Sep. 27, 2013, 4:06 AM
- The combined profits of large Chinese industrial firms jumped 24.2% on year in August to 483.17B yuan ($78.94B) as growth accelerated from 11.6% in July.
- In January-August, earnings climbed 12.8% to 3.5T yuan.
- Private companies led the way as income increased 16.2%, while that of state-owned firms rose 8%.
- The profit growth adds to other data indicating that China's economy is improving, although not everybody's convinced.
- Shares: China +0.2%, Hong Kong +0.3%.
- ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS, EWH, EWHS, FHK. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH.
Sep. 16, 2013, 7:14 AM
- Emerging markets power ahead to a 3-month high amid a global rally on the Summers withdrawal news. The MSCI Emerging Markets ETF (EEM) is up 1.1% premarket.
- Particularly notable moves include sharply lower Indonesian and Turkish bond yields, and the South Korean won strengthening to a 6-month high,
- Indonesia gained 3.4% overnight, Turkey +3%, and the Kospi rose 1%.
- The Hang Seng (EWH) jumped as well, +1.5%, though Shanghai closed moderately lower.
- Others: The Philippines and Thailand each gained 2.8%.
- Emerging market ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
- Indonesia: EIDO, IDX, IDXJ.
- Turkey: TUR.
- South Korea: EWY, FKO, KORU, KORZ.
- The Philippines: EPHE.
- Thailand: THD, TTF, TF.
Sep. 9, 2013, 7:42 AM
- Shanghai surges 3.4% after a fast export report (grew 7.2% in August vs. 5.5% expected) cooled growth concerns for the moment.
- In an FT essay today, Premier Li Keqiang says the economy will maintain growth near the lower limit of 7.5% (apparently Beijing can make that number happen no matter what the economy is doing).
- FXI +1.3% premarket.
- Other China ETFs: GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, DSUM, CHLC, EWH.
Sep. 2, 2013, 7:57 AM
- S&P 500 (SPY) futures +1%, with the Nasdaq 100 (QQQ) +1.2% and the Dow (DIA) +0.8% after the President leaves a decision on Syrian military intervention up to a Congress skeptical of any such action. The President again reminded any strike - should it take place - would be limited in nature.
- Europe is ahead by nearly 2% as it also gets encouragement from the continent-wide PMI rising to more than a 2-year high.
- Asia was mostly higher, led by a 2% gain in Hong Kong (EWH, EWHS, FHK) after China's PMI returned to growth territory.
- Nothing comes for free though, and the rebound in equities has 10-year Treasury futures lower by 0.4%. A move like that in futures is equivalent to about a 5 basis point increase in the yield, which would put the 10-year at 2.84% were it trading this morning.
- Index ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB, QQQ, QQEW, TQQQ, QID, SQQQ, PSQ, QLD, QQQE, DIA, DDM, UDOW, DXD, SDOW, DOG.
- Treasury ETFs: TLH, TLT, IEF, DTYL, DLBL, ILTB, TENZ, ITE, TLO, EDV, VGIT, VGLT, TMF, TYD, LBND, UBT, UST, TMV, TYO, DSTJ, DSXJ, SBND, PST, TBT, DTYS, DLBS, TBF, TTT, TYNS, TYBS, TBX.
Aug. 16, 2013, 11:46 AM
- Hong Kong's government ups the bottom range of its FY13 growth forecast after Q2 GDP came in a positive +0.8%, ahead of estimates for 0.5%. The new outlook calls for GDP growth of 2.5-3.5% from 1.5-3.5% guessed at in May.
- The risk remains with the "external environment" says Credit Agrciole's Frances Cheung, noting the state's dependence on not just China, but the U.S. as well.
- The stock market (EWH) was closed by the time the data was released, but fell marginally overnight following the big decline in the U.S.
Aug. 14, 2013, 3:40 AM| Comment!
Aug. 13, 2013, 4:02 AM
- Japanese shares (DXJ, EWJ) lead Asian stocks higher and the yen weakens following a report that Shinzo Abe is considering reducing corporate taxes in order to offset a rise in sales tax.
