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On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.On August 24, SoftBank Group announced plans to issue a record 1 trillion yen (approximately $6.3 billion) in retail bonds to fulfill its investment commitment to OpenAI. According to company filings, the 7-year bonds are expected to be priced on September 4, with an initial coupon rate range of 4.3% to 4.9%. This issuance comes as SoftBank has committed to investing over $60 billion in OpenAI and has been raising funds to support this investment. As demand for AI tools and services from OpenAI and other hyperscale cloud providers continues to grow, SoftBank is accelerating its data center investments to expand computing power. This will be SoftBanks third bond issuance to retail investors this year, following a 418 billion yen issuance in April and a 260 billion yen issuance in June.August 24 - According to Iranian media reports, Iranian Oil Minister Mohsen Paknejhad announced on the 23rd that Iran has discovered a new gas field in the southern Fars province with natural gas reserves exceeding 7.5 trillion cubic feet (approximately 212.4 billion cubic meters), of which approximately 5.7 trillion cubic feet (approximately 161.4 billion cubic meters) are recoverable.

US Stocks Finish Mixed with NASDAQ Surprisingly Higher Despite Yields Rise

Florala Chen

Feb 15, 2023 16:33

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The main U.S. stock indices ended Tuesday's trading session in a tumultuous trade as investors evaluated the effect of the most recent consumer pricing data on the Federal Reserve's interest rate policy.


The erratic price movement roughly mirrored the January CPI increase but decline in the annual rate reported in the U.S. consumer pricing report. All we could determine at the session's conclusion was that inflation is still high but slowing.


The market seems to have come to the conclusion that the January data did not significantly alter market expectations on the Fed's course for future interest rate rises. This suggests that investors have already priced in two further Fed rate rises for March and June, with the terminal rate of the Federal Reserve coming in at around 5.28% in July.


However, as they rely more on recent economic data and Fed speakers for direction, investors could anticipate more of the same bumpy trading in the future.

The blue chip Dow Jones Industrial Average ended Tuesday's cash market trading at 34089.27, down 156.66 or -0.46%. The tech-heavy NASDAQ Composite closed at 11960.15, up 68.36 or +0.57%, while the benchmark S&P 500 Index ended at 4136.13, down 1.16 or -0.03%.

Gains Are Limited by the Increase in Treasury Yields

On Tuesday, the stock market battled the whole day, with advances perhaps being restrained by an increase in U.S. Treasury rates.


As investors analyzed the most recent consumer price index data and evaluated the Federal Reserve's tightening plan, the yields on the 10-year and 2-year Treasury notes increased. The 6-month Treasury yield rose to 5.022%, the highest level it has ended at or above since July 2007, which was the greatest surprise.

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