Investment 9/8/2024

Hong Kong stocks fell first and then recovered. The Hang Seng Index opened 104 points lower and performed softly. It fell 212 points in the early stage, fell as low as 16,665 points and then found support. It once rose more than 100 points and crossed the 17,000 level again. It closed at 16,891 points, up 13 points or 0.08%; Technology The index fell 15 points or 0.74% throughout the day to 3,366 points. Market turnover was HK$102.8 billion. 

It is expected that Hong Kong stocks will follow the outside world and rise today, with the Hang Seng Index regaining 17,000 points. Under expectations of a U.S. interest rate cut in September, the index can rise above the resistance of 17,250 points and have a chance to test 17,800 points. However, further breakthroughs will depend on Will there be any surprises during the August earnings period? However, in addition to external factors, the market is worried about the impact of the local economy on corporate earnings. Although investors have lowered their expectations, the final data released by some companies has not been satisfactory, which has dragged down the market sentiment. 

European stock markets developed individually, with British and French stocks falling 0.27% and 0.26% respectively, while German stocks rose 0.37%. 

The latest number of people filing for unemployment benefits in the United States last week dropped to 233,000, which was better than expected and eased the market's concerns about a sharp deterioration of the economy. U.S. stocks stopped falling and rebounded on Thursday. The index opened 176 points higher and then rose quickly. It soared 744 points, reaching a high of 39,508 points; the S&P 500 index rebounded by up to 2.5%, recording its largest one-day rise since November 2022; the Nasdaq Composite Index, which is dominated by technology stocks, once rose by 3.1%. The VIX volatility index, commonly known as the "fear index," fell more than 14% to below 24. 

At the close of U.S. stocks, the Dow Jones Industrial Average rose 683 points, or 1.76%, to 39,446 points; the S&P 500 rose 119 points, or 2.3%, to 5,319 points; and the Nasdaq rose 464 points, or 2.87%, to 16,660 points. 

The U.S. dollar index rose as much as 0.34% to 103.546; the Euro once fell 0.37% to $1.0882. The yen exchange rate first rose and then retreated. It once rose 0.85% to 145.44 per dollar, and then fell.

 An earthquake with a magnitude of 7.1 occurred in Miyazaki Prefecture, Japan on the afternoon of August 8. In addition to issuing a tsunami warning, the Meteorological Agency also released the "Temporary Information on the Nankai Trough Earthquake" for the first time. The earthquake and its correlation are being investigated.