Yesterday, market sentiment fell back as rumors of state-owned banks lending to financing platforms were refuted, and the renminbi fell sharply below 7.26 at one point. However, what is more funny is that the market is rumoring Goldman Sachs because this is a bearish bank, so whether foreign capital believes it or not.
Last night, the Fed sent a blockbuster signal, and the market became nervous again. Today, the Fed released the minutes of its June meeting, which showed that almost all officials believe that there will be multiple rate hikes this year, but at a slower pace, emphasizing high inflation as one of the key considerations in the monetary policy outlook, keeping expectations of a mild recession in 2023 unchanged, but increasing confidence in a soft landing for the economy. Currently, futures traders are betting on a probability close to 90% of the probability of a 25 basis point Fed rate hike in July and another rate hike in September close to 2 0%, but do not believe that there are two more 25 basis point rate hikes before the end of the year, and the probability of a rate cut by the end of January 2024 is close to zero.
The dollar index strengthened last night due to the hawkish minutes of the Fed's June meeting, which is also a big reason for the sharp depreciation of the yuan.
There is also a heavy news today, the 2023 World Artificial Intelligence Conference (WAIC2023) opened today, Tesla CEO Elon Musk said that once China decides to do something, it will definitely be able to do it well, all industries are like this, including artificial intelligence, I believe that China will have strong artificial intelligence capabilities.
After the A-share AI sector fell sharply from the Dragon Boat Festival, it has been adjusting, and today with the favorable counteroffensive of the artificial intelligence conference, CPO, games and other sectors rose sharply, and optical library technology rose to the limit.
However, after the short-term attack, A-shares and Hong Kong stocks both plunged slightly, and the three major A-share indexes turned green. As of press time, the Shanghai Composite Index fell by 0.21%, the ChiNext Index by 0.22%, the Hang Seng Index by 2.14%, and the Hang Seng Technology Index by 0.94%, the turnover of the two markets was basically the same as yesterday, and northbound funds bought 1.024 billion net.
In terms of industries, communications, media, electronics, computers, automobiles and other industries led the rise, and non-ferrous metals, iron and steel, medicine and biology, banking, building materials and other industries led the decline.
Risk Warning:
The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently