Investment 13/8/2024

Hong Kong stocks performed mixedly. The Hang Seng Index opened 12 points or 0.07% higher and then showed an ups and downs pattern. It closed at 17,111 points for the whole day, up 21 points or 0.13%. The Technology Index fell 6 points or 0.2% for the whole day to 3,429 points. Market turnover was HK$70.3 billion, the lowest since February 16.


 Affected by the global stock market crash last week, the Hong Kong stock market once fell to the 16,500 level, but then returned to the 17,000 level. After consolidation, there is still a chance to continue upward. The short-term resistance is at the 250-DMA (17,329). Many heavyweight stocks are about to be released this week. For example, Tencent and Alibaba have performed relatively poorly recently. If their performance is better than expected, it is expected to lead to a breakthrough in the market. In addition, the mainland will also release economic data for July. If it is better than expected, Hong Kong stocks will have a greater chance of rising.


 European stock markets developed individually, with British and German stocks rising 0.52% and 0.02%, while French stocks fell 0.26%.


 The market is waiting to see the U.S. Consumer Price Index (CPI) data, which will be released later this week and reflects inflation, to assess the chances of the Federal Reserve cutting interest rates in September. U.S. stocks had mixed trends on Monday and developed individually. After opening 58 points higher, the Dow once turned around. It fell 245 points to a low of 39,251 points, and then briefly recovered its losses; the S&P 500 index once rose by 0.51%, and the Nasdaq, which is dominated by technology stocks, rose by up to 0.9%.


 At the close of U.S. stocks, the Dow Jones Industrial Average fell 140 points, or 0.36%, to 39,357 points; the S&P Index rose less than 1 point, to 5,344 points; and the Nasdaq Composite rose 35 points, or 0.21%, to 16,780 points. 


The stock market has not yet reflected the risks of the Fed's lagging policy. Investors are now more worried about the economy than the direction of inflation and interest rates. However, as recession fears in the United States have eased, the market is expected to be relatively calm in the future and will only move up and down within a narrow range for the time being. 


The U.S. dollar index rose 0.16% to 103.31, and the Euro rose 0.23% to $1.0939. The yen weakened, falling as much as 1.31% to 148.23 per dollar, its lowest level since August 2.

 

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