Investment 3/9/2024

Hong Kong stocks started softly in September. The Hang Seng Index opened 126 points lower at 17,862 points, and later fell 343 points to 17,645 points. It closed down 297 points, or 1.65%, at 17,691 points throughout the day; the Technology Index fell 74 points, or 2.08%, to 3,486 points. The main board turnover was HK$112.8 billion. 


Mainland manufacturing activity has been contracting for four consecutive months and was worse than expected. Hong Kong stocks came under pressure on Monday (2nd). Looking ahead to September, the U.S. Federal Reserve is bound to cut interest rates, which is good for market sentiment. The Hang Seng Index is currently in the upward channel that started in early August. As long as there is not too much negative news, it will return to the 100-DMA (17,787) today and tomorrow. The market outlook is still expected to repeatedly test the upward resistance of 18,300 points. 


European stock markets developed individually. British stocks closed down 0.15% at 8,363 points, while French and German stocks edged up 0.2% and 0.13% respectively, closing at 7,646 points and 18,930 points. The market is focusing on the U.S. employment data for August released on Friday to determine the pace of the Federal Reserve's interest rate cuts. 


September 2nd is a holiday in the United States, and both the stock and bond markets are closed. Since 1894, the first Monday in September has been a national holiday in the United States to celebrate workers' contributions to the economy and society.

 

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