November 30 Market Updates

Today is November 30th. The US GDP for the third quarter exceeded expectations and was revised up to 5.2%, but the PCE price index cooled down. The Fed's Beige Book confirms that the economy and prices are slowing simultaneously. The speeches of many Fed officials have deepened the market's expectations for a soft landing in the economy and interest rate cuts in the first half of next year. Although the NASDAQ rose 1% in the intraday period, the S&P Index eventually turned down. The US stock index has hovered at a high level of about four months, and November is expected to usher in its biggest increase in a year. Before Cybertruck was delivered, Tesla's stock price turned down 1%, while chip stocks rose. In terms of US stocks, the Dow Jones index rose 0.04%, the S&P 500 index fell 0.09%, and the Nasdaq index fell 0.16%.

Short-term US bond yields fell again. Two-year US bond yields fell by more than 10 basis points for two consecutive days, while 10-year yields fell below 4.3% for the first time since September. The US dollar began to rise and broke away from its lowest level in three and a half months, but it will experience its biggest monthly decline in a year. According to some media, OPEC+ is considering cutting production by 1 million b/d again. This caused oil prices to rise by about 2% for two consecutive days, reaching a new high of nearly two weeks.

In terms of the Chinese market, during the US stock market, the China Comm Index fell by more than 1%. Pinduoduo's market value once surpassed Alibaba. Station B fell 11%, Meituan ADR fell 6.7%, and the offshore renminbi once climbed to 7.11, the highest level in nearly four months, but then declined. The Beijing Stock Exchange 50 fell by more than 7%. Among Hong Kong stocks, Meituan fell by more than 12%. The A-share Ningde era hit a new low in more than two years, and auto stocks generally declined. Furthermore, Alibaba founder Jack Ma made a rare speech on Alibaba's intranet, stating that he is convinced that Alibaba will change.

In terms of A-shares, the Shanghai Index closed at 3021.69 points, down 0.56%; the Shenzhen Index closed at 9744.39 points, down 0.91%; and the GEM Index closed at 1917.90 points, down 1.06%.

China's official manufacturing PMI for November was 49.4, lower than the previous value of 49.5; the non-manufacturing PMI was 50.2, lower than the previous value of 50.6. Affected by factors such as the entry of some manufacturing industries into the traditional low season and insufficient market demand, the manufacturing PMI was slightly lower than last month's level, falling 0.1 percentage points.

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Welcome to the last sharing session of Shengcai YouDao in 2023