环球市场动态

Group 1: Economic Overview - The GDP growth rate in mainland China for Q2 2024 fell to 4.7%, below the expected 5.1%, marking the lowest level in five quarters, with weak retail and real estate investment data contributing to this decline [2][24] - Industrial production in June showed a slight recovery, exceeding expectations, but the real estate and food industries were significant drags on industrial value-added growth [2] - Infrastructure investment rebounded due to the commencement of all projects from newly issued government bonds, but its sustainability is expected to be limited [2] Group 2: Stock Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 18,015 points, down 1.52%, as the market reacted to disappointing GDP figures and awaited policy announcements from the upcoming Third Plenary Session [16][24] - Luxury goods stocks fell sharply, contributing to a decline in European stock markets, while U.S. stocks rose, with the Dow Jones reaching a new closing high [4][14] - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 2,974.01 points, up 0.09%, while the Shenzhen Component Index and the ChiNext Index both declined [24] Group 3: Sector Insights - The consumer sector is facing challenges, with retail data for June falling short of expectations, leading to significant declines in consumer goods stocks [16][24] - The real estate sector is under pressure, with new home prices in 70 major cities dropping by 4.5% year-on-year, the largest decline in nine years, impacting related stocks [16][24] - The aviation sector is expected to see a mixed performance, with private airlines projected to achieve profitability in Q2 2024, driven by domestic tourism and favorable currency conditions for outbound consumption [27]