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

**Proxy status**: DIRECT (HK IP) – proxy off.

## 1. Calendar Events (Next 2 Weeks)

### Ex‑dividend Dates (HKEX Listed Equity)
| Date | Stock (Symbol) | Div Amount (HK$) | Div % | Payable Date | Note |
|------|----------------|------------------|-------|--------------|------|
| 2026‑03‑12 | HSBC (0005.HK) | 3.53 | 2.60% | 2026‑04‑30 | Quarterly dividend |
| 2026‑03‑11 | HKEX (0388.HK) | 6.52 | *tbd* | 2026‑03‑25 | Second interim dividend |

*Source: cached ex‑dividend data (updated 2026‑03‑11)*

### Index Rebalancing (Next 2 Weeks)
- No HSI, HSCEI, or Hang Seng Tech Index rebalancing dates within 2 weeks (March 12‑25, 2026).

### Major Macro Releases (China Only)
- February CPI (~0.9% y/y) and PPI (-1.2% y/y) data release expected early March.
- Trade balance (export growth ~7.1% y/y) due in early March.

## 2. Overnight Spot Moves

### Hong Kong Indices (Overnight Moves)
| Index | 4pm Close (Mark) | T‑1 (Day‑on‑Day) | T0 (Close‑to‑Present) |
|-------|------------------|------------------|----------------------|
| HSI | 25,898.76 | -0.24% | *data unavailable* |
| HSCEI | 8,710.26 | -0.37% | 8,678 (‑0.37%) |

*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 |
|----------------|------------|---------|--------|----------|------|
| Tencent (0700.HK) | HK$552.00 | HK$556.70 | +4.70 | +0.85% | ADR $73.96 → HKD 578.70 (excess +4.83%) |
| Alibaba (9988.HK) | HK$133.20 | HK$133.31 | +0.11 | +0.08% | ADR $136.29 → HKD 1,[REDACTED_PHONE]:8 ratio) |

*Big names / big moves only. Symbols as 4‑digit codes (e.g., 3988.HK, 1398.HK).*  
*Excess move (expected HK open gap‑fill) = (ADR_Price_HKD – HK_Price) / HK_Price × 100%.*  
*Note: ADR prices differ significantly between proxy and direct searches (see comparison).*

### Interest Rate Moves (Pre‑9:15am Proxy)
**US Treasury Yields (3M, 6M, 1Y, 2Y)**
- Current: 3M 3.69%, 6M 3.67%, 1Y 3.60%, 2Y 3.69% (overnight change: flat to slightly lower).
- 5‑day trend: Stable around 3.60‑3.69%.

**Hong Kong IRSB Rates** (if available before 9:15am)
- Current: Base rate unchanged at 4.00% (HKMA aligned with Fed).
- Daily change: 0%.
- 5‑day trend: Mirrors US softening.

*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 | 7.82 | +0.13% | +0.32% |
| HKD/CNY | 0.88 | -0.18% | -0.89% |

## 3. News & Sentiment (HKEX Stocks & Macro)
- **HKEX Stocks (.HK)**: Hang Seng Index fell 0.24% on March 11, 2026, amid Middle East conflict concerns. Hong Kong stocks rebounded briefly as oil prices dropped.
- **Macro Developments**: China set GDP growth target of 4.5‑5% for 2026; Goldman Sachs forecasts 4.8% growth.
- **Sector Themes**: Tech ADRs mixed (Tencent ADR up 10.39%, Alibaba ADR down 0.81%); relief rally in Asian markets as oil prices ease.

## 4. Volatility Conduction
- **9:15 HSI stock‑vol open**: *Previous close vol: 18.5%.*
- **9:30 option market open**: *Anticipate early flow based on overnight ADR moves (Tencent +4.83%, Alibaba +0.08% excess).*
- **Spot movement at 9:15/9:20**: *Adjust spreads if spot gap > 0.5% (watch Tencent).*

## 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, especially for stocks with ADR excess moves.*

## 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) given large ADR excess moves (Tencent +4.83%).
- Adjust margins/spreads for Tencent (+4.83% excess).
- Watch for KO events in CBBCs (no immediate barriers).
- Note interest‑rate alignment between HK and US (both stable).
- Caution ahead of U.S. inflation data release.

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*This is an automated report generated with proxy off (DIRECT, HK IP). Data sourced via Tavily search (HK IP).*