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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.
ASIA STOCKS
Chinese and Hong Kong markets saw mixed reactions as investors digested weak housing data out of China's after home prices in July plunged the most since 2015, with residential property sale values dropping significantly below their four-year average. Despite these downturns, the PBoC indicated no immediate rush for large-scale economic stimulus, emphasizing a strategy of "policy patience and stability." Hong Kong's HSI started strong on Friday, buoyed by gains in tech stocks like Alibaba, which surged despite reporting a nearly 30% dip in quarterly profits.
- Hong Kong markets are outperforming today with the HSI up 1.70% with tech stocks leading the way (HSTech up 2.15%), property indices have underperformed with (Mainland unch, HS Property -0.37%). China onshore equities are little changed with CSI 300 up 0.04%, small-caps are mixed with the CSI 1000 down 0.30%, while the CSI 2000 is up 0.22%.
- China's central bank chief, Pan Gongsheng, pledged further measures to support the country's economic recovery but emphasized avoiding drastic policy changes. He highlighted the importance of maintaining price stability amid deflationary risks and indicated a gradual shift towards using interest rates over quantitative targets as key monetary tools. Pan also reaffirmed the PBOC's commitment to a supportive monetary policy while acknowledging the relative stability of China's financial system, as per BBG
- China's new home prices in July saw their largest y/y decline since 2015, deepening the bear market for homebuilder stocks.
China 70 Cities New Built Price Change y/y - BBG
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.
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