Investment 1/8/2024

The mainland stock market rose significantly, and Hong Kong stocks did well on the last trading day of July, but failed to achieve a "July turnaround." The Hang Seng Index opened 67 points higher and stabilized at the 17,000 level. Later, the increase further expanded, once reaching the 17,400 level, rising 341 points or 2.01% for the whole day to 17,344 points; the Technology Index rose 102 points or 3.01% to 3,516 points. The market turnover exceeded HK$118.8 billion. 

Yesterday's rebound in the Hang Seng Index was limited by the 250-DMA (17,416), which divides bulls and bears. It is expected that Hong Kong stocks will rebound and return to the bull-bear line today as HSBC does well. However, the Hang Seng Index has successively tested the 17,000 mark earlier, and there is still a chance that the market outlook will fall and test the 16,670 point support. It is expected to remain in the range of 17,416 to 16,670 in August, with no clear change of direction yet. 

European stock markets rose, with British, French and German stocks closing up 1.13%, 0.76% and 0.53% respectively. 

The U.S. Federal Reserve kept interest rates unchanged after the interest rate meeting, in line with market expectations. There is a high possibility of an interest rate cut in September. The news once led to an expansion of the U.S. stock market. The Dow Jones Industrial Average had risen by slightly more than 300 points before the interest rate meeting. It rose after the interest rate meeting. It further expanded to 455 points, reaching an intraday high of 41,198 points, but the high quickly fell, and eventually most of the gains evaporated, closing with only a rebound of about 100 points; Morgan Stanley listed Nvidia as the top choice for US chip stocks, and Nvidia's stock price once Soaring 14.1%, other chip stocks and technology stocks generally performed well, driving the Nasdaq to rise as much as 3.19%, reaching a high of 17,693 points, but the closing gain narrowed slightly.

 At the close of U.S. stocks, the Dow Jones Industrial Average rose only 99 points, or 0.24%, to 40,842 points; the S&P Index rose 85 points, or 1.58%, to 5,522 points, and the Nasdaq Composite rose 451 points, or 2.64%, to 17,599 points. 

The U.S. dollar index fell 0.6% to 103.926; the Bank of Japan announced its second interest rate hike this year, and market speculation may raise interest rates again before the end of the year, spurring the yen to break through the 150 per dollar mark for the first time since March. It once reached a high of 149.64, rising 2.05%. . The British pound hit a high of $1.2866, up 0.23%. Euro rose as much as 0.32% to $1.0852. 

Spot gold prices rose by up to 1.66%, reaching a high of $2,450.97 per ounce.