Investment 31/7/2025

Hong Kong stocks performed weakly on the futures settlement day. The Hang Seng Index opened 189 points, or 0.74%, lower, and the decline widened to 442 points, or 1.73%, in the afternoon, hitting a low of 25,082. The index closed at 25,176, down 347 points, or 1.36%. The Tech Index fell 153 points, or 2.72%, to 5,490. Market turnover totaled HK$319.6 billion.


The US dollar has strengthened slightly recently, potentially leading to capital inflows back to the US. Hong Kong stocks are expected to weaken in the short term and will test the 25,000 level today. A break below would push them towards the 24,448 support level, potentially reversing their short-term upward trend. However, recent inflows into second-tier tech stocks, such as Kuaishou and Meitu, warrant attention for any positive earnings surprises from large tech stocks. If AI development demonstrates real progress and promise, investors may be willing to assign higher valuations. The Hang Seng Index still has a chance to reach 26,200 points in the next two to three months.


HSBC Holdings (00005) reported a 27% drop in interim pre-tax profit, with its performance falling short of expectations. Its London share price closed down 4.5% at 926 pence, equivalent to a 0.5% discount to the Hong Kong closing price.


European stock markets generally performed well, with UK, French, and German stocks closing up 0.01%, 0.06%, and 0.19%, respectively.


The Federal Reserve completed two consecutive days of interest rate announcements, maintaining the target range for the federal funds rate between 4.25% and 4.5% for the fifth consecutive time, in line with expectations. However, Fed Chairman Powell stated at the regular press conference after the meeting that he was not ready to cut interest rates.


U.S. stocks fluctuated before the announcement of the interest rate meeting. The Dow Jones Industrial Average opened higher and then rose as much as 106 points, reaching a high of 44,739. It remained largely stable after the announcement. Following Powell's speech, the Dow Jones Industrial Average plunged 371 points, reaching a low of 44,261. The S&P 500 fell 0.54%, while the Nasdaq Composite rose as much as 0.63% before ultimately stabilizing.


At the close of U.S. markets, the Dow Jones Industrial Average was at 44,461, down 171 points, or 0.38%; the S&P 500 was at 6,362, down 7 points, or 0.12%; and the Nasdaq was at 21,129, rebounding 31 points, or 0.15%.


The U.S. dollar index rose 0.5% to 99.42; long-term U.S. bond yields remained stable at 4.37%.

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Investment 24/4/2026

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