HKEX Q3 Report: Launches First ETF Investing in Both Bitcoin and Gold Futures, Net Profit Unexpectedly Declines

Odaily reports: US tech stocks suffered a fierce sell-off overnight. The Nasdaq Composite Index (IXIC) plunged more than 5% on Thursday, closing more than 11% below the all-time high set last month, officially entering technical correction territory. Historical data shows that in the short term after a correction, the market may continue to come under pressure, but in most cases, the Nasdaq is subsequently able to gradually resume its upward momentum.Over the past decade, the Nasdaq has experienced 10 similar corrections. In the pullbacks of 2025, 2022, 2020, and 2018, further selling occurred within one month after the correction. However, except for 2022, the Nasdaq re-entered an upward phase six months later in all of these periods.In terms of overall performance, the Nasdaq rose an average of 9.41% within three months after hitting a correction low, and an average of 17.03% within six months. January 2022 was a clear exception: the Nasdaq fell a further 18.3% within six months after the correction, with a cumulative decline of 24.3% after one year.

Odaily reports: According to Gate data, the Nikkei 225 Index closed on November 6 (Friday) down 3,666.99 points, a drop of 6.00%, at 57,410.91 points; the index has fallen more than 20% from its June closing peak, confirming entry into a technical bear market.South Korea's KOSPI Index closed down 324.15 points, a drop of 6.02%, at 5,059.65 points; the index fell more than 8% in early trading and briefly lost the 5,000-point mark, triggering a circuit breaker for the 11th time this year. The South Korean government subsequently held an emergency meeting to review market conditions, and the decline in Korean stocks narrowed somewhat. South Korea's KOSDAQ closed down 5%; SK Hynix fell more than 10%, and Samsung Electronics fell 6.35%.

Odaily reports: At 9:30 PM Beijing time on Friday, the United States will release its October nonfarm payrolls data. With recent pullbacks in major tech stocks such as Nvidia (NVDA.O) and rising risk-aversion sentiment in the market, investors are turning their full attention to this report. As a key indicator for gauging economic momentum, this month's data is expected to display the typical characteristics of "weak gains but a stable overall picture."Based on consensus expectations from major market institutions, October nonfarm payrolls are projected to increase by approximately 59,000 to 65,000. Although this marks a slight rebound from the preliminary September reading of 29,000, it remains at a notably low level rarely seen in recent years.

Odaily reports: The Democratic Party's clear victory in the elections has led the market to expect that the US may strengthen regulation of the artificial intelligence (AI) industry and data center construction. However, Michael Krautwurst, economist and portfolio manager at ICM Investment Bank, said in a report that the likelihood of a genuine shift in the direction of US AI policy appears low, and therefore hyperscalers are expected to stick with their existing investment plans for the time being.Krautwurst noted that hyperscalers are a significant source of long-dated bond supply. Driven by this issuance trend, US tech giants have become a distinct issuer group in the investment-grade bond market over the past two years. For this group, the traditional market correlation between credit ratings and bond spreads applies only to a limited extent. (Sina Finance)

Odaily Report: The Federal Reserve last week kept the federal funds rate target range unchanged at 3.75%-4.00%, while acknowledging that inflation remains elevated. The market currently widely expects that the Fed may further raise rates in December.Investment analyst Michael Kramer believes that if the October employment report is broadly in line with expectations and the unemployment rate does not rise significantly, the market's assessment of the Fed's policy path may not change materially. However, if job growth significantly exceeds forecasts, the unemployment rate declines, and wage growth remains strong at the same time, investors may begin to reassess how many more rate hikes the Fed needs and whether the current market judgment on the end point of the rate hike cycle is sufficient.MarketWatch statistics show that since January 2025, nonfarm payroll data have exceeded market expectations 11 times and fallen below expectations 10 times, with the average deviation between actual data and forecasts reaching tens of thousands of jobs.

Odaily: Institutional forecasts for US October nonfarm payrolls (seasonally adjusted) are as follows:1. ABN AMRO: +35K; Jefferies: +40K; Mizuho Securities: +40K; TD Securities: +40K; Spartan Securities: +48K;2. High Frequency Economics: +49K; Barclays: +50K; Julius Baer: +50K; Moody's: +50K; U.S. Bancorp: +50K;3. Deutsche Bank: +55K; Monex: +55K; Montreal: +60K; Commerzbank: +60K; HSBC Holdings: +60K;4. Morgan Stanley: +60K; Stifel: +60K; Sumitomo Mitsui: +63K; Citigroup: +65K; DekaBank: +65K;5. UBS Group: +65K; Wells Fargo: +65K; ANZ: +70K; Berenberg: +70K; Capital Economics: +70K;6. BNP Paribas: +70K; Danske Bank: +70K; BofA Securities: +75K; Fifth Third Bank: +75K; JPMorgan: +75K;7. Goldman Sachs: +75K; Societe Generale: +75K; ING: +75K; Nomura Securities: +80K; National Bank of Canada: +90K;8. Standard Chartered: +90K; DBS Bank: +100K; Pantheon Macroeconomics: +100K; Scotiabank: +100K; [Reuters expectation: +65K]