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Distinct Underperformance in Chinese Stocks Bleeds into European Open

EQUITIES
  • Cash equity markets across Europe are in negative territory early Monday, with mainland indices off 0.4-0.7%. French, German and Spanish firms are the notable underperformers, with consumer discretionary and financials leading losses.
  • US futures are also lower, with the e-mini S&P retreating off of the all-time highs struck late Friday, trading lower by around 18 points at pixel time.
  • The weakness across European indices follows on from the distinct weakness in Chinese and Hong Kong listed stocks overnight, which prompted the Hang Seng Index to close lower by over 4% to touch the lowest level of 2021.
  • Weakness across Hong Kong / Chinese stocks follows the crackdown on education-linked stocks, effectively banning for-profit school tutoring programmes. The likes of New Oriental Education and Koolearn Technology fell close to 50% in overnight trade, with fears that the authorities could target other 'hot' sectors in a similar fashion.
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