citic securities·2025-09-19 03:52Market Overview - Major tech stocks experienced a pullback, with Hong Kong stocks following A-shares downwards, closing with the Hang Seng Index down 1.35%[3] - The US stock market reached new highs, supported by Nvidia's $5 billion investment in Intel, with the Dow Jones up 0.27% and the S&P 500 up 0.48%[8] - The Asia-Pacific stock markets showed mixed results, with the KOSPI and Taiwan indices rising by 1.4% and 1.3% respectively, while Hong Kong and A-shares declined[18] Economic Indicators - The US initial jobless claims fell to 231,000, marking the largest drop in nearly four years, which contributed to a sell-off in US Treasuries[27] - The Bank of England maintained interest rates at 4% and slowed the pace of quantitative tightening, leading to a 0.5% decline in the GBP/USD exchange rate[24] Commodity and Currency Trends - International oil prices fell for two consecutive days, with WTI crude oil down 0.75% to $63.57 per barrel due to concerns over oversupply and weak fuel demand[24] - The US dollar index rose by 0.5% to 97.35, while gold prices dropped by 1.1% to $3,648.7 per ounce amid profit-taking by investors[24] Fixed Income Market - US Treasury yields rose by 1-3 basis points, with the 10-year yield reaching 4.10% following strong economic data[27] - In Asia, investment-grade bond spreads narrowed by 2-5 basis points, particularly in the TMT and state-owned enterprise sectors[27] Sector Performance - In the A-share market, the Shanghai Composite Index fell by 1.15%, with over 4,300 stocks declining, particularly in the banking and consumer sectors[14] - The healthcare sector in Hong Kong saw a slight decline of 0.2%, while the technology sector dropped by 0.5%[10]