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Today’s Key News Recap

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Dolphin focuses on: 🐬 Macro/Industry 1. Today, both Hong Kong and A-shares were collectively booming, with the Shanghai Composite Index recovering above 3300 points and the Hang Seng Index rising over 2.3%. The market is buzzing with &#34;short essays,&#34; mainly focusing on: 1) Two major meetings in December, with rumors suggesting one may be held earlier, as the market speculates on expectations for economic stimulus; 2) It is rumored that the December economic meeting will expand the deficit ratio to 4.5. However, currently, there is no clear evidence supporting these messages, and the direction of sentiment remains difficult to determine...

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Direxion FTSE China Bull 3X

Direxion FTSE China Bear 3X

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Hong Kong, A accelerates explosion! What happened? | Today's important news review

Hang Seng Index Night Futures Close at 25558 on May 19, Down 0.21%

Latest Bull and Bear Warrant Street Inventory Distribution of Hang Seng Index

HANG SENG Index Futures Open Higher in Day Session

HSI Futures Open Down 0.69% at 25,743 Points

HANG SENG NIGHT INDEX QUOTE DROPS, VOLUME CHANGES

HK50 Futures Night Session Rises 2.77% to 25016.96

HengSeng Index Futures Night Session Closes Down 1.91% at 25,478.56

Hang Seng Index Futures Close Up 0.60% at 25,904.80

Hang Seng Index Futures Up 176 Points in Night Session

Hang Seng Index Futures Closed on February 25th

HSI Night Index Futures Price Fell

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Poll: Fed to cut fed funds rate at least once this year, said 48 of 101 economists (71 of 103 in April poll)

Unusual Whales

Poll: Fed to cut fed funds rate at least once this year, said 48 of 101 economists (71 of 103 in April poll)

Kevin Warsh has been confirmed as the new chairman of the US Federal Reserve. While he asserts commitment to the Fed's independence, concerns arise about potential government influence. Warsh has criticized the Fed's interest rate strategies, reflecting some of President Trump's views, which may impact bond investors.

Businesstimes News

What bond investors should know about a Warsh-led Federal Reserve

NY Fed's Perli: Future Fed reserve management bill buying driven by market conditions.

NY Fed's Perli: Future Fed reserve management bill buying driven by market conditions.

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The IMF praised Hong Kong's economic resilience but warned of risks from geopolitical tensions, forecasting GDP growth to slow to 2.4% this year. It urged financial reforms, including a goods and services tax, to stabilize public revenue. The report highlighted ongoing economic slack and challenges in the commercial real estate market. Financial Secretary Paul Chan noted the government's efforts to stabilize the market and projected increasing surpluses in the operating account over the next five years, emphasizing a positive growth outlook driven by global demand for AI-related electronics.

- The International Monetary Fund (IMF) praised Hong Kong's economic resilience, noting ongoing recovery despite not reaching pre-pandemic levels, while warning of risks from escalating geopolitical tensions.  
- The IMF urged mid-term fiscal reforms, including the introduction of a goods and services tax, to stabilize public revenues, predicting GDP growth to slow from 3.5% in 2025 to 2.4% this year due to weak external demand.  
- The report indicates that private investment hasn't fully recovered and highlights the mixed performance in commercial real estate, projecting a moderate economic growth outlook while emphasizing the need for broader revenue reforms.

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IMF lauds resilient Hong Kong economy, but warns of risks linked to Mideast war

On the afternoon of May 18th, the Hong Kong stock market continued its weak downward trend, with the Hang Seng Technology Index plunging over 2%. Pressured by both geopolitical tensions and soaring U.S. Treasury yields, technology heavyweights, automotive, and semiconductor sectors generally faced sharp declines, with Li Auto dropping nearly 14% and SMIC falling over 3%. On the other hand, the logic of high industrial prosperity continued to ferment, with optical fiber and cable and AI concept stocks rising against the trend; additionally, some small-cap stocks experienced significant fluctuations, with Jin Hui Holdings soaring over 55%

