# Morning Trading Report
*Date: 2026‑03‑15 · 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 |
|------|----------------|------------------|-------|--------------|------|
| 2026‑03‑24 | Furniweb Holdings Limited (08480.HK) | 0.0150 | – | 2026‑04‑23 | Special dividend |
| 2026‑03‑25 | Global X Hang Seng High Dividend Yield ETF (03110.HK) | 0.2800 | – | 2026‑03‑31 | |
| 2026‑03‑25 | Global X Asia Pacific High Dividend Yield ETF (03116.HK) | 1.0400 | – | 2026‑03‑31 | |
| 2026‑03‑26 | SF Real Estate Investment Trust (02191.HK) | 0.1322 | – | 2026‑04‑21 | |
| 2026‑03‑26 | Sunlight Real Estate Investment Trust (00435.HK) | 0.0910 | – | 2026‑04‑14 | |
| 2026‑03‑26 | Fortune Real Estate Investment Trust (00778.HK) | 0.1681 | – | 2026‑04‑24 | |
| 2026‑03‑31 | Swire Properties Limited (01972.HK) | 0.8000 | – | 2026‑05‑07 | Second interim dividend in lieu of final |
| 2026‑03‑31 | Cathay Pacific Airways Limited (00293.HK) | 0.6400 | – | 2026‑05‑07 | Second interim dividend in lieu of final |
| 2026‑03‑31 | Global X HSI Covered Call Active ETF (03419.HK) | 0.1400 | – | 2026‑04‑09 | |

*No ex‑dividend dates within the next 7 days. Above are upcoming ex‑dividend dates beyond the week.*

### Index Rebalancing (Next 2 Weeks)
- No HSI, HSCEI, or Hang Seng Tech Index rebalancing announced for the next two weeks.

### Major Macro Releases (China Only)
- No major China macro releases scheduled for the next two weeks (based on available data).

## 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 | -0.98% | -0.97% (futures 25,467) |
| HSCEI | 8,699 (approx) | -0.32% | N/A |

*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 |
|----------------|------------|---------|--------|----------|------|
| ADR data extraction failed due to dynamic content. Refer to AAStocks ADR page for latest. | | | | | |

### Interest Rate Moves (Pre‑9:15am Proxy)
**US Treasury Yields (3M, 6M, 1Y, 2Y)**
- 3‑month: 3.686%
- 6‑month: 3.686%
- 1‑year: 3.686%
- 2‑year: 3.592%

*Source: Tavily search (CNBC). Overnight change not available.*

**Hong Kong IRSB Rates** (if available before 9:15am)
- Current IRSB benchmarks not found in today's search.

*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 | 7.8272 | +0.0119% | N/A |
| HKD/CNY | N/A | N/A | N/A |

*Source: AAStocks snapshot (USD/HKD). HKD/CNY not available.*

## 3. News & Sentiment (HKEX Stocks & Macro)
- **HKEX Stocks (.HK)**: Hong Kong Exchange proposes easing listing rules to boost IPO appeal; Dragon Mining profit soars as 2025 revenue nearly doubles; Industrial robot maker Estun drops in Hong Kong debut.
- **Macro Developments**: Middle East war weighs on HK trading debuts; Asia‑Pacific markets opened lower Friday as oil prices surge.
- **Sector Themes**: Energy stocks may benefit from oil price rally; tech stocks face headwinds from war risk.

## 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 futures down ~0.97%).
- **Spot movement at 9:15/9:20**: Adjust spreads if spot gap > 0.5% (currently ~0.97% down).

## 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 given ~1% HSI drop.*

## 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) with HSI futures down ~1%.
- Adjust margins/spreads based on spot moves.
- Watch for KO events in CBBCs (none identified).
- Note interest rate alignment between HK and US (US yields steady).

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*This is an automated report based on the updated checklist. Data sourced via Tavily search and AAStocks scraping. ADR data extraction failed due to dynamic content; ex‑dividend data from AAStocks Corporate Events page.*