Gaming stocks bounced back, and Tencent's share price regained above 300 Hong Kong dollars. The Chinese stock market plunged nearly 60%, entering a bear market.
Stock Market and Investments:
Chinese Stock Market Updates: The ChiNext board experienced a decline of over 1%, while the Ji Yun Index reached its daily limit up. Gaming stocks rebounded, with Tencent's stock price surpassing HKD 300. Industrial and Commercial Bank of China (ICBC) suffered a significant drop of over 8%.
Oil Prices Rise Amid Ongoing Red Sea Conflict: Oil prices saw an increase in Asian trading sessions, attributed to the ongoing Red Sea conflict.
Dow Jones Futures on the Rise: Following a strong performance in 2023, Dow Jones futures have started to climb.
Outlook for Chinese and Hong Kong Stock Markets: The Hang Seng Index faced a cumulative decline of 2734 points in 2023, and the first trading day of 2024 is expected to witness a valuation recovery.
Chinese Stock Market Decline: The Chinese stock market recently plummeted by nearly 60%, entering a bear market, but it has been attracting investors betting on a market rebound.
Economic Policies and Finance:
Surprise Growth in Chinese Manufacturing Activity: According to Caixin PMI data, China's manufacturing activity in December exceeded expectations.
Comments by Han Wenxiu on Balancing Stability and Progress: Emphasizing the need for caution when implementing contractionary and inhibitory measures.
Partial Revoke of ASML Photolithography Machine Export Licenses: Export licenses for ASML's 2050 and 2100 photolithography machines have been partially revoked.
Other:
Accelerated Growth in Chinese Factory Activity: Caixin PMI data reveals that Chinese factory activity in December accelerated.
Decline in Residential Land Transaction Area in China: The transaction area for residential land in 300 Chinese cities has declined by 23% within a year.
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