Iran Strait of Hormuz Threat and Strong US Data Drive Oil Rally, Hong Kong Stocks Dip
Hong Kong stocks fell 0.29% on September 24 as oil stocks rallied on Iran's hardline stance over the Strait of Hormuz, while gold and tech stocks declined. Iran's top security official stated the Strait will not reopen until conditions are met, sending Brent crude up 3.86% to $103.08/barrel. Stronger-than-expected US September PMI data (composite 58.4) and hawkish Fed signals pushed the 5-year Treasury yield above 5% for the first time since 2007, pressuring gold.
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Iran Tensions and Strong US PMI Lift Oil, Pressure Gold in Hong Kong Markets
Hong Kong stock markets saw modest declines on September 24, with tech and gold stocks falling while oil stocks rallied. The Hang Seng Index dropped 0.29% to 24,761.13 points. The shift was driven by two key factors: Iran's hardline stance on the Strait of Hormuz, which reversed expectations of diplomatic de-escalation and sent oil prices higher (WTI up 1.81% to $92.16, Brent up 3.86% to $103.08), and stronger-than-expected US September PMI data (composite at 58.4, a multi-year high), which raised market pricing for a Fed rate hike in October to over 70%. This pushed the 5-year US Treasury yield above 5% for the first time since 2007 and the dollar to near two-month highs, pressuring gold. Energy ETFs surged (e.g., Energy Chemical ETF Jianxin up 4.23%), while gold ETFs fell over 4%. CICC analyst Liu Gang expects the Hang Seng Index to trade in a 24,000-26,000 range, requiring fiscal stimulus and tech earnings catalysts for a sustained rebound. Several new ETFs tracking industrial metals, chip design, AI, and computing infrastructure debuted, all closing lower.
Read sourceIran Tensions and Strong US PMI Lift Oil ETFs, Weigh on Gold; Hong Kong Stocks Dip
Hong Kong's three major stock indexes saw modest declines on September 24, with tech stocks weak and gold stocks leading losses, while oil stocks bucked the trend. The Hang Seng Index fell 0.29% to 24,761.13 points. The market was driven by two key factors. First, Iran's top security official stated the Strait of Hormuz would not reopen until Tehran's conditions are met, dashing hopes for diplomatic de-escalation and sending oil prices and energy ETFs sharply higher. WTI crude rose 1.81% to $92.16/barrel, and Brent crude jumped 3.86% to $103.08/barrel. Analysts at China Securities and Everbright Securities highlighted the strategic value of energy assets and the impact on shipping rates. Second, stronger-than-expected US September PMI data (composite 58.4, a multi-year high) and hawkish comments from Fed Governor Barr, who signaled possible further rate hikes, pushed the 5-year Treasury yield above 5% for the first time since 2007 and the dollar to near two-month highs. This pressured gold, with COMEX gold futures falling 1.23% to $4,322.7/oz, and gold ETFs declined over 4%. CICC's chief strategist Liu Gang expects the Hang Seng Index to trade in a 24,000-26,000 range, awaiting fiscal stimulus and tech earnings catalysts. Several new ETFs tracking industrial metals, chip design, AI, and computing infrastructure also debuted, all closing lower.
Iran Tensions, Strong US PMI Lift Oil, Pressure Gold; Hong Kong Stocks Dip
Hong Kong's three major stock indices edged lower on September 24, with tech stocks weak and gold stocks leading declines, while oil stocks rallied. The Hang Seng Index fell 0.29% to 24,761.13 points. Oil-related ETFs surged after Iran's top security official stated the Strait of Hormuz will not reopen until its conditions are met, dashing hopes for diplomatic de-escalation. WTI crude rose 1.81% to $92.16/barrel, and Brent crude jumped 3.86% to $103.08/barrel. China Securities and Everbright Securities highlighted energy assets as resilient in stagflation and noted tightening tanker supply. Conversely, gold ETFs fell sharply after the US September composite PMI hit 58.4, a 2021 high, and Fed Governor Barr signaled possible further rate hikes. COMEX gold dropped 1.23% to $4,322.7/oz. CICC strategist Liu Gang said Hong Kong stocks need two catalysts for a sustained rebound: significant fiscal stimulus for households and earnings delivery from major internet and AI firms. Several new ETFs, including industrial metals, chip design, AI, and computing infrastructure funds, debuted with losses.
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Hong Kong stocks close lower; oil stocks rise on Iran tensions, tech and metals fall
Hong Kong's Hang Seng Index fell 0.29% to 24,761.13 points on September 24, dragged by weakness in technology, metals, and pharmaceutical stocks, while oil stocks rose amid escalating Middle East tensions. Iran's President stated at the UN that Iran would not allow free passage through the Strait of Hormuz under sanctions, pushing Brent crude back above $103. Huatai Securities' chief economist Yi Heng judged that global central bank tightening remains unchanged, constraining Hong Kong valuations, and recommended adding oil and gas stocks as dividend assets. US PMI data unexpectedly strengthened, triggering a sell-off in US Treasuries, with the 5-year yield breaking 5% for the first time since 2007. Fed Governor Barr signaled possible further rate hikes. Gold and non-ferrous metals fell on a stronger dollar. In corporate news, TuHu acquired Continental's Australian 'mycar' network, and Multi-point Smart launched an AI-powered shopping product. Novogene shares dropped 7.87% after announcing a licensing deal with Eli Lilly.
Read sourceHong Kong Stocks Fall; Oil Shares Rise on Iran Tensions, Tech Slips
Hong Kong stocks ended lower on September 24, with the Hang Seng Index falling 0.29% to 24,761.13 points, as rising U.S. bond yields and hawkish Federal Reserve signals weighed on sentiment. Oil stocks bucked the trend, with PetroChina rising 2.83% after Iranian President Masoud Pezeshkian said Iran would not allow free passage through the Strait of Hormuz while under sanctions, pushing Brent crude above $103. Tech and semiconductor stocks declined, pressured by a U.S. selloff in memory chips after short-seller Michael Burry increased his bearish bet on Micron Technology. Gold and non-ferrous metal stocks fell as the dollar index hit an eight-week high. Real estate stocks also retreated despite market rumors of a national mortgage subsidy, which analysts deemed unlikely. Notable movers included DuoDuo Dianzi, which surged 15.62% after integrating with ByteDance's Doubao ecosystem, and Tuhu, which rose 11.31% on an acquisition in Australia. Huatai Securities' chief macro economist Yi E expressed the view that global central bank tightening remains unchanged, limiting Hong Kong valuations, and recommended adding oil and gas stocks while holding innovative drug leaders selectively.
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