Investment 11/3/2024

U.S. stocks did well the last night, with the Hang Seng Index opening slightly higher on Friday. The Hang Seng Index subsequently expanded its gains, rising by  more than 200 points, once reaching 16,489 points, and closed at 16,353 points for the whole day, up 123 points or 0.76%. The Hang Seng Technology Index rose 26 points, or 0.78%, to close at 3,385 points. The market transaction volume was HK$86.7 billion.  


For the whole week, the Hang Seng Index fell by 1.4% and fell for two consecutive weeks; the Stock Index fell by 2.9%. 


HSI fell last week but maintained its 50-DMA (16,158) and the short-term upward trajectory, and has not yet destroyed the monthly upward trend. If it can break through the 100-DMA(16,658) in the market outlook, it is expected to test the top of the descending channel (17,400). On the contrary, if it falls below the 50-DMA and rises in the short term, the Hang Seng Index may test the 15,200-15,000 point area. The market is still filled with a wait-and-see atmosphere, and the 50-DMA may be tested this week. The Hang Seng Index failed to recover above the 100-DMA, and the short-term trend of repeated adjustments has not changed. 


The immediate stimulus from the two sessions is fading, and the market is waiting for the implementation of relevant policies. In addition, during the peak performance period, the performance of recently announced companies has been mixed, which will also affect the trend of the Hang Seng Index. The market's expectations for interest rate cuts have increased. Although the investment sentiment in Hong Kong stocks is favorable in the short term, the market outlook still depends on whether the mainland has more stimulus measures to stimulate the economy. 


European stock markets developed individually, with British and German stocks retreating 0.43% and 0.16%, while French stocks rose 0.15%. 


U.S. non-agricultural jobs grew more than expected in February, but the unemployment rate rose to a two-year high, reinforcing market expectations that the Federal Reserve will cut interest rates in June. U.S. bond interest rates and the dollar were both under pressure. U.S. stocks fell repeatedly on Friday, mainly driven by technology stocks. The highs turned downwards and dragged down. Nvidia soared by more than 5% and then fell by more than 5% after breaking through the top. The Nasdaq fell by more than 1%. 


The Dow opened slightly lower by 14 points and then immediately turned higher. It rose as much as 179 points, reaching a high of 38,971 points. It closed down 68 points, or 0.18%, at 38,722 points. The S&P 500 index rose 0.62% to 5,189 points, setting a new high before closing. It fell back 33 points, or 0.65%, to 5,123 points; the Nasdaq, which is dominated by technology stocks, rose by up to 1.08%, peaking at 16,449 points, and closed down 188 points, or 1.16%, at 16,085 points.


 The U.S. exchange rate index continued to fall by up to 0.45%, reaching a low of 102.358, a trend of 6 consecutive days of decline; the Japanese yen once rose by 1.05%, reaching a high of 146.49 per dollar.

 

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