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HK Equities Higher, Prop Shares Surge, US Tariffs Hurt China Stocks

ASIA STOCKS
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Hong Kong and China equities are mixed today, with China mainland shares falling on reports the US is set to impose tariffs on Chinese EVs and other strategic sectors, while property developers shares are higher after new home sales in the city surged to a record high in April and Chinese regulators’ proposal to exempt individual investors from paying dividend taxes on some stocks, also benefitting the sector are more Chinese cities scrapping their remaining curbs on residential property purchases. There is little on the data calendar today, with Chinese CPI and PPI data out tomorrow.

  • Hong Kong equities are mostly higher today, the HSTech Index has earsed earlier losses and is now trading up 0.10%,the property sector is were all the focus has been today with Mainland Property Index up 2.75%, the CSI 300 Real Estate Index up 2.90% and the BBG China Property Gauge up over 8% while the the wider HS Index is up 2.20%. China onshore markets are little changed today with the CSI300 up just 0.05%, while small-caps are under performing today with the CSI1000 is down 1.45% while the ChiNext off 1.30%.
  • China Northbound saw a 8b yuan inflow on Thursday. Equity flow momentum has dropped over the past few days with 5-day average now at 0.50b, and now below the 20-day average at 1.20b and the 100-day average at 0.81b yuan.
  • In the property space, Chinese real estate developers' shares surged for a second consecutive day after Xi'an lifted property-purchase restrictions, following Hangzhou's lead. Hong Kong developers also saw gains as new home sales in the city reached a record high in April, coupled with Chinese regulators proposing to exempt individual investors from paying dividend taxes on certain stocks.
  • MNI: Chinese Cities To Ease Housing Restrictions Significantly - (See Link)
  • President Biden's administration is expected to announce a targeted decision on China tariffs next week, focusing on strategic sectors like electric vehicles and solar cells while maintaining existing levies. This move marks one of Biden's significant actions in the economic competition with China, following his call to increase tariffs on Chinese steel and aluminum. The decision reflects Biden's strategy of seeking fair competition with China while avoiding a blanket tariff approach like his predecessor, Trump. Despite anticipation of China's retaliatory measures, Biden's administration aims to strategically address trade issues with China, which have been a focal point in US-China relations, per BBG.
  • Looking forward, PPI & CPI on Saturday
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Hong Kong and China equities are mixed today, with China mainland shares falling on reports the US is set to impose tariffs on Chinese EVs and other strategic sectors, while property developers shares are higher after new home sales in the city surged to a record high in April and Chinese regulators’ proposal to exempt individual investors from paying dividend taxes on some stocks, also benefitting the sector are more Chinese cities scrapping their remaining curbs on residential property purchases. There is little on the data calendar today, with Chinese CPI and PPI data out tomorrow.

  • Hong Kong equities are mostly higher today, the HSTech Index has earsed earlier losses and is now trading up 0.10%,the property sector is were all the focus has been today with Mainland Property Index up 2.75%, the CSI 300 Real Estate Index up 2.90% and the BBG China Property Gauge up over 8% while the the wider HS Index is up 2.20%. China onshore markets are little changed today with the CSI300 up just 0.05%, while small-caps are under performing today with the CSI1000 is down 1.45% while the ChiNext off 1.30%.
  • China Northbound saw a 8b yuan inflow on Thursday. Equity flow momentum has dropped over the past few days with 5-day average now at 0.50b, and now below the 20-day average at 1.20b and the 100-day average at 0.81b yuan.
  • In the property space, Chinese real estate developers' shares surged for a second consecutive day after Xi'an lifted property-purchase restrictions, following Hangzhou's lead. Hong Kong developers also saw gains as new home sales in the city reached a record high in April, coupled with Chinese regulators proposing to exempt individual investors from paying dividend taxes on certain stocks.
  • MNI: Chinese Cities To Ease Housing Restrictions Significantly - (See Link)
  • President Biden's administration is expected to announce a targeted decision on China tariffs next week, focusing on strategic sectors like electric vehicles and solar cells while maintaining existing levies. This move marks one of Biden's significant actions in the economic competition with China, following his call to increase tariffs on Chinese steel and aluminum. The decision reflects Biden's strategy of seeking fair competition with China while avoiding a blanket tariff approach like his predecessor, Trump. Despite anticipation of China's retaliatory measures, Biden's administration aims to strategically address trade issues with China, which have been a focal point in US-China relations, per BBG.
  • Looking forward, PPI & CPI on Saturday