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Hong Kong Stocks Secure 10% Rally Off Monday Lows

CHINA

A solid close for the Hang Seng Index in Hong Kong, with local stocks ending higher by 5.4% (albeit off the sessions highs) to mark a 10% rally off the Monday low.


A few catalysts here:

  • Continued speculation that China could ease their COVID policy approach, with reports that authorities are planning to end flight suspensions - a move that could materially increase international travel into/out of China. (Note: China's ForMin have denied any knowledge)
  • Reports that US officials have completed audits of Chinese firms ahead of schedule, a move that could prevent the automatic de-listing of many Chinese firms from US exchanges.
  • The moves have fed directly into CNY outperformance, with USD/CNY dropping to 7.2370 overnight - the biggest move lower since Oct26's state bank intervention.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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