The Economic Information Daily reported on the 15th: Global risk appetite plunged sharply, and Hong Kong's tech stocks continued to face selling pressure. Tencent (00700) fell 2.1%, closing at HK$414.60. At current levels, the stock has declined for three consecutive days, with a cumulative drop of 2.6%. The stock traded around 3.73 million shares, involving HK$1.556 billion. Alibaba (09988) dropped 2.4%, closing at HK$107.90; Baidu (09888) fell 3.4%, closing at HK$79.30; Kuaishou (01024) declined 3.6%, closing at HK$28.46; NetEase (09999) dropped 1.6%, closing at HK$194.10; Bilibili (09626) fell 3.9%, closing at HK$109.60; Meituan (03690) dipped 0.2%, closing at HK$76.95; JD.com (09618) declined 1.2%, closing at HK$104.80.

The U.S. reported that September's CPI rose 3.7% year-on-year, higher than the market expectation of 3.6% and the previous figure of 3.4%. On a monthly basis, it rose 0.6%, in line with expectations. The core CPI for September, excluding food and energy, rose 2.6% year-on-year, also exceeding the expected 2.5% and the previous 2.4%. On a monthly basis, it rose 0.3%, higher than the expected 0.2%. The inflation data, which surpassed expectations, boosted rate hike expectations. The yield on the U.S. 10-year Treasury bond surged briefly above 5.3%, but subsequently attracted bargain buyers, causing the yield to quickly retreat to around 5.11%.

Cloud-service-related U.S. stocks plunged on Wednesday. CoreWeave (US.CRWV) shares dropped as much as 17.2%, dragging down the price of CoreWeave bonds rapidly to levels typically indicating financial distress, causing bond yields to spike accordingly, drawing Elon Musk's attention. Chamath Palihapitiya, known as the "SPAC King," posted on social media questioning the "private credit bubble" and attached a screenshot showing CoreWeave bond yields hitting 15%. Musk replied with "yikes," implying "oh no" or "alarming."

Currently, the Hang Seng Index stands at 24,091, down 222 points or 0.9%, with main board turnover nearing HK$27.8 billion. The Hang Seng China Enterprises Index is at 8,108, down 74 points or 0.9%. The Hang Seng Tech Index is at 4,092, down 82 points or 2%.

(hc)