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HK & China Stocks Lower On Lack Of Policy Support & Soft Tech Prices

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Hong Kong and China equity markets are lower today with disappointing tech earnings results weighing on the global markets as well as a lack of major policy support following the Third Plenum reinforcing bearish sentiment. There has been a bit of a bounce in some of the major China equity benchmark tracked by the large passive ETFs, which could be a sign the Nation Team is back in the market. Asia EV stocks and Tesla suppliers are lower after Tesla released disappointing earnings and delayed the Robotaxi unveiling to October from August.

  • Hong Kong equities are weaker today, property stocks are the worst preforming with the Mainland Property Index down 1.16%, while the HS Property Index is down 1.26%, the HSTech Index has fallen 0.95% while the HSI is down 0.70%.
  • China onshore equities have seen a bounce and now out-perform HK listed equities with the CSI 300 Real Estate Index down 1.70%, the CSI 1000 is 0.30% lower, while the CSI 2000 is 0.52% lower and the CSI 300 is 0.24% lower.
  • China's new measures to curb short-selling, including increased margin requirements and the cessation of securities lending by state-owned China Securities Finance Corp, have reduced the outstanding balance of short trades to 27.9 billion yuan, the lowest in over four years, thereby increasing trading costs and reducing market volatility according to BBG.
  • Apple's Jeff Williams and Micron's Sanjay Mehrotra visited Beijing to meet with senior Chinese officials amid potential new US tech curbs on China. The visit emphasized the need for US firms to stay engaged in China's reform and modernization, despite ongoing trade restrictions and the pressure on US companies to decouple from China.
  • Calendar is empty today, with focus turning to Hong Kong's Trade Balance data tomorrow.
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Hong Kong and China equity markets are lower today with disappointing tech earnings results weighing on the global markets as well as a lack of major policy support following the Third Plenum reinforcing bearish sentiment. There has been a bit of a bounce in some of the major China equity benchmark tracked by the large passive ETFs, which could be a sign the Nation Team is back in the market. Asia EV stocks and Tesla suppliers are lower after Tesla released disappointing earnings and delayed the Robotaxi unveiling to October from August.

  • Hong Kong equities are weaker today, property stocks are the worst preforming with the Mainland Property Index down 1.16%, while the HS Property Index is down 1.26%, the HSTech Index has fallen 0.95% while the HSI is down 0.70%.
  • China onshore equities have seen a bounce and now out-perform HK listed equities with the CSI 300 Real Estate Index down 1.70%, the CSI 1000 is 0.30% lower, while the CSI 2000 is 0.52% lower and the CSI 300 is 0.24% lower.
  • China's new measures to curb short-selling, including increased margin requirements and the cessation of securities lending by state-owned China Securities Finance Corp, have reduced the outstanding balance of short trades to 27.9 billion yuan, the lowest in over four years, thereby increasing trading costs and reducing market volatility according to BBG.
  • Apple's Jeff Williams and Micron's Sanjay Mehrotra visited Beijing to meet with senior Chinese officials amid potential new US tech curbs on China. The visit emphasized the need for US firms to stay engaged in China's reform and modernization, despite ongoing trade restrictions and the pressure on US companies to decouple from China.
  • Calendar is empty today, with focus turning to Hong Kong's Trade Balance data tomorrow.