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Hong Kong Equities Surge Higher, Property & Tech Lead The Way

ASIA STOCKS

Hong Kong & Chinese equities are mixed today, property names are the top performing sector after new home sales slump eased in in may and beat expectations, leading to belief that the recent government policies may be starting to have some positive effect. Hong Kong Markets are also benefitting from a softer reading of the Federal Reserve’s preferred inflation measure bolstered hopes for rate cuts. Earlier, we had Caixin China PMI Mfg which best estimates slightly.

  • Hong Kong equities are higher today, with property names are the top performers today with the Mainland Property Index up 2.55%, the HS Property Index up 2.25%, elsewhere HSTech Index is up 2.70%, while the wider HSI is up 2.32%. In China onshore markets, the CSI300 is down 0.14%, the CSI 300 Real Estate Index is down 0.66%, small cap indices are the worst performing today with the CSI1000 & CSI2000 are down 01.35% and 1.90% respectively, while the ChiNext is up 0.25%
  • (MNI): China Press Digest June 03: New Loans, CPI, Bonds (See link)
  • In the property space, The Shanghai property market has become more active following the easing of home purchase rules, with increased on-site viewings and a boost in second-hand house sales, which in turn positively impacts the new home market, especially for houses priced below 3 million yuan. The PBoC is actively supporting the housing market by providing 300 billion yuan ($41 billion) in cheap credit to fund local-government purchases of unsold homes, alongside other lending programs aimed at easing cash flow for developers and revitalizing the market, though economists believe more central-bank credit is needed to achieve significant impact. The PBOC's scalable approach contrasts with slower fiscal spending methods, but the IMF suggests additional fiscal tools may be necessary to fully stabilize the market, per BBG.
  • Looking ahead: China Caixin China PMI Composite & S&P Global Hong Kong PMI on Wednesday, while on Thursday we have China Trade Balance data.
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