Daily Investment Strategy
Hang Seng Index rose 18 points on Thursday
The Hang Seng Index rose 18 points or 0.1% to 17,213 on Thursday. HSTECH rose 5 points or 0.1% to 3,757 and HSCEI rose 5 points or 0.1% to 5,887. Daily market turnover was HK$47.0bn.
Dow flattened as investors brace for Friday's jobs report
The Dow Jones Industrial Average ended little changed on Thursday, with investors remaining concerned that interest rates will be higher for longer, ahead of Friday's jobs report. The jobs report will influence the Federal Reserve's decision on whether to raise interest rates next month. The Dow Jones Industrial Average was down 0.03% at 11 points, the Nasdaq was down 0.1% and the S&P 500 was down 0.1%. U.S. Treasury yields fell again on Thursday but remained at multi-year highs as investors were wary of resuming their rally and a stronger jobs report on Friday could signal the Federal Reserve has more work to do to keep the momentum going. Restrict economic growth. Rivian Automotive's shares fell 22% after it unveiled detailed plans to issue $1.5 billion in convertible bonds. Plans to raise market capital to support the upcoming R2 sports utility vehicle (SUV) are coming earlier than some expected.
The labor market continues to send mixed signals ahead of Friday's jobs report
Initial jobless claims for the week ended September 30 were 207,000, an increase of only 2,000 from the previous week. Economists' forecast was 210,000. The data added to the mixed picture in the labor market, including an unexpected rise in labor demand and slower private sector job growth so far this week. Friday's jobs report will shed further light on the state of the job market. The U.S. economy is expected to have created about 170,000 jobs last month, with wage growth likely to be 0.1% for the month but remaining steady in the 12 months to September.
Wen Kit Kenny is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to:https://apps.sfc.hk/publicregWeb/indi/AJF244/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.
