Weekly

October 4th

Today's amplitude range

The activity of U.S. manufacturing index contracted, and the market worried about the economic downturn in the United States.

The U.S. dollar index fell to 111.6. At the same time, the yield of 10-year treasury bonds also fell to 3.6%, which enhanced the attractiveness of gold.

The price of gold appeared unilateral, and it was obvious that it would rush to the 1700 mark again in the near future and test the support of $1,678.8.

There are non-agricultural data released this week, which will affect the attitude of the Federal Reserve. Today's suggested volatility ranges from $1,690 to $1,705.

Dragged by the decline of European and American stock markets last week, Hong Kong stocks opened lower by 172 points yesterday. Coupled with the National Day holiday in the Mainland and the lack of support from Beishui, Hong Kong stocks fell by more than 300 points at most.

At one time, they fell through the 17,000 mark, which was supported by the low level. The 17,000 mark was recovered and finally closed down by 143 points or 0.83% to 17,079 points.

The whole-day turnover of the market was only 63.331 billion yuan, the lowest level this year. However, yesterday, the HKMA re-entered the market to take on about 2.355 billion Hong Kong dollars because the Hong Kong dollar fell to the weak convertibility guarantee level, in order to defend the linked exchange rate system of Hong Kong.

This shows that capital withdrawal continues and the 17,000-point barrier is still in jeopardy.

Britain's financial-related Haoting announced yesterday that it would eliminate the "tax for the rich" in its earlier tax reduction plan. Guan Haoting explained on social networking sites that the cancellation of the 45% personal income tax rate for high-income people had caused dissatisfaction among most citizens.

After listening to public opinion, he decided not to continue to implement the plan, hoping to calm down the controversy and allow the government to concentrate on the current challenging work.

After the announcement, the increase of the pound against the US dollar narrowed. The international oil price fell below 80 USD a barrel, and the supplier countries of the oil delivery group announced that they would consider reducing the daily output of 1 million barrels to support the oil price.

The oil price rebounded by more than 4%, and European energy stocks led the market to rise, with the DAX index of Germany rising by 0.76%. Paris CAC index rose by 0.55%; Britain's FTSE 100 index rose 0.22%.

In the first three quarters of this year, U.S. stocks fell by more than 25% on average, entering a bear market. The first trading day of the fourth quarter gave a good sign, with all three major Wall Street stock markets rising more than 2% to close.

Although the latest manufacturing index of the Institute of Supply Management in the United States contracted yesterday, it did not hinder the rebound of the market.

The Dow Jones index rose 2.66%, the S&P 500 index rose 2.59% and the Nasdaq Composite Index rose 2.36%.

Yesterday, the latest manufacturing index of the Institute of Supply Management was released in the United States.

Last month, the figure was 50.9, which was lower than the market expectation of 52.2, and also lower than the 52.8 in August. Affected by the epidemic situation and the political conflict between China and the United States, there was a gap in global integration, the activity of the American manufacturing index contracted, the market worried about the economic downturn of the United States, and the US dollar index fell to 111.6, which enhanced the attractiveness of gold.

There was a unilateral gold price market, which once broke through the $1,700 mark, and the growth rate was the lowest in the past two and a half years. The dollar index was sold off and closed down by 0.47% to 111.65.

The lowest price of gold dropped to $1,659.7, the highest price reached $1,701.5, and finally closed at $1,699.8, up by $38.9.

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