Asian markets were mostly lower, but India and the Philippines outperformed.
Asian markets were mostly lower with India and the Philippines outperforming.
Asian stocks were largely down, while India and the Philippines led the way.
We won't know for sure until it happens, but a localized lockdown of the neighborhood or district is more likely than a citywide lockdown. A city can also take steps like Beijing's move to restrict public areas that are overcrowded, where one needs to be vaccinated.
The Shanghai Composite is at the 3,400 level while the Shenzhen Composite is above the 2,200 level. A little break since mid-March isn't bad. The US government's pressure on Dutch semiconductor firm ASML to limit sales to China led to a strong rally in Chinese semiconductor stocks. We've had more positive news or communication between the US and China recently, which is a step in the right direction.
Alibaba (Hong Kong: 000566) was one of the few stocks that rose in Hong Kong as the market slumped after Hong Kong Exchanges CEO said there will be more conversions from overseas-listed to local ones, with Alibaba specifically mentioned. The company started its pre-earnings investor relations campaign. Analysts appear to have come out of those meetings positive. Reuters is reporting that Sequoéa Capital China is planning on raising $9B for four new tech-focused private equity funds. They want to use this money to acquire companies in the space, which is interesting!
The following are the closing figures for last night's
- The exchange rate of the Chinese yuan against the US dollar was 6.71
- The euro was worth 6.84 yuan in the morning of December 17, 2017, down from 6.89 yuan on December 16
- The 10-year Government Bond yield rose to 2.84% from 2.83% on Friday
- China Development Bank's 10-year bond yield rose to 3.08% from yesterday's 3.07%.
- Copper price fell by 4.99%