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EQUITIES: China & Hong Kong Equities Struggle, Macau Gaming Revenue Drops

EQUITIES
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  • Chinese stocks opened 2025 on a weak note, with the CSI 300 Index struggling to gain momentum despite December's liquidity support from the PBOC. Investor sentiment remains muted as concerns persist over Macau's underwhelming recovery and a lack of enthusiasm for the economic outlook. With the Lunar New Year approaching, a PBOC-driven positive surprise may be needed to reignite market interest.
  • Macau casino stocks dropped as December gaming revenue fell 2%, missing estimates amid increased scrutiny during President Xi Jinping’s visit. Annual gaming revenue for 2024 rose 24% to 226.8b patacas but remains below pre-pandemic levels. Shares of Galaxy Entertainment, Sands China, and Melco International fell 1.8%-2.7%
  • China's manufacturing activity slowed in December, with the Caixin PMI falling to 50.5 from 51.5, below expectations of 51.7, reflecting a slower expansion amid external challenges. President Xi Jinping highlighted the economy's stability and the 2024 growth target of about 5%, while concerns grow over potential tariffs under Donald Trump's return to office.
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  • Chinese stocks opened 2025 on a weak note, with the CSI 300 Index struggling to gain momentum despite December's liquidity support from the PBOC. Investor sentiment remains muted as concerns persist over Macau's underwhelming recovery and a lack of enthusiasm for the economic outlook. With the Lunar New Year approaching, a PBOC-driven positive surprise may be needed to reignite market interest.
  • Macau casino stocks dropped as December gaming revenue fell 2%, missing estimates amid increased scrutiny during President Xi Jinping’s visit. Annual gaming revenue for 2024 rose 24% to 226.8b patacas but remains below pre-pandemic levels. Shares of Galaxy Entertainment, Sands China, and Melco International fell 1.8%-2.7%
  • China's manufacturing activity slowed in December, with the Caixin PMI falling to 50.5 from 51.5, below expectations of 51.7, reflecting a slower expansion amid external challenges. President Xi Jinping highlighted the economy's stability and the 2024 growth target of about 5%, while concerns grow over potential tariffs under Donald Trump's return to office.