Investment 9/9/2024

The Hong Kong stock market was suspended last Friday due to the typhoon. This was also the last typhoon suspension measure. Last thursday , after opening 12 points higher at 17,469 points, the Hang Seng Index rose 98 points to a high of 17,555 points. It then fell back repeatedly, once falling 124 points to 17,332 points. It fell 13 points or 0.07% for the whole day to 17,444 points, falling for 4 consecutive transactions. On the day; the technology index rose 4 points, or 0.14%, to 3,487 points. Main board transaction volume was HK$84.9 billion. 

The Hang Seng Index turned around and fell last week, falling below the short-term ascending channel and the 50-DMA (17,472). The upward trend in the past month may change. The support of the 250-DMA (17,261) must be maintained, otherwise the decline will reappear. The next support is the previous low of 16,441 points.  There are three cross stars in a row on the daily chart of the Hang Seng Index, and there may be a short-term rebound. Last Wednesday's falling gap (17,531 to 17,583) is expected to provide resistance. The Hang Seng Index has fallen from the 18,000 level, and there may not be much room to go lower. It is expected to mainly range between 17,000 and 17,800 points. A breakthrough is expected to occur when the next round of mainland policy news comes out. Investors have full expectations for the Federal Reserve to cut interest rates in September, but the market is worried that U.S. stocks may face further adjustment pressure. Hong Kong stocks are inevitably affected by external influences. In addition, the latest manufacturing and real estate sales data released by the mainland show that the macroeconomic performance is not as good as expected. There are hidden concerns about the prospects of Chinese stocks. 

European stock markets followed U.S. stocks downward in late trading, with British stocks closing down 0.73%, and French and German stocks both falling by more than 1%.

 The number of non-agricultural jobs in the United States increased by 142,000 in August. Although there was steady growth, which alleviated concerns about a hard landing of the economy, the increase was less than the market estimate of 165,000. Expectations for the Federal Reserve to cut interest rates by half a percentage point this month have slightly increased. . Large technology stocks were sold off, and U.S. stocks rose first and then fell on Friday. After the Dow opened flat, it once rose 253 points to a high of 41,009 points, but soon turned around and fell sharply, falling as much as 458 points to a low of 40,297 points; the S&P 500 index fell repeatedly by 1.83%. , the Nasdaq, which is dominated by technology stocks, once fell 2.68%. 

U.S. stocks closed with all three major indexes close to the day's lows. The Dow Jones Industrial Average fell 410 points, or 1.01%, to 40,345 points. The S&P Index fell 95 points, or 1.73%, to 5,408 points. The Nasdaq fell 436 points, or 2.55%, to 16,690 points. Last week, the Dow fell 2.9%, the S&P 500 fell 4.3%, and the Nasdaq fell 5.8%. 

The US dollar index turned around and rose by up to 0.29% to 101.4, the Euro fell by 0.41% to US$1.1066; the Japanese yen rose by up to 1.17% to US$141.77 per US dollar.