Key News
Asian equities had a strong start to the week though Southeast Asia was mostly lower. Mainland China and Hong Kong opened down but made strong positive moves in the afternoon.
Friday was a very weak day in US-listed China stocks as China’s loan data was weak and the low CPI was cited as an indicator of lackluster demand. Suddenly, low inflation is a bad thing? As CICC equity strategist Kevin Liu noted in our San Francisco event last week, property’s slow rebound is reducing demand for loans. China’s rebound will be driven by domestic consumption rather than infrastructure and export-driven manufacturing, making it an “atypical” recovery, i.e. different than previous economic recoveries. We’ll include a link to Kevin’s session once it is available.
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