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Mon, Jul. 28, 8:04 AM
- "Sentiment has turned in favor of growth and cheap valuations in the Chinese market," says a Hong Kong-based fund manager. Shanghai "has been lagging for a long time so [it's catching] up with world markets. The policy changes in China are favorable.”
- Among the more recent measures are the cutting of reserve requirements, accelerated infrastructure spending, and loosened property curbs.
- In Hong Kong, the Hang Seng rose for a fifth straight session, up 0.9% amid reports the so-called "through train" scheme - which would allow direct stock trading between Hong Kong and Shanghai - will launch in October.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, EWHS, CN, FCHI, FCA, CHNA, FHK, KBA, ASHS, CNXT
Wed, Jul. 16, 11:06 AM
- GDP rose 7.5% in Q2 from a year earlier, according to China's statistics bureau. Estimates were for 7.4% growth. On a sequential basis, GDP grew 2% vs. 1.8% forecast, and 1.5% in Q1. Industrial production grew 9.2% vs. forecasts for 9%, and retail sales increased 12.4% vs. 12.5% estimates. Fixed-asset investment increased 17.3% vs. forecasts for 17.2%.
- ANZ Banking Group boosts their 2014 GDP estimate to 7.5% from 7.2%, but calls for continued monetary easing to help hit that number.
- The statistics bureau also reported the value of June home sales as rising 33% from May, though the value for the year's first half fell 9.2% from the same period in 2013.
- Stocks in Shanghai slipped 0.15% overnight, their first decline in four sessions.
- ETFs: FXI, EWH, PGJ, GXC, KWEB, FXP, YINN, HAO, ASHR, CHIQ, YANG, TAO, CQQQ, CHIX, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, ECNS, CHIE, CHIM, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, ASHS, KBA
Mon, Jul. 7, 8:54 AM
- "We reduce Hong Kong to underweight on concerns about negative news flow," says HSBC, worried the "Occupy Central" campaign will sour relations with China and hurt the economy.
- The bank didn't elaborate further (it expects to release further details later this week), but HSBC earned more than half of its pre-tax profit from China and Hong Kong last year, and has come under some criticism along with Standard Chartered for pulling advertisements from Apple Daily - a move the paper's owned has said is politically motivated.
- ETFs: EWH, EWHS, FCHI, FHK
Thu, Jun. 26, 11:00 AM
- The Shanghai Composite rose 0.7% overnight, with the ChiNext Index of small company stocks popping 2% after the first IPOs to hit the mainland in four months jumped an average 44%. Trading volume in Shanghai was 9.2% above the 30-day average.
- China's securities watchdog recently lifted a ban on IPOs and it expects to allow about 100 between June and year-end.
- The Hang Seng (EWH) climbed 1.5%.
- China ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, ASHR, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXF, EWHS, FCHI, CN, FCA, CHNA, FHK, KBA
- China small-cap ETFs: HAO, ECNS, EWHS, ASHS
Mon, Jun. 23, 7:37 AM
- The HSBC flash PMI for June rises to 50.8 from May's final read of 49.4. Expectations for the print were 49.7.
- Both JPMorgan and Barclays boosted estimates for Q2 GDP growth after the number, JPMorgan to 7.2% from 6.8% and Barclays to 7.4% from 7.2%.
- “It is a very good number,” says Credit Suisse's Dong Tao. “It is a surprise, too, as most people are focusing on infrastructure investment and the property market.” He nevertheless leaves his Q2 GDP growth forecast at 7.3%
- Stocks were not buoyed by the news as Shanghai slipped 0.1% and Hong Kong 1.7%.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA
Thu, Jun. 19, 10:44 AM
- Worries over a rush of IPOs make for a convenient excuse for a 1.6% decline in the Shanghai Composite overnight. Regulators have given the green light to new offerings after a four-month halt and at least four companies are coming public this week. "The secondary market is bleeding," says one strategist. "Investors want to speculate on new stocks."
- China's securities regulator says about 100 companies will list on the mainland by year-end.
- FXI -0.8%
- ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, HAO, ASHR, CHIQ, YANG, TAO, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, ECNS, CHIE, CHIM, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA, ASHS
Thu, May. 22, 8:21 AM
- The preliminary May HSBC PMI of 49.7 rises from 48.1 at the end of April and stands against estimates for 48.3, though still remaining in contraction territory.
- “A few industries that are sensitive to the mini-stimulus may have started to benefit from the pro-growth policies,” says Everbright chief economist Xu Gao. “It’s still too early to conclude that a quick rebound is taking place in the Chinese economy."
- The Shanghai Composite fell 0.2% overnight, while Hong Kong (EWH) gained 0.5%.
- ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, HAO, ASHR, CHIQ, YANG, TAO, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, CHXF, CHII, ECNS, CHIM, CHIE, EWHS, FCHI, FCA, KFYP, CN, CHNA, FHK, KBA, ASHS
Thu, Apr. 10, 4:25 AM
- China intends to connect the Hong Kong and Shanghai bourses and enable total cross-border trading of 23.5B yuan ($3.8B) a day.
- Investors will be able to trade 10.5B yuan of Hong Kong-listed shares via Shanghai and 13B yuan of mainland stocks through Hong Kong.
- The plan is part of China's attempts to liberalize its economy, with Premier Li Keqiang saying it will "further improve the opening and healthy development of capital markets in China and Hong Kong."
- News of the plan helped Chinese and Hong Kong stocks rise despite weak trade figures.
