MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

MNI: CANADIAN JAN BUILDING PERMITS -3.2% MOM

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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ASIA STOCKS: Asian Equities Edge Higher, Tech Stocks Fuel The Rally

ASIA STOCKS
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Asian markets extended gains for a second session, with sentiment buoyed by an AI-fueled rally in Chinese tech stocks, as investors bet on Alibaba as a major AI beneficiary. Risk appetite also improved on US-Russia talks aimed at ending the Ukraine war, easing geopolitical concerns and contributing to a decline in oil prices on speculation of reduced risks to Russian supply. While hotter-than-expected US CPI data triggered a Treasuries selloff on Wednesday, Asian equities largely shrugged off the impact, focusing instead on China’s tech momentum and broader risk-on sentiment, The MSCI Asia Pacific Index climbed 0.9%, with Alibaba and Toyota Motor among the biggest contributors. Meanwhile, gold remained near record highs, reflecting persistent safe-haven demand.

  • Japan's Topix is +1.3% and the Nikkei +1.5%, boosted by a weaker yen and strength in exporters. Rakuten Bank surged 12% after raising its full-year net income forecast, while SoftBank fell 5.2% after reporting a larger-than-expected Q3 net loss.
  • In Hong Kong & China the Hang Seng Index jumped 1.6%, with the Hang Seng Tech Index on track for its highest close since February 2022, up 1.50%. Alibaba hit a 2yr high, benefiting from AI optimism. However, China’s CSI 300 slipped 0.1%, weighed by renewed concerns over the property sector. China Vanke fell 7.9%, as skepticism grew over whether Beijing’s proposed 50B yuan ($6.8B) funding plan would be enough to stabilize the firm. BBG China property Developer gauge was down 3% at one stage, however has recovered somewhat to trade 0.75% lower at the break.
  • South Korea's Kospi gained 1%, while the Taiwan's Taiex rose 0.3%, following global risk-on sentiment.
  • Very little happening in Australian & New Zealand with key benchmarks in both regions little changed
  • India's Nifty 50 is 0.4% higher, with traders eyeing PM Modi’s meeting with Trump in Washington, though sentiment was cautious amid skepticism over potential trade benefits.
  • Elsewhere in asia we have seen a mixed performance, with Thailand (+0.7%) and the Philippines (+0.6%) higher, while Indonesia (-0.9%) and Malaysia (-0.5%) lagged.
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Asian markets extended gains for a second session, with sentiment buoyed by an AI-fueled rally in Chinese tech stocks, as investors bet on Alibaba as a major AI beneficiary. Risk appetite also improved on US-Russia talks aimed at ending the Ukraine war, easing geopolitical concerns and contributing to a decline in oil prices on speculation of reduced risks to Russian supply. While hotter-than-expected US CPI data triggered a Treasuries selloff on Wednesday, Asian equities largely shrugged off the impact, focusing instead on China’s tech momentum and broader risk-on sentiment, The MSCI Asia Pacific Index climbed 0.9%, with Alibaba and Toyota Motor among the biggest contributors. Meanwhile, gold remained near record highs, reflecting persistent safe-haven demand.

  • Japan's Topix is +1.3% and the Nikkei +1.5%, boosted by a weaker yen and strength in exporters. Rakuten Bank surged 12% after raising its full-year net income forecast, while SoftBank fell 5.2% after reporting a larger-than-expected Q3 net loss.
  • In Hong Kong & China the Hang Seng Index jumped 1.6%, with the Hang Seng Tech Index on track for its highest close since February 2022, up 1.50%. Alibaba hit a 2yr high, benefiting from AI optimism. However, China’s CSI 300 slipped 0.1%, weighed by renewed concerns over the property sector. China Vanke fell 7.9%, as skepticism grew over whether Beijing’s proposed 50B yuan ($6.8B) funding plan would be enough to stabilize the firm. BBG China property Developer gauge was down 3% at one stage, however has recovered somewhat to trade 0.75% lower at the break.
  • South Korea's Kospi gained 1%, while the Taiwan's Taiex rose 0.3%, following global risk-on sentiment.
  • Very little happening in Australian & New Zealand with key benchmarks in both regions little changed
  • India's Nifty 50 is 0.4% higher, with traders eyeing PM Modi’s meeting with Trump in Washington, though sentiment was cautious amid skepticism over potential trade benefits.
  • Elsewhere in asia we have seen a mixed performance, with Thailand (+0.7%) and the Philippines (+0.6%) higher, while Indonesia (-0.9%) and Malaysia (-0.5%) lagged.