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China Equities Mostly Lower On US Tariffs, Property Up On Policy Support

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Chinese equities are mostly lower today, on the back of mixed earnings from the like of Alibaba who reported a sharp drop in net income with a buyback doing little to help the stock, while Tencent beat expectations, but gave a more cautious tone on the outlook for the Chinese economy while US tariffs on a wide range of Chinese imports including semiconductors, EVs and batteries have done little to help the market today. The property sector has been the only sector higher, after China has announced they are looking into allowing local governments to purchase unsold homes. Earlier, China kept the 1yr MLP on hold at 2.50% and looking ahead the market now awaits earnings from Baidu and JD.com. Hong Kong markets were closed today for Buddha's Birthday.

  • China onshore markets are lower today, the CSI300 down 0.29%, we still hold above all moving averages with support now the 20-day EMA at 3,607, the CSI300 Real Estate Index is up 5.20%, while small and growth indices are also lower today although faring slightly better than the large-cap space with the CSI1000 is down 0.17% while the ChiNext off 0.13%.
  • In the property space, China is contemplating a significant proposal to address its struggling property market by having local governments purchase millions of unsold homes, with the aim of converting them into affordable housing. This ambitious plan, currently under review by the State Council, involves state-owned enterprises buying distressed developer properties at discounted rates, funded by loans from state banks, as per BBG.
  • Looking ahead, Industrial Production & Retail Sales on Friday
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Chinese equities are mostly lower today, on the back of mixed earnings from the like of Alibaba who reported a sharp drop in net income with a buyback doing little to help the stock, while Tencent beat expectations, but gave a more cautious tone on the outlook for the Chinese economy while US tariffs on a wide range of Chinese imports including semiconductors, EVs and batteries have done little to help the market today. The property sector has been the only sector higher, after China has announced they are looking into allowing local governments to purchase unsold homes. Earlier, China kept the 1yr MLP on hold at 2.50% and looking ahead the market now awaits earnings from Baidu and JD.com. Hong Kong markets were closed today for Buddha's Birthday.

  • China onshore markets are lower today, the CSI300 down 0.29%, we still hold above all moving averages with support now the 20-day EMA at 3,607, the CSI300 Real Estate Index is up 5.20%, while small and growth indices are also lower today although faring slightly better than the large-cap space with the CSI1000 is down 0.17% while the ChiNext off 0.13%.
  • In the property space, China is contemplating a significant proposal to address its struggling property market by having local governments purchase millions of unsold homes, with the aim of converting them into affordable housing. This ambitious plan, currently under review by the State Council, involves state-owned enterprises buying distressed developer properties at discounted rates, funded by loans from state banks, as per BBG.
  • Looking ahead, Industrial Production & Retail Sales on Friday