MNI China Daily Summary: Tuesday, October 8

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CHINA PBOC CONDUCTS CNY41.7 BLN VIA 7-DAY REVERSE REPOS TUES

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MNI: US AUG TRADE GAP -$70.4B VS JUL -$78.9B

US NFIB SEP SMALL BUSINESS INDEX 91.5

CANADA: Politics Week: Parliament Opens With Early Election Threats

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EQUITIES: Asian Equities Head Lower As China Equites Lose Momentum

EQUITIES
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  • Asian equities are broadly lower today as Chinese shares lost momentum after a strong open. The market downturn was driven by disappointment over the lack of fresh stimulus from China’s National Development and Reform Commission. Investors had expected more action to support China’s growth, but officials reiterated existing policies without introducing new measures. Chinese officials stressed their confidence in meeting economic targets but acknowledged increasing downward pressures. Market participants remain cautious, awaiting further policy follow-through to solidify China's recovery.
  • The MSCI Asia Pacific Index fell by up to 2.7%, led by declines in Chinese tech companies like Tencent and Alibaba.
  • Japanese stocks slipped as the yen strengthened to 147.82, reversing its recent weakening trend however this weighed on exporters, particularly automakers and tech companies. The Topix fell 1.5%, with Toyota leading losses, while the Nikkei 225 is trading down 1.1%. Concerns over escalating tensions in the Middle East also dampened sentiment, particularly regarding potential Israeli retaliation against Iran.
  • Major benchmarks in Taiwan & South Korea are trading 0.60%-0.80% lower, tech stocks are unperforming with Samsung now on trading back at March 2023 lows. Elsewhere most other regional markets trade +/-0.50%.
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  • Asian equities are broadly lower today as Chinese shares lost momentum after a strong open. The market downturn was driven by disappointment over the lack of fresh stimulus from China’s National Development and Reform Commission. Investors had expected more action to support China’s growth, but officials reiterated existing policies without introducing new measures. Chinese officials stressed their confidence in meeting economic targets but acknowledged increasing downward pressures. Market participants remain cautious, awaiting further policy follow-through to solidify China's recovery.
  • The MSCI Asia Pacific Index fell by up to 2.7%, led by declines in Chinese tech companies like Tencent and Alibaba.
  • Japanese stocks slipped as the yen strengthened to 147.82, reversing its recent weakening trend however this weighed on exporters, particularly automakers and tech companies. The Topix fell 1.5%, with Toyota leading losses, while the Nikkei 225 is trading down 1.1%. Concerns over escalating tensions in the Middle East also dampened sentiment, particularly regarding potential Israeli retaliation against Iran.
  • Major benchmarks in Taiwan & South Korea are trading 0.60%-0.80% lower, tech stocks are unperforming with Samsung now on trading back at March 2023 lows. Elsewhere most other regional markets trade +/-0.50%.