Week in Review
- Asian equities ended a relatively positive week on a high note as internet stocks rebounded following a slump earlier in the week on high short volumes and index rebalancing.
- Multiple China economic releases this week painted a mixed picture as the Caixin (private) manufacturing PMI outpaced the official measure as the latter indicated expansion while the former indicated contraction.
- EV sales data from multiple companies was released on Thursday with BYD seeing strong sales of one million units so far this year.
- Multiple foreign executives were in China this week including Tesla’s Elon Musk and JP Morgan’s Jamie Dimon.
Friday’s Key News
Hong Kong outperformed the region on strong volume led by internet stocks.
Was there short covering overnight in Hong Kong? 100%, as we noted the uptick in short volumes all this week. More importantly, we had positive catalysts that brought buyers back in. US-listed China stocks gained yesterday on strong initial results from JD.com’s 618 Grand Promotion shopping festival.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased