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ASIA STOCKS: China & HK Equities Heads Higher, China Mfg PMI Above 50

ASIA STOCKS
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Chinese and Hong Kong equities are higher today, as investors reacted positively to a report showing Chinese manufacturing data expanding for the first time since April, suggesting that recent stimulus measures may be starting to boost growth momentum in the manufacturing industry. BYD beat Tesla in quarterly revenue for the first time, but its shares slumped as traders focused on weaker net sales per vehicle. Despite mixed corporate earnings, the report on manufacturing uplifted market sentiment in both regions.

  • Chinese property developer shares rose for the second consecutive session, driven by optimism following reports that China is considering a 4b yuan special bond issuance to support the struggling sector. The BBG China Property Developer Gauge is 4% higher, Mainland Property Index +2.60% while the CSI 300 Real Estate Index is 2.30% higher.
  • Chinese banks posted modest profit gains in Q3 2024, despite challenges from a slowing economy and low margins. ICBC reported a 3.8% profit increase, while Agricultural Bank of China, Bank of Communications, Bank of China and China Construction Bank saw gains ranging from just above 1% to nearly 6%. Banking stocks were mixed, with the Mainland Banking Index down 0.45%.
  • BYD surpassed Tesla in quarterly revenue for the first time, posting $28.2b in sales versus Tesla’s $25.2b, driven by strong demand for its hybrid vehicles. Despite a record net income of $1.6b, Tesla still leads in profitability with $2.2b. BYD's vertically integrated supply chain and dominance in China’s EV market have helped cushion it from global headwinds, positioning it well for continued growth.
  • China's Manufacturing PMI for October rose to 50.1, slightly above market expectations of 49.9 and following September's decline of 49.8. The Non-manufacturing PMI also printed at 50.1, up from 50.0 last month. This marks the first expansion after five months of contraction, indicating early positive signs from stimulus measures ahead of next week's National People's Congress.
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Chinese and Hong Kong equities are higher today, as investors reacted positively to a report showing Chinese manufacturing data expanding for the first time since April, suggesting that recent stimulus measures may be starting to boost growth momentum in the manufacturing industry. BYD beat Tesla in quarterly revenue for the first time, but its shares slumped as traders focused on weaker net sales per vehicle. Despite mixed corporate earnings, the report on manufacturing uplifted market sentiment in both regions.

  • Chinese property developer shares rose for the second consecutive session, driven by optimism following reports that China is considering a 4b yuan special bond issuance to support the struggling sector. The BBG China Property Developer Gauge is 4% higher, Mainland Property Index +2.60% while the CSI 300 Real Estate Index is 2.30% higher.
  • Chinese banks posted modest profit gains in Q3 2024, despite challenges from a slowing economy and low margins. ICBC reported a 3.8% profit increase, while Agricultural Bank of China, Bank of Communications, Bank of China and China Construction Bank saw gains ranging from just above 1% to nearly 6%. Banking stocks were mixed, with the Mainland Banking Index down 0.45%.
  • BYD surpassed Tesla in quarterly revenue for the first time, posting $28.2b in sales versus Tesla’s $25.2b, driven by strong demand for its hybrid vehicles. Despite a record net income of $1.6b, Tesla still leads in profitability with $2.2b. BYD's vertically integrated supply chain and dominance in China’s EV market have helped cushion it from global headwinds, positioning it well for continued growth.
  • China's Manufacturing PMI for October rose to 50.1, slightly above market expectations of 49.9 and following September's decline of 49.8. The Non-manufacturing PMI also printed at 50.1, up from 50.0 last month. This marks the first expansion after five months of contraction, indicating early positive signs from stimulus measures ahead of next week's National People's Congress.