BYD Runs Over Hong Kong Shorts As September Economic Data Beats

September Economic Release Overview

September economic data beat expectations. Remember Q2 2022 was Shanghai’s lockdown, which is why Q2 year-over-year GDP growth was comparatively high. Online retail sales now account for 26.4% of the total retail sales of consumer goods. Not surprisingly, September property sales and property investment were weak. The stronger-than-expected economic data validates the government’s incremental support of the economy, which has kept inflation in check and the government budget deficit low. However, investors are impatient with the slow policy support as the policy bazooka remains in the holster.

Key News

Asian equities were largely lower on light volumes.