The Hong Kong stock market has experienced a downturn for four consecutive sessions, falling by over 1,120 points or 5.6%. The Hang Seng Index is currently positioned slightly below the 19,825 mark, but there is potential for stabilization on Thursday.
Globally, the forecast for Asian markets is uncertain, reflecting mixed expectations regarding interest rates. Both European and U.S. markets showed variability and minimal changes, and it is anticipated that Asian stock exchanges may follow a similar pattern.
On Wednesday, the Hang Seng closed marginally lower due to declines in property stocks, along with varied performances in the financial and technology sectors. The index saw a modest decrease of 23.43 points, or 0.12%, settling at 19,823.45, with trading fluctuations between 19,608.32 and 19,840.28.
Regarding key market players, ANTA Sports fell by 1.36%, while China Life Insurance rose by 1.28%. China Mengniu Dairy decreased by 1.70%, and China Resources Land slid by 0.20%. CITIC declined by 0.55%, whereas CNOOC increased by 0.47%. CSPC Pharmaceutical saw a drop of 1.69%, and Galaxy Entertainment slipped by 1.44%. Haier Smart Home experienced a 1.65% rise, while Hang Lung Properties decreased by 0.46%. Henderson Land experienced a significant downturn of 2.37%, with Hong Kong & China Gas losing 0.33%. Industrial and Commercial Bank of China saw a decrease of 0.43%, JD.com fell by 1.60%, and Lenovo surged by 2.43%. Li Auto dropped 1.94%, Li Ning improved by 1.33%, and Meituan slightly dipped by 0.17%. New World Development plunged by 2.48%, while Nongfu Spring gained 0.48%. Techtronic Industries fell by 0.28%, Xiaomi Corporation rallied with a 1.58% increase, and WuXi Biologics decreased sharply by 3.37%. Alibaba Group and Alibaba Health Info remained unchanged.
The insight from Wall Street provides little direction, as major indices opened slightly up on Wednesday but quickly leveled off to a mixed and largely unchanged close. The Dow rose by 47.21 points or 0.11%, ending at 43,958.19. The NASDAQ fell by 50.66 points or 0.26%, closing at 19,230.74, while the S&P 500 edged up by 1.39 points or 0.02%, finishing at 5,985.38.
Volatile trading on Wall Street followed the release of key consumer price inflation data that aligned with expectations. This data bolstered confidence that the Federal Reserve will likely decrease interest rates again next month, but the persistently sticky inflation has induced skepticism about future rate reductions. According to CME Group's FedWatch Tool, there is an 82.3% probability of another quarter-point rate cut in December, but a 60.2% likelihood that rates will remain unchanged in January.
In the commodities market, oil prices increased on Wednesday, driven by short covering after recent steep losses, although a strong dollar exerted pressure. West Texas Intermediate crude oil futures for December saw a rise, closing up $0.31, or 0.46%, at $68.43 per barrel.
