Zhongxin Jingwei Client, March 10th. On the 10th, affected by news from all parties, the three major A-share indexes opened lower, the Shanghai Index fell 0.83%, the petrochemical and gold sectors fell ahead, and masks and Tesla concept stocks pulled back.
Mask stocks opened at the beginning of the tide of the limit, search Yute, Daun shares, Pulit, Golden Sun, Water shares and more than 10 stocks fell. On the news, the State General Administration of Market Supervision sent a letter to 8 provinces and cities to launch a special investigation on the price of meltblown cloth.
The performance of major A-share indexes opened on Tuesday Source: Wind
Outside markets encounter "Black Monday"
Saudi Arabia ’s reduction in export oil prices and a sharp increase in output have triggered an “oil price war”. Combined with factors such as demand concerns caused by the new crown epidemic, the international oil price opened a rare decline on the 9th. The main international oil price contract fell by more than 30% and triggered major global The risk assets have retreated sharply.
In terms of commodities, according to Wind, NYMEX crude oil futures closed down 26.74% to 30.24 US dollars / barrel, the lowest since February 2016. Brent crude futures fell 26.24% to 33.39 US dollars / barrel, both creating the largest one-day drop since the 1991 Gulf War.
In contrast, COMEX gold futures closed up 0.49% and closed above $ 1,680, continuing to set a new closing high for more than seven years.
On the 9th, European stock markets fell sharply. The German DAX index, the French CAC40 index, and the British FTSE 100 index all fell back by more than 20% compared to their recent highs, all falling into a "technical bear market."
It needs to be mentioned that the multinational stock index triggered a fuse on the 9th. Shortly after the opening of the US stock market yesterday (9th), the fuse mechanism was triggered to shock the global financial market. This is the second time that the US stock market has blown. On October 27, 1997, the Dow plunged 7.18%, the largest decline since 1915.
U.S. stocks closed sharply overnight, with the Dow down 7.79% to 23851.02, a record low since January 9, 2019; the S & P 500 index fell 7.60% to 2,746.56, a record low in nearly nine months; the Nasdaq fell 7.29 % At 7950.68 points, a record low in five months.
US President Trump tweeted that Saudi Arabia and Russia are arguing over oil prices and production, and disputes and fake news have caused the market to plummet.
In addition, the Sao Paulo stock market in Brazil fell sharply after the opening on the 9th, and the Bovispa index fell 10.02% within half an hour, triggering a fusing mechanism. In the stock markets of the Middle East countries that opened earlier in the day, the Kuwaiti stock index also triggered a fuse, and it triggered a fuse for the second consecutive trading day.
In the Asia-Pacific market, the market opened on the 10th, and Japanese stocks once fell more than 4% and fell below 19,000 points. As of press time, the Nikkei 225 index narrowed its decline to 0.24%; the South Korean Composite Index rose, rising slightly by 0.61%; Hong Kong's Hang Seng Index rose 0.98%, the real estate stocks led the gains, Country Garden rose 4.88%, oil stocks rebounded, CNOOC rose 3 %.
Will A shares become a "safe haven"?
Regarding the recent decline in the U.S. peak and a cliff-like decline, Yang Delong, chief economist of Qianhai Open Source Fund, said that after a ten-year bull market, the feast of U.S. stocks will also end, accumulating a large number of profit-making disks, and driving up Some factors are quietly changing. For example, the Fed has no room to cut interest rates. Previously, the emergency rate cut was to boost market confidence, but it did not change the U.S. peaking situation, but a series of plunges.
Wen Bin, chief researcher of China Minsheng Bank, believes that the Dow fell from nearly 30,000 points to 24,000 points, a drop of about 20%, which is weaker than the 2008 financial crisis. However, in the last two or three trading days, it has fallen rapidly by 20%. This steepness is still relatively large, so a fuse has appeared.
Faced with the sudden emergence of U.S. stocks and international oil prices, the industry believes that there is no need to be too pessimistic for A shares. Yang Delong said that the impact of the US stock plunge on A shares was short-lived. In the long run, the plunge in U.S. stocks will instead help capital flow from U.S. stocks to lower-valued A-shares.
Minsheng Securities believes that this is a crisis in the United States, but not a crisis in China. The US economy has three major bubbles: stock market bubbles, corporate debt bubbles, and job market bubbles. The epidemic was only a catalyst, which triggered the bubble, followed by the bursting of the corporate debt bubble and the job market bubble.
Fortune Securities Wu Chaoming also said that from a domestic perspective, despite the short-term impact of the epidemic, the economic fundamentals are good and structural reforms are progressing smoothly. Recently, the stock market has been adjusted mainly due to the impact of overseas markets, but the mid-term and long-term positive situation of the Chinese stock market has not changed.
Zhang Yidong, chief strategy analyst of Industrial Securities also analyzed that in the medium term, Chinese assets have a safe-haven effect, and China has more advantages in terms of space and execution of stimulus policies. On the financial front, China's stock market is actively attracting long-term funds and is expected to achieve investment and financing A virtuous circle of two-way capacity expansion is conducive to a bull market. (Zhongxin Jingwei APP)
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky and you must be cautious when entering the market.)