In The Green Into The Close

A fairly sharp turnaround for Chinese equities in the last hour or so of trade. The index has more than reversed early loses of ~1.8%, to last sit a little over 0.5% better off. These sort of afternoon turnarounds often generate speculation re: potential state-backed buying (given historical tendencies/precedent), particularly when news flow is light. International investors haven’t participated in the rally in net terms, with net outflows seen via the northbound legs of the HK-China Stock Connect schemes during the move (a reminder that yesterday saw those links provide the largest net daily outflow seen since Oct ’22).