From Forbes: 2024-06-25 10:26:32

Asian equities rebounded with Hong Kong stocks gaining in sectors like internet, EVs, and big banks. Mainland China struggled, except for big banks and Kweichow Moutai. The National Team’s ETFs saw increased volumes for the third day, while SOE profits rose +3.1%, but personal income tax fell -6%. Stock buybacks and household wealth remain key points of interest.

Housing price declines affecting balance sheets, with upcoming economic meeting to address. Disparity between onshore and offshore China markets noted. Financial professionals buying Chinese stocks, inflows seen in Mainland-listed China ETFs. Hang Seng and Hang Seng Tech performance diverged, with top sectors in real estate and industrials.

Shanghai, Shenzhen, and STAR Board fell, with top sectors in real estate and materials. Northbound Stock Connect saw foreign investors selling Mainland stocks. CNY weakened versus USD, with Treasury bonds rallying. Copper prices gained, while steel prices fell. Last night’s exchange rates include CNY per USD at 7.26, CNY per EUR at 7.78, and a 10-Year Government Bond yield of 2.23%.



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