Asian stocks were in a red sea, while Singapore and Malaysia made small gains. The onshore as opposed to offshore dynamics were repeated overnight as China offshore Hong Kong fell after yesterday’s sharp drop in US-indexed Chinese ADRs, while China onshore, i. e. Shanghai and Shenzhen, was lagging behind. but not so much. Hong Kong did not fall as much as yesterday the ADR between the US and Hong Kong did not fall as much as yesterday. The U. S. and China deserves to see a rally today (fingers crossed). He agreed that he was conducting his audits after leaving Hong Kong. This is neither smart nor bad, because it is not unexpected that they have not decided. It’s hard for Alibaba, Yum China and the Big Four JD. com Accountants to deserve not to. Pass an audit exam. Volumes are moderate before the US CPI was printed. Which likely led shorts to help in their bets knowing that managers aren’t stepping in to buy the stock. .
Optimism about China’s tight covid 0 policy dims as covid cases rise with 1,133 new cases and another 7,691 asymptomatic cases. Maybe local governments undercounted covid cases before the party convention? Evidence suggests that cases increased almost 8 times after the Party Congress. The vital city of Guangzhou is experiencing a primary outbreak, though businesses and movement are still allowed. The traffic in the municipality and the number of subway passengers are shown graphically below. Obviously covid controls are in place as tube traffic is reduced to restrict spread in a crowded carriage, although road traffic is higher as other people could drive to works so not general prevention until now. Overnight, the Standing Committee noted the rise in covid cases and noted the “unwavering adherence” to covid protection. They went on to say: “. . . to maximize the protection and well-being of other people’s lives and to minimize the effect of the epidemic on economic and social development. ” Yes, 0 covid, but don’t hurt the economy.
President Biden showed that he will meet with President Xi at the G-20 summit, while U. S. climate experts will meet with President Xi. The U. S. and China will speak on the issue at the COP22 global warming conference.
After the shutdown, October’s overall investment and new loans missed expectations, offering another explanation of why to go back to 0 covid. The maximum traded in Hong Kong was Tencent -2. 28%, Alibaba HK -4. 55% and Meituan -1. 66%, as considerations on Singles’ Day volumes weighed on e-commerce. Popular expansion stocks fell in Hong Kong and China, mainland investors bought the decline through Southbound Stock Connect. The scale was much larger in China than in Hong Kong, as mainland investors are not so pessimistic. The monetary effects of NIO before the opening of the US market are expected to be reversed. U. S. Electric Vehicle Support. The foreign investors were small traders of mainland stocks through Northbound Stock Connect. to the euro.
Today at 5 p. m. , MSCI announces its semi-annual release of the index, which is the Super Bowl for index fans!
Guangzhou Congestion Delay Index data
Guangzhou Metro passenger traffic data
Hang Seng and Hang Seng Tech fell -1. 7% and -3. 28% in volume -17. 24% compared to yesterday, or 74% of the 1-year average. 69 stocks advanced, while 432 retreated. The short-term profit of the main card decreased by -36. 91% compared to yesterday, or 53% of the 1-year average, as 12% of the short-term benefit of billing. Value points outperformed expansion drivers, as giant capitalizations “outperformed” small-cap companies. Commodities were the only positive sector, up 0. 08%, while discretionary products -3. 36%, utilities -3. 18% and communications -2. 81%. Food was the only positive subsector, while automotive, stores and software were among the worst. Connect volumes moderated as investors from major parts of the world bought Hong Kong shares worth $301 million, with small net purchases from Tencent, Meituan and Kuiashou.
Shanghai, Shenzhen and STAR Board fell -0. 39%, -0. 98% and -1. 39% in volume 7. 91% since yesterday, or 86% of the 1-year average. Array 1721 shares increased, while 2811 shares fell. Value points surpassed expansion points, and giant capitalizations surpassed small-cap ones. The main sectors included Communications 1. 4%, Raw Materials 0. 77% and Finance 0. 18%, while Technology -2. 3%, Materials -1. 79% and Industry -1. 72%. The main subsectors included media, web and airports, while motorcycles, commercial machinery and fine chemicals were among the worst. Northbound Stock Connect volumes were light/subdued, as foreign investors sold mainland shares worth -$104 million. Treasuries fell with the 10-year yield at 2. 7%, and the CNY was down -0. 19% against the US dollar at 7. 25%, the CNY had a strong day against the euro, while copper was 0. 68%.
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Top 10 in Hong Kong
China’s Top 10