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On January 20th, Hong Kong stocks fluctuated, with the Hang Seng Index closing down 0.29% at 26487.51 points. The Hang Seng Tech Index closed down 1.16% at 5683.44 points. The total turnover of the Hang Seng Index market was HK$237.766 billion. On the sector front, department store stocks declined, AIGC (AI, Generic, and Consumer Electronics) stocks and Apple concept stocks fell, and pharmaceutical stocks were weak; gold stocks strengthened, new consumption concept stocks rebounded, and airline stocks continued their upward trend. In terms of individual stocks, Shanghai Auntie (02589.HK) rose 9.87%, Pop Mart (09992.HK) rose over 9%, GigaDevice (03986.HK) and Zijin Mining International (02259.HK) rose 5.5%, and China Southern Airlines (01055.HK), China Life Insurance (02628.HK), Mao Geping (01318.HK), and Nayuki (02150.HK) rose over 4%; New World Development (00017.HK) fell 10.6%, Zhipu (02513.HK) fell 7.4%, Country Garden (02007.HK) fell over 6%, WuXi AppTec (02359.HK) fell 4.1%, and BYD (01211.HK) fell 3.67%.On Tuesday, January 20, the Hang Seng Index closed down 76.39 points, or 0.29%, at 26,487.51; the Hang Seng Tech Index closed down 66.54 points, or 1.16%, at 5,683.44; the H-share Index closed down 39.69 points, or 0.43%, at 9,094.76; and the Red Chip Index closed up 46.21 points, or 1.12%, at 4,188.73.Hong Kong stocks closed down 0.29% and down 1.16%. New consumption concept stocks bucked the trend and rose, with Pop Mart (09992.HK) up 9%, Shanghai Auntie (02589.HK) up nearly 10%, and Mao Geping (01318.HK) and Nayuki (02150.HK) up more than 4%.Renault shares rose 1.5% after the release of auto sales data.The Norwegian Petroleum Authority reported that Norways preliminary oil production in December was 1.962 million barrels per day, and its preliminary natural gas production in December was 11.4 billion cubic meters.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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