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EQUITIES: China & HK Equities Mixed Amid Macro Concerns

EQUITIES
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Chinese and Hong Kong stocks are trading mixed today, The HSI is 0.3% higher, supported by optimism around China’s pledges to boost Hong Kong’s role as a financial hub and solid earnings from Trip.com Group (+5.2%) and Zijin Mining (+4.8%). However, onshore markets underperformed, with the CSI 300 and Shanghai Composite Index declining 0.5% amid concerns over China's macroeconomic outlook and lingering investor skepticism. Broader Asian markets saw gains, but the muted performance in China reflects caution despite policy support.

  • The youth unemployment rate for the 16-24 age group dropped slightly to 17.1% in October but remains a significant concern as a record 12.22 million university graduates are expected next year, adding pressure to the labor market.
  • Speaking at the HKMA forum Goldman Sachs CEO David Solomon and Morgan Stanley CEO Ted Pick called for improved transparency and eased capital movement restrictions to revive investor confidence in China’s markets.
  • ETFs focused on investing in Chinese stocks faced significant outflows last week, with the iShares China Large-Cap ETF (FXI) losing $984m and the KraneShares CSI China Internet ETF (KWEB) seeing $710m in withdrawals.
  • Chinese onshore equities have underperformed today, with Real Estate & Telecom stocks contributing the most to the markets losses. The CSI 300 Real Estate Index is 2% lower, while Telecom Index trades 1.95% lower. Hong Kong equities are higher across the board, however ranges are tight, with no real standout sector today.
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Chinese and Hong Kong stocks are trading mixed today, The HSI is 0.3% higher, supported by optimism around China’s pledges to boost Hong Kong’s role as a financial hub and solid earnings from Trip.com Group (+5.2%) and Zijin Mining (+4.8%). However, onshore markets underperformed, with the CSI 300 and Shanghai Composite Index declining 0.5% amid concerns over China's macroeconomic outlook and lingering investor skepticism. Broader Asian markets saw gains, but the muted performance in China reflects caution despite policy support.

  • The youth unemployment rate for the 16-24 age group dropped slightly to 17.1% in October but remains a significant concern as a record 12.22 million university graduates are expected next year, adding pressure to the labor market.
  • Speaking at the HKMA forum Goldman Sachs CEO David Solomon and Morgan Stanley CEO Ted Pick called for improved transparency and eased capital movement restrictions to revive investor confidence in China’s markets.
  • ETFs focused on investing in Chinese stocks faced significant outflows last week, with the iShares China Large-Cap ETF (FXI) losing $984m and the KraneShares CSI China Internet ETF (KWEB) seeing $710m in withdrawals.
  • Chinese onshore equities have underperformed today, with Real Estate & Telecom stocks contributing the most to the markets losses. The CSI 300 Real Estate Index is 2% lower, while Telecom Index trades 1.95% lower. Hong Kong equities are higher across the board, however ranges are tight, with no real standout sector today.