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China & Hong Kong Equities Mostly Higher, Property Underperforms

ASIA STOCKS
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Hong Kong & Chinese equities are off earlier lows and now trade in the green, tech stocks are higher as US inflation expectations ease, Asia shipping stocks are higher on red sea disruptions. China Property names are the worst performing sector, following a large sell-off on Friday as investors concerns grow over whether the recent policy announcements will be enough.

  • Hong Kong equities are mixed today with property the worst performing sector again. The Mainland Property Index is down 0.80%, while the HS Property Index is down 0.66%, HStech Index is up 0.70%, while the wider HSI is up 0.60%. In China, the CSI300 is up 0.35%, while the small-cap CSI1000 and CSI2000 Indices underperforming down 0.40% and 0.90% respectively, while the growth focus ChiNext Index is down 0.65%
  • MNI China Press Digest May 27: Local Bond, CSRC, Multinational - (See link)
  • In the China property space CIFI plans to include long-term and CNY-denominated loan options in its offshore debt restructuring proposals to lower financial costs, leveraging potential support from the "real estate project white list" program, and has progressed to the next negotiation stage with a committee representing 59% of its offshore loan lenders. Kaisa has been granted more time for a restructure by a Hong Kong court, while China Vanke has has told investors it has remitted funds to pay an onshore bond.
  • The US will reimpose tariffs on hundreds of Chinese goods, allowing tariff exclusions on about half of 400 products to expire as part of a strategy to protect American manufacturing. The US Trade Representative announced that 164 exclusions will be extended through May next year, with all exemptions extended through June 14 for a transition period. Continued exclusions include motors and medical equipment, while exclusions for over 100 products, with no public comment, will end. This move follows Biden's plan to increase tariffs on electric vehicles and other imports due to alleged intellectual property theft by China.
  • Looking ahead: China PMI on Friday, for Hong Kong we have Trade Balance later today, and Retail Sales of Friday
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Hong Kong & Chinese equities are off earlier lows and now trade in the green, tech stocks are higher as US inflation expectations ease, Asia shipping stocks are higher on red sea disruptions. China Property names are the worst performing sector, following a large sell-off on Friday as investors concerns grow over whether the recent policy announcements will be enough.

  • Hong Kong equities are mixed today with property the worst performing sector again. The Mainland Property Index is down 0.80%, while the HS Property Index is down 0.66%, HStech Index is up 0.70%, while the wider HSI is up 0.60%. In China, the CSI300 is up 0.35%, while the small-cap CSI1000 and CSI2000 Indices underperforming down 0.40% and 0.90% respectively, while the growth focus ChiNext Index is down 0.65%
  • MNI China Press Digest May 27: Local Bond, CSRC, Multinational - (See link)
  • In the China property space CIFI plans to include long-term and CNY-denominated loan options in its offshore debt restructuring proposals to lower financial costs, leveraging potential support from the "real estate project white list" program, and has progressed to the next negotiation stage with a committee representing 59% of its offshore loan lenders. Kaisa has been granted more time for a restructure by a Hong Kong court, while China Vanke has has told investors it has remitted funds to pay an onshore bond.
  • The US will reimpose tariffs on hundreds of Chinese goods, allowing tariff exclusions on about half of 400 products to expire as part of a strategy to protect American manufacturing. The US Trade Representative announced that 164 exclusions will be extended through May next year, with all exemptions extended through June 14 for a transition period. Continued exclusions include motors and medical equipment, while exclusions for over 100 products, with no public comment, will end. This move follows Biden's plan to increase tariffs on electric vehicles and other imports due to alleged intellectual property theft by China.
  • Looking ahead: China PMI on Friday, for Hong Kong we have Trade Balance later today, and Retail Sales of Friday