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Stocks fell sharply as markets reacted to President Trump's expected nomination of Kevin Warsh as the new Federal Reserve chair. The S&P 500 futures dropped 0.4%, and Asian shares also declined, led by a 2.1% fall in Chinese companies listed in Hong Kong. The U.S. dollar strengthened, while precious metals and oil prices fell. Warsh, seen as favoring lower interest rates but cautious on monetary stimulus, has increased the implied probability of his nomination to 92%.

- U.S. President Donald Trump is expected to announce Kevin Warsh as the new Federal Reserve chair, causing market fluctuations.  
- Stocks fell, with the MSCI Asia-Pacific index dropping 1.3%, while S&P 500 futures and precious metals also experienced declines following this speculation.  
- The U.S. dollar strengthened 0.3%, and bond yields rose, indicating market reactions to the anticipated changes in monetary policy under Warsh’s potential leadership.

Reuters

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SPDR S&P 500

iShares Core S&P 500

GLOBAL MARKETS-Stocks tumble on bets Kevin Warsh is Trump's Fed pick

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The Hong Kong dollar exchange rate was slightly weak this morning (January 30), with a high and low of 7.8042/7.8094, and the current spot price is 7.8060. The bank system surplus is expected to be HKD 53.835 billion next Tuesday (February 3)

AASTOCKS

Hang Seng Index

"Capital" spot US dollar telegram 7.8060

The three major indices showed mixed results, with Microsoft's AI spending sparking concerns, causing its stock price to plummet by 10%, marking the largest single-day drop since 2020; Bitcoin fell by 6%, and Ethereum dropped over 7%, falling below $2800

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Breakfast | The three major indices showed mixed results, Microsoft’s AI spending sparked concerns, and its stock price plummeted by 10%

Today's important economic data and events include: 07:30 Japan's December unemployment rate and Tokyo CPI, 07:50 Japan's retail sales and industrial output, 14:30 France's Q4 GDP, 16:30 Hong Kong's Q4 GDP, 16:55 Germany's January unemployment figures, 18:00 Eurozone's Q4 GDP, 21:00 Germany's January CPI, and 21:30 the US's December PPI and Canada's November GDP. In addition, Chevron and Exxon Mobil will release their earnings reports, China's PMI data will be announced on Saturday, and OPEC+ will hold a meeting on Sunday

Direxion Daily Energy Bull 2X

Global X MLP

Invesco DB Multi Sector Comm TR Oil Fd ETF

Exxon Mobil

United States Oil Fund LP

Chevron

SPDR O&G Equip

Direxion Daily XOM Bull 2X Shares

SPDR O&G Ex & Prd

SPDR Energy Select

iShares US Oil Equip & Svcs

Alerian MLP

VanEck Oil Services ETF

iShares US Oil & Gas Expl & Prod

VG Energy

VanEck Oil Refiners ETF

ISHRS S&P Glb Engy

Reminder: Please pay close attention to the following (all times are in Beijing time)

Hong Kong Chief Executive John Lee stated at the award ceremony for the selection of ten major initiatives in governance for 2025 that Hong Kong has steadily progressed over the past year, firmly safeguarding national security and the rule of law, promoting economic development, and enhancing international competitiveness. The Kai Tak Sports Park successfully hosted multiple events, becoming a new economic engine. The government has simplified administrative procedures, accelerated the development of the Northern Metropolis, and the Hong Kong-Shenzhen Innovation and Technology Cooperation Zone in the Lok Ma Chau Loop is about to open. John Lee emphasized the importance of unity and compassion, calling for continued progress in the new year

John Lee: Hong Kong steadily moved towards prosperity last year, fully committed to boosting the economy and accelerating development in the northern region

The Director of the Development Bureau, Ning Hanhao, stated that the government will further review the scope and intensity of the amendments to the Building Ordinance to enhance the supervision of building maintenance projects and the regulation of professionals and contractors. The relevant amendments are expected to be introduced later this year. In addition, the government is also considering cost control and will implement measures such as streamlining approvals, reviewing standards, and enhancing the application of innovative technologies

Ning Hanhao: Further reviewing the scope and intensity of the Building Ordinance amendment, expected to be released later this year

The Central Plains Valuation Index (CVI) latest reported at 79.72 points, down 1.75 points week-on-week, ending two consecutive weeks of increase. Despite the ideal situation of new property sales after the holiday, the overall market atmosphere remains hot, with banks actively offering mortgage discounts. The CVI has been above 60 points for 17 consecutive weeks, reflecting a positive valuation attitude from banks, indicating a favorable trend in property prices. Looking ahead, the CVI is expected to stabilize around 80 points in the first quarter

In the "Hong Kong Property" report, the Centaline Valuation Index (CVI) (major banks) fell to 79.72 points weekly

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The Asia-Pacific stock markets showed mixed performance, with the Taiwan stock market, South Korean stocks, and Singapore stocks reaching new highs, while the Indonesian stock market fell sharply for two consecutive days. The Federal Reserve kept interest rates unchanged, the US dollar index fell to a nearly four-year low, and international gold prices hit a record high. After reaching a new high in the morning session, the Taiwan stock market retreated, while the Hang Seng Index rose to a four-and-a-half-year high. SK Hynix's net profit in the fourth quarter surged by 90%, but its ETF experienced significant volatility. The Indian stock market also saw a decline

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"Asian Stocks" Mixed Performance in Asia-Pacific Stock Markets, Taiwan, South Korea, and Singapore Stocks Continue to Hit New Highs, SK Hynix Shows Improvement After Earnings, Indonesian Stock Market Drops 6%

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Quam Plus International Financial Limited served as a Gold Sponsor at the "3rd Hong Kong Capital Markets Forum 2026" held at the Grand Hyatt Hong Kong. The event, attended by key figures including Dr. Kenneth Lam and Financial Secretary Paul Chan, focused on strengthening Hong Kong's economic momentum amid global changes. Discussions centered on digital asset development and capital market reforms. Quam Plus aims to collaborate with stakeholders to enhance Hong Kong's financial future, leveraging its comprehensive financial services platform.

