China Market Update: Hong Kong Gains, Mortgage Refinancing Powers Real Estate, Week In Review [Forbes]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Forbes
Today's China performance is very noteworthy as Chinese stocks are a net sell in MSCI indices, although the market rallied regardless. That is a very strong sign, in my opinion. Stepping back and looking at the big picture, how many investors know this was the 4th positive week in a row for Hong Kong-listed stocks? How many investors know that Hong Kong-listed stocks beat US stocks in the month of August? Probably very few. Was the market volatile this month? 100%. Today was also important due to a strong rotation into growth stocks, which outperformed, and out of value and dividend stocks, which underperformed. We have also stated that China will not be able to rally without the “good stuff,” i.e., growth stocks that foreign investors gravitate to. There were multiple catalysts today as the Renminbi appreciated versus the US dollar. There were reports that the government would allow for early refinancing of $5.4 trillion of mortgages, which would help households and the econom
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