The U.S. stock market rebounded slightly overnight, with Hong Kong’s Hang Seng Index (HSI) following a slight rebound in overseas markets on Thursday, but this was not enough to change the bearish outlook. Technically, the Hang Seng Index faces the risk of falling to 18,500 and the low point in March.
The PPI data released by the United States on Wednesday showed that upstream inflation pressure continued to fall. The annual rate of PPI in August was 8.7%, slightly lower than the expected value of 8.8%, and lower than the previous value of 9.8%; the annual rate of core PPI was 7.3%, slightly higher than the expected value of 7.1 %, slightly lower than the previous value of 7.6%. With the data not significantly deviating from expectations for a lackluster market reaction, U.S. stocks rebounded slightly on Wednesday, though they were insignificant compared to Tuesday’s losses.
The three major U.S. stock indexes all rose slightly on Wednesday. The S&P 500 closed up 0.34%, the Dow Jones rose 0.1%, the Nasdaq rose 0.74%, and the panic index Vix fell 4%.
China’s A-share market was weak on Thursday, with the Shanghai Composite Index closing down 1.16 percent. According to reports, a number of state-owned banks have re-adjusted the interest rates of personal deposits, and the interest rates of various varieties including demand deposits and time deposits have been lowered by varying degrees.
Hong Kong’s Hang Seng Index (HSI) opened up 0.44% on Thursday, and then entered a narrow range. The largest intraday gain was 0.88%, and the lowest was 0.03%. It finally closed at the opening level, that is, it closed up 0.44%. The Hang Seng Technology Index closed up 0.25% on Thursday. The net inflow to the Hong Kong stock market through southbound trading on Thursday was 3.197 billion yuan.
On Thursday, 29 stocks in the Hang Seng Index rose, 38 fell and 6 were unchanged. The top three top performers were: Country Garden, up 8.71%; WuXi Biologics, up 6.59%; and Country Garden Services, up 5.58%. The top three worst performers were: Orient Overseas International, down 4.97%; Xinyi Solar, down 3.44%; and Geely Auto, down 2.19%. The major heavyweights were as follows: Tencent Holdings rose 0.13%; Alibaba rose 1.15%; China Construction Bank fell 0.21%.
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Hang Seng Index (HSI) Trend Technical Analysis
The daily chart shows that if the Hang Seng Index (HSI) rebounded slightly without changing its prospects, if it continues to rebound, it is expected to face the obstacle of the gap in the 18900-19300 area on Wednesday. If the downside resumes, further declines will point to levels such as the descending support line at 18500 and the March low of 18235. (Follow the author on Twitter @Legen_DailyFX )
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