Asian Corporate Newswire

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Quam Plus Financial Proudly Serves as Gold Sponsor

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The Hong Kong Institute of Certified Public Accountants expects the government deficit for the fiscal year 2025 to 2026 to decrease to approximately HKD 1.4 billion, with fiscal reserves around HKD 652.9 billion, sufficient to support 10 months of expenditure. Due to increased revenue from stock market stamp duties and improved investment returns, it is anticipated that the operating accounts will record a surplus. The Institute recommends implementing a 100% reduction in salaries tax and profits tax, up to a maximum of HKD 5,000, in the new fiscal budget, and increasing the stamp duty on rental properties to encourage home purchases

CSOP HSI ETF

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The Institute of Certified Public Accountants expects the fiscal deficit for this year to decrease to 1.4 billion

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After experiencing six consecutive rises, Hong Kong stocks opened lower, with the Hang Seng Index opening down 199 points at 27,627 points, the National Index down 60 points, and the Hang Seng Tech Index down 46 points. Sands China opened down 5% due to its fourth-quarter net income growth falling short of expectations. Galaxy Entertainment opened down 1.4%, while New Oriental opened up 1% and raised its full-year forecast. Gold prices approached $5,600, and silver prices reached new highs, with related stocks generally opening higher. The U.S. Treasury Secretary reiterated a strong dollar policy, leading to declines in several real estate stocks

SANDS CHINA LTD

"Hong Kong Stocks" Hang Seng Index opened lower by 199 points, Sands China fell by 5%

The Director of the Development Bureau, Ning Hanhao, stated that the government is reviewing the Buildings Ordinance and plans to upgrade large building maintenance projects to Class 1 minor works in response to the Tai Po fire incident. In the future, owners will need to hire third-party professionals for supervision and submit detailed project plans. The Buildings Department will strengthen random inspections and enforcement to ensure that projects are carried out in accordance with regulations. At the same time, the Urban Renewal Authority will optimize bidding services to ensure that consultants and contractors meet stricter standards and provide bidding recommendations. The Fire Services Department is also enhancing the fire safety standards of older buildings

Ning Hanhao: The government is reviewing the Building Ordinance and plans to upgrade major repairs to Class 1 minor works

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Since the beginning of this year, nearly a hundred companies have submitted IPO applications to the Hong Kong Stock Exchange. On January 26, a single day saw 13 companies submitting applications. As of the 28th, 96 companies have submitted applications to the main board of the Hong Kong Stock Exchange this month, 2 companies have submitted applications to the GEM, and nearly 20 companies are resubmitting applications for the second or multiple times. In comparison, only 36 companies submitted applications in January 2025

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Hong Kong Exchanges and Clearing (HKEX)

Since the beginning of the year, nearly a hundred companies have rushed to IPO on the Hong Kong stock market, with many companies already listed on the A-share market, creating a wave of "A+H" listings

The Asian Financial Forum (AFF) concluded its 19th edition in Hong Kong, attracting over 4,000 global business leaders and officials. The event featured discussions on finance, innovation, and economic growth, with keynotes from prominent speakers. The summit emphasized Hong Kong's role as a strategic partner for businesses and highlighted opportunities for Chinese enterprises to expand globally. The AFF also initiated the International Financial Week, showcasing various financial topics and attracting significant investment interest.

Newsfile Corp.

Asian Financial Forum Concludes Successfully in Hong Kong, Gathering over 4,000 Global Business Leaders and Officials

Trump threatens Iran, demanding it return to the negotiating table, while a fleet is heading towards Iran. China plans to deepen resource coordination by 2026. UK Prime Minister Starmer visits China, with accompanying companies including AstraZeneca. The trilateral talks between Russia, the US, and Ukraine will continue on February 1. Demand for Japan's 40-year government bond auction hits a 10-month high. Indonesia's stock market plummets by 8%. ASML's Q4 performance exceeds expectations, with orders doubling, and its stock price rises nearly 7% in pre-market trading. SK Hynix's Q4 operating profit doubles, driven by strong AI memory demand. GE Vernova's Q4 revenue exceeds expectations, with backlog orders reaching $150 billion. Tether hoards 140 tons of gold, becoming the world's largest private gold vault. A new round of decline for the US dollar begins

MaxWealth CSI Hong Kong Connect China Central-SOEs High Dividend Yield ETF(159266.SZ)

GLOBAL MARKETS-Stocks tumble on bets Kevin Warsh is Trump's Fed pick

"Capital" spot US dollar telegram 7.8060

Breakfast | The three major indices showed mixed results, Microsoft’s AI spending sparked concerns, and its stock price plummeted by 10%

Reminder: Please pay close attention to the following (all times are in Beijing time)

John Lee: Hong Kong steadily moved towards prosperity last year, fully committed to boosting the economy and accelerating development in the northern region