The Economic Information Daily reported on the 24th that the U.S. manufacturing PMI surged to 57 in September, far exceeding the expected 53.7; the services PMI rose to 58.7, also higher than the expected 55.8. The OECD revised its inflation forecast for the G20 in 2027 upward to 3.6%, 0.5 percentage points higher than its June estimate, and projected one additional interest rate hike by the U.S. Federal Reserve this year. Rate markets showed the probability of a 25-basis-point rate hike by the Fed in October surged from 55.4% a day earlier to over 68%. The yield on the U.S. 10-year Treasury note again broke above the 5% level, reaching a high of 5.139%; the 30-year fixed mortgage rate increased by 15 basis points to 7.12%, the highest in over two years.
Rising U.S. bond yields, coupled with a rebound in oil prices, led U.S. stocks to retreat on Wednesday. The Dow Jones closed down 352 points, or 0.68%, at 51,511; the S&P 500 fell 0.75% to 7,706; the Nasdaq dropped 1.13% to 26,936; the Philadelphia Semiconductor Index declined 1.23% to 12,534.
*Night session futures at over 100-point discount, Chinese概念股 weaken*
The Golden Dragon Index, reflecting the performance of Chinese概念股, fell 1.43%. Alibaba dropped 4.74% to $110.80; JD.com declined 0.80% to $27.16; Baidu fell 2.87% to $89.78; Li Auto rose 0.34% to $11.70; XPeng dropped 1.81% to $10.29; NIO declined 1.34% to $3.67; Bilibili fell 1.83% to $15.01.
The Hang Seng Index night session futures closed at 24,709, down 106 points, at a discount of 125 points. In overnight ADR trading, Meituan (03690) ADR was 0.79% lower than its Hong Kong counterpart, equivalent to HK$72.30; CK Hutchison (00001) ADR was 0.80% lower, equivalent to HK$67.10; Tencent (00700) ADR was 0.57% lower, equivalent to HK$438.50; Xiaomi (01810) ADR was 0.12% higher, equivalent to HK$26.20; HKEX (00388) ADR was 0.45% lower, equivalent to HK$394.00; HSBC (00005) ADR was 1.41% lower, equivalent to HK$157.30; AIA (01299) ADR was 0.70% lower, equivalent to HK$74.80.
*Bulls advance, bears retreat, but optimism may be excessive; rising U.S. yields pressure Hang Seng Index*
The Hang Seng Index fell 253 points yesterday, losing the 25,000 level, indicating a deterioration in market sentiment. However, bears took profits, with the total outstanding bear warrants decreasing by over a thousand to 7,187. Except for over a hundred new warrants added in the two strike price ranges closest to the current level (with 25,100–25,199 being newly opened), significant reductions occurred in other groups. On the bull warrant side, despite yesterday's decline ending the previous three-day rally, bulls remained optimistic, with the total outstanding bull warrants increasing by several hundred to 9,894. However, the previous day's heavily weighted range of 24,700–24,799 saw holdings decrease by over a hundred to 954, while the 24,300–24,399 range increased to 966. This created a dual-heavy zone, with the near-the-money heavily weighted zone expected to face headwinds today.
The Singapore HS50 Index, known as the "black market futures," is currently down 170 points at 24,635, at a discount of 199 points, suggesting the Hang Seng Index is likely to open over 100 points lower.
President Xi Jinping arrived in Washington for a three-day state visit. Although U.S. President Trump personally greeted him at the airport, highlighting the importance placed on Xi's visit, U.S. Treasury Secretary Bessent, after meeting with Chinese Vice Premier He Lifeng in Washington on Wednesday, told reporters that both sides agreed to extend the trade truce by two months until January 10 next year. This clearly falls short of earlier rumors that China hoped to extend the truce until the end of Trump's term, while the U.S. had proposed a six-month extension, indicating that the rivalry between China and the U.S. remains unclear. Additionally, rising U.S. bond yields and heightened expectations of a rate hike in October are unfavorable for heavyweight tech stocks, suggesting the Hang Seng Index is likely to continue its downward trend today. (vs)
Rising U.S. bond yields, coupled with a rebound in oil prices, led U.S. stocks to retreat on Wednesday. The Dow Jones closed down 352 points, or 0.68%, at 51,511; the S&P 500 fell 0.75% to 7,706; the Nasdaq dropped 1.13% to 26,936; the Philadelphia Semiconductor Index declined 1.23% to 12,534.
*Night session futures at over 100-point discount, Chinese概念股 weaken*
The Golden Dragon Index, reflecting the performance of Chinese概念股, fell 1.43%. Alibaba dropped 4.74% to $110.80; JD.com declined 0.80% to $27.16; Baidu fell 2.87% to $89.78; Li Auto rose 0.34% to $11.70; XPeng dropped 1.81% to $10.29; NIO declined 1.34% to $3.67; Bilibili fell 1.83% to $15.01.
The Hang Seng Index night session futures closed at 24,709, down 106 points, at a discount of 125 points. In overnight ADR trading, Meituan (03690) ADR was 0.79% lower than its Hong Kong counterpart, equivalent to HK$72.30; CK Hutchison (00001) ADR was 0.80% lower, equivalent to HK$67.10; Tencent (00700) ADR was 0.57% lower, equivalent to HK$438.50; Xiaomi (01810) ADR was 0.12% higher, equivalent to HK$26.20; HKEX (00388) ADR was 0.45% lower, equivalent to HK$394.00; HSBC (00005) ADR was 1.41% lower, equivalent to HK$157.30; AIA (01299) ADR was 0.70% lower, equivalent to HK$74.80.
*Bulls advance, bears retreat, but optimism may be excessive; rising U.S. yields pressure Hang Seng Index*
The Hang Seng Index fell 253 points yesterday, losing the 25,000 level, indicating a deterioration in market sentiment. However, bears took profits, with the total outstanding bear warrants decreasing by over a thousand to 7,187. Except for over a hundred new warrants added in the two strike price ranges closest to the current level (with 25,100–25,199 being newly opened), significant reductions occurred in other groups. On the bull warrant side, despite yesterday's decline ending the previous three-day rally, bulls remained optimistic, with the total outstanding bull warrants increasing by several hundred to 9,894. However, the previous day's heavily weighted range of 24,700–24,799 saw holdings decrease by over a hundred to 954, while the 24,300–24,399 range increased to 966. This created a dual-heavy zone, with the near-the-money heavily weighted zone expected to face headwinds today.
The Singapore HS50 Index, known as the "black market futures," is currently down 170 points at 24,635, at a discount of 199 points, suggesting the Hang Seng Index is likely to open over 100 points lower.
President Xi Jinping arrived in Washington for a three-day state visit. Although U.S. President Trump personally greeted him at the airport, highlighting the importance placed on Xi's visit, U.S. Treasury Secretary Bessent, after meeting with Chinese Vice Premier He Lifeng in Washington on Wednesday, told reporters that both sides agreed to extend the trade truce by two months until January 10 next year. This clearly falls short of earlier rumors that China hoped to extend the truce until the end of Trump's term, while the U.S. had proposed a six-month extension, indicating that the rivalry between China and the U.S. remains unclear. Additionally, rising U.S. bond yields and heightened expectations of a rate hike in October are unfavorable for heavyweight tech stocks, suggesting the Hang Seng Index is likely to continue its downward trend today. (vs)
