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China Equities Open Mixed, Consumer Spending Looks Promising

CHINA STOCKS

China Mainland equities are back trading today after the LNY break. PBoC left the 1-year MLF unchanged on Sunday at 2.5%, this was largely expected. There has been little in the way of Chinese data the past week, however consumer spending looks promising as state owned media reported a 19% jump in travel during the LNY period compared to 2019, while box office sales reached 8.02b yuan a record high, railway travel also surged up 36% from the 2019 period.

  • As trading gets underway Hong Kong & China Mainland equities are mixed. Hong Kong equities are opening lower, after the HSI traded 3.73% higher last week currently opening the week off 1.00% elsewhere in Hong Kong the HS Tech index is lower by 2.70%, Mainland Property is off 2.44%, while the HS China Enterprise Index is off 1.50%
  • China Mainland equities are faring slightly better, but are off their opening highs, the CSI300 is currently trading up 0.10% after opening 0.80% higher, while the CSI100 is up 0.50%
As has been the trend over the past week or so, any weakness in Chinese equities has been met with swift buying, potentially from the National Team.
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