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Hong Kong Equities Reverse Earlier Losses, China Equities Steady

ASIA STOCKS
Hong Kong and China equities are mostly higher today, Hong Kong equities had lagged the move, however, are now out-performing China mainland equities. HK markets pushed higher after an official report showed a slump in manufacturing in China persisted last month, it heightened bets on stronger economic stimulus measures as policymakers gather next week to set economic targets.
  • Hong Kong equities are mostly higher and out-performing today after initially opening down 0.5-2% lower. Property is the worst performing sector, opening down 1.30% before paring losses however heading into the break sold off again to be down 0.85%. HSTech is the best performer up 1.60%, while the HSI is up 0.75%
  • China mainland equities have been less volatile today, with the CSI1000 trading flat, while the CSI300 is up 0.30%.
  • China Northbound flows were +16.6b yuan on Wednesday, highest since July 2023, with the 5-day average now 5.75b, while the 20-day is at 3.66b yuan.
  • China’s home sales slump dragged on in February, even as regulators stepped up efforts to salvage the beleaguered property market, with the value of new home sales sliding 60% from a year earlier.
  • It was reported on Thursday that the US will be investigating security risks associated with Chinese Electric Vehicles and other internet-connected cars. It should be noted that Chinese auto companies have a 27.5% tariff imposed on them, so penetration in the US market is limited; however, this would further dampen hopes of growth in the region.
  • Earlier, China's February Non-Manufacturing PMI was 51.4 vs 50.7 est, while February Manufacturing PMI was 49.1 vs 49.0 est.
  • Looking ahead, Hong Kong Retail Sales at 4:30 pm local time.
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