Global markets experienced turbulence on January 30. In early trading, Japan's Nikkei 225 index, major Hong Kong stock indices, and U.S. stock futures all declined. Gold and silver prices plunged, Bitcoin fell sharply, over 270,000 accounts in the cryptocurrency market were liquidated, while the U.S. dollar index rebounded.
As of the midday break, China's three major A-share indices showed mixed performance. The Shanghai Composite Index reclaimed the 4100-point level after briefly falling below it, while the ChiNext Index quickly turned positive after hitting a low. More than 3800 stocks across the market declined.
CPO and optical communication concept stocks bucked the trend with strong gains. Lante Technologies and Tianfu Communication rose over 11%, while Changfei Optical Fiber hit the daily limit-up.
Industrial metals and precious metals sectors led the declines significantly, with a wave of stocks hitting the daily limit-down. Nanshan Aluminum, Tongling Nonferrous Metals, Yuguang Gold & Lead, Laishun Tongling, Chifeng Gold, Zhongjin Gold, and over 20 other stocks fell by the 10% limit.
International precious metals were uniformly lower, with gold and silver prices plummeting during the session. As of around 11:30, spot gold fell 4%, dropping below $5200 per ounce with a daily loss exceeding $200. Spot silver declined over 5%, falling below the $110 mark. The sell-off in gold and silver occurred as former President Trump was set to announce his nominee for the next Federal Reserve Chair.
In Hong Kong markets, precious metals and non-ferrous metals sectors also led the declines bleakly. Chifeng Gold, Shandong Gold, China Nonferrous Mining, and several others fell over 10%. The education sector defied the trend to lead gains, with China Spring Education surging over 64% and New Oriental rising over 5%.
Major cryptocurrencies continued their decline, with Bitcoin falling over 6% to break below $82,300 per coin. Ethereum and SOL dropped over 7%. Over the past 24 hours, more than 270,000 traders globally were liquidated, with total liquidation amounts nearing $1.7 billion.
In contrast, the U.S. dollar index rebounded, rising 0.44% to 96.58 as of 11:30 Beijing time.
External developments continued to impact global markets. Recent tensions in the Middle East have escalated, and according to the latest reports, on January 29 local time, former President Trump stated he was planning dialogue with Iran.
The next Federal Reserve Chair nomination has drawn significant global market attention. Reports indicate that on the evening of January 29 local time, former President Trump announced his plan to reveal his nominee for the next Fed Chair on the morning of January 30 local time.
(Disclaimer: Article content is for reference only and does not constitute investment advice. Investors acting on this information do so at their own risk.)
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