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Crude Oil Prices Under Pressure From Weak Chinese Demand, ANZ Bank Says
China Lowers Petroleum Prices in Line With Decline in Global Prices
Northbound funds trend: Northbound funds sold a net of 4.66 billion yuan worth of Hong Kong stocks, with domestic investors selling over 2.1 billion yuan worth of Hong Kong Tracker Fund (02800).
On July 25th, the Hong Kong stock market saw net sales of 4.66 billion Hong Kong dollars from Northbound trading, with a net sell of 1.838 billion Hong Kong dollars from the Shanghai-Hong Kong Stock Connect and a net sell of 2.823 billion Hong Kong dollars from the Shenzhen-Hong Kong Stock Connect.
Mainland China lowered the price of refined oil early this morning.
According to recent changes in international oil prices, the National Development and Reform Commission stated that in accordance with the current mechanism for determining refined oil prices, the prices of gasoline and diesel (standard) will be reduced by RMB 145 and RMB 140 per ton respectively, starting at midnight. China National Petroleum Corporation, Sinopec, CNOOC and other crude oil processing enterprises must organize production and transportation of refined oil to ensure stable market supply and strictly implement national price policies. Relevant departments in various regions should increase market supervision and inspection efforts, severely investigate and deal with acts that do not implement national price policies, and maintain normal market order.
Hang Seng Index fell by 306 points, Meituan dropped more than 5%, and resource and energy stocks were weak.
The USD/JPY exchange rate fell to the edge of 152, triggering a global stock market decline due to arbitrage trading and unwinding. As for the Hong Kong stock market, the Hang Seng Index opened low by 50 points and the decline expanded. It fell to 16,964 points after a drop of 346 points, and closed at 17,004 points, a decrease of 306 points or 1.8% for the whole day. The national index fell 125 points or 2.1%, closing at 6,016 points. The Hang Seng Tech Index fell 69 points or 2%, closing at 3,421 points. The total turnover of the market for the day was HKD 105.734 billion, with a net outflow of RMB 0.36 billion and 1.64 billion in the southbound trading under the Shanghai and Shenzhen-Hong Kong Stock Connect. The chip equipment manufacturer ASMPT (00522.HK) fell after its performance announcement yesterday.
Hang Seng Index fell below 17,000 in the afternoon, hitting a three-month low, while Meituan declined more than 6%. Local stocks outperformed Evergrande and reached a nearly two-year high in energy.
Dragged down by heavyweight technology stocks such as 'Amazing Seven Heroes', the three major stock indices in the US fell significantly on the night of the 24th; the VIX index, which reflects the market panic, surged 22.6%. Stimulated by the increase in global arbitrage trade liquidation, the yen continued to rise to a two-and-a-half-month high, rising 1% at its highest to 152.22 against the US dollar. Safe-haven sentiment has risen sharply, and major stock markets in the Asia-Pacific region fell across the board today (25th), with the Nikkei index closing down 1,285 points or 3.3%. Following the decline in the past two days, the Hong Kong stock market fell below the 17,000 mark in the afternoon, dropping 335 points at its lowest to a three-month low of 16,975, and is currently reporting 17,010, continuing its decline by 300.
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