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Free AccessChina Re-Opening Not As Positive As Hoped
Asia Pac equities are a mixed bag, with the return of China markets not proving to be as supportive as was hoped. The CSI 300 opened up above 2%, but is now back to +1.15%. Hong Kong and South Korea stocks are down noticeably. A generally negative tone to US equity futures, -0.20%/-0.34% across the major indices, hasn't helped either.
- Despite economic optimism around the China outlook, with strong anecdotes positive post the LNY break (in terms of travel and leisure spending), housing remains a source of weakness. Sales were down over the LNY break, while the Shanghai Property sub index is down 0.60% at this stage (the main index is +0.72%).
- The HSI is off by 1.62% so far, with the tech sector down 2.73%. Curbs on technology exports to China may be a factor, after Japan and the Netherlands agreed to join the US, although this was likely known on Friday.
- The Kospi is off by 1.30%, with Samsung profit results due tomorrow. Offshore investors has sold -$40.3mn so far in the session. In contrast, the Taiex has rallied by 3.2%, largely playing catch up as the markets return from the LNY break.
- Indian shares opened sharply lower, but have recovered back to flat. Fallout from the Adani saga remains a focus point.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.