Investment 3/7/2024

Hong Kong stocks performed well on the first trading day of the second half of the year. The Hang Seng Index opened 49 points lower at 17,669 points and then recovered. It once rose 267 points to 17,986 points. It closed only up 50 points or 0.28% at 17,769 points throughout the day. Technology stocks lagged behind, with the technology index falling 15 points or 0.43% to 3,539 points. . Main board transaction volume was HK$118.4 billion. 

The Hang Seng Index is expected to hover around 17,500 points to 18,500 points in the first half of July. The bullish situation will continue until the middle of the month. Changes may only occur when the mainland authorities hold a major meeting. The market expects that important economic policies will be introduced. Pay attention to whether there will be news to support real estate and consumption, or even propose tax reforms. If the authorities can take action to stimulate the economy, the Hang Seng Index may effectively challenge the 19,000 to 20,000 mark. 

European stock markets came under pressure, with British, French and German stocks falling 0.56%, 0.3% and 0.69% respectively. 

U.S. Federal Reserve Chairman Powell said at the European Central Bank's annual meeting that the authorities have made progress in improving inflation, but will need greater confidence before starting to cut interest rates; in addition, job vacancies exceeded expectations, limiting the market's expectations for interest rate cuts. U.S. stocks on Tuesday There was a lack of direction in the early part. After opening 61 points lower, the Dow Jones Industrial Average fell as much as 83 points to a low of 39,085 points. At the end of the period, the three major indexes all worked hard and finally closed close to the day's high. The Dow Jones Industrial Average rose more than 160 points, the first time in history that the S&P 500 Index rose. It closed above 5,500 points, and the Nasdaq hit a record closing high. 

At the close of U.S. stocks, the Dow Jones Industrial Average rose 162 points, or 0.41%, to 39,331 points; the S&P Index rose 33 points, 0.62%, to 5,509 points; and the Nasdaq rose 149 points, 0.84%, to 18,028 points. 

The U.S. dollar index first rose and then fell, falling as much as 0.21% to 105.68; European Central Bank President Lagarde hinted that interest rate cuts may be suspended after the next meeting, and the Euro rose by 0.09% to $1.0751; the Japanese yen continued to hit a 38-year low, It hit a low of 161.74 per dollar, down 0.17%.