US June non-farm data reinforces expectations of a rate cut by the Federal Reserve; Hong Kong stocks open lower and hit a near two-and-a-half-month low

According to Jinshi, the US non-farm data for June last week was higher than expected, reinforcing the expectation that the Federal Reserve may start to cut interest rates later this year. The SP 500 and Nasdaq continued to hit new highs last Friday. Hong Kong stocks opened more than 100 points lower this morning, with the Hang Seng Index opening 131 points lower at 17,667 points, and the decline narrowed in the early stage. Subsequently, the selling pressure increased, and the Hang Seng Index fell as much as 268 points to 17,530 points, hitting a low in nearly two and a half months. As of the close, the Hang Seng Index closed down 1.34% in the morning, and the Sci-Tech Index closed down 0.71% in the morning.

The Hang Seng Index market turnover was HK$46.77 billion. On the market, nuclear power, building materials, cement, and semiconductor stocks strengthened; port shipping, pharmaceutical outsourcing, and biopharmaceutical stocks fell, and mainland education stocks continued to pull back.