Investment 23/8/2024

The Hang Seng Index opened 106 points higher at 17,497 points. The gain expanded to 261 points in the afternoon and reached a high of 17,652 points. It closed up 249 points or 1.43% for the whole day at 17,641 points. The Technology Index rose 74 points or 2.16% to 3,508 points. Main board turnover was HK$97.4 billion. 


The minutes of the U.S. Federal Reserve's July interest rate meeting reflect a high chance of an interest rate cut in September. The expectation of a U.S. interest rate cut is good for the yuan and will help the trend of Chinese stocks. Hong Kong stocks are expected to have limited room for a sharp decline. The Hang Seng Index has good support at 17,500 points. However, the market sentiment is still relatively calm. If the Hang Seng Index wants to challenge the 18,000 level, it needs to wait for good news such as new policies. 


European stock markets developed individually, with British and German stocks rising 0.06% and 0.24% respectively, while French stocks fell slightly by 0.01%. 


The market focused on the content of U.S. Federal Reserve Chairman Powell's speech at the central bank's annual meeting in Jackson Hole, while the latest manufacturing data did not stop shrinking, causing market concerns. U.S. stocks rose first and then fell on Thursday. After the Dow opened 41 points higher, the gain expanded to a maximum of 136 points, reaching a high of 41,026 points, and then fell by a maximum of 306 points, reaching a low of 40,584 points. The S&P 100 once fell by 1.07%, led by technology stocks. The main Nasdaq index fell 1.84%.


 At the close of U.S. stocks, the Dow Jones Industrial Average fell 177 points, or 0.43%, to 40,712 points; the S&P Index fell 50 points, or 0.89%, to 5,570 points; and the Nasdaq Composite fell 299 points, or 1.67%, to 17,619 points. 


The U.S. dollar index rose 0.58% to 101.63, and the Euro fell 0.47% to $1.1098. ECB interest rate meeting records showed that officials are open to cutting interest rates in September. The Japanese yen fell 0.91% to 146.53 per dollar after Bank of Japan Governor Kazuo Ueda went to Congress today to accept questions from lawmakers on the decision to raise interest rates at the end of July. British PMI data beat expectations, and the pound climbed 0.31% to $1.313, the strongest since July last year.



 Lisboa

 

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