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Week in Review
- China equities ended a mostly negative week lower as economic and corporate developments gave markets no clear direction.
- China’s CPI release for July indicated slight deflation while China earnings releases this week were largely positive.
- The disparity between foreign and local investors in China intensified this week. Mainland investors bought a net $1.8 billion worth of Hong Kong stocks while foreign investors sold a net $3.2 billion worth of Mainland stocks.
- On Thursday, Alibaba announced a revenue increase of +14% year-over-year in the second quarter to RMB 234 billion versus an expected RMB 224 billion.
Friday’s Key News
Asian equities were mixed but mostly lower overnight as Mainland China underperformed, and Japan was closed.
Internet stocks were mostly lower overnight after a strong move yesterday. However, Alibaba gained +1%, continuing momentum from positive earnings yesterday. Internet earnings continue next week with Trip.com reporting on Monday and JD.com and Tencent reporting on Wednesday. I would brace for positive surprises after Alibaba’s.
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