# Morning Trading Report
*Date: 2026‑03‑11 · Time: 07:52 HKT (updated)*

## 1. Calendar Events (Next 2 Weeks)

### Ex‑dividend Dates (HKEX Listed Equity)
- HKEX stock (0388.HK) ex‑dividend today (March 11, 2026), record date March 16, payment March 25, 2026.

### Index Rebalancing (Next 2 Weeks)
- HSI rebalancing occurred on March 9, 2026. Next scheduled rebalancing is September 2026.

### Major Macro Releases (China Only)
- House Price Index, Industrial Production, Retail Sales released on Saturday, March 7, 2026 (01:30 AM, 02:00 AM, 02:00 AM respectively).

## 2. Overnight Spot Moves

### Hong Kong Indices (Overnight Moves)
| Index | 4pm Close (Mark) | T‑1 (Day‑on‑Day) | T0 (Close‑to‑Present) |
|-------|------------------|------------------|----------------------|
| HSI | 25,959.90 | +2.17% | –0.07% |
| HSCEI | 8,710.26 | +3.22% | +0.28% |

*4pm Close (Mark): Yesterday's close (March 10, 2026).  
T‑1: Day‑on‑day change from March 9 close to March 10 close.  
T0: Close‑to‑present move from March 10 close to current futures (investing.com).*

### Major ADRs/GDRs (AAStocks.com)
| Stock (Symbol) | Last Close | Current | Change | % Change | Note |
|----------------|------------|---------|--------|----------|------|
| 9988.HK (BABA) | – | $137.09 | +$4.45 | +3.35% | |
| 2378.HK (PUK) | – | $29.66 | +$0.44 | +1.51% | |
| 1299.HK (AAGIY) | – | $43.91 | +$1.59 | +3.76% | |
| 0700.HK (TCEHY) | – | *Data pending* | – | – | |
| 9618.HK (JD) | – | *Data pending* | – | – | |

*Symbols shown as 4‑digit HK codes with US ADR ticker in parentheses.*

### Interest Rate Moves (Pre‑9:15am Proxy)
**US Treasury Yields (3M, 6M, 1Y, 2Y)**
- 3‑month: 0.00%
- 6‑month: 0.00%
- 1‑year: 3.58%
- 2‑year: 3.52%

**Hong Kong IRSB Rates** (if available before 9:15am)
- Benchmark interest rate: 4.00%
- 3‑month government bond yield: 2.180% (as of March 5, 2026).

*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 | 7.8213 | +0.0039 | +0.25% |
| HKD/CNY | 0.8790 | -0.0040 | *Data incomplete* |

## 3. News & Sentiment (HKEX Stocks & Macro)
- **HKEX Stocks (.HK)**: Hong Kong stocks rebounded on lower oil prices, optimism over potential end to Iran conflict.
- **Macro Developments**: Two mainland Chinese firms received IPO approval.
- **Sector Themes**: Mixed Asian shares following Wall Street losses; oil prices continue to climb.

## 4. Volatility Conduction
- **9:15 HSI stock‑vol open**: Previous close vol: __.
- **9:30 option market open**: Anticipate early flow based on overnight moves (HSI –0.07%, HSCEI +0.28%).
- **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 (HSI flat, HSCEI slightly positive).*

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

## 7. Today’s Focus
1. Monitor early vol conduction (9:15–9:30) – expect muted activity given flat overnight moves.
2. Adjust margins/spreads based on spot moves (HSI –0.07%, HSCEI +0.28%).
3. Watch for KO events in CBBCs – low risk today.
4. Note interest rate alignment between HK and US (HK 4.00%, US 1Y 3.58%, 2Y 3.52%).
5. FX stability: USD/HKD +0.25% 5‑day, HKD/CNY slight weakening.

---

*This report generated via Tavily‑search queries. Data sources: Reuters, Bloomberg, HKEX, SCMP.*