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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.
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Free AccessHigher As Meta Surprises, Targeted Support Pledged For Chinese Workers And Tech Companies
Virtually all Asia-Pac equity indices are bid following a somewhat mixed picture from Wall St., with positive spillover from Meta’s after-hours earnings beat adding to positive sentiment in China-based equities after authorities pledged another round of support.
- To elaborate, China’s State Council announced measures to specifically support the growth of internet platform companies, sparking a surge in Hong Kong-listed tech giants such as JD.com (+2.6%) and Baidu (+3.6%). Measures were also announced to deliver cash handouts to a specific segment of unemployed individuals, albeit without further details on the payout amount etc. A note that unemployment in China released on 18 Apr came in at 5.8%, ahead of expectations and at its highest level since May ‘20.
- The CSI300 correspondingly sits 0.4% better off at typing, on track to close higher for a second consecutive day following Chinese President Xi Jinping’s “all-out” declaration for infrastructure investment made on Tuesday. High-beta consumer staples again led gains, with earnings-driven momentum from large-cap Kweichow Moutai (+2.4%) providing tailwinds for another day.
- The Nikkei 225 outperformed, dealing 1.2% firmer at typing after building on a positive lead after the lunch break on JPY weakness, with the move lower in the latter facilitated by the BoJ’s decision to hold rates steady while keeping YCC settings and asset purchases steady. A note that Japan retail sales data that crossed earlier in the session surprised to the upside as well, while industrial data broadly missed estimates.
- U.S. e-mini equity index futures sit 0.1% to 1.3% higher at typing. Tech-focused NASDAQ contracts predictably led gains, catching a bid from Meta’s (+18.4% after hours) well-received earnings beat.
- Looking ahead, Amazon and Apple are expected to report earnings after the NY bell later on Thursday.
To read the full story
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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.