US non-farm payrolls increased by only 57,000 in June, Stock Connect (for Hong Kong) saw a net outflow of 1.974 billion yuan on Thursday

Market Commentary

Data released by the U.S. Bureau of Labor Statistics showed that non-farm payrolls increased by only 57,000 in June, about half of the market expectation of 113,000, and far below the revised 129,000 in May (preliminary figure was 172,000). The U.S. labor market cooled more than expected in June, with new job additions falling short of half the forecast. Previous data was significantly revised downward, leading the market to adopt a more cautious stance on the employment outlook and prompting investors to reassess the Federal Reserve's monetary policy path. Market bets on a Fed rate hike have notably receded, with the expected timing of the hike pushed back from October to December.

Southbound Stock Connect recorded a net outflow of 1.974 billion yuan on Thursday. Among them, Ubtech Robotics (09880.HK) $UBTECH ROBOTICS(09880.HK) saw the largest inflow, reaching 397 million HKD; followed by Zhipu (02513.HK)$KNOWLEDGE ATLAS(02513.HK). Huahong Grace (01347.HK) recorded the largest net outflow at 1.720 billion HKD; followed by Kingboard Laminates (01888.HK)$KB LAMINATES(01888.HK).

Source: KGI Securities