Investment 19/8/2024

The market's worries about the U.S. economic recession have subsided, and Hong Kong stocks have done well following the external stock markets. The Hang Seng Index opened 176 points higher at 17,286 points and continued its upward trend. It once rose 364 points to 17,473 points, and closed up 321 points or 1.87% for the whole day at 17,430 points. The Technology Index rose 74 points or 2.2% to 3,459 points. Main board transaction volume HK$101.4 billion.

 The Hang Seng Index rose by 339 points or 1.98% last week, and has successfully reversed its decline since August, rising by 85 points or 0.49%. The Hang Seng Index has just recovered the 250-DMA (17,295) and will challenge the 50-DMA (17,612) and the 100-DMA (17,675) in the short term. If it rises above and stands above it, Hong Kong stocks will be favored in the short term. However, the market is still concerned about the economic situation in the mainland, which limits the market's upward trend. It is expected that there will be some resistance to the Hang Seng Index rising to 17,700 points. It will be difficult to hit the 20,000 mark in the market outlook. Although the U.S. economy is showing signs of slowing down, it is hard to say it has fallen into recession. It is believed that the Federal Reserve will have a greater chance of cutting interest rates by 0.25% in September. After the data was released, the yen fell back, and the wave of unwinding temporarily came to an end, and there was an opportunity to re-establish positions and borrow yen to buy other risky assets.

 The Japanese stock market showed "big revenge" last week, rising for 5 consecutive days! The Nikkei Stock Average rose another 1,336 points or 3.64% on Friday to close at 38,062 points; for the whole week, the Nikkei Stock Average rose 8.67%. 

European stock markets developed individually, with British stocks falling 0.43%, French and German stocks recording gains of 0.35% and 0.77% respectively.

 The latest U.S. economic data showed mixed results. After days of rebound, U.S. stocks repeatedly consolidated at high levels on Friday. After opening 34 points lower, the Dow fell back as much as 109 points to a low of 40,453 points. At the end of the day, it once rose 162 points to a high of 40,726 points. The S&P 500 fell 0.33% during the session, and the Nasdaq fell as much as 0.52%. All three major indexes eventually stabilized. 

At the close of the U.S. market, the Dow rose 96 points, or 0.24%, to 40,659 points; the S&P 500 rose 0.2% to 5,554 points; the Nasdaq rose 0.21% to 17,631 points. 

Last week, the Dow rose 2.9%; the S&P 500 rose 3.9%, its best weekly performance this year; and the Nasdaq soared 5.3%.

 The US dollar index fell 0.52% at the end of the period to 102.44; the euro rose 0.48% to $1.1024; the yen surged 1.12% to 147.63 per dollar.