Hong Kong stocks slip into a bear market
2023-08-21
Summary:
Hong Kong stocks plunged, entering bear territory after the largest weekly loss in 5 months, attributed to China's property market turmoil.
Hong Kong stocks logged the biggest weekly loss in five months and closed in bear territory in the Friday session as uncertainty in China’s property market keEPS weighing down the market.
A bear market is a prolonged downturn in prices that sees a broad market index drop at least 20% from its most recent peak.
Other major Asian markets traded lower. JPMorgan on Tuesday raised its emerging markets corporate high-yield default forecast primarily due to rising contagion fears.
The Hang Seng Index is set for its fourth annual decline in a row and signs of a reversal remain absent as the Fed has not turned dovish as expected so far this year.
Real estate stocks account for a larger share of H-share than of A-shares, which makes the former more susceptible to potential widening debt defaults.
Both Alibaba and Tencent earnings crushed analyst expectations in the second quarter, but investors ignored the strong results partly due to global tech stocks losing traction in August in general.
The index’s dip below a key short-term support around 19,000 this week exposes the key medium-term support of 18,220 and another leg lower now seems very likely.
Disclaimer: Investment involves risk. The content of this article is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.
NFP - AugRisk assets fall sharply
US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
2024-09-06
OPEC+ helps oil prices steady at 14-month low
Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06
Wall St recommend long gold unanimously
Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05