Market Pulse

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Meituan HK SDR 5to1

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SMIC HK SDR 5to1

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

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Montage Technology

Samsung Electronics Co., Ltd. Sponsored GDR

HSBC 5xShortSG241213

HSBC Holdings Plc

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AIA Group

Xiaomi Corporation

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Xiaomi HK SDR 2to1

Hong Kong stocks intraday | The three major indices continue to decline, the Hang Seng Tech drops over 2%, automotive and semiconductor sectors fall together, while AI concepts remain active against the trend

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Treasury yields have surged to multi-year highs, with the 30-year yield exceeding 5.1% and the 10-year at 4.6%, driven by inflation concerns. Futures markets indicate a strong likelihood of a Fed rate hike by early 2027, potentially as soon as December. These higher yields could increase mortgage and corporate borrowing costs, negatively impact stocks, and slow economic growth.

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Bond yields hit highs as Fed hike bets surge

One result of the massive monetary expansion was an upsurge in inflation, to a peak of over 9% in 2022—which the Fed infamously termed “transitory.”

Grading Powell’s Fed: Good for stocks, bad for affordability

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The Hong Kong economy grew by 5.9% year-on-year in Q1 2026, driven by strong external trade and domestic demand. Total exports rose by 23.7%, while private consumption and investment expenditures increased by 4.9% and 17.7%, respectively. The unemployment rate decreased to 3.7%. The Hang Seng Index reached a four-and-a-half-year high before correcting, but has since recovered. The residential property market also showed strength with rising prices and rentals.

- The Hong Kong government released the Q1 2026 economic report, showing a GDP growth of 5.9% year-on-year, up from 4% in the previous quarter.  
- Strong external trade and a rebound in domestic demand contributed to a significant increase in exports, especially for AI-related products, as well as a rise in private consumption and investment.  
- The labor market improved slightly, with the unemployment rate decreasing to 3.7%, and the housing market continued to strengthen with rising prices and rents.

AASTOCKS News

China Southern Hang Seng ETF

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Govt: HK 1Q Econ Growth at 5.9%; Full-yr Growth Forecast Kept at 2.5-3.5%

The Hong Kong Tourism Board reported that preliminary visitor arrivals in April reached 4.22 million, a 10% increase year-on-year. The growth was bolstered by events like the Hong Kong International Rugby Sevens. From January to April, total arrivals were approximately 18.52 million, up 15% YoY, with Mainland China visitors at 14.18 million and non-Mainland visitors at 4.34 million, increasing by 18% and 8% YoY respectively.

- The Hong Kong Tourism Board reported that approximately 4.22 million visitors arrived in Hong Kong in April, marking a 10% year-on-year increase.  
- The Hong Kong Sevens, held in early April, contributed to a continued growth trend in visitor arrivals.  
- From January to April, total visitor arrivals reached about 18.52 million, a 15% increase from the previous year, with 14.18 million from mainland China and 4.34 million from non-mainland visitors.

HKTB: Apr Preliminary Visitor Arrivals to Hong Kong Up 10% YoY to 4.22 Million; 1-4M Up 15%

《HIBOR》Overnight HIBOR Down to 2.42%, Sinking for 5 Days

FI2 CSOP HSI(07500.HK)

Poll: Fed to cut fed funds rate at least once this year, said 48 of 101 economists (71 of 103 in April poll)

What bond investors should know about a Warsh-led Federal Reserve

NY Fed's Perli: Future Fed reserve management bill buying driven by market conditions.

IMF lauds resilient Hong Kong economy, but warns of risks linked to Mideast war

Hong Kong stocks intraday | The three major indices continue to decline, the Hang Seng Tech drops over 2%, automotive and semiconductor sectors fall together, while AI concepts remain active against the trend

Bond yields hit highs as Fed hike bets surge

Grading Powell’s Fed: Good for stocks, bad for affordability

Govt: HK 1Q Econ Growth at 5.9%; Full-yr Growth Forecast Kept at 2.5-3.5%

HKTB: Apr Preliminary Visitor Arrivals to Hong Kong Up 10% YoY to 4.22 Million; 1-4M Up 15%

《HIBOR》Overnight HIBOR Down to 2.42%, Sinking for 5 Days