Weekly

Yesterday, the stock markets of Shanghai and Shenzhen continued to rise, rising by 1.74% and 1.84% respectively, showing strong strength, and driving Hong Kong stocks to rise by 153 points or 0.6% to close at 26,129 points.

However, it should be noted that the share price of HSBC Holdings has dropped by more than 4%, which is the biggest decline in three weeks, and its performance is much worse than that of other Hang Seng Index constituent stocks.

As one of the three largest note-issuing banks in Hong Kong, it was once a proud enterprise of Hong Kong people. Today's performance is really embarrassing! There are reports that the United States is considering taking action to punish HSBC.

Wang Dongsheng, chief executive officer of Asia-Pacific region, supported Beijing to implement the national security law of the port area and signed a petition to support it, which destroyed the western democratic values and deviated from Hong Kong people.

US Secretary of State Pompeo once criticized his actions as a "fatal blow" to Hong Kong people seeking freedom.

The United States has indicated that it will abolish Hong Kong's independent tariff status, and even use the Hong Kong Autonomy Act to crack down on Hong Kong's financial business. The HSBC incident may be just a small test.

Although the bill is still on Trump's desk waiting for his administration to implement it, it has been reported that his advisory team once suggested restricting Hong Kong banks from buying dollars.

To crack down on Hong Kong's linked exchange rate system as a punishment for China's implementation of the Port Area National Security Law in Hong Kong, but after discussion, it is found that the feasibility is low and may harm the interests of the United States itself.

In the end, the plan was not mentioned to the White House high-level meeting for discussion. If the proposal is true and passed, Hong Kong's status as an international financial center will be in jeopardy.

Back to the epidemic that plagued everyone, up to last night, a total of 12.13 million people worldwide had been infected with novel coronavirus. As the most confirmed cases in the world, 70,000 new cases were confirmed yesterday in the United States, with a cumulative number of confirmed cases exceeding 3.15 million.

Federal Reserve officials warned that if the epidemic continues to grow at this rate, it will endanger the US economy and delay the pace of local recovery. In fact, many states in the United States have tightened social measures and suspended some economic restart plans.

It is expected that the Fed will seek additional resources from Congress so that it can buy more assets to stimulate the economy. Last week, crude oil inventories increased by 5.7 million barrels, 3 million barrels less than the market forecast, and oil prices still rose.

Perhaps investors believe that since Saudi Arabian National Oil Company has started to raise the official selling price of crude oil, it shows that the oil price may rise further. New york oil futures closed at $40.9 a barrel.

The remarks of Fed officials rekindled the market risk aversion, the dollar continued to weaken, and investors hoped that central banks would have more easing policies. The price of gold broke through resistance yesterday, reaching a maximum of 1818 dollars per ounce.

Gold price broke the new high in November 2011 and closed at $1,808 per ounce.

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