Huawei and Apple sales prove the strength of the Chinese consumer – Forbes

Key news

Asian stocks were lower on light volumes, with the exception of Hong Kong. India was closed for Ganesh Chaturthi, a Hindu festival commemorating the birth of the god Ganesha.

Investors are sitting idly ahead of central bank meetings. Meanwhile, we continue to see increasingly positive diplomatic and economic news between the United States and China as US Secretary of State Antony Blinken met with Vice President Han Zheng during the General Assembly United Nations. The chances of a Biden-XI summit at the Asia-Pacific Economic Cooperation (APEC) meetings in November in San Francisco appear to be increasing.

The most traded stocks in Hong Kong by value were Tencent, which gained +0.06% following the release of a new game, Meituan, which fell -0.25% as the CEO reduced his stake in Li Auto, which fell -2.72%, and Alibaba, which gained +0.71% on its development in Turkey and Ant Group’s mobile payment purchase in South Korea. However, JD.com closed down 1.16% with no news. Nio fell -4.45% after issuing a convertible bond. The Hong Kong Main Board’s short-selling volume accounted for 21% of total turnover as buyers stayed away, although mainland investors bought $445 million worth of Hong Kong stocks via Southbound Stock Connect.

Continental markets recorded very low volumes despite continued verbal efforts to improve market sentiment and increase trading by regulators and ministries.

Wuhan has joined the growing list of cities removing restrictions on home purchases. Meanwhile, troubled developer Sunac filed for Chapter 15 bankruptcy to restructure its debt, similar to Evergrande’s in August.

Huawei’s new foldable Mate 60, Mate 60 Pro, and MateX5 are apparently selling out faster than stores can restock them. This enthusiasm will affect AppleAAPL iPhone sales, although the recent launch of the iPhone 15 also seems very strong. Consumers can consume whatever they want because their travel plans seem pretty solid. At the same time, the PBOC added liquidity to the financial system ahead of the upcoming holiday.

USAFacts.org is a great resource because it takes an analytical approach to issues rather than hyperbole, exaggeration, clickbait, and misinformation. The organization recently released its report to Congress, which included the following statistic: “17% of the U.S. population was 65 or older in 2022, up from 11% in 1980.” The percentage was higher than I thought, which begs the question: “How does the United States stack up to other countries?” According to the Population Reference Bureau, the United States has a lower percentage of people over 65 than Japan’s 28.2%, lower than Europe and the United Kingdom, but higher than Japan’s 11.9%. China. Would anyone have guessed that the United States has a higher percentage of people over 65 than China? Me neither.

The Hang Seng and Hang Seng Tech indices diverged to close +0.37% and -0.06% respectively, on volume -9.79% from yesterday, or 66% of the one-year average. 238 stocks rose, while 238 fell. Main Board short turnover decreased -19.9% ​​from yesterday, or 82% of the year-over-year average, as 21% of turnover was short turnover . The value factor outperformed the growth factor, with large caps outperforming small caps. The top sectors were Utilities +2.83%, Energy +1.44%, Materials +1.37%, Materials -0.36%, Technology -0.1% and Goods discretionary -0.09%. The top subsectors were telecommunications, utilities and materials, while auto parts, consumer services and business services were the worst. Southbound Stock Connect volumes were light as mainland investors bought $445 million worth of Hong Kong-listed stocks and ETFs with small net purchases of Ping An and Meituan and small net sales of Li Auto and CNOOC.

Shanghai, Shenzhen and STAR Board fell -0.03%, -0.88% and -0.67% respectively, on volume down -9.41% from yesterday, or 72% of the average over a year. 864 stocks rose, while 3,853 fell. The value factor outperformed the growth factor, with large caps “outperforming”/falling less than small caps. The main sectors were energy, which gained +1.45%, financial services +0.34% and uses +0.28%, while communication -1.67%, technology -0.98 % and the discretionary sector -0.38%. The top subsectors were highways, oil/gas, and energy equipment, while restaurants, education, and internet were the worst. Northbound Stock Connect volumes were light as foreign investors sold -$332 million of mainland stocks with small net purchases of Bank of Jiangsu and Agricultural Bank, while Longi, Kweichow Moutai and its peer Wuliangye constituted small net sales. Treasury bond prices fell. The CNY and the Asian Dollar Index remained stable against the US dollar. Copper fell again while steel gained again.

Last night’s performance

Last night’s exchange rates, prices and yields

• CNY per USD 7.29 compared to 7.29 yesterday
• CNY per EUR 7.79 against 7.78 yesterday
• Yield on 10-year government bonds 2.66% compared to 2.65% yesterday
• Yield on 10-year Chinese Development Bank bonds 2.76% compared to 2.76% yesterday
• Copper price -0.55%
• Steel prices +0.89%

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