Investment 31/10/2024

The Hang Seng Index opened 114 points lower at 20,586 points on the futures settlement day, and subsequently fell 431 points to a low of 20,270 points. It fell 320 points or 1.54% throughout the day to 20,380 points; the Technology Index fell 110 points or 2.38% to 4,513 points. .  Main board transaction volume was HK$166.6 billion.


 There were rumors that the mainland was considering approving the issuance of more than 10 trillion yuan of bonds in the next few years next month. The news once caused the overnight futures price to soar by more than 300 points, but all gains evaporated at the end of the day because the relevant news was unconfirmed.  The outcome of the U.S. presidential election is also unclear, and the market is still facing many variables, which is hampering the market trend. The Hang Seng Index may test the 20,000-point support in the short term.


 European stock markets came under pressure, with British, French and German stocks falling 0.73%, 1.1% and 1.13% respectively.


 U.S. gross domestic product (GDP) growth in the third quarter slowed to 2.8% quarter-to-quarter from 3% in the second quarter. The growth rate was weaker than the expected 2.9%. U.S. stocks were repeatedly under pressure on Wednesday.  With the support of large technology stocks, the Nasdaq broke its peak for two consecutive days and once rose another 0.39% to 18,785 points. After opening 16 points higher, the Dow Jones Industrial Average rose as much as 224 points to a high of 42,457 points. The S&P 500 also rose 0.31%.  However, there was selling pressure at the highs of U.S. stocks, and the three major indexes finally closed close to the day's lows, with modest declines.


 At the close of U.S. stocks, the Dow Jones Industrial Average fell 91 points, or 0.22%, to 42,141 points; the S&P Index fell 19 points, or 0.33%, to 5,813 points; and the Nasdaq Composite fell 104 points, or 0.56%, to 18,607 points.


 The U.S. dollar index first rose and then fell 0.33% to 103.98; the Euro rose 0.5% to $1.0874.  The Bank of Japan is expected to remain on hold after Thursday's interest rate meeting, and the yen once rose 0.38% to 152.79 per dollar.


 Spot gold prices broke through the top for two consecutive days, rising up to 0.56% to US$2,790.01 per ounce.

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