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Free AccessFamiliar Sources Of Worry & Want For Further Support Weighs
MNI (London) - Benchmark indices struggled on Tuesday, as deeper property market worry in the wake of the Evergrande liquidation order in HK and a combination of continued economic fear/want for policy and equity market-specific support, provided headwinds.
- The CSI 300 was 1.8% worse off, while the Hang Seng lost 2.3%. both remain a little above YtD lows owing to last week’s rally.
- Details of Hong Kong’s plan re: new security laws also seemed to weigh.
- Media outlets tried to play down worry surrounding the Evergrande situation, pointing to limited impact for Evergrande’s unfinished housing projects and the rights of onshore bond holders.
- However, worry about the precedent set by the move and the situation for offshore bondholders, in addition to potential shockwaves through the sector, seemed to dominate.
- Chinese builder Radiance announced its intentions to hold meetings with March 2024 bondholders, with that line trading at ~$0.65 on the dollar.
- Note that Vice Premier He stressed the need for cities to follow through on national guidance re: property developer funding on Monday.
- There were also reports pointing to the potential for banks to extend loan periods for some property projects.
- BYD struggled after softer-than-expected earnings data.
- Sands China moved lower after a negative brokerage move.
- Electricity providers seemed to benefit from expectations surrounding demand related to cold weather.
- Lower Chinese yields (benchmark 10s breached their ’20 COVID low) did little to support equities.
- International flows were supportive at the margin, with modest net inflows for the mainland (CNY1.7bn) lodged via the HK-China Stock Connect links.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.