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Week in Review
- Asian equities had a mixed week as China reported better-than-expected industrial profits for August, up +17% year-over-year versus July’s -7%, in another sign that China’s economic recovery is gaining some momentum.
- There was some more good news on the diplomatic front this week as Xi Jinping met with South Korea’s foreign minister and is said to be planning his first trip to the republic while US National Security Advisor Jake Sullivan noted “candid” talks with China’s Foreign Minister Wang Yi in Malta.
- Mainland media reported that JD.com may start selling cars, allowing users to make deposits on new Teslas through JD’s platform.
- Mainland markets will be closed for the Mid-Autumn Festival until Friday and Hong Kong markets will be closed on Monday.
Friday’s Key News
Asian equities were mixed overnight as Hong Kong outperformed, though Mainland China and Taiwan were closed for Mid-Autumn Festival, Pakistan was closed for Mawlid-al-Nabi, and South Korea was closed for Chuseok-Thanksgiving.
Hong Kong had a strong end to the week, month, and quarter, as the Hang Seng gained +2.51% and the Hang Seng Tech gained +3.77%, though on light, pre-holiday volumes. Positive developments lifted stocks, including the Wall Street Journal reporting that China will send its Vice Premier and Foreign Minister to Washington, DC. Meanwhile, Shenzhen lowered its first-time buyer mortgage rate, which lifted real estate stocks.
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