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EQUITIES: China Equities Open Slightly Higher, Muted Response To MOF Meeting

EQUITIES
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  • China equities have had a muted response to the weekends underwhelming MOF meeting. Major benchmarks are trading slightly higher with the CSI 300 +1.30%, although this comes after a 2.8% drop on Friday.
  • The market seemed to be anticipating a sell-off to start the week, but so far it has been relatively subdued with volumes so far below recent averages.
  • Since Chinese equities re-opened post the Golden week holiday's, the CSI 300 has dropped about 15% and there is a decent gap below 3,800 to be filled if the CSI 300 does break this level, it is currently trading at 3,943
  • Goldman Sachs raised its 2024 GDP forecast for China from 4.7% to 4.9% and its 2025 target from 4.3% to 4.7%, citing the government's recently-announced stimulus measures. Despite the boost in short-term growth expectations, Goldman maintains its long-term view that structural challenges like deteriorating demographics, debt deleveraging, and global supply chain shifts remain unchanged.
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  • China equities have had a muted response to the weekends underwhelming MOF meeting. Major benchmarks are trading slightly higher with the CSI 300 +1.30%, although this comes after a 2.8% drop on Friday.
  • The market seemed to be anticipating a sell-off to start the week, but so far it has been relatively subdued with volumes so far below recent averages.
  • Since Chinese equities re-opened post the Golden week holiday's, the CSI 300 has dropped about 15% and there is a decent gap below 3,800 to be filled if the CSI 300 does break this level, it is currently trading at 3,943
  • Goldman Sachs raised its 2024 GDP forecast for China from 4.7% to 4.9% and its 2025 target from 4.3% to 4.7%, citing the government's recently-announced stimulus measures. Despite the boost in short-term growth expectations, Goldman maintains its long-term view that structural challenges like deteriorating demographics, debt deleveraging, and global supply chain shifts remain unchanged.