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Recoup Earlier Losses, Vice FinMin Pledges Support For Tech And Broader Economy

CHINA STOCKS

China equities have recouped earlier losses, with the CSI 300 rebounding to +1%, after opening lower. Hong Kong shares are also up, the HSI last around +1.3%, led by the tech sector.

  • Comments from the Vice Finance Minister around continuing to develop the chip and tech sectors has likely aided sentiment in this space. The minister also stated that broader fiscal policy will continue to aid the domestic demand recovery.
  • The HSTECH sub index has also bounced from around the 3000 level, which is close to recent lows, so that may be acting to support sentiment as well.
  • Broader China and HK market trends remain contained though, with the market no doubt waiting to see details on the policy front.
  • The Caixin manufacturing PMI printed as expected earlier at 50.8.
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