Last Friday, the US stock market suffered a significant decline due to the latest job data in the US being lower than expected. The market is concerned about the increased risk of economic downturn, and the US stock market has seen a sell-off for several days with all three major indices recording significant declines at the close. The US dollar trended downwards, the yield on the US 10-year bond fell to 3.79 basis points, and gold prices performed strongly while oil prices trended downwards. Pre-IPO securities on the Hong Kong stock market generally fell, and the market is expected to open low. The mainland stock market fell last Friday, with the Shanghai Composite Index falling 0.9% at the close after opening low and continuing to decline. The turnover volume of the Shanghai and Shenzhen markets has slightly decreased. Affected by the external market, the Hong Kong stock market followed suit with a decline, falling below the 17,000 point level, and trading volume in the market has also increased. Investors are worried about the risk of global economic recession and are waiting to see the performance of blue-chip stocks, with the index expected to further test the support level of 16,500 points, while resistance is expected at the 17,500 point level.
Industry News
Uber has reached a multi-year strategic partnership agreement with BYD (01211) to bring 0.1 million new BYD electric vehicles to its ride-hailing platform in major global markets, starting with Europe and Latin America, and later expanding to the Middle East, Canada, Australia, and New Zealand. Uber expects that drivers will be able to purchase related electric vehicles at discounted prices and through financing, reducing the cost of owning an electric vehicle and speeding up the global platform's use of electric vehicles. Uber will also participate in BYD's research and development of self-driving vehicles for its platform, and believes it can bring self-driving technology to the international stage in a large-scale, efficient manner. This collaboration will help BYD not only boost its electric vehicle sales but also drive the development of its autonomous driving technology. With Uber's participation, a large amount of data can be imported into the autonomous driving system, greatly improving system stability and definitely helping to further optimize the system and enhance competitiveness.
(I am a licensed person of the China Securities Regulatory Commission, and neither I nor any related person holds the above-mentioned shares).
Author: Guo Jiayao, Director of Investment of Macrohedge Asset Management