- Chinese (FXI) and Hong Kong (EWH) stocks continue to receive support from hopes that China's economy has stabilized.
- Japan +2.6%, Hong Kong +1.2%, China +0.2%, India +1%.
Aug. 12, 2013, 3:39 AM| Comment!
Aug. 6, 2013, 4:08 AM
- Japanese stocks (DXJ) close +1% after touching a low of -1.6% earlier in the day, with shares boosted by a report that the a major public pension fund could increase its equities allocation, and on market chatter that the central bank was buying ETFs.
- Hong Kong (EWH) shares drop 1.3% as HSBC falls 5% following the bank's earnings yesterday, when it also said it may have to pay up to $1.6B in a lawsuit over soured mortgage bonds.
- Elsewhere, China +0.5%, India -1.4%.
Jul. 23, 2013, 1:52 AMChinese Premier Li Keqiang has reportedly indicated that his government will act to stimulate the economy if it slows too much, saying that the bottom line for growth is 7% and that the country can't tolerate anything below that. The remarks somewhat contradict those from Finance Minister Lou Jiwei, who said recently that 6.5% growth would be tolerable. Notwithstanding, Li's comments helped Chinese shares (FXI) jump 2.3% and those in Hong Kong (EWH) 2.2%. | 6 Comments
Jul. 18, 2013, 4:21 AMAsian shares are mixed, with Japanese stocks (DXJ) rising 1.3% as the yen (FXY) falls 0.7% against the dollar following Ben Bernanke's comments yesterday that QE is still set to end by mid-2014. However, Chinese (FXI) and Hong Kong (EWH) shares drop after a rise in Chinese house prices sparked renewed fears about an overheating property market. Hong Kong -0.1%, China -1.1%, India +0.3%. | Comment!
Jul. 12, 2013, 3:55 AM
Jul. 11, 2013, 7:27 AMWith a 3.2% gain overnight, Chinese stocks (CAF) have put together their biggest 2-day rally in 18 months on hope the government will loosen policy. The banks (CHIX) had their biggest surge since March 2009 after Premier Li Keqiang said the government has a floor in mind for economic growth (and a ceiling for unemployment) and isn't willing to see either breached. Q2 GDP figures are due on July 15. FXI +3.5% premarket. Hong Kong (EWH) +2.6%. | Comment!
Jul. 10, 2013, 3:54 AMChinese (FXI) and Hong Kong (EWH) shares lead the charge in Asia, rising 2.2% and 1.1% respectively after trade data that's so bad it must be good, because surely - so the theory goes - it will prompt China's leaders to forget all those flighty notions about re-balancing and pump lots of good old fashioned liquidity into the economy to keep growth ticking along nicely, irrespective of how unsustainable that may be. Japanese investors (DXJ) don't buy it and the Nikkei drops 0.4%. India -0.05%. | Comment!
Jul. 5, 2013, 7:44 AMChina (FXI), Hong Kong (EWH), and India (EPI) are in a "high-risk danger zone" thanks to monetary policy that's been too loose for too long, according to a Nomura report showing skying debt levels across nearly all of Asia. Countries in the middle-risk range are South Korea (EWY), Malaysia (EWM), Singapore (EWS), and Thailand (THD). Meanwhile, Kyle Bass returns from a trip to Japan to talk about the coming collapse in China. He's "dramatically reduc(ing) risk in the portfolio." | Comment!
Jul. 1, 2013, 7:32 AMAsian stocks are downgraded by Goldman Sachs, which lowers it 12-month price target on the MSCI Asia ex-Japan Index (AAXJ) to 480 from 550 (it's currently about 430). "The macro environment has turned less favorable for regional equities ... growth estimates have declined, notably in China, as policymakers turn more constrictive." The bank is overweight South Korea (EWY), Singapore (EWS), and Thailand (THD), but underweight Oz (EWA), Hong Kong (EWH), Malaysia (EWM), Philippines (EPHE), and Taiwan (EWT). | 1 Comment
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