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ASIA STOCKS: China & Hong Kong Equities Mostly Lower, Property Finds Support

ASIA STOCKS
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It has been a rather quiet session for Asian equities this morning, with both Hong Kong & China equities outperforming the sell-off we saw in US equities on Friday night, those moves came after there were reports of a new bat coronavirus study. While tension remain somewhat elevated as Trump moved to restrict Chinese investment in some strategic US industries, while also considering further restrictions on outbound investment to Beijing in sectors including semiconductors and AI.  

  • The Hang Seng Index is 0.50% lower, with the Hang Seng Tech Index dropping 1.5%, following Friday’s sharp rally. US-China trade tensions weighed on sentiment, with Wuxi Biologics (-8.9%) and Wuxi AppTec (-8.7%) hit after the U.S. moved to restrict Chinese investment in healthcare. Lenovo (-5.2%) and Kuaishou (-6%) also declined. However, travel stocks outperformed, with Trip.com (+4.4%) and Tongcheng Travel (+3.1%) rising.
  • Mainland equities are also lower, with the CSI 300 and Shanghai Composite both down 0.1%. Property stocks gained on expectations of policy support at the upcoming National People’s Congress, with Sunac China (+12%) and China Vanke (+8.2%) leading gains, the BBG China Property Developer Gauge is 2.50% higher. Robotics stocks advanced on reports that Shenzhen will establish a ¥10b industry fund to support AI and robotics, lifting Shengtong Printing (+10%) and Shenzhen Invt Electric (+8.4%). Meanwhile, Chinese shipping stocks declined after the U.S. proposed fees on Chinese-built vessels.
  • There isn't anything major on the data front this week for China, while Hong Kong has trade balance data out tomorrow, followed by GDP numbers on Wednesday
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It has been a rather quiet session for Asian equities this morning, with both Hong Kong & China equities outperforming the sell-off we saw in US equities on Friday night, those moves came after there were reports of a new bat coronavirus study. While tension remain somewhat elevated as Trump moved to restrict Chinese investment in some strategic US industries, while also considering further restrictions on outbound investment to Beijing in sectors including semiconductors and AI.  

  • The Hang Seng Index is 0.50% lower, with the Hang Seng Tech Index dropping 1.5%, following Friday’s sharp rally. US-China trade tensions weighed on sentiment, with Wuxi Biologics (-8.9%) and Wuxi AppTec (-8.7%) hit after the U.S. moved to restrict Chinese investment in healthcare. Lenovo (-5.2%) and Kuaishou (-6%) also declined. However, travel stocks outperformed, with Trip.com (+4.4%) and Tongcheng Travel (+3.1%) rising.
  • Mainland equities are also lower, with the CSI 300 and Shanghai Composite both down 0.1%. Property stocks gained on expectations of policy support at the upcoming National People’s Congress, with Sunac China (+12%) and China Vanke (+8.2%) leading gains, the BBG China Property Developer Gauge is 2.50% higher. Robotics stocks advanced on reports that Shenzhen will establish a ¥10b industry fund to support AI and robotics, lifting Shengtong Printing (+10%) and Shenzhen Invt Electric (+8.4%). Meanwhile, Chinese shipping stocks declined after the U.S. proposed fees on Chinese-built vessels.
  • There isn't anything major on the data front this week for China, while Hong Kong has trade balance data out tomorrow, followed by GDP numbers on Wednesday