iShares MSCI Hong Kong ETF

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  • May 16, 2012, 9:33 AM

    Patrick Chovanec details the "unraveling" of Chinese real estate: April housing starts -14.4% Y/Y, Office starts -21%, Retail starts -18.7%, Land sales -54.7%. Foreign funding of property development -80.8% Y/Y. The only thing holding up real estate investment is a flurry of completions by desperate developers. Once this ends, the hit to GDP may be enough to push the economy into a hard landing.

    | May 16, 2012, 9:33 AM | 12 Comments
  • May 16, 2012, 9:01 AM

    "A major break in the growth model" means supposedly cheap Chinese stocks are to be avoided, says Deutsche's John-Paul Smith. Beijing, he argues, realizes it has lost control over regional governments that have built up huge debts by pursuing projects of dubious value. Policy is now focused on restoring discipline - as highlighted by the sacking of Bo Xilai.

    | May 16, 2012, 9:01 AM | 1 Comment
  • May 15, 2012, 1:24 PM
    Don't buy sell-side types trumpeting Chinese reserve ratio cuts as bullish, writes Mark Dow. They are NOT the equivalent of Western rate cuts and not a predictor of future credit growth. Instead, they are necessary to offset declining liquidity brought on by China's shrinking trade surpluses. If the RRR were not cut, it would amount to policy tightening.
    | May 15, 2012, 1:24 PM | 1 Comment
  • May 14, 2012, 8:16 AM

    "A hurricane is approaching," says a Chinese official, where 8 of 10 of the country's largest shipbuilders have yet to receive an order this year. Monetarists will take note of China's M1 data, in April the weakest since modern records began. "If China were a normal country, it would be hurtling into a brick wall," writes Ambrose Evans-Pritchard.

    | May 14, 2012, 8:16 AM | 3 Comments
  • May 11, 2012, 11:32 AM

    Taking a look at the recent macro data from China (the latest being last night's IP number), the Also Sprach Analyst suggests the bears have been wrong for not being bearish enough. A late Q1 stabilization in the economic slowdown came and went, and the April data has all been bad. Only slowing inflation - giving room for easier monetary policy - is a positive.

    | May 11, 2012, 11:32 AM
  • May 8, 2012, 3:01 PM
    China's Communist party may delay by several months its 5-year Congress. One well-connected U.S. investor offers up 2 reasons, neither terribly positive for markets: 1. Leadership is in turmoil as entrenched powers fight off the reformers. 2. The party is having a difficult time dealing with economic challenges currently underway.
    | May 8, 2012, 3:01 PM
  • May 8, 2012, 10:02 AM
    A 41% Q1 plunge in nationwide excavator sales is taking a toll on Sany Heavy Industry - China's largest maker of the equipment - even as it takes market share from the likes of CAT. The company's VP warns the sluggish construction market may force the firm to cut its sales target (+41% Y/Y).
    | May 8, 2012, 10:02 AM | 6 Comments
  • May 2, 2012, 7:46 AM
    China's two main stock exchanges will lower transaction fees on equity trades by about 25% effective June 1, seemingly another step by Beijing to direct investment dollars into common stocks. Shanghai +1.8% to a 7-week high, led by the brokerages.
    | May 2, 2012, 7:46 AM
  • May 2, 2012, 3:15 AM

    China's factory activity cooled for the sixth consecutive month in April, but at a slower pace, suggesting conditions are stabilizing. HSBC's PMI rose to 49.3, up slightly from the 49.1 flash reading and above March's 48.3. (previously)

    | May 2, 2012, 3:15 AM | 2 Comments
  • May 1, 2012, 10:10 PM

    "Why did 10-year Treasurys yield 14% under the vice-like grip of iron-man Volcker, but yield just 1.8% under ... Weimar-like Bernanke," asks Hugh Hendry, defining his weapons in the global macro business as irony and paradox. Hendry's latest investor letter describes China's epic, credit-fueled binge, and why the crisis that started in the U.S. and moved to Europe, is about to end in Asia - and how he's playing it by buying CDS on Japanese corporations.

    | May 1, 2012, 10:10 PM | 6 Comments
  • Apr. 30, 2012, 11:19 PM
    China's official April PMI rises to 53.3 vs. expectations of 53.5 and 53.1 previously. The print is well above last week's HSBC "flash" PMI of 49.1 (HSBC's final April read will be released tomorrow).
    | Apr. 30, 2012, 11:19 PM | 2 Comments
  • Apr. 27, 2012, 7:55 PM

    U.S. and European manufacturers are racking up weak performance in China as growth slows to its lowest level in three years, and the government is attacking the problem in a way that only China can: by pushing its expansion policy into the interior. As the coastal markets mature and struggle with a glut of housing and commercial space, companies are now looking at expanding inland, where the clampdown on the housing market isn't so tight.

    | Apr. 27, 2012, 7:55 PM | 4 Comments
  • Apr. 27, 2012, 5:03 AM

    China's industrial profits rose 4.5% in March, recovering from a January-February decline, and were down 1.3% Y/Y for the quarter.

    | Apr. 27, 2012, 5:03 AM
  • Apr. 26, 2012, 7:35 AM

    Included in Volvo's (VOLVY.PK) mostly upbeat earnings report, is an expected 15-25% drop in the market for construction equipment in China. The company had previously guided for a flat 2012 in China. Volvo becomes the 3rd heavy equipment maker in 2 days to warn on slowing in China.

    | Apr. 26, 2012, 7:35 AM
  • Apr. 25, 2012, 9:36 AM

    One more from Caterpillar earnings: A lot of the China slowdown talk has been waved off as little more than skewed data owing to the timing of the Chinese holidays. It may be of interest to note CAT saying, "demand in China remained weak after the Chinese New Year, and we now expect the overall machine industry to decline slightly this year." (PR) (h/t Mike Bergen)

    | Apr. 25, 2012, 9:36 AM | 1 Comment
  • Apr. 25, 2012, 8:57 AM

    The ABB earnings presentation sounds a lot like Caterpillar earnings, where weakness in China is being offset by strength in North America. ABB's order book in China is off 35% Y/Y, up 16% in the U.S. SEB notes the company saying it's uncertain when Chinese demand will recover vs. previously saying it appeared Chinese growth was returning. (earnings)

    | Apr. 25, 2012, 8:57 AM | 3 Comments
EWH Description
The iShares MSCI Hong Kong Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Hong Kong market, as measured by the MSCI Hong Kong Index.
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Country: Hong Kong
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