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Fri, Oct. 17, 11:00 AM
- According to banking executives in the know, the PBOC is set to inject up to ¥200B ($32.8B) into roughly 20 large national and regional Chinese banks amid worry the country will miss its GDP growth target of 7.5% this year.
- This would follow last month's move which pumped ¥500B into the five major state-owned banks. The funds, naturally, are expected to be lent out to those sectors deemed important by Beijing.
- Big Mama's (as the central bank is known locally) stimulus measures thus far don't seem to have done a lot, and word is it's lack of demand rather than a shortage of credit which is holding lending and the economy back. Economists say these liquidity injections are less than meets the eye, and what's really needed to boost the economy are rate cuts.
- The China Financials ETF (CHIX -0.9%)
- Broad China ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, CN
Wed, Sep. 24, 7:22 AM
- Andrew Tilton and team expect Beijing to cut its GDP growth target to 7% in 2015 from 7.5% this year, "in order to limit further accumulation of financial risks and reduce pressure for policy stimulus."
- There are three factors that contribute to economic growth, says Goldman, and all three - labor growth, capital growth, and technological advance - have their speediest gains behind them.
- Goldman also cuts its outlook for Hong Kong, now expecting 2.9% GDP growth in 2015 vs. an earlier forecast of 4.4%.
- Shanghai climbed 1.5% overnight, while the Hang Seng fell 0.4%. FXI +1.5% remarket
- ETFs: FXI, EWH, PGJ, GXC, YINN, FXP, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CN, EWHS, FCHI, FCA, CHNA, KBA, FHK
Mon, Sep. 22, 7:18 AM
- Don't expect any major policy moves out of Beijing to counter the recent weak string of economic data, says China Finance Minister Lou Jiwei, dampening rising speculation something big - maybe a rate cut - was coming.
- Shanghai fell 1.7% overnight, with Hong Kong lower by 1.4%.
- ETFs: FXI, EWH, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCHI, FCA, FHK
Tue, Sep. 16, 7:34 AM
- A four-year low in foreign direct investment - which fell 14% Y/Y in August to $7.2B - makes for a convenient excuse for Shanghai's 1.8% decline overnight. Hong Kong fell 0.9%. Combined with the slow economic data is a continuing rush of IPOs which investors fear will suck up funds - eleven more were approved yesterday.
- FDI's 14% drop in August follows June's 17% decline - it's the first back-to-back double-digit losses for the gauge since 2009.
- FXI -0.3% premarket
- ETFs: FXI, EWH, PGJ, GXC, YINN, FXP, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CN, EWHS, FCHI, FCA, CNXT, ASHS, CHNA, KBA, FHK
Tue, Sep. 2, 7:22 AM
- Last night's 1.4% gain was led by military-related names amid speculation the government is set to boost defense spending after weekend comments from President Xi Jinping.
- Over the weekend, China's HSBC PMI fell to a 3-month low of 50.2 in August, about inline with a preliminary read of 50.3. China's official PMI of 51.1 fell from July's 51.7 and came in vs. expectations of 51.2.
- ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
Tue, Aug. 26, 7:51 AM
- Making a convenient excuse for Shanghai's biggest decline in two weeks is a heavy slate of IPOs (10) set to begin marketing this week. "IPO share sales will put pressure on market liquidity," says a money manager. "The market may need a breather and consolidation here before finding a direction."
- Chinese IPOs have been popular this year, sporting an average 94% gain from their issue price.
- ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
Thu, Jul. 24, 12:46 PM
- The big mover in Asia overnight was China up 1.3% after the flash PMI read for July from HSBC showed a rise to 52 from June's final read of 50.7. Expectations had been for a slight gain to 51.
- “The cumulative impact of mini-stimulus measures introduced earlier is still filtering through,” says Qu Hongbin, HSBC’s chief China economist. “We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery.”
- FXI +1.6%
- ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, CHIM, CN, FCA, KFYP, CHNA, KBA
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
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
Mon, Apr. 28, 4:51 AM
- Asian shares mostly fall as the escalating Ukraine crisis weighs on sentiment.
