Financial Daily: Global stock markets under collective pressure! Hong Kong stocks buck the trend to close higher, US stock sell-off intensifies

- Focus

– Russia and Ukraine concluded the second round of peace talks, agreeing to exchange prisoners and committing to resume negotiations soon.

– The European Central Bank kept interest rates unchanged while downplaying the impact of dollar fluctuations on its future policy decisions.

– Bitcoin plummeted by 12.6%, wiping out $2 trillion in market capitalization from the cryptocurrency market.

– US job openings in December fell to their lowest level since 2020, while layoffs in January hit their highest level since 2009.

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- Stock Market

[US Market] The sell-off in US stocks intensified, with all three major indices dropping more than 1%.

The sell-off in the US stock market intensified, affecting nearly all sectors. Coupled with weak employment data, this fueled market pessimism, prompting investors to shift funds into safe-haven assets. All three major US indices dropped over 1%. Large tech companies such as Microsoft and Amazon dragged the Nasdaq down nearly 1.6%, reaching a three-month low.

At the close, the S&P 500 Index fell 1.23% to 6,798.40 points; the Nasdaq Composite Index dropped 1.59% to 22,540.586 points; and the Dow Jones Industrial Average declined 1.20% to 48,908.72 points. The VIX volatility index surged again by 16.79%. In terms of sectors, the photovoltaic sector plunged nearly 4%, while AI robotics and discretionary consumption sectors fell over 2%.

The index tracking the seven largest US tech giants closed down 1.76%, with Meta gaining 0.18%, Alphabet A dropping 0.54%, NVIDIA falling 1.37%, Tesla declining 2.17%, Amazon losing over 4.4%, and Microsoft dropping nearly 5%. The Nasdaq China Golden Dragon Index rose 0.90% to 7,528.91 points. Among popular Chinese stocks, Alibaba and New Oriental Education both fell about 1%.

[European Market] On Thursday, major European indices generally declined, with the STOXX 600 falling over 1%.

On Thursday, major European indices generally declined, with the STOXX 600 Index dropping over 1%, ending a streak of three consecutive record highs. At the close, the pan-European STOXX 600 Index fell 1.05% to 611.65 points, and the pan-European STOXX 50 Index dropped 0.75% to 5,925.70 points.

Germany's DAX 30 Index closed down 0.46% at 24,491.06 points; France's CAC 40 Index closed down 0.29% at 8,238.17 points; the UK's FTSE 100 Index closed down 0.90% at 10,309.22 points.

[Asian Markets] Japanese and Korean indices fell on Thursday, with South Korea’s index dropping nearly 4%.

Japanese and Korean indices fell on Thursday, with South Korea's index closing down nearly 4%. At the close, Japan's Nikkei 225 Index fell 0.88% to 53,818.04 points; Japan's TOPIX Index dropped 0.09% to 3,652.41 points. South Korea's KOSPI Index fell 3.86% to 5,163.57 points.

[Hong Kong Market] Hong Kong stocks opened lower but rose steadily, with all three major indices closing higher.

Hong Kong stocks opened lower but rose steadily on Thursday, with all three major indices closing higher after a continuous rise in the afternoon session. At the close, the Hang Seng Index was up 0.14% at 26,885.24 points; the Hang Seng TECH Index gained 0.74% to 5,406.13 points; the Hang Seng China Enterprises Index rose 0.50% to 9,093.34 points. In terms of sectors, consumer stocks performed strongly, with Haidilao rising over 4%, and Mengniu Dairy closing up 2.69%; new energy vehicle stocks generally ended higher, with Nio gaining 2.7%, while BYD, Li Auto, and Leapmotor all rose more than 1.3%; tech giants rebounded in the afternoon, with Tencent, Alibaba, and Meituan all reversing losses to end higher.

[A-share Market] A-shares trended lower, with all three major indices closing down.

A-shares trended lower throughout the day, narrowing losses after the noon session, with all three major indices closing lower. The ChiNext Index dropped over 2% at one point during the session. At the close, the Shanghai Composite Index fell 0.64%.%to 4,075.92 points; the Shenzhen Component Index fell 1.44% to 13,952.71 points; the ChiNext Index fell 1.55% to 3,260.28 points. By sector, film and entertainment stocks were active, with Hengdian Film gaining nearly 6 trading days out of涨停 (limit-up) for 5 days, and Jinyi Film hitting the涨停 (limit-up); food and beverage stocks generally rose, with Anji Food and Haixin Food both涨停 (limit-up). Financial stocks rallied significantly in the afternoon, with Hualin Securities and Xiamen Bank涨停 (limit-up). Precious metals, photovoltaic equipment, energy metals, and power grid equipment sectors saw notable declines.

