Overnight, U.S. 30-year Treasury yields rose to 5.491%, the highest since 2004; 10-year yields also reached 5.225%, the highest since 2007. Additionally, oil prices rose for two consecutive days, with Brent crude up 3.41%, closing at $106.6. New York Fed President Williams said that due to high energy prices and AI-driven investment boosting demand, the Fed still has much work to do in reducing inflation, implying the need for further rate hikes.
Furthermore, Citigroup recently published a research report stating that according to dealer data, overall electric vehicle orders from Chinese automakers in the third week of September (14th to 20th) dropped 22% week-on-week, up 23% month-to-date, but down 29% year-on-year; excluding Xiaomi, orders declined 5% week-on-week.
The bank noted that under optimistic and base-case forecasts, September EV retail sales are expected to fall 6.7% and 12% year-on-year, and rise 23% and 16% month-on-month. If Xiaomi's incremental deliveries are delayed, full-month retail sales may only rise 8% month-on-month and fall 18% year-on-year.
Currently, the Hang Seng Index stands at 24,352, down 408 points or 1.6%, with main board turnover exceeding HK$16.7 billion. The Hang Seng China Enterprises Index is at 8,120, down 145 points or 1.8%. The Hang Seng Tech Index is at 4,260, down 101 points or 2.3%.
| Stock (Code) | Current Price (HK$) | Change (%) |
|---|---|---|
| BYD (01211) | 77.1 | Down 3.02% |
| Li Auto (02015) | 45.46 | Down 2.78% |
| XPeng (09868) | 39.28 | Down 2.34% |
| NIO (09866) | 27.86 | Down 1.9% |
| Leapmotor (09863) | 34.3 | Down 3.54% |
| Geely Automobile (00175) | 15.42 | Down 2.22% |
| Great Wall Motor (02333) | 7.075 | Down 2.82% |
| Guangzhou Automobile Group (02238) | 2.475 | Down 2.94% |
| Brilliance China (01114) | 1.785 | Down 1.11% |
