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this article is reproduced from [securities times];

hong kong stocks saw a correction in early trading today.

on october 3, the hang seng index of hong kong stocks opened 0.18% higher, while the hang seng technology index fell 0.77%, and then fluctuated lower. as of press time, the hang seng index fell by more than 2%, and the hang seng technology index fell by nearly 4%, once falling by 4.8%.

xpeng motors and jd health fell nearly 10%, while jd group and nio fell more than 8%.

real estate stocks turned lower after opening higher, with greenland hong kong and shimao group falling by more than 20%, and cifi holdings group and kaisa group falling by more than 17%.

the diversified financial sector is relatively strong, but most stocks quickly fell back or even turned green after rising high. capital venture capital once rose more than 300%, and as of press time it has risen more than 130%. the stock closed up 400% yesterday; china financial investment management once rose more than 200%, and as of press time the increase narrowed to about 110%. the stock closed up 730 yesterday. %; huarong financial holdings once rose by more than 100%, but as of press time, the increase has fallen back to 18.29%. the stock rose by more than 400% yesterday.

in terms of chinese brokerage stocks, shenwan hongyuan hongyuan once rose by more than 60%, then fell back and turned green for a while, rising by about 10% as of press time.

china merchants securities once rose nearly 30%, then quickly turned green and then rose sharply, rising by more than 16% as of press time.

guotai junan international once rose by more than 17%, then turned green, and fell by more than 6% as of press time.

citic securities, everbright securities, cicc, etc. all opened higher and then turned green.

in addition, the a50 index futures listed in singapore pulled sharply after opening this morning, rising by more than 2.8%, but then gave up all the gains of the day.

in terms of u.s. stocks overnight, chinese concept stocks continued their gains, with the nasdaq china golden dragon index rising nearly 5% and closing above 8,000 points for the first time since february 2023.

since last week, a shares have been rising sharply. during the national day holiday, although the a-share market was closed, chinese assets still performed strongly. on october 2, hong kong stocks that resumed trading rose sharply. the hang seng index rose by more than 6% and the hang seng technology index rose by more than 8%. the a50 index futures traded in singapore rose by more than 7% yesterday. the nasdaq china golden dragon index has risen by about 5% for two consecutive trading days.

dalio, founder of bridgewater associates, said on monday that if china's policymakers can deliver on measures that "far exceed" their promises, this round of economic stimulus measures will be a historic turning point, comparable to former european central bank president draghi's promise in 2012 that " “whatever it takes” to save the euro.

dalio believes that last week's series of policy shifts are an important step in stimulating creative productivity. considering that chinese assets are still very cheap, multiple factors have jointly ignited the market's "animal spirit", and a large number of investors have entered the market to hunt for dips.

on the news, according to bloomberg, market observers said that funds that previously left the chinese stock market and transferred to japanese and southeast asian stock markets are about to return. stock markets in south korea, indonesia, malaysia and thailand experienced net outflows last week; bnp paribas said more than $20 billion had been withdrawn from japanese stocks in the first three weeks of september. eric yee, senior portfolio manager at atlantis investment management in singapore, said that it is reducing its long positions in asia to provide funds for buying chinese stocks.

according to bloomberg’s latest interview research, mount lucas management, a hedge fund from the united states, has established a bullish position in china etfs. david aspell, chief investment officer of mount lucas, said that many investors who had "already stayed away from the chinese market are returning" and investors are betting that the chinese stock market will bottom out and rebound strongly before the economy recovers. and it is betting on the rebound of consumer stocks such as jd.com through call option spreads and other tools.

singapore's gao capital and south korea's timefolio asset management are buying chinese blue-chip stocks.

artemis fund managers fund manager natasha ebtehadj believes that "there is too big a disconnect between the low valuations of chinese stocks and the improving policy narrative" and she has increased her holdings in chinese stocks and established some new positions.

however, some market analysts believe that because the short-term rise is too fast and too large, the short-term general trend also has divergent needs. however, considering the strong intensity of this round of policies, the expected increase in incremental funds, and the positive drive of the macro environment, optimistic expectations have bottomed out, so it is difficult to form an a-shaped downward trend. it is expected that it will first experience a period of divergence and shock after rising, and then it is expected to rise again.

in the external market, japanese stocks, which were adjusted yesterday, opened sharply higher today, and then fluctuated slightly at high levels.

on wednesday local time, japan's new prime minister shigeru ishiba said that japan's economy is not ready to accept another interest rate hike by the central bank. bank of japan governor kazuo ueda also expressed a similar cautious view, pouring cold water on expectations of interest rate hikes. affected by this, the yen previously fell by about 2% against the u.s. dollar, its largest daily decline in more than two years.

today, the u.s. dollar continued to rise against the japanese yen, with a maximum increase of more than 0.5% to 147.2395.