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China Final Evening
Key Information
Asian equities, apart from South Korea and the Philippines, rebounded after yesterday’s downdraft.
Hong Kong managed a small achieve, although volumes have been exceedingly mild at solely 41% of the 1-year common as quantity turnover marked a 52-week low and the lightest quantity day in three years.
The Monetary Occasions has an article stating Belgium’s State Safety Service is monitoring Alibaba and its logistics firm Cainiao for spying, which is absurd. The article’s supply is the all the time dependable “individuals conversant in the matter.” Alibaba should be doing nice in Europe, making its rivals offended.
Macau customer numbers are excessive year-over-year, although off barely versus 2019. Mainland media famous home journey and tickets offered are additionally excessive year-over-year, although additionally off barely versus 2019. Chinese language vacationers have much more decisions to journey internationally, as I skilled in Milan final week.
Meituan reported on Golden Week exercise, saying that “the each day common consumption scale of service retail in China has elevated 153% in comparison with the identical interval in 2019”. It additionally reported “the nationwide consumption of eating and eating in eating places elevated by +254% in comparison with the identical interval in 2019.”
Sunac turned the primary actual property firm to obtain courtroom approval to restructure its debt after negotiations with 2,000 offshore bondholders. The variety of offshore traders highlights the complexity of doing a deal, although we must always assume Evergrande, Nation Backyard, and others will do the identical. In accordance with Bloomberg, debt house owners will recuperate 34% to 43% of their principal, which is best than zero contemplating that the corporate is bankrupt. The deal permits Sunac to complete its tasks beneath building and muddle via. I doubt we’ll see any headlines on China’s Lehman second averted.
US Senators may meet with President Xi subsequent week whereas visiting China. No matter whether or not the assembly occurs or not, a hat tip to the Senators for being the primary members of Congress to go to China in 5 years.
The Cling Seng and Cling Seng Tech indexes gained +0.10% and +0.14%, respectively, on quantity that decreased -18% from yesterday, which is 41% of the 1-year common. 258 shares superior, whereas 214 declined. Important Board brief turnover declined -26% from yesterday, 43% of the 1-year common, as 17% of turnover was brief turnover (keep in mind Hong Kong brief turnover contains ETF brief quantity, which is pushed by market makers’ ETF hedging). The worth issue outperformed the expansion issue as small caps outpaced massive caps. The highest sectors have been communication companies, which gained +0.65%, shopper staples, which gained +0.47%, and actual property, which gained +0.13%. In the meantime, know-how fell -0.62%, utilities fell -0.2%, and supplies fell -0.14%. The highest-performing subsectors have been meals, media, and autos. In the meantime, technical {hardware}, enterprise companies, and shopper durables have been among the many worst-performing. Southbound Inventory Join was closed at the moment.
Shanghai, Shenzhen, and STAR Board have been closed at the moment.
Final Evening’s Efficiency
MSCI China All Shares Index
Nation/Index efficiency
Inventory efficiency
Hong Kong Prime 10
Final Evening’s Trade Charges, Costs, & Yields
Mainland bond and foreign money markets have been closed in a single day.
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