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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.
CHINA STOCKS
The CSI 300 lost 2.3% on Friday, with the largest YtD daily net outflow via the Hong Kong-China Stock Connect schemes noted (~CNY12.3bn).
- The index took out the 50-, 100- & 200-DMAs today, on disappointment re: policy support steps and headwinds for the property sector.
- LGFV debt mitigation measures were seen as underwhelming.
- Rhetoric from President Biden re: Chinese economic & demographic issues would not have helped.
- Pipeline support for the property sector remains top of mind, with state media reports noting that China's four top-tier cities have submitted plans for related policy easing to the central gov’t and they will seemingly announce detailed measures from mid-Aug to early Sep.
- Headlines surrounding the CSRC meeting with property developers were light on detail, flagging sales, debt and re-financing as major areas of discussion.
- Troubled developer Country Garden moved to penny stock status in Hong Kong, with debt restructuring speculation swelling.
Fig. 1: Daily Net Flows On Northbound Legs Of Hong Kong-China Stock Connect Schemes
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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