China Market Update: Old Yellow Cattle Refrain As Investors Wait For US Fed [Forbes]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Forbes
The assumption is that US interest rates will remain higher for longer following strong US economic data. The US dollar's strength weighed on the Asia dollar index overnight. Hong Kong and Mainland China were both off, though growth stocks in both markets held up better than most, led by semiconductor stocks and tech following Apple's World Developers Conference and its AI rollout, which will likely require you to buy a new phone (again). Weakness was attributed to the three-day weekend celebrating the Dragon Boat Festival, though domestic trips increased by +6.3% year-over-year (YoY) to 110 million, with domestic travel revenue up by +8.1% YoY to RMB 40.35B while “total cross-regional personnel flow,” which I assume is domestic and international trips coming and going, over the three days totaled 647 million trips, which is an increase of +9.4% YoY and +44.1% versus 2022. Kweichow Moutai fell -3.1% on reports that rural farmers nicknamed “old yellow cattle” were less than enthusi
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