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Hong Kong Equities Outperform On Increased Rate Cut Expectations

ASIA STOCKS

Hong Kong & Chinese equities are mixed today, with Hong Kong markets outperforming for the second straight session after a weak US jobs reading increased the hopes for a Federal Reserve interest rate cut. China benchmark equity indices are little changed this morning, Caixin PMI grew at the fastest growth in 10 months

  • Hong Kong equities are higher today, tech stocks are the top performers today with the HSTech Index up 1.80% and now trading back above all major EMAs, the Mainland Property Index is up 0.50%, while the HS Property Index is up 0.85%, the HSI is up 1.50%.
  • China equites are under performing this morning, the CSI300 is up just 0.10%, with small-cap indices the CSI1000 and CSI2000 are down 0.15% and 1% respectively, while the growth focused ChiNext Index is up 0.66%
  • Data: Hong Kong S&P Global PMI was 49.2 in May dropping from 50.6 in April, while China Caixin PMI composite for May was 54.1 up from 52.8 in April, and Services PMI was 54.0 vs 52.5 est.
  • (MNI): MNI China Press Digest June 05: A-shares, EU-China, SOEs (See link)
  • Looking ahead: Tomorrow we have China Trade Balance data.
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