Hong Kong stock market news for December 24: The three major US Indexes closed higher. HKEX has a half-day trading session due to Christmas.
① Consumer confidence in the USA has dropped for the first time in three months. ② The three major U.S. stock indexes collectively rose on Monday, with most China Concept Stocks strengthening. ③ Musk criticized the Federal Reserve and claimed that Powell's staff is excessively bloated. ④ The NASDAQ 100 Index is being rebalanced, with the weightings of Tesla, Meta, and Broadcom decreasing. ⑤ HKEX will have a half-day trading session on Christmas Eve.
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HAITONG SEC: Initially rated the Speedtech Fusion as "outperform the market" with a Target Price of 46.2 Hong Kong dollars.
HAITONG SEC released a research report stating that it initiates coverage of RoboSense (02498) with an "Outperform Market" rating, predicting its revenue for 2024-2026 to be 1.73/3.28/4.6 billion yuan respectively, with a Target Price of 46.2 HKD. RoboSense was established in 2014 and is headquartered in Shenzhen, being a leading Lidar Technology company in China, with products that include Lidar Hardware, HyperVision integrated perception Software, and integrated solutions. The main points from HAITONG SEC are as follows: adhere to the self-research strategy for chips. Focus on Lidar technology based on self-developed chips.
The Dow barely ended its longest continuous decline in 50 years, Micron fell by 16%, the US dollar reached a two-year high again, and US bonds, oil, and Bitcoin all dropped.
U.S. stock market's other Indexes turned down towards the end, Tesla rose by nearly 4% before closing down, NVIDIA reached a high of 4%, and Micron Technology had its steepest decline in five years. The yield on the 10-year U.S. Treasury bonds briefly increased by nearly 10 basis points approaching 4.60%, close to a seven-month high, while short-term bond yields fell, with the 2/10-year yield spread at its widest in two and a half years. The Bank of England held rates steady, but more officials supported a rate cut, leading to a decline in the British Pound. The Governor of the Bank of Japan suppressed interest rate hike expectations, causing the yen to fall towards 158, and the offshore renminbi briefly dropped below 7.32 yuan to its lowest in 15 months. Bitcoin fell by 5%, approaching $0.096 million. Spot Gold rose by 1.6% before narrowing back below $2,600, while the futures silver fell by 5%, and U.S. crude oil fell below $70.
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