Weekly Market Summary

💡1. Wall Street equities close higher following sharp falls in Europe and Asia as Covid worries hit Beijing. US stocks rebounded late on Monday after concerns about new lockdowns in China and fears of a slowdown in economic growth pushed investors to search for safety. Wall Street’s benchmark S&P 500 index closed 0.6 per cent higher, having dropped as much as 1.7 per cent earlier in the day. The tech-heavy Nasdaq Composite rose 1.3 per cent as investors treated recent declines as a buying opportunity ahead of a busy week of earnings reports. Streaming group Netflix shocked investors last week by reporting it was losing subscribers for the first time in a decade, but around 80 per cent of S&P 500 companies that have reported so far beat analyst forecasts.

💡2. Ukraine conflict and corporate earnings woes sends Hong Kong stocks to worst sell-off since March 2020.The Hang Seng Index slumped 6.5 per cent this week, the most since an 8.1 per cent rout in the second week of March 2020. The benchmark fell 0.6 per cent to 22,767.18 at the close of Friday trading, while the Tech Index gained 0.8 per cent. The Shanghai Composite Index rose 0.6 per cent. More than US$209 billion of market value has been erased this week from the 64 members in the Hang Seng Index on earnings disappointment and geopolitical tensions and tightening US rate policy.

💡3. China’s zero-Covid policy has put the country’s stocks on track for their steepest monthly loss in six years, as investors and analysts warn of deeper falls to come on concerns that Beijing could miss its growth target for the first time. Souring sentiment has pushed the country’s CSI 300 stock benchmark down 10 per cent this month, with traders dumping Chinese equities in the face of harsh lockdown. The darkening outlook has prevailed in markets, with stock benchmarks in mainland China and Hong Kong down roughly 5 and 4 per cent this week, respectively. Even leading companies in strategic sectors supported by Beijing have posted double-digit losses this year, with chipmaker SMIC down 29 per cent while CATL, the world’s biggest battery maker for electric vehicles, has fallen 35 per cent.

💡4. The number of multimillionaires in Hong Kong fell last year as a challenging local investment environment undermined their wealth, according to Citibank. About 434,000 Hongkongers were estimated to have at least HK$10 million (US$1.27 million) in assets last year, down from 515,000 in 2020, the study found. This shows that the affluent in Hong Kong continue to allocate their wealth with diversified and global investment strategies, pulling themselves out of adversity while gradually shaking loose the shadow cast by the pandemic, Citibank analyst says. Bonds and mutual funds saw the biggest gain in popularity among the city’s affluent, the survey showed.

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One of the must-ask interview questions for banking and finance is: “Have you read any news recently?”, with the follow-up questions: “How would you link this news to the market and what investment suggestions would you give to your clients based on this news?”

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Showing your market sense and ability to provide feasible investment ideas would help to differentiate you from other candidates. Therefore, apart from the weekly news update / investment insights, we have also generated this Weekly Market Summary for you to have a quick understanding of the market development and tips to answer some hot discussion topics. Take a look of the summary and WhatsApp us in the group if you have questions."