Daily Investment Strategy
Hang Seng Index fell 159 points on Tuesday
The Hang Seng Index closed at 21,092 points for the day, fell 159 points or 0.7%. The Hang Seng Technology Index reported at 4,668 points, fell 67 points or 1.4%. The HSCEI Index fell 40 points, or 0.5%, to 7,579 points. The market turnover was HK$277.0billion.
S&P 500 closes at record high
U.S. stocks ended higher on Monday, with the S&P 500 and Dow hitting new highs as investors bought technology stocks ahead of a busy week of corporate earnings reports. The S&P rose 0.77% to 5,859.85 points, and the Dow Jones Industrial Average rose 201.36 points to 43,065.22 points. Both major stock indexes hit record highs and closed at record highs, with the Dow closing above the 43,000-point mark for the first time. The Nasdaq rose 0.87% to close at 18,502.69 points. McDonald's, UnitedHealth Group and Apple led the Dow higher. Technology stocks continued their gains and were the best-performing sector in the S&P 500. Bank of America, Goldman Sachs and Johnson & Johnson will report their latest results on Tuesday, while Morgan Stanley and United Airlines will report results on Wednesday. Walgreens Boots Alliance, Netflix and Procter & Gamble are also set to report earnings this week.
OPEC lowers forecast for global oil demand growth for third consecutive month
OPEC on Monday lowered its forecast for global oil demand growth in 2024 and next year, its third consecutive cut. OPEC said in a monthly report that global oil demand will increase by 1.93 million barrels per day in 2024, down from the 2.03 million bpd increase expected last month. China is the main reason for the 2024 downgrade. OPEC lowered China's crude oil production forecast from 650,000 bpd to 580,000 bpd.
Hong Kong Stock Connect had a net outflow of HK12.1bn on Monday of which Alibaba (9988) had the largest net inflow, reaching HK$1.55bn; followed by CCB (939). Tencent (700) recorded the largest net outflow at HK$0.77bn, followed by Kuaishou (1024).
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