Investment 31/10/2025

Hong Kong stock futures settled lower on Thursday, initially rising before retreating. The Hang Seng Index opened 199 points higher at 26,545, then fluctuated narrowly before falling as much as 207 points to a low of 26,138 in the afternoon, closing down 63 points or 0.24% at 26,282. The Technology Index fell 41 points or 0.68% to 6,051. Total market turnover was HK$353.8 billion.


Hong Kong stocks opened higher yesterday, following the lead of US stocks, and the Hang Seng Index rose above 26,519 as expected. However, despite two positive factors, the market ultimately reversed course and fell; trading volume indicated a significant increase in selling pressure. Breaking through the October 2nd high of 27,381 will still take time. The market is expected to be volatile in the short term, with significant resistance at 26,500 and support at 25,500.


The US Federal Reserve cut interest rates by 0.25% as expected and will also pause its balance sheet reduction in December, which should provide positive support to the market. However, Fed Chairman Powell reiterated that the pace of future rate cuts may not continue as the market expects, and the policy direction will depend on data developments, cooling market expectations for further rate cuts. US stocks initially rose but then retreated overnight.


European stock markets were mixed, with the UK FTSE 100 rising 0.04%, while French and German stocks fell 0.53% and 0.02% respectively.


Mixed earnings from large technology companies, coupled with Fed Chairman Powell downplaying expectations of further rate cuts, put pressure on US stocks on Thursday. The Dow Jones Industrial Average fluctuated throughout the day. After opening 185 points lower, the Dow Jones Industrial Average fell as much as 250 points before rebounding by as much as 382 points to a high of 48,014 points, driven by gains in several financial stocks, before ultimately giving back more than 100 points. The S&P 500 fell as much as 1.01%, and the Nasdaq Composite fell as much as 1.59%.


U.S. stocks closed with the Dow Jones Industrial Average down 109 points, or 0.23%, at 47,522; the S&P 500 fell 68 points, or 0.99%, to 6,822; and the Nasdaq Composite dropped 377 points, or 1.57%, to 23,581.


The U.S. dollar index rose as much as 0.51% to 99.724. The euro fell 0.47% to $1.1547 after the European Central Bank kept its interest rate unchanged at 2%. The Bank of Japan also kept its benchmark interest rate at 0.5% and made no indication of an imminent rate hike, causing the yen to plunge 1.13% to a low of 154.45 against the dollar.


Risk assets were sold off, with Bitcoin falling as much as 4.8% to $106,429. Spot gold prices rebounded above $4,000 per ounce, rising as much as 2.45% to $4,026.97.

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