Economic Information Daily, 8th - US bond yields remain high, with the 10-year yield now rising to 5.311%, attracting funds into the bond market. Wednesday's auction of $39 billion in 10-year US Treasury notes saw strong demand, with a bid-to-cover ratio rising to 2.77 times, the highest level in nearly 10 years. With northbound funds returning today, the Hang Seng Index opened 98 points lower and hovered around the 24,000 level. After 11 a.m., the index weakened further, breaking below the psychological 24,000 level. The Hang Seng Index is currently at 23994, down 156 points or 0.7%.
UK's potential windfall tax hike and layoff rumors continue to pressure ADRs, with multinational financial stocks generally declining. HSBC (00005) fell 3.7% to HK$144.4, marking its second consecutive day of decline with a cumulative drop of 5.5%. Standard Chartered (02888) dropped 4.6% to HK$219.4, also its second consecutive day of decline, with a cumulative fall of 7.2%; AIA (01299) rose 2% to HK$70.2; BOCHK (02388) fell 2.2% to HK$49.8, marking its second consecutive day of decline with a cumulative drop of 2.6%.
Tech and internet stocks generally declined. Alibaba (09988) fell 1.6% to HK$103.7; Tencent (00700) dropped 1% to HK$416.2; Xiaomi (01810) was unchanged at HK$23.94; Kuaishou (01024) fell 2.3% to HK$29.02; Baidu (09888) declined 2.3% to HK$82.8, marking its second consecutive day of decline with a cumulative drop of 3.9%.
With northbound funds returning, biotech stocks continued to be sold off. Insilico Medicine (03696) dropped 6.1% to HK$49.76; Innovent Biologics (01801) fell 3.2% to HK$94.4; CSPC Pharmaceutical Group (01093) declined 3% to HK$9.525; WuXi Biologics (02269) fell 2.8% to HK$55.1; GenScript Biotech (01548) dropped 2.8% to HK$41.72.
SpaceX (US.SPCX)'s plan to spend $40 billion on chips raises capital expenditure concerns, with SMIC (00981) falling 5% to HK$57.85; Hua Hong Semiconductor (01347) dropped 6.8% to HK$98.1; Lenovo Group (00992) declined 4.7% to HK$33.5.
Microsoft (US.MSFT)'s new Surface devices featuring NVIDIA chips challenge Apple, causing Apple-related stocks to weaken. Sunny Optical Technology (02382) fell 5.5% to HK$61.5; BYD Electronics (00285) dropped 4.5% to HK$22.68. (am)
Ahead of US midterm elections, potential further strikes on Iran lift oil stocks. Sinopec (00386) rose 3.2% to HK$4.56; CNOOC (00883) gained 2.6% to HK$24.12; PetroChina (00857) rose 2.3% to HK$9.805.
Mainland Chinese banking stocks moved upward against the market trend. CCB (00939) rose 0.4% to HK$9.665; ICBC (01398) gained 0.7% to HK$7.635; Bank of China (03988) rose 0.8% to HK$6.035; ABC (01288) gained 0.8% to HK$6.63.
UK's potential windfall tax hike and layoff rumors continue to pressure ADRs, with multinational financial stocks generally declining. HSBC (00005) fell 3.7% to HK$144.4, marking its second consecutive day of decline with a cumulative drop of 5.5%. Standard Chartered (02888) dropped 4.6% to HK$219.4, also its second consecutive day of decline, with a cumulative fall of 7.2%; AIA (01299) rose 2% to HK$70.2; BOCHK (02388) fell 2.2% to HK$49.8, marking its second consecutive day of decline with a cumulative drop of 2.6%.
Tech and internet stocks generally declined. Alibaba (09988) fell 1.6% to HK$103.7; Tencent (00700) dropped 1% to HK$416.2; Xiaomi (01810) was unchanged at HK$23.94; Kuaishou (01024) fell 2.3% to HK$29.02; Baidu (09888) declined 2.3% to HK$82.8, marking its second consecutive day of decline with a cumulative drop of 3.9%.
With northbound funds returning, biotech stocks continued to be sold off. Insilico Medicine (03696) dropped 6.1% to HK$49.76; Innovent Biologics (01801) fell 3.2% to HK$94.4; CSPC Pharmaceutical Group (01093) declined 3% to HK$9.525; WuXi Biologics (02269) fell 2.8% to HK$55.1; GenScript Biotech (01548) dropped 2.8% to HK$41.72.
SpaceX (US.SPCX)'s plan to spend $40 billion on chips raises capital expenditure concerns, with SMIC (00981) falling 5% to HK$57.85; Hua Hong Semiconductor (01347) dropped 6.8% to HK$98.1; Lenovo Group (00992) declined 4.7% to HK$33.5.
Microsoft (US.MSFT)'s new Surface devices featuring NVIDIA chips challenge Apple, causing Apple-related stocks to weaken. Sunny Optical Technology (02382) fell 5.5% to HK$61.5; BYD Electronics (00285) dropped 4.5% to HK$22.68. (am)
Ahead of US midterm elections, potential further strikes on Iran lift oil stocks. Sinopec (00386) rose 3.2% to HK$4.56; CNOOC (00883) gained 2.6% to HK$24.12; PetroChina (00857) rose 2.3% to HK$9.805.
Mainland Chinese banking stocks moved upward against the market trend. CCB (00939) rose 0.4% to HK$9.665; ICBC (01398) gained 0.7% to HK$7.635; Bank of China (03988) rose 0.8% to HK$6.035; ABC (01288) gained 0.8% to HK$6.63.
