$META is up 70% this year and has soared 550% since bottoming in October 2022
If you invested $10,000 in October 2022, you would have over $65,000 Source: Stocktwits
Blackrock consolidated equity portfolio
Source: Finlab
Hang Seng Index capped its best 3-week stretch since 1975
Source: Bloomberg, David Ingles on X
Half the gains since China's bazooka wiped out in an hour as authorities disappoint markets; Hong Kong stocks plunge more than 6%.
The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus. While mainland China’s CSI 300 skyrocketed over 10% at the open Tuesday in its return from the Golden Week holiday, the index pared gains to a 5% rise later in the session. Hong Kong’s Hang Seng index briefly plummeted over 10%, before recovering slightly to a smaller loss of 6.4%. Zheng Shanjie, chairman of China’s National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country’s economy during a highly-anticipated press conference. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets. China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said. Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year. The central government will release a 100 billion yuan investment plan for next year by the end of this month, ahead of schedule, a senior official added. Zheng also promised that more measures are coming that aims to support the property market and boost domestic spending. Source: CNBC, zerohedge
Hong Kong you have a phone call…
Source: Barchart
🚨 US INSIDERS ARE STOPPING BUYING THEIR COMPANIES' STOCKS🚨
US firms' executives purchased $2.3 billion worth of stock year-to-date, THE LEAST since 2010. To put this into perspective, during the COVID CRASH in 2020 they bought $1.3 billion in one month Source: Global Market Investors
The come-back of emerging markets equities?
We just witnessed the 2nd largest weekly inflow to EM equity funds ever according to BofA / EPFR fund flows data. Among the tailwinds for EM equities: weaker dollar, Fed cutting rates, room for EM central banks to ease monetary policy conditions, China stimulus and cheap valuations. Source: BofA, @ackmeni on X
😱 The shocking chart of the day: Chinese stocks surged by 5.93% while Hong Kong Stocks collapsed by 9.41%, the largest single-day divergence in history 😱
Source: Barchart
