Daily Investment Strategy
Hang Seng Index fell 247 points on Monday
The Hang Seng Index closed at 17,196 points for the day, fell 247 points or 1.4%. The Hang Seng Technology Index reported at 3,436 points, down 51 points or 1.5%. The HSCEI Index fell 102 points, or 1.7%, to 6,002 points. The market turnover was HK$133.6billion.
S&P 500 rebounds from last week's plunge
The S&P 500 jumped on Monday, rebounding from its biggest weekly loss since 2023, as investors digested Apple's new artificial intelligence-enhanced iPhones and looked ahead to this week's inflation data. The Dow Jones Industrial Average rose 484.18 points, or 1.2%, to close at 40,829.59 points. The index fell more than 1,200 points last week before stocks rebounded. The S&P 500 rose 1.16% to close at 5,471.05 points. The Nasdaq rose 1.16% to close at 16,884.60 points. Apple ended little changed, as the tech giant struggled to join the rally in tech stocks even as it unveiled new iPhones and showcased its generative artificial intelligence software, Apple Intelligence. Boeing shares rose more than 3% after tentatively agreeing to give its largest union a 25% wage increase, potentially averting a damaging strike that could have further hurt the troubled planemaker. pressure. S&P Global announced on Friday that Palantir Technologies and Dell Technologies will join the S&P 500 before the market opens on September 23, replacing American Airlines and Etsy. Both companies surged on Monday.
Inflation data is coming soon
Inflation data, including the CPI and PPI for August, will be released on Wednesday and Thursday, respectively. The two latest inflation data are the last important economic data before the Fed's meeting on September 18. According to the CME Group's Fedwatch Tool, investors bet on a 25 bps rate cut at 70%, meanwhile, the probability of a 50 bps rate cut is currently at 30%.
Hong Kong Stock Connect had a net inlow of HK5.82bn on Monday of which Tracker Fund (2800) had the largest net inflow, reaching HK$6.01bn; followed by Kuaishou (1024). Tencent (700) recorded the largest net outflow at HK$1.15bn, followed by Meituan (3690).
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