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EQUITIES: Chinese & Hong Kong Equities Mostly Lower, Property Underperforming

EQUITIES
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Chinese equities are mostly lower today, reflecting disappointment from last week's NPC meeting. The CSI 300 Index dropped 0.2%, with consumer staples, Real estate and energy stocks leading declines, although there have been strong gains made in Tech stocks. Hong Kong listed equities have significantly underperformed today with the HSI -2.20%, while HS China Enterprise Index is 2.15% lower following a sharp drop in China Property Developer Stocks.

  • Despite a $1.4t program to tackle local government debt, the lack of new stimulus to boost consumption dampened investor sentiment. Ongoing weak economic data, including near-zero consumer price growth and falling factory-gate prices, added to concerns. UBS cut its 2025 growth forecast for China, citing uncertainty from Donald Trump’s U.S. election victory, which could lead to a more challenging trade environment.
  • Speculative trading is surging, supporting turnover above 2t yuan in recent sessions. The upcoming Central Economic Work Conference next month may provide a new catalyst for further gains in Chinese stocks.

  • Foreign direct investment in China fell by nearly $13b in the first nine months of 2024, with companies like Nissan, Volkswagen, and IBM pulling back operations amid geopolitical tensions and economic concerns. Meanwhile, Chinese firms have sharply increased their outbound investment, adding $34b in overseas assets in the third quarter, as they expand their global presence to counter growing trade barriers.

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Chinese equities are mostly lower today, reflecting disappointment from last week's NPC meeting. The CSI 300 Index dropped 0.2%, with consumer staples, Real estate and energy stocks leading declines, although there have been strong gains made in Tech stocks. Hong Kong listed equities have significantly underperformed today with the HSI -2.20%, while HS China Enterprise Index is 2.15% lower following a sharp drop in China Property Developer Stocks.

  • Despite a $1.4t program to tackle local government debt, the lack of new stimulus to boost consumption dampened investor sentiment. Ongoing weak economic data, including near-zero consumer price growth and falling factory-gate prices, added to concerns. UBS cut its 2025 growth forecast for China, citing uncertainty from Donald Trump’s U.S. election victory, which could lead to a more challenging trade environment.
  • Speculative trading is surging, supporting turnover above 2t yuan in recent sessions. The upcoming Central Economic Work Conference next month may provide a new catalyst for further gains in Chinese stocks.

  • Foreign direct investment in China fell by nearly $13b in the first nine months of 2024, with companies like Nissan, Volkswagen, and IBM pulling back operations amid geopolitical tensions and economic concerns. Meanwhile, Chinese firms have sharply increased their outbound investment, adding $34b in overseas assets in the third quarter, as they expand their global presence to counter growing trade barriers.