Investment 29/8/2024

The Hang Seng Index opened 26 points lower at 17,847 points, fell 215 points to 17,659 points in the afternoon, and closed down 182 points, or 1.01%, at 17,692 points for the day; the Technology Index fell 55 points, or 1.59%, to 3,445 points. Main board transaction volume was HK$93.9 billion. 

Market expectations for the U.S. Federal Reserve to cut interest rates in September continue to rise, the U.S. dollar has fallen, and the RMB exchange rate has rebounded, driving Hong Kong stocks to rise repeatedly in recent times. However, the Hang Seng Index has risen from 16,400 points to 17,800 points in early August. The cumulative increase has been large. I believe that the good news of the interest rate cut has been mostly reflected. In addition, the transaction volume has not cooperated. The market is facing difficulty in the current situation. There is not a lot of space to rise. 

European stocks developed individually, with British stocks falling slightly by 0.02%, French and German stocks rising by 0.16% and 0.54% respectively. U.S. stocks were under repeated pressure on Wednesday. After the Dow opened flat, it rose 100 points to a high of 41,351 points, and then fell 408 points to a low of 40,842 points. The S&P 500 fell as much as 1.15%, and the Nasdaq, which is dominated by technology stocks, fell. 1.78%. 

At the close of U.S. stocks, the Dow Jones Industrial Average fell 159 points, or 0.39%, to 41,091 points; the S&P Index fell 33 points, or 0.6%, to 5,592 points; and the Nasdaq Composite fell 198 points, or 1.12%, to 17,556 points. 

The U.S. dollar index once rebounded 0.63% to 101.18, the Euro fell 0.71% to $1.1105, and the Japanese yen fell 0.75% to 145.04 per dollar.
 

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