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Week in Review
- Hong Kong and Mainland China were the only markets to end the week in positive territory as the rest of Asia traded lower.
- Central Huijin, an investment firm with ties to China’s sovereign wealth fund, stepped up its stock purchases this week, especially in large banks and ETFs.
- An increase in China’s fiscal deficit to support infrastructure development and stimulate the economy was confirmed this week as Xi Jinping visited the People’s Bank of China (PBOC) for the first time ever.
- A slew of buyback announcements from major Mainland-listed corporations including Aier Eye Hospital and CATL, helped support stock gains in China this week.
Key News
Asian equities ended the week on a positive note as Hong Kong and Mainland China outperformed while the Philippines and Singapore underperformed. Overnight, Hong Kong-listed internet names outperformed their US-listed counterparts yesterday, which is leading to gains in US trading this morning.
US-China diplomatic green shoots continue to surface. Foreign Minister Wang Yi met with Secretary of State Anthony Blinken yesterday and he is expected to meet with President Biden today. Meanwhile, expectations for a Biden-Xi summit at the Asia Pacific Economic Cooperation (APEC) Conference have risen. The Associated Press was one of the few media outlets to publish Wang’s comment that the US and China should “push the relationship as soon as possible back to the track of healthy, stable, and sustainable development.”
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