Investment 8/11/2024

Investors assessed the prospects of Sino-U.S. relations and hoped that the mainland would step up efforts to rescue the market. The Hang Seng Index opened 152 points lower at 20,386 points, and then turned upward. It once rose 447 points to 20,986 points, rising 414 points or 2.02% for the whole day. 20,953 points; the technology index rose 103 points or 2.25% to 4,677 points.  Main board transaction volume was HK$219.7 billion.

 Hong Kong stocks rebounded yesterday, breaking through the rising wave and retreating at 20,900 points of fibo 0.382, with a chance to test the resistance of 21,300 points.  The market is also looking forward to further interest rate cuts by the Federal Reserve and whether stimulus economic policies will be implemented at the important mainland meeting. The Hang Seng Index is expected to maintain a range of 20,000 to 21,500 points.

 European stock markets developed individually, with British stocks falling 0.32% and French stocks rising 0.76%. The market is looking forward to the upcoming general election in Germany, which will help revitalize the economy, and German stocks surged by about 1.7%.

 The U.S. Federal Reserve announced an interest rate cut of 0.25% after the meeting. The statement after the meeting stated that the risks to achieving the inflation and employment goals are roughly balanced.  After the interest rate cut decision was released, the market generally expected the Federal Reserve to cut interest rates by another 0.25% in December.  U.S. bond interest rates have fallen, and U.S. stocks have repeatedly performed well. The three major indexes have reached their peaks in consecutive days. The Dow rose as much as 93 points to 43,823 points. The S&P 500 once rose 0.92% to 5,983 points. The Nasdaq, which is dominated by technology stocks, continued to rise by 1.68 points. %, reaching a high of 19,301 points.  The Nasdaq and S&P 500 also closed at record highs.

 At the close of U.S. stocks, the Dow Jones Industrial Average fell slightly by less than 1 point, to 43,729 points; the S&P Index rose 44 points, or 0.74%, to 5,973 points; and the Nasdaq Composite Index rose 285 points, or 1.51%, to 19,269 points.

 The U.S. dollar index retreated at most 0.86%, reaching a low of 104.19; the euro rose 0.9% to $1.0828; the yen rose 1.25% to 152.7 per dollar.  The Bank of England cut interest rates by 0.25% as expected, but gave no hint of accelerating the pace of easing and warned that the latest Budget would push up inflation. The pound rose 1.02% to US$1.301; the Australian dollar rebounded 1.81%, reaching a high of 66.89 US cents.  Bitcoin fell back 3.2% to nearly $74,500 before stabilizing.