 points lower and then encountered the resistance of 17,000 points. It repeatedly bottomed out in the afternoon and closed at an all-day low of 16,830 points, setting another new low in more than a year, down 212 points or 1.24%. The technology index closed at 3,830 points, down 68 points or 1.76%. The main board's total daily turnover was HK$114.2 billion, exceeding HK$100 billion for the third consecutive day. 


The latest data from the United States showed that the economy and inflation continued to cool, the market's expectations for an interest rate cut next year increased, and global market risk appetite increased. The U.S. stock market outlook remained favorable, with the Dow Jones Industrial Average closing up more than 500 points overnight. However, the Hong Kong stock market continues to be weak. Although the Hang Seng Index is expected to stabilize after falling to 16,800 points, the market is still concerned about the progress of the mainland's economic growth, especially whether the real estate market problems can be resolved, which will limit the market's gains. The Hang Seng Index is expected to trade between 16,800 points and 17,600 points narrow width. 


European stocks performed well, with British, French and German stocks closing up 1.01%, 0.48% and 1.12% respectively.


 U.S. Federal Reserve Chairman Powell said at an event on Friday that interest rates are currently "deep in restrictive areas" and risks have become balanced, and the market is hopeful that U.S. interest rates will peak. The Dow opened 36 points lower. After Powell's speech, the U.S. stock market Dow extended its gains, rising up to 313 points repeatedly, breaking through 36,000 points and reaching a high of 36,264 points, setting a new high this year; the S&P 500 fell 0.29% and then rose 0.69%; the Nasdaq once rose 0.69%. It had fallen 0.64%. 


At the close of the U.S. market, the Dow rose 294 points, or 0.82%, to 36,245 points; the S&P 500 rose 26 points, or 0.59%, to 4,594 points; the Nasdaq rose 78 points, or 0.55%, to 14,305 points. 

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