Investment 21/2/2024

Mainland's interest rate cut did not stimulate Hong Kong stocks. The Hang Seng Index opened 66 points higher and then ended the day at 16,247 points, up 91 points or 0.57%. The technology index closed at 3,264 points, up 11 points or 0.35%, with main board turnover of HK$76.9 billion. 

The People's Bank of China lowered the market prime rate (LPR) for loans with maturities over five years, with the five-year loan interest rate falling from 4.20% to 3.95%, a larger-than-expected decrease. Although the news is positive for the stock market sentiment, the Hang Seng Index is at the top of the horizontal range in the past month, and there is considerable resistance above. The expected news cannot help the Hang Seng Index get rid of the low horizontal pattern. The market outlook may have the opportunity to try the 50-DMA (16,139) or below again. The market is expected to see a breakthrough only when the mainland has more fiscal strategies or economic stimulus measures. 

European stock markets developed individually, with the British and German stock markets falling by 0.12% and 0.14%, while the French stock market rose by 0.34%.

 As many officials have warned against being overly optimistic about policy easing, market expectations for an early interest rate cut by the Federal Reserve have weakened, and expectations for an interest rate cut have been postponed from March to June. U.S. stocks performed weakly after the holiday. The Dow opened 51 points lower. The decline subsequently expanded to 167 points, reaching a low of 38,460 points. The market closed remained soft; the S&P 100 fell 1.01% at one point, and the Nasdaq fell as much as 1.7%. 

At the close of the U.S. market, the Dow still fell 64 points, or 0.17%, to 38,563 points; the S&P 500 fell 30 points, or 0.6%, to 4,975 points; the Nasdaq fell 144 points, or 0.92%, to 15,630 points.

 The US dollar index fell up to 0.47% to 103.796; the yen rose 0.29%, reaching a high of 149.69 per dollar; the euro rose 0.57%, reaching a high of 1.0842 US dollars. 

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