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Risk Warning on Trading HK Stocks
Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
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Financial stocks were mixed in Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both little changed.
The Philadelphia Housing Index shed 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was fractionally lower.
Bitcoin (BTC/USD) fell 1.6% to $59,897, and the yield for 10-year US Treasuries rose 3.5 basis points to 3.677%.
In economic news, the Federal Open Market Committee statement and Summary of Economic Projections are scheduled to be released at 2 pm ET, followed by Federal Reserve Chair Jerome Powell's press conference at 2:30 pm ET. According to data compiled by the CME Group from interest-rate traders, the probability of a 50 basis-point cut stood at 61% on Wednesday afternoon. The remaining 39% likelihood was a 25 basis-point drop.
In regulatory news, the US Securities and Exchange Commission approved rules that will permit thousands of stocks and exchange-traded funds to be quoted in half-penny increments, Bloomberg reported.
In corporate news, First Horizon's First Horizon Advisors agreed to pay a $325,000 fine to settle charges by the US Securities and Exchange Commission over alleged failures to maintain and enforce policies to comply with Regulation Best Interest requirements, the regulator said. First Horizon shares fell 0.5%.
BlackRock , its Global Infrastructure Partners unit, Microsoft and MGX said they are creating a global artificial intelligence infrastructure partnership to invest in data centers and energy projects to address the increasing demand. BlackRock shares rose 1.4%.
GCM Grosvenor shares were shedding 0.3%. The company and CION Investments have launched a partnership to improve individual investors' access to private market assets via financial advisors.
To gain an edge, this is what you need to know today.
Fed Credibility At Stake
Please click here for an enlarged chart of SPDR S&P 500 ETF Trust which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
Housing Starts
Housing starts came at 1356K vs. 1320K consensus.
Building permits came at 1475K vs. 1415K consensus.
In The Arora Report analysis, activity among builders is increasing as they anticipate falling interest rates will let loose pent up demand. This will increase economic activity, which in turn is good for the stock market.
Magnificent Seven Money Flows
In the early trade, money flows are positive in Apple Inc , Alphabet Inc Class C , Meta Platforms Inc , Microsoft Corp , and Tesla Inc .
In the early trade, money flows are neutral in Amazon.com, Inc. and NVIDIA Corp .
In the early trade, money flows are positive in SPY and Invesco QQQ Trust Series 1 .
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust . The most popular ETF for silver is iShares Silver Trust . The most popular ETF for oil is United States Oil ETF .
Bitcoin
Bitcoin is seeing buying in anticipation of a 50 bps rate cut. Bullish crypto gurus are hopeful that a 50 bps cut will take bitcoin to a new high.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Mauro Orru
European Union antitrust officials said a number of countries in the bloc had withdrawn requests for regulators to probe Microsoft's ties to Inflection AI, meaning the tech giant won't face a formal investigation over its partnership with the artificial-intelligence startup.
Microsoft earlier this year hired Inflection AI's cofounder and almost all of its employees and agreed to pay the startup around $650 million as part of a licensing fee to resell its technology. Big tech firms have been splurging on AI startups to get their hands on what they see as promising AI features that they hope to cash in on further down the line.
The European Commission, the EU's executive arm, said seven member states had pulled their initial referral requests after the European Court of Justice, the bloc's highest court, rebuked the commission for overreach in Illumina's takeover of Grail. The ECJ said two weeks ago that the legal tool that officials relied on to look at the case was used improperly.
"We welcome that referrals of our hiring of Inflection AI employees to the European Commission were withdrawn," a Microsoft spokesperson said. "We continue to be confident that the hiring of talent promotes competition and should not be treated as a merger." Inflection AI didn't respond to a request for comment.
The commission said it had taken note of the withdrawals. "Therefore, the commission will take no decision in this matter," it said.
The announcement comes two weeks after U.K. antitrust officials said Microsoft's partnership with Inflection AI didn't pose a threat to competition and wouldn't open a formal investigation.
The decisions offer Microsoft some breathing space as the tech giant faces more scrutiny on both sides of the Atlantic. British officials are still looking at whether Microsoft's partnership with ChatGPT maker OpenAI should be considered a de facto merger. Meanwhile, The Wall Street Journal reported in June that the Federal Trade Commission was investigating whether Microsoft structured its deal with Inflection AI in a manner to avoid a government antitrust review.
News Corp, owner of Dow Jones Newswires and the Journal, has a content-licensing partnership with OpenAI.
Write to Mauro Orru at mauro.orru@wsj.com
BRUSSELS, Sept 18 (Reuters) - EU antitrust regulators will not take action against Microsoft's MSFT.O hiring of artificial intelligence startup Inflection's staff including its co-founders after seven EU countries dropped their requests asking their bigger peer to examine the deal, the European Commission said on Wednesday.
The move by the seven national antitrust watchdogs followed a landmark court ruling earlier this month prohibiting the EU enforcer from examining merger cases which fall below the EU's merger revenue threshold.
Critics said such reviews were regulatory over-reach.
"The Commission will take no decision in this matter," the EU executive said.
Still it said the deal amounted to a merger as the deal means the 'new Inflection' would shift its focus to a different activity, namely its AI studio business.
"The Commission regards the agreements entered into between Microsoft and Inflection as a structural change in the market that amounts to a concentration as defined under Article 3 of the EUMR," it said, referring to the bloc's merger rules.
(Reporting by Foo Yun Chee)
(( foo.yunchee@thomsonreuters.com ; +32 2 585 2866; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net ))
Keywords: EU-MICROSOFT/INFLECTION (URGENT)
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