Hang Seng Index extends losses to over 200 points, falling below 17,400. HKEX, Meituan, CSCI, and JD Health drop more than 2%-5%.

The New York crude oil continued to rise by more than 3% last night to a more than one-year high. In addition, Neel Kashkari, the President of the Minneapolis Federal Reserve, indicated that there is a 40% chance that the Federal Reserve will need to raise interest rates significantly to achieve its inflation target. The yield on the US 10-year Treasury bond rose to 4.642 basis points, reaching a 16-year high, and the US dollar index reached 106.84. The Dow Jones Industrial Average fluctuated by more than 300 points last night, reaching a nearly four-month low before stabilizing, and closed down only 0.2%. The development of individual Asian stock markets today is mixed, with gains and losses of less than 1%, except for the Hong Kong stock market. On the eve of the "Golden Week" long holiday, the Shanghai Composite Index and the Shenzhen Component Index continued their rebound momentum from yesterday. This morning, they further rose to 3,121 and 10,155 respectively, but encountered resistance. They are currently reported at 3,111 and 10,092, with a continued increase of 0.1% and a decrease of 0.1% respectively. On the expiration day of the futures contract, the Hang Seng Index rebounded by 0.8% from a nearly ten-month low yesterday, but opened lower this morning, down 24 points or 0.1% to 17,587. It briefly rose by 15 points to a high of 17,627, but failed to sustain the momentum and fell to a low of 17,380. It is currently reported at 17,390, a decrease of 221 points or 1.1%, with a total turnover of 36.8 billion yuan. In addition, the Hang Seng Tech Index and the Hang Seng China Enterprises Index are reported at 3,773 and 5,999, with a decrease of 1.6% and 1.2% respectively. Blue-chip stocks are generally declining, especially JD Health (06618.HK), which fell by 5.5% to HKD 37.05; Alibaba Health (00241.HK) fell by 3.7% to HKD 4.41. New economy stocks, such as Meituan (03690.HK) and NetEase (09999.HK), face the greatest selling pressure, with their stock prices falling by 3.3% and 3% respectively, to HKD 110.9 and HKD 150.6. Tencent (00700.HK), Alibaba (09988.HK), and JD.com (09618.HK) all fell by more than 1%, with the former hitting a new low for the year at HKD 296.4. Domestic demand stocks such as Mengniu (02319.HK), Tsingtao Brewery (00291.HK), Budweiser APAC (01876.HK), Sands China (01928.HK), and Galaxy Entertainment (00027.HK) also fell by more than 2%-4%. Blue-chip property and property management stocks, such as Longfor (00960.HK) and Country Garden Services (06098.HK), face greater selling pressure, with their stock prices falling by more than 2%. However, Morgan Stanley believes that Hong Kong property stocks are undervalued, and coupled with the "alleged" news that Financial Secretary Paul Chan Mo-po may relax the cooling measures due to the different current situation in the property market compared to when the measures were introduced. Traditional property stocks are generally rising, especially New World Development (00016.HK) and Henderson Land Development (00101.HK), which have also risen by more than 1%. Financial stocks are under pressure, with Hong Kong Exchanges and Clearing (00388.HK) seeing the greatest selling pressure, with its stock price falling by more than 2% to HKD 283.8; AIA Group (01299.HK) and Ping An Insurance (02318.HK) also fell by about 1.5%, to HKD 63.05 and HKD 44.25 respectively. Export stocks, such as AAC Technologies (00669.HK), fell by more than 4% to HKD 73.9; but Shenzhou International (02313.HK) continued to rebound by nearly 2.5% to HKD 69.65. In addition, Orient Overseas (00316.HK) also rose by 1.7% to HKD 104.9. Hello,

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