Shanghai Composite, Hang Seng and Two U.S. Stock Indices All Rose on November 4, with Different Closing Windows

Both U.S. Indices Rose, with a Slightly Larger Gain for the S&P 500

Over the full trading day on November 4, the S&P 500 rose 1.58% and the Nasdaq Composite rose 1.44%. Both changes compare the November 3 and November 4 closes, using a measurement window from 21:00 UTC to 21:00 UTC the following day, so their performance over this period can be compared directly.

Sources: [1] [2]

Shanghai Composite and Hang Seng Rose, with a Larger Gain for Shanghai

On November 4, the Shanghai Composite rose 2.16% and the Hang Seng Index rose 1.67%, both relative to their November 3 closes. The Shanghai Composite's measurement window ended at 07:00 UTC on November 4, while the Hang Seng's ended at 08:00 UTC. Both indices rose on the same day, but the performance of all A-share or Hong Kong equity sectors cannot be inferred from this.

Sources: [3] [4]

The Same Trading Date Does Not Mean the Same Observation Period

All four valid index records in this edition correspond to the full trading day on November 4, with the Shanghai Composite and Hang Seng closing earlier than the U.S. indices. They support the observation that each index rose over its own trading day, but these closing changes are insufficient to establish the sequence of transmission between markets or a common reason for the gains.

Sources: [3] [4] [1] [2]

What to watch next

• On the next full trading day, whether all four indices continue to move in the same direction, and whether the ranking of gains between the S&P 500 and Nasdaq Composite changes.
• Once valid records are available for the CSI 300 and Hang Seng TECH Index, whether they move in the same direction as the indices already included from their respective markets.
• Once updated records meeting quality standards are available for Bitcoin and Ethereum, establish the comparison window, then observe whether they move in the same direction as stock indices.