citic securities·2025-09-01 02:48Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 0.37% to 3,857 points, while the Shenzhen Component Index increased by 0.99% and the ChiNext Index rose by 2.23%[14] - The U.S. PCE index for July showed a larger-than-expected increase, leading to a decrease in rate cut expectations and a drop in U.S. stock indices, with the Dow Jones down 0.2% and the Nasdaq down 1.2%[8][25] - European markets declined due to geopolitical tensions and political uncertainties in France, with the Stoxx 600 index falling by 0.64%[8][10] Economic Indicators - China's manufacturing PMI for August was 49.4, a slight increase of 0.1 from the previous month, while the non-manufacturing PMI rose to 50.3, up 0.2[4] - The U.S. core PCE inflation rate increased from 2.8% in June to 2.9% in July, indicating persistent inflationary pressures[8][25] - India's GDP growth for Q1 2026 was reported at 7.8%, exceeding expectations, driven by investment and fiscal spending[21] Sector Performance - In the U.S. market, six out of eleven sectors in the S&P 500 saw gains, with the healthcare sector leading at a 0.73% increase, while the information technology sector fell by 1.63%[8] - In Hong Kong, the Hang Seng Index rose by 0.32%, with significant gains in healthcare and materials sectors, while semiconductor stocks faced declines[10] - The semiconductor sector in A-shares experienced a pullback, with stocks like Hengxuan Technology dropping by 7.8%[14] Commodity and Currency Trends - Gold prices increased, nearing historical highs, amid rising geopolitical tensions and legal disputes surrounding the Federal Reserve[25] - International oil prices fell, with WTI crude down 0.9% to $64.01 per barrel, and Brent crude down 0.7% to $68.12 per barrel[25] - The U.S. dollar index remained stable at 97.77, with the dollar appreciating against the yuan and the euro[23]