stock market
Theis bitcoin a meme coin official manufacturing PMI in mainland China for July was 49.3, slightly higher than the expected 49.2 and the previous month's 49. The Hang Seng Index (HSI) opened higher on Monday, reaching a high of 20,361.03 points at 10:16 am before fluctuating and closing near the low. The HSI had a daily volatility of 341.24 points with a turnover of HK$1825.61 billion, including a last-minute transaction of nearly HK$160 million. The HSI, China Enterprises Index (CEI), and Hang Seng Tech Index (HSTI) rose by 0.82%, 1.33%, and 1.87% respectively. Country Garden (2007) issued a profit warning, expecting to record unaudited net losses in mid-2023. This is due to the impact of a downturn in the real estate industry sales, resulting in a decrease in gross profit margin from property business and an increase in property project impairment losses, as well as expected foreign exchange losses from currency fluctuations. Country Garden's stock price fell by 6.509%, while its subsidiary, Country Garden Services (6098), dropped by 8.063%, marking the largest decline among blue-chip stocks. Haidilao (6862) reported a pleasant surprise with an expected continuous operating revenue of no less than RMB 18.8 billion and an increase rate of not less than 23.7% for the mid-2023 period. The stock price rose by 12.166%, making it the top gainer among blue-chip stocks. Shimao Group (0813) resumed trading after a suspension of nearly 16 months, with its stock price declining by 65.61% and closing at HKD 1.52, marking the largest daily decrease. The Hang Seng Index reached a high of 20,361.03 points, the highest since April 21st. However, it closed with a bearish candlestick outside of the Bollinger Bands, indicating overbought conditions. The MACD histogram expanded, suggesting an improving trend. There were 998 advancing stocks and 747 declining stocks throughout the day, reflecting a generally positive market sentiment. According to a survey by the Federal Reserve, in the second quarter, a net 50.8% of banks tightened the lending conditions for large and medium-sized enterprises, while a net 49.2% of banks tightened the credit conditions for small businesses. These figures are higher than the previous survey but lower than the peak of over 70% during the height of the pandemic in 2020. This may slow down the growth of the banking sector and reflects concerns about the deteriorating credit quality of loan collateral. The three major US stock indices are performing well. Futures and ADRs are rising, indicating a potential high opening for the Hang Seng Index, with a target range of 20200 to 20350. Additionally, Caixin China will announce the manufacturing PMI at 9:45, expected to be 50.3 compared to last month's 50.5, adding some uncertainty to the data.
