① The Federal Reserve's latest Beige Book survey showed a slight increase in economic activity in November. ② Powell said that the Federal Reserve can be cautious when looking for neutral interest rates. ③ Cryptocurrency and concept stocks soared as Trump chose digital asset advocate Paul Atkins as the chairman of the U.S. Securities and Exchange Commission. ④ The three major US stock indices hit record highs on Wednesday, and most popular Chinese securities fell.
Financial Services Association, December 5 (Editor: Tong Gu) Today's pre-market news on Hong Kong stocks include:
Hot news
[Federal Reserve Beige Book: Economic activity increased slightly in November]
The Federal Reserve's latest Beige Book survey shows that after being basically flat in the previous few months, US economic activity increased slightly in November, and companies are more optimistic about demand prospects.
[Powell: The Federal Reserve can be cautious when looking for neutral interest rates]
Powell said that over time, the Federal Reserve will gradually move towards more neutral interest rates. Although the downside risk is lower than expected, the Fed can be cautious when looking for neutral interest rates. US inflation hasn't reached its target, but it's still making progress. America's unemployment rate is still at a very low level. The September rate cut was a strong sign of support for the labor market.
[Trump chose Paul Atkins as Chairman of the US Securities and Exchange Commission, cryptocurrency soared]
Trump chose digital asset advocate and veteran financial regulator Paul Atkins as the chairman of the US Securities and Exchange Commission. Current SEC Chairman Gary Gensler plans to step down on January 20. Cryptocurrency collectively surged overnight. Bitcoin once hit $99,000, while Ethereum once approached $3,900.
[He Lifeng: Welcome more US financial institutions and long-term capital, including Goldman Sachs Group, to continue deepening mutually beneficial cooperation with China]
He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with US Goldman Sachs Group President Wen Zane, stressing that China will comprehensively deepen reforms, expand high-level opening-up to the outside world, and welcome more US financial institutions to deepen cooperation with China.
[United Nations World Tourism Organization: Tourism recovered to 98% of pre-pandemic conditions in the first nine months]
The United Nations World Tourism Organization released a report that in the first nine months of 2024, about 1.1 billion global tourists traveled abroad, and the tourism industry has recovered to 98% of pre-pandemic levels. The tourism industry is expected to fully recover by the end of this year.
Global Markets
The three major US stock indices hit record highs on Wednesday. By the close, the S&P 500 rose 0.61% to 6086.49 points; the Nasdaq Composite Index rose 1.3% to 19735.12 points; and the Dow Jones Industrial Average rose 0.69% to 45014.04 points. For the first time in history, the close was above 45,000 points.
The “Big Seven” of technology rose in unison. Nvidia rose 3.48%, Microsoft rose 1.44%, Amazon 2.21%, Google C rose 1.77%, Tesla rose 1.85%, Apple rose 0.15%, and Meta rose 0.02%.
Trump chose digital asset advocate and veteran financial regulator Paul Atkins as the chairman of the US Securities and Exchange Commission, and Bitcoin hit $99,000. Cryptocurrency concept stocks strengthened, with Bit Digital up over 13%, MicroStrategy up nearly 9%, Canaan Technology up nearly 8%, Riot Platforms and Coinbase up nearly 7%. Maywell Technology rose more than 23%, and the company's profit for the third fiscal quarter exceeded expectations, and issued strong performance guidelines for the fourth fiscal quarter. SAFTSE rose 11%, surpassed expectations for the third fiscal quarter, and raised full-year revenue guidance.
The Nasdaq China Golden Dragon Index closed down 1.38%. Most popular Chinese securities fell by more than 10%, JD and Good Gaotu Techedu fell by more than 3%, and Baidu, iQiyi, and Ideal Auto fell by more than 1%. In terms of growth, NetEase rose 1.6%, and Xiaopeng Motors rose 0.79%.
The three major indices of Hong Kong stocks continued their volatile trend on Wednesday. At the close, the Hang Seng Index fell 0.02% to close at 19742.46 points; the Technology Index fell 0.32% to close at 4404.04 points; and the State-owned Enterprises Index rose 0.18% to close at 7085 points.
Judging from market performance, dividend stocks such as coal and petroleum had the highest gains, while pharmaceuticals and brokerage stocks had the highest declines.
Southbound funding
According to Wande data, southbound capital traded HK$64.543 billion on Wednesday, with a net outflow of about HK$10.36 billion, the highest single-day outflow since December 20, 2023. Among them, the net outflow from the Shanghai-Hong Kong Stock Connect was approximately HK$4.365 billion, and the net outflow from the Shenzhen-Hong Kong Stock Connect was approximately HK$5.995 billion.
Company news
Eli Lilly: Announced that in a comparative trial, the relative weight loss effect of tirpotide was 47% higher than that of Novo and Nord's simeglutide. At the same time, after 72 weeks of treatment, patients with telpotide lost an average of 20.2% of their body weight, while those using simeglutide lost 13.7% of their body weight.
UnitedHealth Group: According to New York police, Brian Thompson, CEO of the company's United Health Insurance, was killed by an ambush gunman in front of the Hilton Hotel in Midtown Manhattan on Wednesday morning.
Meitu (01357): The announcement stated that as of December 4, 2024, it had sold all of its purchased cryptocurrencies, and the profit from the sale was equivalent to approximately RMB 0.571 billion.
Country Garden (02007): In November, the contract sales amount vested in the company's shareholders' rights was about 3.01 billion yuan.
Xinli International (00732): The cumulative consolidated net turnover for the previous 11 months was approximately HK$16.263 billion, an increase of approximately 16.0%.
Jingrui Holdings (01862): The cumulative contract sales for the first 11 months were 1.91 billion yuan, a year-on-year decrease of 46.41%.
Yuexiu Transportation Infrastructure (01052): It is proposed to sell 60% of the shares of Tianjin Jinfu Expressway Co., Ltd. to Tianjin Expressway Group Co., Ltd. at a cost of RMB 0.1908 billion. The target company is mainly engaged in the construction, operation, management and maintenance of the Jinxiong Expressway.
Osi Group (01161): A profit warning was issued. The expected annual net profit is about HK$65 million to HK$69 million.
Caike New Energy (01986): Completed the sale of approximately 3.76% of Caike Technology's shares, involving 39.9752 million yuan.
Fenmei Packaging (00468): Discussions and negotiations on possible management offers are still ongoing.
Xiwang Real Estate (02088): Negotiations between the receiver and potential third party buyers are still ongoing, and other potential buyers are still being actively sought.
Babytree Group (01761): The Listing Committee will cancel the listing status of the company's shares.
SKB BIO-B (06990): On December 4, we received a clinical trial notice from the Drug Evaluation Center of the State Drug Administration agreeing to the clinical trial application for the new SKB500 drug developed by the company.
Fu Hong Han Lin (02696): The application for marketing registration of the pertuzumab antibiotic analogue HLX11 was accepted by the State Drug Administration.
Xinhua Insurance (01336), Haitong Securities (06837): Xinhua Insurance Asset Management Co., Ltd. increased its holdings and purchased 8 million shares on December 3, 2024, at a price of HK$7.0674 per share, accounting for 5.7192% of the company's H shares.
Key data
17:26 Leading indicators for the turning point of the global industrial production cycle in November
18:00 Eurozone retail sales monthly rate in October
20:30 Number of US challenger company layoffs in November
21:30 US trade balance for October, number of jobless claims at the beginning of the week ending November 30
23:00 Global Supply Chain Pressure Index for November
Financial events
The 38th OPEC and Non-OPEC OPEC Ministerial Meeting is yet to be held.