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Hong Kong Stocks To Fresh YTD Lows, Property Concerns Weigh

EQUITIES

Major regional equity markets are mostly lower. Hong Kong markets have returned from the long weekend, but sentiment has been firmly on the back foot. The HSI is off around 3% at this stage. A number of other regional markets are also tracking weaker, including Japan and Australian stocks. At this stage, US futures are down a touch, Eminis last near 4322.

  • The HSI is tracking 3% lower at this stage, which puts the index back to fresh lows from late November last year.
  • The mainland properties index is down 4.14%, more than reversing Friday's +3.48% gain. The Hang Seng properties index is down 3.90%. Bloomberg reported that China property sales for end September still remain deeply negative in y/y terms, albeit not as low as August (see this link).
  • A reminder that China onshore markets remain closed all of this week. South Korean markets also remain shut today, returning tomorrow.
  • Japan's main equity indices are off by over 1%. Losses are broad based, with bellwether Toyota a drag on aggregate performance. The ASX 200 is also down, off -1.20%. Weakness in commodity prices is weighing on the materials. Markets haven't reacted to the as expected RBA outcome.
  • In South East Asia, Thailand stocks are the weakest performers, down 1.70% at this stage. This puts the index down sub 1450, which is levels last seen in early 2021. Indonesian and Malaysian stocks are modestly outperforming.
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