Guo Jiayao, the investment director of Macroview Asset Management, said that the US stock market rose and fell on Thursday the 25th, and the Dow rose sharply by more than 580 points in the early stage, and its gains subsequently narrowed significantly. The three major indices closed up and down with the performance of tech stocks still under pressure. The US dollar trended downwards, and the yield of the US 10-year Treasury bond fell to 4.24%, putting pressure on gold prices, while oil prices remained stable at low levels. Hong Kong stocks are expected to open moderately high in early trading with pre-trading securities showing a positive trend.
The mainland stock market fell yesterday, with the Shanghai Composite Index opening lower and falling throughout the day, breaking through the 2,900 point level, and closing down 0.5%. The turnover of the Shanghai and Shenzhen stock markets further decreased.
The Hong Kong stock market showed a weak trend, with the index hitting a new low in recent months, falling below the 17,000 point level at one point, and the closing losses slightly reduced. Investors are cautious about the outlook for macroeconomics and corporate profitability, and external stock market volatility has also affected the market sentiment. It is expected that the index will test the support level of 16,800 points below, with resistance at the 17,500 point level above.
PDD Holdings' international version of the online shopping platform, Temu, has entered more than 70 countries and regions. According to mainland media reports, Temu's transaction amount for the first half of this year has surged to $20 billion, and the figure for the second quarter alone has reached $12 billion, while last year's total was $18 billion. The development of Temu, SHEIN and other online shopping platforms has benefited from the small exemption tariff policy for US consumers purchasing imported goods worth less than $800.
According to US Customs data, as many as 1 billion packages were shipped to the US last year through the 'small exemption tariff policy', one-third of which came from Temu and SHEIN. With the increasingly tense geopolitical situation, Temu hopes to reduce its reliance on a single market and aims to reduce its share of US GMV from 60% to 30% this year. The platform, which features high cost performance products, is popular among consumers, and it is believed that the future growth prospects will continue.
(The author is a licensed person of the SFC, and neither he nor the relevant persons hold the above shares)~