stock market
Moody's downgraded the credit rating of the United States from "AAA" to "AA+",Litecoin mining login despite Janet Yellen's disagreement with their decision, stating that it was based on outdated data. However, it seems that this failed to restore market confidence. On Wednesday, the Hang Seng Index opened lower, initially not reflecting the downgrade mentioned above. The index rebounded to 19,981 points at 9:58 but weakened afterwards. The decline intensified after 10 o'clock and stabilized around 19,558 at 11:15. In the afternoon, the index remained relatively weak, falling to 19,475.15 at 15:05 before experiencing a slight rebound. The total daily fluctuation was 505.85 points. Country Garden Services (6098) issued a profit warning, but at the same time announced plans to repurchase no more than 337 million shares on the open market, equivalent to 10% of the company's share capital. Its stock price rose by 17.976%, marking a significant increase for blue-chip stocks. Xpeng (9868) announced a total delivery of 11,008 new vehicles in July 2023, representing a month-on-month growth of 28%. Due to a growth rate lower than that of its peers, its stock price fell by 14.631%, making it the largest decliner among constituent stocks of the Hang Seng Index. NIO (9866), another peer in the industry, also declined by 8.198%, making it the second-largest decliner among Hang Seng Index constituents. The Hang Seng Index experienced two consecutive declines, closing with a "big bearish candle" and falling below the 100 SMA support level. The MACD histogram narrowed, indicating a weakening trend. In terms of the US stock market, the credit ratings of American companies may be affected by the downgrade of S&P's sovereign credit rating, which implies that financing costs may increase and erode corporate profits. The three major US indices declined, with the Nasdaq falling by nearly 2.17%. The overnight futures and American Depositary Receipts (ADRs) are down, indicating a potential lower opening for the Hang Seng Index (HSI). The 250-day Simple Moving Average (SMA) around 19,308 could provide support. If this level holds, there is a possibility of a technical rebound in the index. Caixin China will announce the July services and composite PMI at 9:45, which could add uncertainty to the market situation. Additionally, Evergrande Property (6666), which has been suspended from trading since March 21, 2022, announced that it has met the Listing Rules' requirements for resuming share trading and will resume trading this morning, expected to be one of the market focuses.
