Equities Rebound, After Vice FinMin Pledges Support For Economy

Hong Kong and Mainland China Equities are higher today, erasing early morning moves after Comments from the Vice Finance Minister around continuing to develop the chip and tech sectors has likely aided sentiment in this space. The minister also stated that broader fiscal policy will continue to aid the domestic demand recovery. The CSI 300 rebounding to +0.75%, Hang Seng up 1.35%, while the tech Index is up 3.20%

• Hong Kong, is being led higher by the tech index, trading 3.20% higher so far, as they brush of poor earnings from some of the Big US Tech stocks this week. The HSTECH sub index may also be seeing some support around the 3000 level, which has marked recent lows. Elsewhere the property index is trading 0.75% higher, after being down 1.1% at one point after new home sales from the nation’s largest developers tumbled and “underwater mortgage” levels in Hong Kong surged to a two-decade high.
• China had PMI data out earlier, holding steady at 50.8, markets initially didn't react positively to the PMI data, with all major benchmarks trading lower on the day, however once the Vice Finance Minister spoke markets keeping changed directions, CSI 300 now up 0.75%, ChiNext up 1.90%.