- In China, the mood has also been affected by the securities regulator announcing a resumption of IPOs after a three-month halt and President Xi Jinping dampening hopes for further stimulus by saying that fiscal and monetary policies would essentially remain as they are. The regulator will hold meetings on Wednesday to review the applications of four companies.
- Japan -1%, Hong Kong -0.4%, China -1.6%, India -025%.
- China ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, YANG, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIE, CHIM, FCA, KFYP, TCHI, CHLC, CHNA, 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
Mon, Mar. 24, 2:24 AM
- HSBC Chinese flash manufacturing PMI has indicated contraction for a fifth consecutive month, slipping to 48.1 in March from 48.5 in February and missing consensus of 48.7.
- New orders, employment and output shrank, although new export orders grew for the first time in four months.
- The reading adds to other data which indicate that China's economy is slowing.
- "Weakness is broadly based with domestic demand softening further," says HSBC. "We expect Beijing to launch a series of policy measures to stabilize growth."
- Hopes of such stimulus have helped push the Shanghai Composite up 1%, while the Hang Seng is +1.7%. (PR)
- ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, CHIX, TAO, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, FXCH, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
Fri, Mar. 21, 4:30 AM
- Chinese and Hong Kong stocks lead an Asian rally following sharp Fed-inspired losses in the region yesterday.
- The Shanghai Composite Index jumps 2.7% amid speculation that the Chinese government will ease the ability of banks and property developers to raise money as part of an attempt to boost the stuttering economy, further evidence for which was provided in China's "Beige Book." One financing idea being bandied about is letting lenders sell preferred shares.
- The yuan is steady following further sharp losses for the renminbi this week, with the USD-CNY -0.1% at 6.229 yuan.
- Japan closed. Hong Kong +1.3%, India +0.1%.
- ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
Tue, Feb. 25, 4:19 AM
- The Chinese yuan has fallen for the sixth day in a row and hit its lowest level in a year, with currency analyst Kenix Lai believing that the People's Bank of China has been engineering the fall, possibly to "change the perception of the one-way bet on yuan gains."
- Lai says the PBOC may also be "introducing two-way volatility as it prepares the renminbi for a wider trading band." The PBOC said last week that it plans to expand the range in an "orderly" manner.
- The yuan's direction has generally been upwards, but since touching a record high against the dollar in mid-January, the currency has dropped over 1%.
- Today, the PBOC set the renminbi's daily reference rate at 6.1184 to the dollar. The yuan is allowed to trade 1% either side of the rate.
- The Shanghai Composite closes -2%.
- ETFs: FXI, PGJ, GXC, FXP, YINN, HAO, KWEB, ASHR, CHIQ, TAO, CHIX, DSUM, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, CHII, CHXF, YXI, ECNS, CHIE, CHIM, FCA, KFYP, CHLC, TCHI, CHNA, CEW, JEM
Fri, Jan. 24, 4:23 AM
- Asian shares have mostly fallen as investors have seemed to grow more fearful about the significance of poor Chinese manufacturing PMI data yesterday.
- Investors have sought safe havens such as the yen - the USD-JPY is -0.3% at ¥103 - helping to send the Nikkei -1.9%.
- "A correction could occur," says investment strategist Shane Oliver. "We have to expect more volatility. Shares are no longer dirt cheap, meaning the easy gains are behind us."
- The once place where the PMI data didn't seem to to have an effect today was China, whose Shanghai Composite rose 0.6%. Stocks were partly boosted by money market rates falling again following a $42B+ injection of cash this week from the central bank ahead of the Lunar New Year. The seven-day repo rate dropped 77 bps to 4.61%.
- "Bad news has been digested and liquidity has eased," says analyst Du Liang.
- China ETFs: FXI, PGJ, GXC, FXP, CYB, YINN, HAO, CNY, TAO, CHIQ, ASHR, CHIX, YANG, MCHI, DSUM, PEK, KWEB, CQQQ, QQQC, XPP, YAO, CHXX, FXCH, CHII, CHXF, ECNS, CHIE, YXI, CHIM, KFYP, FCA, TCHI, CHLC, CHNA
- Japan ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPP, JPNL, JGBT, JPNS, FJP, JGBB
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
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