August 7 Market Review

Mr Trump said yesterday that the COVID-19 vaccine would be available as early as three months later. Us stocks rose overnight, with the Dow up 0.68 per cent, the Nasdaq up 1 per cent, another record high, the S & P 500 up 0.64 per cent, large-scale technology stocks up, Facebook Inc up 6 per cent and Apple Inc up 3 per cent.

The Hang Seng Index opened low and closed low, falling more than 3% in intraday trading. In the afternoon, led by Chinese brokerage stocks, it rebounded to close down 1.6%. New economic stocks also rebounded, and chip stocks led the market down.

Before the US stock market: the futures index fell into adjustment.

Today, the United States will release a non-farm payrolls report. The market has a strong wait-and-see attitude, and the futures index has fallen into adjustment before trading. As of press time, Dow futures are down 0.57%, Nasdaq futures are down 0.49%, and the S & P 500 index is down 0.52%.

Performance of major ETF products in Hong Kong stocks

• The Hang Seng Index fell nearly 400 points, while in the south, the bearish Hang Seng Index rose by more than 3%.
  

At one point, the Hang Seng Index fell more than 3% in intraday trading, closing down 1.6%.$South double bearish Hang Seng Index (07500.HK) $Increased by more than 3%, with a turnover of HK $1.154 billion.South double bearish Hang Seng Index (07300.HK) $It rose 1.66%, with a turnover of HK $40.92 million.

• The CSI 300 index fell more than 1%, while the South doubled short the CSI 300 and rose nearly 1%.
  

A shares bottomed out and rebounded, with the CSI 300 index down 2.6% in intraday trading, closing down more than 1%.South double shorting Shanghai and Shenzhen 300 (07333.HK) $Up 0.88%, turnover was HK $58.45 millionThe South is twice as long as Shanghai and Shenzhen (07233.HK) $The turnover fell by 2.52% to HK $72.9937 million.

• Hong Kong stock market rose by the top 10 ETF

Today, the ETF of the top 10 gains in the Hong Kong stock market is mainly the ETF of shorting the Hang Seng Index and the Donna Index.

Performance of major ETF products in US stocks

Trump said in a radio interview that the COVID-19 vaccine could be available "earlier than the end of the year", probably around election day on November 3. Goldman Sachs Group also expected last night that it is highly likely that at least one COVID-19 vaccine will be approved by FDA and widely vaccinated by mid-2021 by the end of November.

Overnight, u.s. stocks continued to rise, with the Dow up 0.68%, the Nasdaq up 1% and the s & p 500 up 0.64%.$NASDAQ triple long ETF-ProShares (TQQQ.US) $It rose 4% yesterday.$ProShares UltraPro 3 times Dow 30 (UDOW.US) $、Triple the S & P 500ETF-ProShares (UPRO.US) $It was up 2% yesterday.

ETF of US stocks related to listing on the Hong Kong Stock Exchange$Huaxia Direxion double look at the 07261.HK (Donna Index) $Up 2.41%, the turnover reached HK $12.12 million$FI2 Warsaw 100 (07522.HK) $The turnover fell by 2.41% to HK $16.86 million.

ETF performance of energy and precious metals

• Gold once approached the $2090 mark, and gold ETF kept rising.
  

COMEX gold continued to explode, rising more than 1 per cent yesterday, approaching the $2090 mark, and rising slightly today, with COMEX gold up nearly 36 per cent this year.$Gold ETF-SPDR (GLD.US) $It rose 1.3% yesterday and rose slightly before trading today.

Mark Haefele, chief analyst at UBS, said he still expects real yields to fall further to support gold prices, which could rise to a high of $2300 in the short term.The U.S. non-farm payrolls report to be released on Friday will further reveal the recovery in the United States and provide more direction for gold.If employment growth slows sharply compared with the past two months, it will herald a resurgence of the epidemic and provide impetus for gold to move higher.

In addition, according to the World Gold Council, the total global gold ETF inflow reached 899 tons in the first seven months of 2020, far higher than the previous annual inflow record. At the beginning of August, when the gold price exceeded 2000 US dollars / ounce, the scale growth trend of global gold ETF continued.

• Us Oil fell nearly 1% under pressure

International oil prices continue to come under pressure, amid fears that the rebound in COVID-19 will slow the recovery in energy demand, and the new stimulus package in the United States remains stagnant, with prices depressed by weak physical crude oil and weak refinery profit margins in most regions. WTI crude oil September contract came under pressure today, down nearly 1%Us crude Oil Fund (USO.US) $It was down nearly 1% before trading.

However, Saudi Arabia and Iraq stressed that the two countries are fully committed to the implementation of the OPEC+ production reduction agreement, which will have the effect of stabilizing crude oil prices.

Other ETF manifestations

• Overnight US stock market rose by the top 10 ETF

Overnight U. S. stock market gains in the top 10 ETFs are mainly long silver ETF.

Among themSilver ETF-iShares (SLV.US) $It surged 7% yesterday, up more than 61% for the year. In fact, the recent trend of silver has been stronger than gold, mainly for two reasons, loose monetary policy and a rebound in industrial demand.

Bank of America Corporation also raised his price forecast for silver, saying that silver is expected to rise to $50 an ounce in the medium term, thanks to the fiscal stimulus package and the environmental protection plan of the US presidential candidate.

Schiff Gold, a well-known American gold company, also pointed out that compared with gold, silver is still seriously undervalued.

Ed Moy, a former director of the US Mint, said silver rose for the same reason as gold. The current rise in gold prices is mainly driven by inflation concerns about the scale of global monetary and fiscal stimulus and risk aversion caused by uncertainty about the global economic recovery. "

Moy points out that the silver-gold ratio is still at an all-time high. This means that either gold is overvalued or silver is undervalued. If the price of silver is undervalued, "you can make a lot of money. "

Given the current economic situation, it seems more likely that the price of silver will rise, narrowing the gap between silver and gold rather than falling.