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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.
ASIA STOCKS
ChiNext surged past YtD highs today, printing best levels since 2015. The tech-heavy index picked up a bid after building a base around the 2,800 level and last trades at 2,904, operating in close proximity to the Nov 2015 high/61.8% retracement of the 2015 - 2018 sell-off at 2,916/2,948. Momentum studies suggest that the absence of overbought conditions as of yet, indicating scope for further gains. A break above the aforementioned levels would shift focus to longer-term channel resistance at 2,920 & shorter-term channel resistance at 2,934.
- BBG noted that a 12% jump in CATL's shares accounted for nearly half of today's rally in the index. CATL gained after unveiling plans to invest CNY39bn in three new projects.
- Appetite for local tech shares may have been been further fuelled by Sinopharm's announcement that its Covid-19 vaccine showed a 79.3% effectiveness, meeting the Chinese/WHO technical standard, as well as solid performance of Chinese tech giants in HK, with Alibaba clawing back some of its recent losses.
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.
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