Investment 6/3/2024

China has announced that its economic growth target for 2024 will be 5%, which is already expected by the market. However, there are doubts in the market whether it can achieve the target, especially as the mainland property market shows no signs of improvement. It is worth noting that this year China’s military expenditure increased by 7.2% year-on-year, with actual military expenditure increasing by more than 100 billion RMB; the deficit rate was 3%, the same as last year; it also announced plans to issue 1 trillion RMB of special government bonds this year. 

China has set the tone for this year's economic growth, and Hong Kong stocks were under significant pressure throughout the day. The Hang Seng Index opened 252 points or 1.52% lower. The decline turned sharp in the afternoon and once fell 500 points or 3% to a low of 16,095 points. It closed at 16,162 points for the whole day, down 433 points or 2.61%. The Hang Seng Technology Index fell 150 points or 4.34% throughout the day to 3,323 points. Market turnover reached HK$112.1 billion. 

The market was disappointed that the government work report did not propose concrete measures to rescue the economy, especially as the mainland property market showed no signs of improvement. In addition, Hong Kong stocks have accumulated a lot of gains in February. In the absence of good news, it is normal to retreat. Yesterday, the Hang Seng Index closed below many moving averages, reflecting a weak market bottom. Currently, it is only supported by Beishui, with no other capital inflows. Therefore, the stock market has done nothing for the time being, but has "volatility but no increase." If the Hang Seng Index falls below 16,100 points, it may fall back to the 15,000-point level. Unless the mainland intensifies its efforts to stimulate the economy, including monetary or fiscal policies, it will have the opportunity to drive further breakthroughs in the Chinese and Hong Kong stock markets. 

European stock markets lacked direction, with German and French stock markets falling slightly by 0.1% and 0.3%, while British stocks rebounded slightly by 0.08%. 

The rise of technology stocks paused, and U.S. stocks continued to fall on Tuesday. After the Dow opened 82 points lower, the decline once expanded to 532 points, reaching a low of 38,457 points. It still closed down 404 points, or 1.04%, at 38,585 points; the S&P 52 dropped 52 points. or 1.02%, to 5,078 points; the Nasdaq, which is dominated by technology stocks, fell 267 points, or 1.65%, to 15,939 points. 

The U.S. dollar index once fell 0.19% to 103.58; the yen once rebounded 0.54%, reaching a high of 149.71 per dollar. 

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