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China & HK Equities Track Global Markets High, CPI Beats Estimates

ASIA STOCKS

China & Hong Kong equities are tracking global equities higher today, Hong Kong is outperforming mainland stocks, with tech and property sectors the top performers. Focus has been on China's CPI & PPI beat, while the MSCI Asia Pacific Index climbed as much as 1.9%, although still on track for a 0.60% loss.

  • China's largest semiconductor maker SMIC had strong earnings results after reporting better-than-expected net income for 2Q, equity was up 4.9%.
  • China's CPI rose by 0.5% y/y in July, driven mainly by a pick up in food price, core inflation weakened to 0.4% from 0.6% the weakest number since January. PPI was -0.8% vs -0.9% est.
  • Property stocks are higher following new of Shenzhen purchasing apartments towers, with hopes other Tier 1 cities will then follow suit
  • The HSI is up 1.77% today and on track to finish the week slightly higher, while the CSI 300 is 0.14% today and trades down 2.44% for the week.
  • Looking at sectors, the Mainland Property Index is 2.30% higher and on track for a 2.50% weekly gains, HSTech Index is 2.30% higher today and is on track for a 2.40% weekly gain.
  • Next week we have China's Industrial Production & Retails sales on Wednesday and Hong Kong's GDP on Thursday/
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