KGI Asia Commentary
Hang Seng Index rose 49 points on Thursday
The Hang Seng Index rose 49 points or 0.3% to 18,028 on Thursday. HSTECH rose 22 points or 0.6% to 3,649 and HSCEI rose 15 points or 0.2% to 6,470. Daily market turnover was HK$90.79bn.
S&P futures little changed as investors await jobs data
S&P 500 futures were near flat Thursday night as investors prepared for Friday's closely watched jobs report. Nasdaq 100 futures fell 0.1%. Dow Jones Industrial Average futures rose 19 points, or 0.1%. Meanwhile, traders are preparing for the release of widely watched employment data on Friday. Economists expect non-farm payroll to increase by 200,000 in June and the unemployment rate to stabilize at 4%. Friday's jobs report should help clarify a clearer picture of the labor market. Data released by ADP on Wednesday showed private employment growth in June was lower than expected, while weekly jobless claims were higher than economists expected. In addition, a reading of the service sector from the Institute for Supply Management unexpectedly showed a contraction.
Lagarde says ECB needs more data to dispel inflation concerns
European Central Bank President Christine Lagarde said the European Central Bank needs to further ensure that inflation is heading back to its 2% target before further lowering interest rates. Lagarde said on Thursday that while disinflation in the euro zone continues, officials must remain vigilant. She said a particular focus was on rising service prices, driven by rising wages.
Hong Kong Stock Connect had a net inflow of HK0.94bn on Thursday, of which ICBC (1398) had the largest net inflow, reaching HK$0.73bn; followed by CCB (939). Tracker Fund (2800) recorded the largest net outflow at HK$1.06bn, followed by Meituan (3690).
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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