totally exploded! european and american stock markets are "opening up", chinese assets are riding high, and a-shares and hong kong stocks are going crazy together!
2024-10-02
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late at night, the u.s. stock market encountered a "bad start" in october: the dow jones index once fell by more than 300 points, and the nasdaq index once fell by more than 2%. chinese concept stocks still surged across the board.
chinese assets surge ahead
on october 1, local time, u.s. stocks fell. as of the close, the dow jones index fell 0.41%, the s&p 500 index fell 0.93%, and the nasdaq composite index fell 1.53%.
most large technology stocks fell, with apple falling 2.91%, microsoft falling 2.23%, and nvidia falling 3.66%. most oil and gas stocks strengthened, with u.s. energy rising more than 13%, apache petroleum rising more than 4%, and occidental petroleum and conocophillips rising more than 3%.
the s&p 500 volatility index (vix), known as the "fear index", closed at 19.26, the highest level since september 12, and reached an intraday high of 20.73. exceeding 20 highlights traders' growing concerns.
after european and american markets fell overnight, asia-pacific markets also generally opened lower on the morning of october 2: australia's s&p/asx 200 index opened down 0.3%, and japan's nikkei 225 index opened down 1.4%. south korea's kospi opened down 1%, while its small-cap kosdaq index fell 0.8%.
chinese concept stocks bucked the trend and surged, with the nasdaq china golden dragon index closing up 5.48%. most of the popular chinese concept stocks closed up. beike rose by 17.43%, bilibili rose by 14.33%, futu holdings rose by 12.43%, li auto rose by 11.50%, pinduoduo rose by 8.03%, jd.com rose by 7.33%, and alibaba rose by 6.24%. , xpeng motors and nio rose more than 5%.
in early trading on october 2, ftse china a50 index futures rose 3%. the three major hong kong stock indexes opened higher, with the hang seng index rising 0.74% and li auto-w rising more than 11%. the hang seng technology index rose 1.86%, bilibili-w rose more than 8%, and jpmorgan chase increased its holdings by 925,000 shares.
investment banks at home and abroad are generally optimistic about the many policies recently introduced by china, believing that these policies will effectively boost market liquidity, improve investor sentiment, and inject new impetus into the a-share and hong kong stock markets in the short term. at the macroeconomic level, with the further implementation of policies and the gradual recovery of corporate profits, the rebound of the capital market is expected to be supported.
nasdaq china golden dragon index daily chart
oil prices jumped 4%. wti crude oil exceeded us$71/barrel, rising 4% during the day; brent crude oil rose 4% during the day, to us$74/barrel.
spot gold exceeded $2,670 per ounce, rising 1% on the day.
u.s. manufacturing activity shrank for sixth straight month
on october 1, data released by the institute for supply management (ism) showed that u.s. manufacturing activity shrank for the sixth consecutive month in september, reflecting weak orders and declining employment, highlighting the continuation of the manufacturing decline. order volumes shrank for a sixth straight month, constraining production and holding down employment.
data released by the institute for supply management showed that the manufacturing purchasing managers index (pmi) in september recorded 47.2, consistent with the august reading, and the market originally thought it could rebound to 47.5.
pmi is compiled through monthly surveys of purchasing managers. it is a "barometer" for measuring industry development and reflecting future economic trends. the index usually takes 50 as the critical point. if it is higher than 50, it means that a certain field is expanding; if it is lower than 50, it means that a certain field is shrinking.
the ism manufacturing pmi has been below 50 for the sixth consecutive month, which means that economic activity in the manufacturing industry has cooled down for five consecutive months. looking further ahead, the pmi has been below 50 in 22 of the past 23 months, with the only time it was recorded at 50.3 in march this year.
the ism manufacturing pmi is one of the major u.s. economic data released this week, and the market is paying close attention to it to assess whether it has released more signals of a soft landing for the u.s. economy.
analysts say input materials such as oil are cheaper, helping to further lower finished product prices and curb service sector inflation. that would allow fed policymakers to continue lowering interest rates to prevent a deterioration in the labor market. limited capital spending, due in part to high borrowing costs and uncertainty surrounding november's u.s. presidential election, remains a headwind for u.s. manufacturing.
chris williamson, chief business economist at s&p global market intelligence, said september's pmi survey brought a disappointing set of economic indicators related to the health of the u.s. economy. factories reported their biggest monthly output decline in 15 months as new orders fell, leading to further cuts in employment and input purchases as producers reduced operating capacity.
however, businesses feel that at least some of the drop in demand may be temporary, with business players expecting lower borrowing costs to reignite demand if the political environment improves. so while current business conditions have worsened, business expectations for the year ahead have actually improved.
china business daily wechat combines information from 21st century economic report, daily economic news, financial associated press, guangming.com, china business news, etc.
