The Hong Kong stock market experienced a downturn on Wednesday, breaking a two-day winning streak that had seen a gain of over 260 points or 1.5%. The Hang Seng Index now stands just below the 17,700 mark and may face additional losses on Thursday.The global outlook for Asian markets is uncertain and stable, pending crucial inflation data. While European markets showed mixed results, U.S. markets were down, suggesting that Asian markets might see a mixed response as well.On Wednesday, the Hang Seng Index closed significantly lower, driven by declines in financial, consumer, and technology shares, although the property sector showed mixed results. The index fell by 182.25 points or 1.02% to close at 17,692.45, fluctuating between 17,659.29 and 17,879.01 during the trading session.Key market moves included a 1.06% drop for Alibaba Group, a 2.40% decrease for Alibaba Health Info, and a notable 4.47% surge for ANTA Sports. China Mengniu Dairy and Haier Smart Home each fell by 2.59%, while China Resources Land saw a significant 5.22% plunge. CITIC managed a slight gain of 0.39%, whereas CNOOC dipped by 0.47%, and CSPC Pharmaceutical tumbled 2.69%. Galaxy Entertainment lost 0.97%, but Hang Lung Properties edged up by 0.17%, and Henderson Land rallied 1.25%. Hong Kong & China Gas declined by 0.31%, Industrial and Commercial Bank of China fell 0.84%, but JD.com saw a rise of 1.77%. Lenovo decreased by 1.25%, Li Auto dropped 3.45%, and Li Ning slid 3.14%. Meituan tumbled 3.20%, New World Development skidded 1.42%, Nongfu Spring fell sharply by 10.43%, Techtronic Industries dropped 1.32%, while Xiaomi Corporation added 0.42%. WuXi Biologics slumped 1.87%, and China Life Insurance remained unchanged.Wall Street delivered a negative lead, with major indexes opening lower and staying mostly down throughout the day. The Dow Jones Industrial Average dropped by 159.08 points or 0.39% to finish at 41,091.42. The NASDAQ fell by 198.79 points or 1.12% to end at 17,556.03, and the S&P 500 lost 33.62 points or 0.60% to close at 5,592.18.The decline in U.S. markets partly reflected investor anxiety ahead of Nvidia’s fiscal second-quarter results, which were due after the market closed. Following the closure, Nvidia reported a profit for its second quarter that surpassed last year’s figures and expectations.Stocks were further pressured as traders anticipated the upcoming Commerce Department report on personal income and spending for July, including inflation figures closely watched by the Federal Reserve. Although the data is not expected to alter optimism that the Fed will lower rates next month, it may influence expectations regarding the pace of future rate cuts.On the commodities front, crude oil futures fell on Wednesday amid concerns about global oil demand and after data showed a smaller-than-expected decline in U.S. crude oil inventories. West Texas Intermediate Crude oil futures for October dropped by $1.01 or 1.34% to settle at $74.52 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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