Internet stocks were mostly lower overnight after a strong move yesterday. However, Alibaba gained +1%, continuing momentum from positive earnings yesterday. Internet earnings continue next week with Trip.com reporting on Monday and JD.com and Tencent reporting on Wednesday. I would brace for positive surprises after Alibaba’s.
MSCI completed its quarterly index review process. Two China A shares names were in the top three largest additions to the MSCI Emerging Markets Index: CNPC Capital and Gongniu Group. Meanwhile, there will be 10 additions and 50 deletions from the MSCI China A Onshore Index and 21 additions and 21 deletions from the MSCI China All Shares Index.
Developer weakness drove Hong Kong somewhat lower overnight as Country Garden heads for a restructuring. According to reports, the developer may book a loss of $6 to $7 billion. Policymakers held a meeting with multiple developers, but Country Garden was reportedly left out. While the government is apt to support real estate demand, supply-side support might continue to be weak.
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