Investment 27/8/2024

Investors are looking forward to the U.S. Federal Reserve cutting interest rates in September. After opening 97 points higher at 17,709 points, the Hang Seng Index rose 213 points to 17,826 points. It rose 186 points or 1.06% to 17,798 points for the whole day; the technology index rose 34 points or 0.98%, reported at 3,502 points. Main board transaction volume was HK$83.5 billion. 


The chance of interest rate cuts starting in September is extremely high, and U.S. stocks did well last Friday (23rd). Although the Hang Seng Index may not be able to keep up with the external rally, rising expectations of interest rate cuts are expected to have a positive impact on Hong Kong stocks. In particular, high interest rates are expected to regain the favor of funds in the low interest rate environment. In terms of trend, the Hang Seng Index is currently on an upward track in early August, with the upper resistance at 18,100 points. Unless it falls below the 17,400 point support, there is a chance of forming a repeated upward pattern. However, in the short term, we should pay attention to the performance of major Chinese banking stocks, which may affect the performance of the market.


 European stocks lacked a clear direction. French stocks rose 0.18%, German stocks fell 0.09%, and British stocks were closed for the holidays. 


U.S. Federal Reserve Chairman Powell gave a dovish tone in his speech at the central bank's annual meeting last Friday, promising to cut interest rates next month. Funds once flowed from technology giants to small stocks. U.S. stocks experienced individual developments on Monday, with the Dow Jones Industrial Average opening 25 points higher. , the increase expanded to as much as 244 points, reaching a peak of 41,420 points; the S&P 500 index once fell 0.57%; large technology stocks retreated, and the Nasdaq once fell 1.3%. 


At the close of U.S. stocks, the Dow Jones Industrial Average's gain shrank to 65 points, or 0.16%, to 41,240 points, setting a record high for both immediate market and closing times; the S&P 500 fell 17 points, or 0.32%, to 5,616 points; the Nasdaq Composite fell 152 points, or 0.85%, to 17,725 points. 


The U.S. dollar index rose 0.2% to 100.923 at the end; the Euro fell 0.38% to $1.115; the pound once fell 0.26% to $1.3179; the yen once rose to 143.45 per dollar, its highest since August 5, rising. 0.64%.

 

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