Investment 21/8/2024

The Hang Seng Index opened 92 points higher at 17,661 points and hit an all-day high. It continued to adjust, falling as much as 119 points to 17,449 points, and closed down 58 points or 0.33% to 17,511 points; the Technology Index fell 19 points or 0.54% to 3,498 points. point. Main board transaction volume was HK$74.5 billion. 


Hong Kong stocks have rebounded recently, but the trading volume has not been as good as expected, which reflects that the upward momentum of Hong Kong stocks is still weak and the focus of the investment market is not on Hong Kong stocks. The most optimistic view is that the Hang Seng Index may rebound to 18,500 points, but even if it rebounds to that level, it is expected to fall again later. Although the Hang Seng Index has room to rebound to 1,000 points, the market is still in a downward channel, and the risk of deploying long positions is relatively high. If you have stocks, you can take advantage of the rebound to reduce the weight. Investors should not be optimistic for the time being. 


European stock markets came under pressure, with British, French and German stocks falling 1%, 0.22% and 0.35% respectively. 


The market is waiting to see the minutes of the U.S. Federal Reserve's last interest rate meeting to be released later this week, as well as Chairman Powell's speech at the Jackson Hole annual meeting of the central bank. Investors are cautious about entering the market. U.S. stocks retreated on Tuesday, with the Dow Jones Industrial Average retreating. After opening 22 points lower, the decline expanded to as much as 139 points, reaching a low of 40,756 points. The S&P 500 once fell 0.41%, and the Nasdaq fell 0.66% repeatedly.


 At the close of U.S. stocks, the Dow Jones Industrial Average fell 61 points, or 0.15%, to 40,834 points; the S&P Index fell 11 points, or 0.2%, to 5,597 points; and the Nasdaq Composite fell 59 points, or 0.33%, to 17,816 points. The Nasdaq and S&P 500 index ended their streak of gains in the past eight trading days. 


The U.S. dollar exchange rate came under pressure, and spot gold prices continued to hit new highs. The U.S. dollar index fell 0.49% to 101.38 at the end of the period, the yen rose as much as 0.95% to 145.2 per dollar, and the euro rose 0.4% to $1.1131. Canada's inflation slowed to a more than three-year low in July, increasing the chances of the central bank cutting interest rates for three consecutive meetings in September. The Canadian dollar still rose 0.22% to 73.51 US cents. 


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