Investment 29/7/2024

The Hong Kong stock market was in a tailspin and was struggling at the 17,000 level in the afternoon. After opening 74 points higher, the Hang Seng Index rose as much as 224 points to an all-day high of 17,229 points. However, the upward trend was weak. It once fell 80 points and fell below 17,000 points. It closed at 17,021 points, up 16 points or 0.1%; the Technology Index It rose 22 points or 0.66% to 3,443 points. Market turnover reached HK$104.7 billion. 


For the whole week, the Hang Seng Index fell 396 points or 2.28%, and the Technology Index fell 92 points or 2.62%. 


Last week, the Hang Seng Index temporarily stood at 17,000. Once it is broken, it will not find greater support until the 16,000 to 16,100 area. In the short term, the daily chart shows a "pregnant Liujia" favorable rebound, but the 250-DMA (17,439) is expected to provide resistance. The external market is in shock, and the mainland economy has not shown improvement. Hong Kong stocks are expected to remain at 17,000 to 18,000 points, and the direction will be revealed when the performance peaks next month. 


European stock markets performed well, with British, French and German stock markets rising by 1.21%, 1.22% and 0.65% respectively. 


The U.S. Personal Consumption Expenditure Deflator (PCE) data was generally in line with expectations, reflecting that inflation is under control. The market is more optimistic that the Federal Reserve will start cutting interest rates as soon as September. U.S. stocks rose significantly in the early hours of Friday (26th), with the Dow Jones Industrial Average After opening 205 points higher, it quickly soared 818 points, reaching a high of 40,753 points; the S&P 500 rose 1.63%, and the Nasdaq, dominated by technology stocks, rebounded 1.59%. 


At the close of U.S. stocks, the Dow rose 654 points to 40,589 points; the S&P 500 rose 59 points, or 1.11%, to 5,459 points; and the Nasdaq rose 176 points, or 1.03%, to 17,357 points.


 The U.S. exchange rate index fell another 0.14% to 104.207; the Japanese yen rose repeatedly, reaching a high of 153.15 per dollar, up 0.51%; the Euro rose by up to 0.2%, hitting $1.0868. 


New York gold futures closed up 1.2% at $2,381 an ounce. Spot gold rose 0.8% to $2,382.98 an ounce. This major correction in gold may be over: from the highest point of US$2,483 to the lowest of US$2,353, a fluctuation of about US$130. The support of $2,350 is the market’s psychologically recognized line of defense. The next step will be a volatile rise, this time it can break the $2,500 mark, which will be around the beginning of September when the U.S. dollar interest rate cut begins!

 

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