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Market Insights:May 30th, 2024

TraderKnows
TraderKnows
05-30

A-shares opened collectively lower; the Hong Kong stock market opened slightly lower and then gradually rebounded.

Stock Market:

A-share Market: Opened collectively lower, with the Shanghai Composite Index falling by 0.28%, the Shenzhen Component Index by 0.42%, and the ChiNext Index by 0.29%.

Sector Performance:

  • Larger declines in: Real estate, education, precious metals, shipping.
  • Weakened: Lithography machines, smart healthcare, satellite internet, digital currency, semiconductor concept stocks.
  • Strengthened: Photovoltaic glass, virtual power plants, lithium battery sector.

Chinese Concept Stocks: Chinese concept stocks generally fell during the U.S. stock market session, with JiDU Automotive down by 4.5%, XPeng Motors nearly 3%, and Faraday Future plummeting by 62%.

Hong Kong Stock Market: Opened slightly lower and then rebounded. The Hang Seng Index closed at 18,508 points, up 0.17%; the Hang Seng Technology Index reported at 3,796 points, up 0.87%.

Sector Performance:

  • General Rise: Innovative drugs, technology, renewable energy, automotive sectors.
  • Pharmaceutical Stocks: SinoPharm Group rose by more than 3%, Conba Pharma by 4%.
  • Tech Stocks: SMIC and Hua Hong Semiconductor saw gains of more than 3% each.
  • Automotive Stocks: Great Wall Motors and BYD Company Ltd both increased by more than 2%.
  • Tech Stocks: Lenovo Group, NetEase, and Kingsoft Corporation each rose by more than 2%.

U.S. Stock Market: The U.S. stock market was weak, with all three major indices falling, the Dow Jones Industrial Average down by more than 1%, reaching a new low for nearly a month.

Specific Data:

  • The Dow Jones Industrial Average fell by 411.32 points, or 1.06%, closing at 38,441.54 points.
  • The Nasdaq Composite Index fell by 99.30 points, or 0.58%, to 16,920.58 points.
  • The S&P 500 index fell by 39.09 points, or 0.74%, to 5,266.95 points.

Economic Report

Federal Reserve's Beige Book:

  • Report Content: Since the beginning of April, the economy in most parts of the United States has expanded at a "slight or modest" pace, with consumers resisting price increases.
  • Economic Activity: Most areas reported "slight or moderate" growth in economic activity, with only two areas reporting no change.

Bitcoin Fund

BlackRock's iShares Bitcoin Trust:

  • Status: Became the world's largest bitcoin fund, amassing nearly $20 billion in total assets since its listing in the U.S. at the beginning of the year.
  • Holdings: As of Tuesday, held $19.68 billion in bitcoin, surpassing Grayscale Bitcoin Trust's $19.65 billion; Fidelity Investments' funds were third, with $11 billion in scale.

Commodities Market

Crude Oil and Gold:

  • Brent crude halted its two-day rise, dropping to highs within the month.
  • Gold prices fell to a two-week low.

Non-ferrous Metals:

  • LME Aluminum rose by more than 1%, reaching a new high in nearly two years.
  • LME Copper prices receded.
  • In the Chinese market, the non-ferrous metals and photovoltaic sectors were strong throughout the day, with BYD rising by more than 8%.

Industry Investment

National Integrated Circuit Industry Investment Fund Phase III:

  • Registration and Establishment: Registered capital of 344 billion yuan, surpassing the scale of the previous two phases.
  • Viewpoint of CITIC Securities: This fund focuses on financially supporting the real economy and strengthening patient capital, with optimized entrusted management models and investment periods, aiding long-term industrial development.

Global Grain Market

Gulf of Mexico Corn and Soybean Futures:

  • Although prices have fallen, the basis remains strong, showing the cash market's resistance to price fluctuations.
  • The international competitiveness of U.S. corn and soybeans is showcased through the stability of the basis, with steady spot prices in the U.S. Midwest further reinforcing this trend.
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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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