{Economic Information Daily, 24th} Chinese President Xi Jinping arrived in the United States and received high-level hospitality from U.S. President Trump, expressing confidence that his visit to the U.S. will yield fruitful results. U.S. Treasury Secretary Bessent said the two countries have agreed to extend the trade truce for another two months until January 10 next year, although the scope of communication channels in the AI field remains to be determined. In addition, the U.S. manufacturing PMI surged to 57 in September, far exceeding expectations, and expectations for two consecutive months of U.S. interest rate hikes have intensified, weighing on U.S. stocks. The Hang Seng Index opened at 24,649, down 184 points or 0.7%, with main board turnover of HK$2.179 billion. The Hang Seng China Enterprises Index stood at 8,215, down 58 points or 0.7%. The Hang Seng Tech Index was at 4,344, down 34 points or 0.8%.
Interest rate markets show the probability of the Fed raising rates by 25 basis points in October has surged from 55.4% a day earlier to over 68%. The yield on the U.S. 10-year Treasury bond once again broke above the 5% level, reaching a high of 5.139%, while the U.S. 30-year fixed mortgage rate rose 15 basis points to 7.12%, a more than two-year high. Tech and internet stocks fell collectively, with Alibaba (09988) down 1.37% at HK$108.3, Tencent (00700) down 1.36% at HK$435, Baidu (09888) down 1.36% at HK$87.35, Meituan (03690) down 0.62% at HK$72.4, and Kuaishou (01024) down 0.26% at HK$30.7.
Xiaomi (01810) held its autumn launch event, unveiling the new Xiaomi 18 Pro series smartphones, priced from RMB 5,999, with actual prices after trade-in subsidies starting from RMB 5,499; the transparent special edition phones are priced from RMB 9,999; the Xiaomi Pro Max series starts from RMB 6,999, with the Pro Max transparent special edition (16GB+1TB) priced at RMB 10,999. Xiaomi opened 0.15% lower at HK$26.14, marking its third consecutive day of decline with a cumulative drop of 5.22%.
Following the extension of the China-U.S. trade truce by two months, export-related stocks reacted weakly, with Techtronic Industries (00669) down 2.93% at HK$125.7, Shenzhou International (02313) opening 1.38% lower, and Lenovo Group (00992) down 1.14%.
Global financial stocks also performed weakly, with HSBC (00005) down 1.25% at HK$157.5, Bank of China Hong Kong (02388) unchanged at HK$51.3, and AIA (01299) down 0.33% at HK$75.1.
Xinyi Solar (00968) fell 2.28% to HK$1.93; Runhua (01109) declined 1.96% to HK$29.04; WH Group (00288) rose 1.01% to HK$6.51; CNOOC (00883) gained 0.69% to HK$23.5. (ey)
Interest rate markets show the probability of the Fed raising rates by 25 basis points in October has surged from 55.4% a day earlier to over 68%. The yield on the U.S. 10-year Treasury bond once again broke above the 5% level, reaching a high of 5.139%, while the U.S. 30-year fixed mortgage rate rose 15 basis points to 7.12%, a more than two-year high. Tech and internet stocks fell collectively, with Alibaba (09988) down 1.37% at HK$108.3, Tencent (00700) down 1.36% at HK$435, Baidu (09888) down 1.36% at HK$87.35, Meituan (03690) down 0.62% at HK$72.4, and Kuaishou (01024) down 0.26% at HK$30.7.
Xiaomi (01810) held its autumn launch event, unveiling the new Xiaomi 18 Pro series smartphones, priced from RMB 5,999, with actual prices after trade-in subsidies starting from RMB 5,499; the transparent special edition phones are priced from RMB 9,999; the Xiaomi Pro Max series starts from RMB 6,999, with the Pro Max transparent special edition (16GB+1TB) priced at RMB 10,999. Xiaomi opened 0.15% lower at HK$26.14, marking its third consecutive day of decline with a cumulative drop of 5.22%.
Following the extension of the China-U.S. trade truce by two months, export-related stocks reacted weakly, with Techtronic Industries (00669) down 2.93% at HK$125.7, Shenzhou International (02313) opening 1.38% lower, and Lenovo Group (00992) down 1.14%.
Global financial stocks also performed weakly, with HSBC (00005) down 1.25% at HK$157.5, Bank of China Hong Kong (02388) unchanged at HK$51.3, and AIA (01299) down 0.33% at HK$75.1.
Xinyi Solar (00968) fell 2.28% to HK$1.93; Runhua (01109) declined 1.96% to HK$29.04; WH Group (00288) rose 1.01% to HK$6.51; CNOOC (00883) gained 0.69% to HK$23.5. (ey)
