Latest news with #ArawngKagitingan
Forbes
09-04-2025
- Business
- Forbes
China Market Update: Largest Southbound Connect Buying EVER In Hong Kong: Alibaba & Tencent Significant Benefactors
CLN Asian equities experienced another deep drawdown, except for Hong Kong, Mainland China, and Thailand, as the Philippines missed the fun due to "Araw ng Kagitingan", which celebrates the heroism of Filipino and American soldiers in World War II. This morning, China's government reciprocated the US government's tariff increase by increasing tariffs on US goods to a whopping 84%. Is not being at the US' level of 104% a sign of willingness to cooperate? The offshore Renminbi (CNH), which trades during US hours, is stable this morning at 7.37 CNH per USD, after rising to 7.42 yesterday and from last Monday's 7.26. Is China devaluing its currency to offset US tariffs? No, as the US 10-year Treasury Yield has risen from Friday's 52-week low of 3.99% to 4.45% this morning, which causes the US dollar to strengthen, especially versus Asian currencies, which are export-dependent. To offset the 104% tariffs would require devaluing the CNY by 104%. Making the Chinese people poorer is counterintuitive. Remember, less than 3% of China's GDP is comprised of US exports to China. Hong Kong and Mainland China opened significantly lower, with morning lows in the Hang Seng of -4.31%, Hand Seng Tech of -5.96%, Shanghai Composite of -2.4%, Shenzhen Composite of -4.41%, and the STAR Board of -2.42%. All indexes rallied into the close. The close for these indexes showed a significant reversal of initial losses: the Hang Seng closed up +0.91%, Hang Seng Tech closed up +2.88%, the Shanghai Composite closed up +1.18%, the Shenzhen Composite closed up +1.44 %, and the STAR Board closed up +4.31%. What happened? There is a rumor that China's government will announce significant domestic consumption stimulus as early as Friday to offset US tariff impacts on exporters. A mid-day Reuters article alluding to the stimulus helped fuel the market's rebound into the close. Premier Li gave credence to the stimulus rumor, stating during a State Council meeting today, held with economists and entrepreneurs, that 'We should make the domestic circulation bigger and stronger, take expanding domestic demand as a long-term strategy…'. The National Team appeared to be buying following yesterday's RMB 111.78 billion net inflow into Mainland listed ETFs, as their five favorite China equity ETFs all had above-average volume, though not as high as yesterday's. Hong Kong-listed stocks were the recipient of the STRONGEST DAY EVER for Southbound Stock Connect inflows, as Mainland investors bought a net of $4.6 billion worth, including Alibaba and Tencent, which saw significant inflows. In both markets, brokers, automobiles, software, and semiconductors had good days, while banks were off. The State Council released a 28,000-word white paper titled 'China's Position on Several Issues Concerning China-US Economic and Trade Relations," followed by a Ministry of Commerce (MoC) press conference. The press conference had a very gracious tone on the US relationship. Key points from the press conference: Alibaba Tencent China Last Night reader Ashish pointed out that I incorrectly stated yesterday that exports were RMB 15 trillion. I failed to correctly identify the RMB 15.433 trillion as the value of export-oriented manufacturing versus total China exports, which are worth RMB 25 trillion. Total exports include both goods and services, which include goods that are not manufactured, such as commodities, raw materials, food, etc. My bad! As my wife is more than willing to tell you, I am far from infallible. I am excited to answer all of your questions on tomorrow's webinar we are hosting! Please click here to sign up! The Hang Seng and Hang Seng Tech indexes gained +0.68% and +2.64%, respectively, on volume that declined -4.80% from yesterday, which is 239% of the 1-year average. 348 stocks advanced, while 133 stocks declined. Main Board short turnover decreased by -0.44% from yesterday, which is 319% of the 1-year average, as 21% of turnover was short turnover (Hong Kong short turnover includes ETF short volume, which is driven by market makers' ETF hedging). Growth, momentum, and small capitalization stocks outperformed value and large capitalization stocks. Energy was the only negative sector, down -1.62%, while the top-performing sectors were Information Technology, which gained +6.28%, Real Estate, which gained +4.45%, and Consumer Staples, which gained +3.52%. The top-performing subsectors were semiconductors, aerospace, and technology hardware. Meanwhile, petroleum & petrochemicals, real estate investment trusts (REITs), and banks were among the worst-performing subsectors. Southbound Stock Connect volumes were 7X pre-stimulus levels, as Mainland investors bought a net $4.586 billion worth of Hong Kong-listed stocks and ETFs, including Alibaba, Tencent, Meituan, Semiconductor Manufacturing International (SMIC), Kuaishou, Xiaomi, and Pop Mart. Shanghai, Shenzhen, and the STAR Board indexes all closed higher by +1.31%, +1.77%, and +4.31%, respectively, on volume that increased +4.34% from yesterday, which is 140% of the 1-year average. 4,157 stocks advanced, while 887 stocks fell. Growth, momentum, and small capitalization stocks outperformed value and large capitalization stocks. The top-performing sectors were Real Estate, which gained +4.53%; Information Technology, which gained +2.89%; and Communication Services, which gained +1.49%. Meanwhile, the worst-performing sectors were Financials, which fell -0.06% and Energy, which fell -0.51%. The top-performing subsectors were aerospace, catering, tourism, and real estate. Meanwhile, petroleum & petrochemicals, banking, and oil & gas were among the worst-performing subsectors. Northbound Stock Connect volumes were above average. CNY and the Asia Dollar Index both fell versus the US dollar. Treasury bonds rallied. Copper and steel fell. Live Webinar Join us on Thursday, April 10, 2025 at 10 am EDT for: Tariff Briefing and Q&A With KraneShares Please click here to register New Content Read our latest article: New Drivers For China Healthcare: AI Med-Tech Innovation, Cancer Treatment, & Favorable Balance of Trade Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5
Filipino Times
07-04-2025
- Politics
- Filipino Times
PH Embassy, Consulate, and MWO in UAE announce holiday closures in April
The Philippine Embassy in Abu Dhabi, the Philippine Consulate General, and the Migrant Workers Office (MWO) in Dubai have announced their closure in observance of upcoming Philippine holidays this April. In separate statements, the Philippine missions said they will close on April 9, 2025, in observance of the Day of Valor (Araw ng Kagitingan), and on April 17 and 18, 2025, for Maundy Thursday and Good Friday, respectively. During this period, the online voting kiosk for eligible voters will remain operational. For immediate concerns during the said dates, the public can reach out to the Embassy in Abu Dhabi via email at [email protected] or by SMS, call, or WhatsApp at the following numbers: Assistance-to-Nationals: +971 504438003 Consular and other concerns: +971 508137836 In Dubai, individuals may reach out for assistance through the following contacts: For consular matters: +971 4 220 7100 For Assistance-to-Nationals: +971 56 501 5756 For contract verification or assistance to OFWs at MWO-Dubai: +971 50 652 6626 or +971 56 353 5558 For workers impacted by the holiday closures, the MWO-Dubai has set specific schedules for contract verification. Workers with confirmed flights on April 9 and 10, 2025, should visit the MWO-Dubai on April 7 and 8, 2025, between 7:30 AM and 3:00 PM. Those with confirmed flights between April 17 and 21, 2025, are advised to visit from April 14 to 16, 2025, during the same hours. Workers unable to have their documents verified prior to their flights are allowed to have an authorized representative visit the MWO-Dubai five days before their flight back to the UAE or three days before their OEC appointment in the Philippines.
