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Free AccessMixed Performance, Evergrande Liquidation Order Knocks Space Off Best Levels
MNI (London) - Benchmark indices finished shy of best levels on Monday.
- The CSI 300 shed 0.9%, while the Hang Seng was 0.8% firmer.
- That came after a fade/reversal of the initial support derived from the CSRC’s announcement re: fully suspending the lending of restricted shares, as it looks to shore up the troubled equity market.
- The pressure came on news that embattled developer Evergrande and its creditors were unable come to a restructuring agreement, resulting in HK courts ordering the liquidation of the company.
- Lingering worry surrounding potential U.S. action vs. Chinese AI & biotechnology names was also flagged.
- There was some counter on that front, with U.S. National Security Advisor Sullivan and China’s Foreign Minister Wang Yi discussing a call between the two countries’ Presidents, per wire source reports. The reports suggested this call could come as soon as the Spring.
- There were also suggestions that a Sino-U.S. call on fentanyl will be held next week.
- News that the city of Guangzhou has relaxed home purchase limits for buyers with local residency helped support the property sector before the Evergrande news weighed.
- Major news outlets flagged comments from analysts pointing to the potential for deeper easing re: property markets in the large cities, along with lower mortgage rates.
- Elsewhere, local wires noted that China will guide listed SOEs to focus on market performance/valuation, with an eye on better rewards for investors (another layer of policymaker support for the broader market).
- Participants and brokerages seem to expect further market-supportive measures.
- We also saw reports of a potential merger of three of the country’s largest bad debt managers under China’s sovereign wealth fund umbrella.
- Net flows re: the mainland via the HK-China Stocks Connect scheme were essentially neutral (CNY0.6bn of net selling).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.