Focus on Sino-US trade negotiations

The US Department of Labor announced the employment report for September, and the unemployment rate fell 0.2 percentage points to 3.5%, the lowest since December 1969

There were 136,000 new jobs in non-agriculture, which was slightly lower than the market expectations of 150,000, which was the slowest growth rate in four months. The wage growth was also inferior. The year-on-year growth was down from 2.9% in the previous month to 2.9%; it was flat on a monthly basis, up from 0.4% in the previous month.

According to the latest interest rate futures, the US cut interest rate by 0.25% in October to 73.2%

Chicago Fed President Evans said that he is “very open" to further interest rate cuts because US companies are affected by the tension between Sino-US trade wars, other political risks include the UK or a disorderly Brexit, and Germany. The economic growth of other countries is weak.

Focus on Sino-US trade negotiations will be held in Washington, DC, October 10-11 (Thursday and Friday). In addition, the U.S. Congress’s impeachment investigation of President Trump, the Hong Kong policy address and the Fourth Plenary Session of the Mainland are also the focus. Among them, the Fourth Plenary Session of the 19th Central Committee was held in Beijing to lay the work for the next five years. The meeting set the main agenda: including the report of the Political Bureau of the CPC Central Committee to the Central Committee, and the study of several major issues of upholding and improving the socialist system with Chinese characteristics and advancing the modernization of the national governance system and governance capacity.

On the other hand, China’s financial services PMI fell to 51.3 in September, a seven-month low, compared with the expected 52, August to 52.1. In September, China’s economy showed a clear marginal improvement, domestic demand accelerated expansion, employment improved. Caixin economists said that due to exchange rate fluctuations, rising labor and raw material costs, cost pressures have increased, which has suppressed corporate confidence. However, due to the impact of pre-production capacity and destocking, the company’s production capacity constraints have become prominent, and the backlog has increased significantly, which will help the recovery of corporate investment. After the rapid downturn in the early stage, the Chinese economy has gradually stabilized its foundation.

In terms of individual stocks, the Hong Kong Stock Exchange (388) decided to abandon the Stock Exchange

The announcement stressed that the board still believes that the merger of the Stock Exchange and the Hong Kong Stock Exchange is of strategic importance and will create a world-leading market infrastructure group. Despite having contacted a large number of regulators and a large number of shareholders, the HKEx Board of Directors was disappointed that it failed to persuade the management of the Exchange to agree with this vision. For the best interests of HKEx shareholders, the Board of Directors of the Hong Kong Stock Exchange decided not to continue this offer.

The Hong Kong Stock Exchange was first released on September 11th, with the proposal to acquire the London Stock Exchange for £29.6 billion. According to the UK Acquisition and Merger Code, the HKEx must make a formal offer within 28 days, that is, at the latest on October 9. Otherwise, the acquisition transaction will be blown, and the purchase party can no longer make an offer within 6 months. Analysis of the Hong Kong Stock Exchange’s abandonment of the Stock Exchange will remove uncertainties and bring support to the Hong Kong stock exchange’s stock price at a low level. However, Hong Kong stocks have weakly traded recently, or limit the stock price to rebound. The short-term stock price will be 220-250 yuan. The range is up and down.

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