# Morning Trading Report
*Date: [REDACTED_PHONE] · Time: 07:00 HKT*

## 1. Calendar Events (Next 2 Weeks)

### Ex‑dividend Dates (HKEX Listed Equity)
| Date | Stock (Symbol) | Div Amount (HK$) | Div % | Payable Date | Note |
|------|----------------|------------------|-------|--------------|------|
| 2026‑03‑11 | HKEX (0388.HK) | 6.52 | *tbd* | 2026‑03‑25 | Second interim dividend |
| 2026‑03‑13 | HSBC (0005.HK) | 2.25 USD | *tbd* | 2026‑04‑30 | Quarterly dividend |
| *Search ongoing for more ex‑dividend dates in next 14 days* | | | | | |

### Index Rebalancing (Next 2 Weeks)
- HSI rebalancing not scheduled in 2026.
- HSCEI, Hang Seng Tech Index rebalancing dates not found within 2 weeks.

### Major Macro Releases (China Only)
- **China Producer Price Index (YoY)**: Scheduled March 8, 2026 (past).
- **China Consumer Price Index (YoY)**: Scheduled March 9, 2026 (past).
- Upcoming releases not identified; check Trading Economics calendar for March 2026.

## 2. Overnight Spot Moves

### Hong Kong Indices (Overnight Moves)
| Index | 4pm Close (Mark) | T‑1 (Day‑on‑Day) | T0 (Close‑to‑Present) |
|-------|------------------|------------------|----------------------|
| HSI | 25,716.76 | -[REDACTED_PHONE]%) | 25,[REDACTED_PHONE]%) |
| HSCEI | 8,699.55 | -[REDACTED_PHONE]%) | 8,[REDACTED_PHONE]%) |

*4pm Close (Mark): Yesterday's close (most recent trading day).  
T‑1: Day‑on‑day change from previous close to yesterday's close.  
T0: Close‑to‑present move from yesterday's close to current live spot (Yahoo Finance/Reuters).*

### Major ADRs/GDRs (AAStocks.com)
| Stock (Symbol) | Last Close | Current | Change | % Change | Note |
|----------------|------------|---------|--------|----------|------|
| *Source timeout: AAStocks ADR table loaded but ADR price columns empty. Fallback Tavily search returned limited data.* | | | | | |

*Excess move (expected HK open gap‑fill) = (ADR_Price_HKD – HK_Price) / HK_Price × 100%.*

### Interest Rate Moves (Pre‑9:15am Proxy)
**US Treasury Yields (3M, 6M, 1Y, 2Y)**
- 3M: 3.708% (prev close 3.693%, +0.015%)
- 6M: ~3.67% (approx)
- 1Y: ~3.64% (approx)
- 2Y: ~3.73% (approx)
- 5‑day trend: yields slightly up over week (data incomplete).

**Hong Kong IRSB Rates** (if available before 9:15am)
- Current IRSB benchmarks not available pre‑open.
- Proxy: HK base rate pegged 50 bps above US federal funds rate.

*Note: Hong Kong rates released at ~9:15 HKT; pre‑open proxy is US rate movement.*

### FX Rates
| Pair | Current | 1D Change | 5D Change |
|------|---------|-----------|-----------|
| USD/HKD | 7.8084 | +0.0050% (▲) | *data missing* |
| HKD/CNY | 0.8812 | +0.40% (▲) | *data missing* |

## 3. News & Sentiment (HKEX Stocks & Macro)
- **Hong Kong stocks** fell 0.9% on Friday, marking third consecutive drop, influenced by Wall Street weakness and geopolitical tensions.
- **HKEX insider‑trading arrests** send “very strong message”.
- **China macro**: PPI and CPI releases past; GDP target 4.5–5% for 2026.
- **Sector themes**: Healthcare outperformed (+3.4%) previous day.

## 4. Volatility Conduction
- **9:15 HSI stock‑vol open**: *Previous close vol: __.*
- **9:30 option market open**: *Anticipate early flow based on overnight moves.*
- **Spot movement at 9:15/9:20**: *Adjust spreads if spot gap > 0.5%.*

## 5. Desk‑Specific Parameters
### Pricing Engine
- **UsedVol** = ManVol(editable) + ManVolTraderOffset(editable) + ManVolOffset(algo) + AdjVol(algo)
- **DeltaSpreadBid/Ask**: *Default settings.*
- **Tick/Cash spread**: *Trader‑tweakable.*

### KO (CBBC) Preparedness
- **CBBCs near barrier** (< 3% spot move): *None identified.*
- **Overnight gap risk**: *Review positions after open.*

## 6. Dashboard Metrics (Previous Day)
- **P&L**: *Not available.*
- **Delta/Vega/Gamma**: *Not available.*
- **SlippageProduct**: *Not available.*
- **SlippageHedge**: *Not available.*

## 7. Today’s Focus
- Monitor early vol conduction (9:15–9:30).
- Adjust margins/spreads based on spot moves.
- Watch for KO events in CBBCs.
- Note interest rate alignment between HK and US.

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*This is an automated report based on the updated checklist. Data sourced via Tavily search and AAStocks (partial timeout).*