港股、海外周观察：美联储降息落地，市场短暂回调？

Group 1 - The report indicates that despite a short-term adjustment in the Hong Kong stock market, it remains in a trend of oscillating upward, with a solid bottom for downward movements [1][3] - Future upward momentum in the Hong Kong stock market is expected to primarily come from positive news on the industrial front, suggesting a focus on relatively undervalued stocks and sectors with favorable conditions [1][3] - The trading strategy for Hong Kong stocks should continue to be "self-directed," based on expectations of fundamental improvements, with an anticipated increase in earnings per share (EPS) in the first quarter of next year [1][3] Group 2 - The report notes that the U.S. stock market experienced a decline, with the Nasdaq down 0.7%, the S&P 500 down 0.3%, and the Dow Jones down 0.1%, amidst a tug-of-war between favorable macro data and policy uncertainties [2][3] - The second quarter GDP growth rate in the U.S. was revised upward from 3.3% to 3.8%, driven by a significant decrease in imports and an increase in consumer spending from 1.6% to 2.5% [3][6] - The report highlights that the upcoming month of October will see a series of key risk events that could significantly increase market volatility, particularly with the looming risk of a government shutdown [3][6] Group 3 - The report indicates that global stock ETFs have turned to net outflows, with a notable outflow of $19.16 billion, while bond ETFs have seen accelerated net inflows of $113.72 billion [8][42] - In terms of sector performance, the report notes that the top three sectors for net inflows in global stock ETFs are consumer staples, industrials, and materials, while technology, communication, and healthcare sectors experienced the most significant outflows [8][40] - The report also mentions that the major gold ETFs saw significant inflows, particularly the SPDR Gold Trust, which had an increase of approximately $249.44 billion [7][33]