Daily Investment Strategy
Hang Seng Index rose 1,310 points on Thursday
The Hang Seng Index closed at 22,443 points for the day, up 1310 points or 6.2%. The Hang Seng Technology Index reported at 5,157 points, up 405 points or 8.5%. The HSCEI Index up 531 points, or 7.1%, to 8,041 points. The market turnover was HK$434.0billion.
The Dow edged higher on Wednesday as tensions in the Middle East weighed on markets
The Dow Jones Industrial Average edged higher on Wednesday, supported by strong employment data, but upside was limited by rising tensions in the Middle East. The Dow Jones Industrial Average rose 39 points, or 0.1%, while the S&P 500 was flat. The Nasdaq rose 0.1%. U.S. sportswear maker Nike withdrew its full-year financial forecast and reported a 10% drop in quarterly revenue, sending its shares down more than 6%. Shares of health insurance company Humana fell nearly 12% after data showed that the proportion of its members participating in four-star Medicare plans and above will fall sharply next year. Shares of electric vehicle maker Tesla fell more than 3% after the company reported lower-than-expected vehicle deliveries in the third quarter.
ADP jobs growth beats forecast
The ADP employment report showed that the United States added 143,000 private jobs in September, up from 103,000 in August and better than the consensus forecast of 128,000. Meanwhile, there is more US economic data to study as investors look for more clues over how the Federal Reserve might cut interest rates further this year. Nonfarm payroll data for October will be released this Friday, and economists expect an increase of 144,000 jobs.
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.
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