港股周三继续大涨。尽管隔夜美股因特朗普叫停刺激计划谈判而大跌，港股并未受到影响。恒生指数、中国企业指数和科技指数分别上涨1.09%、0.97%和2.16%。科技和智能手机股继续上涨。苹果本月13日举行发布会，市场预期其发布5G新iPhone，手机设备股瑞声科技和舜宇光学上涨。麦格理发表报告指出8月份内地智能手机出货量按年下跌9.2%，按月升5.3%，表现持续改善。华为在内地市占率按月下跌6.3个百分点至41.2%，为七个月新低，因其他手机品牌加快推出4G和5G终端手机。麦格理预期消费者将由计算机、手提电脑及平板计算机转向智能手机，对明年手机升级表示乐观。
人民币汇率升至2019年5月份以来高点。由于国内仍处于“十一”黄金周假期，在岸人民币尚未报价。离岸人民币表现强劲，曾升最多236点子，升穿6.73关，最高达到6.7227，创十六个月新高。据中国外汇管理局，截至2020年9月末内地外汇储备规模约为3.14万亿美元，市场预期3.157万亿美元，环比8月末下降0.7%。
新兴市场估值有吸引力。摩根·斯坦利全球新兴市场策略师认为新兴市场明年增长前景好于今年，很多股票还没有恢复到今年1季度的高点。但美国大选打击投资者的风险偏好，因此，国际投资人对新兴市场还只是“浅尝辄止”。汇丰银行的策略师也认为全球流动性、投资人对新兴市场偏好提升以及技术分析的角度看，新兴市场2021年表现将好于2020年。新兴市场指数中亚洲占据75%，因此中国和亚洲其他国家和地区的表现决定了新兴市场指数走势。而中美冲突一定程度上压制了指数向好趋势。
美股周三上涨。特朗普支持特定刺激包括对航空业和小企业的薪资保护。市场预料他有可能一天就改主意，所以周二跌幅小于预期。副总统彭斯和民主党哈里斯周三进行电视辩论。
HK stocks shrugged offthe negative impact from the US stocks fall overnight and continued to rise onWednesday. Hang Seng Index, China Enterprises Index and Tech Index rose 1.09%, 0.97%and 2.16% respectively. Tech and smart phone stocks continued rally. Apple is said to hold its iPhone 5G launch event on Oct. 13th. Macquarie issued research reports that China smart phone shipment in August decreased 6.3% year-on-year but rose 5.3% month-on-month. Macquarie predicted that consumers will buy more upgraded smart phone next year.
RMB versus US dollar exchange rate touched a new high. As China is still in National Day holiday, there are no quotes for on-shore RMB exchange rate. Off-shore RMB versus US dollar exchange rate rallied to 6.7227,the highest since May 2019. According to State Administration of Foreign Exchange, China’s foreign exchange reserve was US$ 3.14 trillion by the end ofSept, 0.7% decrease month-on-month.
Emerging markets look attractive. Morgan Stanley global emerging market strategist thought that emerging market economic growth in 2021 would be higher than 2020. Low valuation in emerging markets also attracts international investors.However, they only “dipped their toes” due to the uncertainties around US election. HSBC strategist also believed that with global liquidity, investors’ sentiment towards emerging markets and from technical analysis perspective, emerging markets would perform better in 2021 than this year. As Asia dominates emerging market index with 75% weighting, Sino-US clashes put a drag on the index.
US stock rallied on Wednesday. Trump said he supported certain specific relief measures including US$ 25 billion for airline payroll and 130 billion for Paycheck Protection Program for small business. Market did not fall too much on Tuesday as it expected Trump to change his mind very quickly. Vice President Mike Pence will debate Harris, the election partner of Biden on Wednesday night US time.