- The Shanghai Composite ended +1.4% and the Hang Seng gained 1.7%.
- ETFs: FXI, PGJ, GXC, FXP, YINN, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, TCHI
- ETFs: EWHS
Thu, Apr. 10, 2:04 AM
- Chinese exports tumbled 6.6% on year in March, which represented an improvement from an 18.1% plunge in February, although consensus was for growth of 4%.
- Imports slumped 11.3% after climbing 10.1% and missed expectations of +2.4%, with the decline partly due to falling commodity prices.
- The trade balance swung to a surplus of $7.71B from a deficit of $22.98B and easily topped forecasts for a surplus of $900M.
- Economist Hu Yifan says that "investors don't have to be worried" about the trade numbers, as the declines were partly due to artificially high export data a year earlier and the severe winter in the U.S.
- Still, the figures follow other numbers which show that the economy is slowing, although Premier Li Keqiang ruled out more stimulus to add to measures that were announced recently. China "won’t adopt short-term and strong stimulus policies in response to temporary fluctuations in the economy," Li said. "Instead, we will focus more on healthy growth in the medium-to-long term and will make efforts to achieve sustainable and healthy development."
- The Shanghai Composite +0.2% and the Hang Seng is +0.65%, aided by the dovish FOMC minutes yesterday.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIM, CHIE, EWHS, FCHI, KFYP, FCA, TCHI, CHLC, CHNA, FHK, KBA
Thu, Mar. 27, 4:53 AM
- Asian shares have traded mixed in a choppy session in which the Nikkei recovered to close up 1% after falling earlier in the day. Market players pointed to reinvestment by a public pension fund and short-covering as reasons for the reversal.
- The Shanghai Composite fell 0.8% and the Hang Seng 0.2% as tech stocks took a beating following a bad debut on Wall Street for "Candy Crush" developer King Digital.
- Elsewhere in Asia, India -0.7%.
- ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, SCJ, JPNL, DXJS, JSC, ITF, JPP, JPNS, HEWJ, FJP, EWH, EWHS, FCHI, FHK, FXI, PGJ, GXC, FXP, YINN, KWEB, YANG, CQQQ, MCHI, QQQC, XPP, YAO, YXI, CHXF, FCA, TCHI
Fri, Mar. 14, 3:10 AM
- The Nikkei leads Asian stocks lower following more weak Chinese economic data yesterday and amid increased tension in Ukraine, with the Japanese index slumping 3.3%. A sharp rise in the yen overnight didn't help matters.
- "Japan stocks often take the first hit on bad Asian news, then when the U.S. markets fall later, they react to that as well, resulting in a 'double whammy' effect," says hedge-fund manager Ed Rogers.
- Hong Kong shares are also suffering as the Hang Seng drops 0.9% and heads for its worst week since May 2012.
- Elsewhere in Asia, China -0.8% and Indian -0.9%.
- Meanwhile, Japanese industrial production rose 3.8% on month vs a prior estimate of +4%.
- On year, output +10.3% vs +10.6%.
- Capacity utilization +5.9% vs +2.2%.
- ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP, EWH, EWHS, FCHI, FHK
Thu, Jan. 23, 4:46 AM
- Asian equities are mixed after preliminary data from HSBC showed that Chinese manufacturing activity contracted for the first time in six months.
- "The weak flash PMI will inevitably inflame China slowdown worries, but this is only one data point," says strategist Linus Yip. "If more data start to also show a deeper slowdown, Beijing may be forced to stimulate in order to maintain a stable basis for growth that they need to execute reforms."
- However, it was the Hang Seng that seemed to take the brunt of the losses, falling 1.4%, while Australia's S&P/ASX 200 dropped 1.1%.
- The Shanghai composite closed -0.5%, with the negative mood perhaps offset by the People's Bank of China conducting 120B yuan ($19.8B) of 21-day reverse-repurchase agreements as it seeks to further defend against a credit crunch.
- Elsewhere in Asia, Japan's Nikkei closed -0.8% and India's Sensex is +0.15%.
- ETFs: FXI, EWA, EWH, PGJ, GXC, FXP, HAO, YINN, TAO, CHIQ, ASHR, CHIX, YANG, MCHI, PEK, KWEB, CQQQ, QQQC, XPP, AUSE, YAO, CHXX, CHII, CHXF, ECNS, CHIE, YXI, CHIM, EWHS, FCHI, KFYP, FCA, TCHI, CHNA, FHK, FAUS
Dec. 31, 2013, 2:11 AM
- China's government has given its approval to five companies to list on mainland stock exchanges, thereby ending an IPO freeze of over a year.
- Over 760 firms are waiting to offer stock to the public, a backlog that could drag down shares of listed companies as funds flow to the new entrants.
- Authorities suspended IPOs in October last year as part of a plan to crack down on fraud, reform the system and restore confidence.
- Separately, Hong Kong and China could soon sign a "mutual recognition" agreement that will allow retail investors on either side of the border to buy into funds that are based in both markets. The deal could facilitate billions of dollars of cross-border investments in shares and bonds.
- ETFs: FXI, EWH, PGJ, GXC, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, MCHI, YANG, ASHR, PEK, CQQQ, XPP, DSUM, QQQC, YAO, KWEB, CHXX, CHII, FXCH, CHXF, ECNS, CHIE, YXI, CHIM, EWHS, FCHI, KFYP, FCA, TCHI, CHLC, FHK, CHNA
Oct. 27, 2013, 12:06 AM| Comment!
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. 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.
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