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Week in Review
- Asian equities ended July on a high note before experiencing profit taking this week, especially growth stocks and sectors that had done well in July.
- China’s manufacturing PMI for July beat expectations, while services came in shy of expectations though still indicated expansion.
- Yum China, which operates a variety of American fast-food chains in China, reported results that looked strong compared to 2019, indicating a strong consumer comeback, but revenue that was just below lofty analyst expectations.
- In the latest effort to improve the attractiveness of China’s capital markets, the PBOC announced plans to open a STAR Market equivalent for fixed income, focusing on technology startups.
Key News
Asian equities were largely higher except for Taiwan, South Korea, and the Philippines.
US-listed China stocks had a very strong day yesterday after the city of Zhengzhou announced that it would halt home buying restrictions and Beijing released further policy support overnight. Zhengzhou has been used in the past to beta test real estate policies, indicating that other cities may soon follow suit. Several cities have already eased restrictions on second home purchases.
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