– Bonds

[US Treasuries] US Treasury yields fell, with the 10-year yield dropping by 7.56 basis points.

Prevailing risk-off sentiment led to a surge in investor demand for US Treasuries as a safe haven, pushing yields down significantly. In New York trading, the 10-year US Treasury yield fell by 7.56 basis points to 4.1979%, and the 2-year US Treasury yield dropped by 8.43 basis points to 3.4669%.

[Non-US Bond Markets] 10-year European government bond yields were mixed.

On Thursday, the yields on 10-year European government bonds were mixed. At the end of the European session, the yield on Germany's 10-year government bond fell by 1.7 basis points to 2.843%; the yield on the UK's 10-year government bond rose by 1.2 basis points to 4.559%; and the yield on France's 10-year government bond fell by 0.1 basis points to 3.447%.

[China Bond Market] On Thursday, government bond futures rose across the board.

Government bond futures rose across the board on Thursday. At the close, the 30-year main contract was up 0.38%, the 10-year main contract rose by 0.08%, the 5-year main contract increased by 0.07%, and the 2-year main contract gained 0.04%.

– Foreign Exchange

[US Dollar] The US dollar index continued to rise, with the ICE US dollar index up 0.24%.

The US dollar index continued to rise. At the end of the New York session, the ICE US dollar index climbed 0.24% to 97.849 points, while the Bloomberg US dollar index increased by 0.20% to 1,194.03 points.

[Non-US Currencies] The US dollar rose against most major currencies, with the British pound falling by about 0.9%.

The US dollar rose against several major currencies, with the British pound falling by approximately 0.9%. At the end of the New York session, the US dollar rose 0.12% against the yen to 157.00 yen. The euro fell 0.24% against the US dollar, the British pound dropped 0.93% against the US dollar, and the Australian dollar fell more than 1% against the US dollar.

[Renminbi] The US dollar was quoted at 6.9405 yuan against the offshore renminbi.

At the end of the New York session, the US dollar was down 7 points against the offshore renminbi compared with the previous trading day, quoted at 6.9405 yuan. The onshore renminbi fell 32 points against the US dollar from the previous trading day’s closing price to 6.9408 yuan.

[Cryptocurrency] Cryptocurrency market crashes, with Bitcoin falling below $64,000.

The virtual currency market crashed on Thursday, with Bitcoin plummeting about 12.6%, falling below $64,000, marking a nearly 50% retreat from its peak last year; Ethereum dropped approximately 11%, falling to the $1,900 level.

- Commodities

[Energy] Crude oil futures prices moved lower with volatility

Oil prices fell with volatility as the market has somewhat reduced concerns over crude oil supply. In the U.S. stock market's late trading session, Brent crude futures fell 2.75%, settling at $67.55 per barrel; U.S. crude futures dropped 2.84%, settling at $63.29 per barrel.

[Precious Metals] The rise of the U.S. dollar led to a decline in precious metal prices, with silver plunging over 15%

Precious Metals:Gold prices fell as the sustained rise of the U.S. dollar prompted some investors to sell their precious metal holdings. In New York's late trading session, spot gold fell 4.0%, to $4,763.2 per ounce; U.S. gold futures fell 3.0%, to $4,793.00 per ounce.

Metals Futures Market:In New York's late trading session, spot silver plunged 15.5%, to $71.12 per ounce; U.S. silver futures plummeted 18.5%, to $71.67 per ounce.

[Disclaimer]

The above content is provided by Harbor Family Office (hereinafter referred to as "Harbor Family Office") and is compiled from market information sourced from various channels. Neither Harbor Family Office nor its group members participated in the preparation of the content, nor have they expressly or implicitly endorsed or approved the content. This article is for reference only and does not constitute any investment or trading advice. Investment involves risks. Readers should independently evaluate and judge this material and are advised to consult professionals before making any investment or trading decisions. Without authorization, no one may reproduce, copy, or publish the content in whole or in part to the public by any means. Copyright belongs to Harbor Family Office and related providers.

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