Investment 20/2/2024

The return of Beishui failed to drive the trend of Hong Kong stocks, and the market rose on the 3rd of the Year of the Dragon. The Hang Seng Index continued to be under pressure after opening 5 points lower, falling as much as 202 points and reaching a low of 16,137 points. It closed at 16,155 points, down 184 points or 1.13%, holding on to the 50-DMA (16,141). The technology index closed at 3,253 points, down 89 points or 2.68%. The main board's total daily turnover was HK$82 billion. 


The U.S. producer price index (PPI) and core PPI in January were both higher than expected, and the market expected the Federal Reserve to further postpone the interest rate cut schedule. However, Hong Kong stocks did not react much to external news. As for the mainland, the People's Bank of China kept the MLF interest rate unchanged over the weekend, but the market expects that the loan prime rate (LPR) will be announced today, and there is still room for downward adjustments. A-shares opened higher after the Lunar New Year holiday. However, the Hang Seng Index has risen for three days in a row, and is expected to consolidate at the 50-DMA level in the short term. If it can hold above it, the market outlook will be favorable to further challenge the resistance of the 100-DMA (16,813). The lower support will be at the 20-DMA (15,786).


 European stock markets developed individually. The British FTSE 100 index closed at 7,728 points, rebounding 0.22% or 16 points; the German DAX index closed at 17,092 points, retreating 0.15% or 25 points; the French CAC 40 index closed at 7,768 points, up less than 1 point. 


The U.S. dollar index once rose 0.09% to 104.373, and then weakened; the Japanese yen rose 0.22%, reaching a high of 149.88 per dollar; the German central bank reported that the local economy may be in a technical recession, but emphasized that it was not a serious decline, and the euro was the most It fell 0.14% to a low of $1.0762. 


The third Monday in February is "Presidents' Day", a national holiday in the United States. The stock and bond markets are closed for one day. 

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