美联储理事沃勒表示，如果通胀低于2%，但这是不太可能的情况，或者劳动力市场恶化，美联储可以提前降息。①Federal Reserve Board member Waller stated that interest rates could be cut ahead of time if inflation falls below 2%. ②OPEC has reduced its oil demand growth forecast for the third consecutive month, leading to a more than 2% drop in international crude oil futures prices. ③The newly appointed chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated that he will cultivate a sustainable and active capital market. ④The three major U.S. stock indexes collectively rose, while popular China concept stocks generally fell.
Hot news
[Federal Reserve Board member Waller: Interest rates could be cut ahead of time if inflation falls below 2%]
Federal Reserve Board member Waller stated that if inflation falls below 2%, which is unlikely, or if the labor market deteriorates, the Federal Reserve can cut interest rates ahead of time.
[OPEC reduces oil demand growth forecast for the third consecutive month, international crude oil futures price falls more than 2%]
OPEC has consecutively lowered its global oil demand growth forecasts for the third month. OPEC expects global crude oil demand growth to be 1.93 million barrels per day in 2024, down from the previous forecast of 2.03 million barrels per day; and expects global crude oil demand growth to be 1.64 million barrels per day in 2025, down from the previous forecast of 1.74 million barrels per day. International crude oil futures settlement prices have fallen by over 2%. WTI crude oil futures for November fell by 2.29%, while Brent crude oil futures for December fell by 2%.
[September financial data released: Factors such as an increase in securities client margins drive M2 growth rate recovery]
The central bank released financial data for September. The data shows that at the end of September 2024, the broad money supply (M2) balance was 309.48 trillion yuan, a year-on-year increase of 6.8%, 0.5 percentage points higher than the previous month. The stabilizing trend in M2 growth is a result of various factors working together. The recent introduction and implementation of a comprehensive policy package provided noticeable support for market confidence, especially the return of wealth management funds to deposits, supporting the growth of the money supply.
Newly appointed Chairman of the Securities and Futures Commission of Hong Kong, Huang Tianyou: Cultivating a sustainable and active capital market.
The Hong Kong SAR government announced on October 14 that Huang Tianyou has been appointed as the Chairman of the Hong Kong Securities and Futures Commission. Following the appointment announcement, Huang Tianyou stated that the Securities and Futures Commission of Hong Kong must seize opportunities, embrace challenges, and cultivate a sustainable and active capital market. This is to protect the interests of investors, promote economic growth, enhance corporate governance, and stimulate innovation.
Global Markets
The three major U.S. indexes collectively closed higher last night, with the S&P 500 Index and the Dow hitting new historical highs. Investors bought technology stocks ahead of a batch of important corporate earnings reports. At the close, the Dow Jones rose 201.36 points, or 0.47%, to 43065.22 points; the Nasdaq rose 159.75 points, or 0.87%, to 18502.69 points; the S&P 500 Index rose 44.82 points, or 0.77%, to 5859.85 points.
Most large technology stocks rose, with Nvidia rising over 2% to a new record high close; Apple and Google up over 1%; Microsoft, Tesla, and Meta slightly up; Netflix down over 1%; Amazon down slightly.
Popular Chinese concept stocks fell across the board, with the Nasdaq Golden Dragon China Index down 2.09%. Xpeng fell over 9%, Nio fell over 7%, Pinduoduo fell over 6%, iQiyi, Weibo, and Baidu fell over 4%, NetEase and Bilibili fell over 3%, Alibaba fell over 2%.
The three major Hong Kong stock indexes continued their correction on Monday. At the close, the Hang Seng Index fell 0.75% to close at 21092.87 points; the Technology Index fell 1.43% to close at 4668.18 points; the Hang Seng China Enterprises Index fell 0.54% to close at 7579.94 points.
From market performance, auto and securities stocks led the decline, while banks, real estate, and golden industrial concept stocks bucked the trend with strength.
Company News:
Tesla: According to sources cited by the media on Monday, at last week's highly anticipated Tesla 'Robotaxi Day' event, the company remotely operated some functions of the Optimus humanoid robot, hoping to better showcase its products.
Ping An Insurance (02318.HK): From January to September, Ping An Property & Casualty Insurance, Ping An Life Insurance, Ping An Pension Insurance, and Ping An Health Insurance respectively received original insurance contract premium income of approximately 239.371 billion yuan, 421.716 billion yuan, 14.197 billion yuan, and 13.891 billion yuan. The premium income totaled approximately 689.1754 billion yuan, an 8.42% year-on-year increase.
PICC Group (01339.HK): From January to September, PICC Property & Casualty Insurance, PICC Life Insurance, and PICC Health Insurance received original insurance premium income of 428.33 billion yuan, 96.623 billion yuan, and 43.963 billion yuan respectively; totaling 568.916 billion yuan, with a 5.23% year-on-year increase.
China Life Insurance (02628.HK): Accumulated original insurance premium income of approximately 608.3 billion yuan from January to September, a 5.1% year-on-year increase.
ZhongAn Online (06060.HK): The total original insurance premium income for the first nine months was approximately 25.496 billion yuan, a 10.93% year-on-year increase.
China Shenhua Energy (01088.HK): Coal sales volume in the first nine months was 0.345 billion tons, a 3.8% year-on-year increase. In September, sales volume was 36.9 million tons, a 2.6% decrease. Total electricity sales volume in the first nine months was 158.27 billion kilowatt-hours, a 7.8% year-on-year increase. In September, electricity sales volume was 20.77 billion kilowatt-hours, a 33.7% year-on-year increase.
CGN Power (01816.HK): The total electricity generation in the first nine months was approximately 178.069 billion kilowatt-hours, a 4.93% year-on-year increase.
Datang Renew (01798.HK): The cumulative electricity generation in the first 9 months is 23.183 million megawatt-hours, an increase of 1.55% year-on-year. Among them, wind power decreased by 3.11% year-on-year, while photovoltaic power generation increased by 54.67% year-on-year.
Zhengzhou Coal Mining Machinery Group (00564.HK): Plans to invest approximately 1.049 billion yuan to acquire 14.4728% equity of Hengda Zhikong.
Tradego (08017.HK): In September, the number of new institutional clients was 1, with a total of 0.8244 million registered users, a year-on-year increase of 3.9%; the number of users participating in IPOs was 0.1035 million, a year-on-year increase of 3.7%.
Shandong Gold Mining (01787.HK): Expected net profit for the first three quarters is between 1.85-2.25 billion yuan, an increase of 37.52% to 67.26% year-on-year.
GD Land (00124.HK): Expected net loss in the first three quarters not exceeding 0.2 billion Hong Kong dollars.
China Resources Land (01109.HK): Accumulated contract sales of 172.3 billion yuan in the first 9 months, with contract sales in September amounting to approximately 16.9 billion yuan.
Longfor Group (00960.HK): The total accumulated contract sales amount to 73.3 billion yuan in the first 9 months.
Key data.
5:00 p.m. Eurozone ZEW Economic Sentiment Index for October.
6:00 p.m. Euro area total reserves for September.
8:30 p.m. USA New York Fed Manufacturing Index for October.
Important Events
4:00 p.m. IEA releases monthly crude oil market report.
11:30 p.m. 2024 FOMC voter, San Francisco Fed President Daly speaks at and participates in a dialogue session at New York University Stern Business School event.
