October 10, 2026 Market Morning Briefing | Ledger incident under investigation; Hong Kong and U.S. stocks rebound
News coverage: 00:00 on October 9 to 07:00 on October 10, Beijing time. Today is Saturday. Securities market data uses the latest closing prices on October 9 for each market.
【Highlights】
1. The theft incident involving users who purchased through Ledger channels is still under investigation. Ledger’s support team said it is investigating reports of funds lost by some users in Southeast Asia who purchased devices through CryptoBilis, and has asked the distributor to suspend sales and shipments. MistTrack said the losses reported in its tracking are close to $90 million. This is a preliminary tally by a security firm; the cause of the attack and the final amount remain unclear.
2. The Ministry of Finance announced arrangements for the allocation of 550 billion yuan in remaining local government bond quotas. The 300 billion yuan quota for general bonds has been allocated entirely to counties and districts; the 250 billion yuan quota for special bonds will support projects with actual funding needs in the fourth quarter, with priority given to major economic provinces. This is a quota allocation; attention now turns to bond issuance, fund disbursement, and project construction progress.
3. A new proposal has emerged on U.S. prediction market regulation. The CFTC plans to explicitly include event contracts related to sports, politics, culture, weather, and other areas in the definition of “swaps,” and is seeking public comment. This inclusion proposal has not become a final rule and does not mean that disputes over the relevant jurisdiction have been resolved. A separate rule issued the same day would exclude casino-style gambling products; the two measures should be considered separately.
【Hong Kong Stocks】
At the October 9 close, the Hang Seng Index stood at 24,211, up 425 points, or about 1.8%; the Hang Seng TECH Index stood at 4,197, up more than 3%. Main Board turnover was about HK$209.2 billion. Xiaomi rose nearly 10%, while Alibaba, Meituan, and Tencent gained nearly 3% or more. Tech stocks drove the rebound, while pharmaceutical stocks remained lower, with performance varying across sectors.
【Securities Markets】
A-shares recovered ground late in the session on October 9: the Shanghai Composite closed at 3,813, up 1 point; the Shenzhen Component Index at 12,641, up about 0.2%; and the ChiNext Index at 3,043, up more than 0.2%. The ChiNext Index briefly fell below 3,000 intraday before closing back above that level. Although October 10 is a make-up workday for some organizations, the A-share market remains closed.
U.S. stocks closed on October 9 local time: the Dow stood at 51,654, up 0.8%; the S&P 500 was at 7,811, up nearly 0.6%; and the Nasdaq was at 27,366, up 0.6%. Amazon gained more than 3%, while T-Mobile fell more than 13%; the gains in the indexes did not extend across all sectors.
【Popular Tokens】
Binance spot prices sampled at 07:02:11 Beijing time, in USDT; changes are over a rolling 24-hour period:
$BTC 82633.27 (+0.85%)
$ETH 2488.71 (+0.45%)
SOL 109.13 (-1.17%)
ZEC 1211.40 (+1.93%)
$NEAR 4.924 (+8.65%)
BTC and ETH edged higher. NEAR posted a relatively large gain among the actively traded assets in this sample, while SOL remained lower.
News coverage: 00:00 on October 9 to 07:00 on October 10, Beijing time. Today is Saturday. Securities market data uses the latest closing prices on October 9 for each market.
【Highlights】
1. The theft incident involving users who purchased through Ledger channels is still under investigation. Ledger’s support team said it is investigating reports of funds lost by some users in Southeast Asia who purchased devices through CryptoBilis, and has asked the distributor to suspend sales and shipments. MistTrack said the losses reported in its tracking are close to $90 million. This is a preliminary tally by a security firm; the cause of the attack and the final amount remain unclear.
2. The Ministry of Finance announced arrangements for the allocation of 550 billion yuan in remaining local government bond quotas. The 300 billion yuan quota for general bonds has been allocated entirely to counties and districts; the 250 billion yuan quota for special bonds will support projects with actual funding needs in the fourth quarter, with priority given to major economic provinces. This is a quota allocation; attention now turns to bond issuance, fund disbursement, and project construction progress.
3. A new proposal has emerged on U.S. prediction market regulation. The CFTC plans to explicitly include event contracts related to sports, politics, culture, weather, and other areas in the definition of “swaps,” and is seeking public comment. This inclusion proposal has not become a final rule and does not mean that disputes over the relevant jurisdiction have been resolved. A separate rule issued the same day would exclude casino-style gambling products; the two measures should be considered separately.
【Hong Kong Stocks】
At the October 9 close, the Hang Seng Index stood at 24,211, up 425 points, or about 1.8%; the Hang Seng TECH Index stood at 4,197, up more than 3%. Main Board turnover was about HK$209.2 billion. Xiaomi rose nearly 10%, while Alibaba, Meituan, and Tencent gained nearly 3% or more. Tech stocks drove the rebound, while pharmaceutical stocks remained lower, with performance varying across sectors.
【Securities Markets】
A-shares recovered ground late in the session on October 9: the Shanghai Composite closed at 3,813, up 1 point; the Shenzhen Component Index at 12,641, up about 0.2%; and the ChiNext Index at 3,043, up more than 0.2%. The ChiNext Index briefly fell below 3,000 intraday before closing back above that level. Although October 10 is a make-up workday for some organizations, the A-share market remains closed.
U.S. stocks closed on October 9 local time: the Dow stood at 51,654, up 0.8%; the S&P 500 was at 7,811, up nearly 0.6%; and the Nasdaq was at 27,366, up 0.6%. Amazon gained more than 3%, while T-Mobile fell more than 13%; the gains in the indexes did not extend across all sectors.
【Popular Tokens】
Binance spot prices sampled at 07:02:11 Beijing time, in USDT; changes are over a rolling 24-hour period:
$BTC 82633.27 (+0.85%)
$ETH 2488.71 (+0.45%)
SOL 109.13 (-1.17%)
ZEC 1211.40 (+1.93%)
$NEAR 4.924 (+8.65%)
BTC and ETH edged higher. NEAR posted a relatively large gain among the actively traded assets in this sample, while SOL remained lower.