China Market Update: Pullback Is Officially A Correction [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Forbes
MSCI China officially entered a correction after rising 31% from January 22 nd to May 20 th . Growth stocks that outperformed the index by nearly 10% over the same period will be off about 15% from their high after today. If you take a step back, the rally is still intact, though the last month has been a grind lower that “feels” worse. Overnight, the dates for the Third Plenum, China's big economic meeting, were released, starting on July 15 th . Today's market action should catalyze policymakers to implement monetary policies. Such policies could help bring investors back into the space. PROMOTED Micron's financial results and China's May industrial profits of +0.7% versus April's +4% were cited as culprits in Hong Kong and China's downdraft though a strong US $, summer doldrums and a lack of catalysts in advance of mid-July Third Plenum were uncited factors. Like many Asian currencies, China's renminbi (CNY) has been grinding lower versus the US dollar, closing today at 7.26
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