The Economic Information Daily, September 29 - U.S. stocks retreated on Monday. Despite U.S. President Trump indicating he would consider easing sanctions on Iran once there is 'concrete progress' on the nuclear issue, investor patience remained limited in the absence of any tangible advancement. Overnight, the yield on the U.S. 10-year Treasury note rose further, peaking at 5.279%, reaching its highest level in over 19 years. U.S. equities came under pressure: the Dow Jones fell 347 points to 51,481, the Nasdaq dropped 248 points to 26,820, and the S&P 500 declined 59 points to 7,683.
*Chinese ADRs and listed Chinese stocks trade in narrow ranges*
U.S.-listed Chinese stocks moved mixed: Alibaba fell 0.89% to $108.76, Pinduoduo rose 1.19% to $78.49, JD.com gained 0.38% to $26.61, Baidu declined 0.41% to $86.97, Li Auto climbed 1.83% to $11.71, NIO rose 0.28% to $3.59, XPeng dropped 1.68% to $9.95, Beike increased 3.80% to $16.95, and Trip.com rose 1.19% to $39.90.
U.S.-traded ADRs relative to their Hong Kong closing prices showed mixed movements: Tencent (00700) ADR was 0.19% higher than its Hong Kong counterpart, equivalent to HK$440.7; Xiaomi (01810) ADR was 0.29% higher, equivalent to HK$25.9; Meituan (03690) ADR was flat, equivalent to HK$71.9; AIA (01299) ADR was 0.43% higher, equivalent to HK$74.4; HSBC (00005) ADR was 0.09% lower, equivalent to HK$158.8; HKEX (00388) ADR was 0.09% higher, equivalent to HK$389.0.
*Market expected to remain directionless ahead of U.S. nonfarm payrolls; Hang Seng Index likely to trade within 500-point range*
The market continues to trade without a clear direction, as investors await further data to reveal the market's next move, including the September nonfarm payroll figures due this Friday. Previously, the market moved on news flow, with Asian equities also trading mixed: Japanese stocks fell 0.7%, while South Korean stocks, after opening lower, fluctuated and are now down about 0.3%. The so-called 'black week' HS50 futures index, reflecting expectations for Hong Kong stocks, is currently at 24,650, down 10 points, trading at a premium of 8 points over the spot Hang Seng Index. The opening move for the Hang Seng Index is expected to be within 100 points.
Recently, the Hang Seng Index has seen a bullish-bearish tug-of-war at lower levels. Referring to the distribution of outstanding bull and bear warrants, on the previous day, new bull positions opened in the 24,400 to 24,599 range, adding approximately 200 points of outstanding contracts, equivalent to a net increase of about 212 futures contracts. The volume added was not substantial, as most bull positions were taken for profit-taking amid the previous day's rise, with only a small portion of capital taking aggressive positions, making it difficult to lure bears to push prices lower. However, upward momentum is still lacking. The Hang Seng Index is expected to trade within a daily range of 24,300 to 24,800, a fluctuation of about 500 points. (hc)
*Chinese ADRs and listed Chinese stocks trade in narrow ranges*
U.S.-listed Chinese stocks moved mixed: Alibaba fell 0.89% to $108.76, Pinduoduo rose 1.19% to $78.49, JD.com gained 0.38% to $26.61, Baidu declined 0.41% to $86.97, Li Auto climbed 1.83% to $11.71, NIO rose 0.28% to $3.59, XPeng dropped 1.68% to $9.95, Beike increased 3.80% to $16.95, and Trip.com rose 1.19% to $39.90.
U.S.-traded ADRs relative to their Hong Kong closing prices showed mixed movements: Tencent (00700) ADR was 0.19% higher than its Hong Kong counterpart, equivalent to HK$440.7; Xiaomi (01810) ADR was 0.29% higher, equivalent to HK$25.9; Meituan (03690) ADR was flat, equivalent to HK$71.9; AIA (01299) ADR was 0.43% higher, equivalent to HK$74.4; HSBC (00005) ADR was 0.09% lower, equivalent to HK$158.8; HKEX (00388) ADR was 0.09% higher, equivalent to HK$389.0.
*Market expected to remain directionless ahead of U.S. nonfarm payrolls; Hang Seng Index likely to trade within 500-point range*
The market continues to trade without a clear direction, as investors await further data to reveal the market's next move, including the September nonfarm payroll figures due this Friday. Previously, the market moved on news flow, with Asian equities also trading mixed: Japanese stocks fell 0.7%, while South Korean stocks, after opening lower, fluctuated and are now down about 0.3%. The so-called 'black week' HS50 futures index, reflecting expectations for Hong Kong stocks, is currently at 24,650, down 10 points, trading at a premium of 8 points over the spot Hang Seng Index. The opening move for the Hang Seng Index is expected to be within 100 points.
Recently, the Hang Seng Index has seen a bullish-bearish tug-of-war at lower levels. Referring to the distribution of outstanding bull and bear warrants, on the previous day, new bull positions opened in the 24,400 to 24,599 range, adding approximately 200 points of outstanding contracts, equivalent to a net increase of about 212 futures contracts. The volume added was not substantial, as most bull positions were taken for profit-taking amid the previous day's rise, with only a small portion of capital taking aggressive positions, making it difficult to lure bears to push prices lower. However, upward momentum is still lacking. The Hang Seng Index is expected to trade within a daily range of 24,300 to 24,800, a fluctuation of about 500 points. (hc)
