Investment 29/11/2024

Hong Kong stocks were soft on the futures settlement day.  The Hang Seng Index opened 44 points lower at 19,558 points and then the decline intensified. It once fell 290 points to 19,312 points, and fell 236 points or 1.2% to 19,366 points for the whole day. The Technology Index fell 66 points or 1.52% to 4,307 points.  Main board transaction volume was HK$108.2 billion.


 Minutes of the US Federal Reserve meeting showed that the authorities still intend to cut interest rates to stimulate the economy. The US dollar fell, driving the yuan to rebound, which was good for the performance of Hong Kong stocks the previous day. The Hang Seng Index once approached the resistance of 19,700 points, but it remains to be seen whether the upward trend can be sustained.  After Trump officially takes office in January next year, the proposed tariff policy may slow down the Federal Reserve's interest rate cut. If the US dollar remains strong, it is expected to be detrimental to Hong Kong stocks.  In addition, the market is concerned about whether the mainland will have the next round of economic stimulus measures. It is believed that the market will not be able to break through the sluggish situation until there is concrete news.  Under the strong wait-and-see atmosphere, it will be difficult for the Hang Seng Index to return to the 20,000 level in the short term. The support below 19,000 points is quite good.


 The U.S. stock market will be closed on Thursday for the Thanksgiving holiday in the United States.  European stock markets reversed two days of losses, led by technology stocks.  The UK's FTSE 100 index closed at 8281 points, up 6 points or 0.08%.  Germany's DAX index was at 19,425 points, up 163 points or 0.85%.  France's CAC 40 index reported 7,179 points, up 36 points or 0.51%.


 The US dollar index rose 0.31% to 106.416, and the yen fell 0.57% to 151.95 per dollar.  Euro fell 0.36% to $1.0528.  Bitcoin had risen by 6.23% on Wednesday, but retreated by as much as 1.78% yesterday to nearly $94,700.

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