Singles Day Pre Sales Start
5 Min. Read Time
Key News
Asian equities were mixed but mostly higher overnight as Japan and South Korea underperformed and Mainland China’s main boards outperformed.
This year's Singles Day will be an important check in on the consumer especially in light of the stimulus measures announced and the potential for direct consumer support to come our of the National People's Congress later this month.
Alibaba kicked off its Singles Day presales yesterday at 8 pm China time. In the first hour, 20 home appliance and furniture merchants passed RMB 100 million ($7.1 million) in sales. Apple products, robot vacuums, and sports apparel are trending among the top categories so far on Tmall and TaoBao. Apple products saw RMB 1 billion ($712 million) in orders in the first five minutes. Apple must be running a special deal this year on the platforms. stepping up to the plate to competition from the likes of Huawei and Xiaomi in China.
There was some chatter overnight about a new stock market stabilization fund to be set up by the Chinese Academy of Social Sciences’ Institute of Finance to the tune of RMB 2 trillion.
China reported retail sales data for September. Total retail sales saw a slight pickup in year-over-year growth rate from August, though online retail sales slowed. This could be due to the consumption shift to larger items after the subsidies were announced later this year. JD is the strongest online marketplace for home appliances, but sales in such items might skew more to brick-and-mortar compared to other product categories.
Online video platform iQiyi is surging in US trading this morning on a new co-production agreement with GHY Culture & Media Holdings.
Semiconductor Manufacturing (SMIC) was the top-traded name in Hong Kong by value on the semiconductor comeback following positive earnings from TSMC last week. Investors might be taking profits in Nvidia and distributing them across the global ecosystem.
Meituan gained +1.99% and was the second-most traded name in Hong Kong, perhaps being boosted by positive reports from Golden Week travel bookings on the platform. It is still early for internet earnings for the third quarter. Meituan will report in mid-November, which is around the time we can expect reports from most internet names. Nonetheless, growth names including internet led gains in Hong Kong overnight.
The Hang Seng and Hang Seng Tech indexes gained +0.10% and +0.66%, respectively, on volume that decreased -21% from yesterday. The top-performing sectors were Utilities, which gained +2.16%, Consumer Staples, which gained +1.11%, and Consumer Discretionary, which gained +0.64%. Meanwhile, the worst-performing sectors were Financials, which fell -0.15%, Materials, which fell -0.09%, and Communication Services, which fell -0.03%.
Shanghai, Shenzhen, and the STAR Board diverged to close +0.54%, +0.86%, and -1.45%, respectively, on volume that decreased -12% from yesterday. The top-performing sectors were Consumer Discretionary, which gained +1.59%, Utilities, which gained +1.43%, and Communication Services, which gained +1.37%. Meanwhile, the worst-performing sectors were Information Technology, which fell -0.22%, Financials, which gained +0.09%, and Real Estate, which gained +0.2%.
Last Night’s Performance
| Country/Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | 0.1% |
| Hang Seng Tech | HSTECH Index | 0.7% |
| Hong Kong Turnover | HKTurn Index | -20.8% |
| HK Short Sale Turnover | HKSST Index | -17.7% |
| Short Turnover as a % of HK Turnovr | N/A | 11.1% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | 756.3 |
| China (Shanghai) | SHCOMP Index | 0.5% |
| China (Shenzhen) | SZCOMP Index | 0.9% |
| China (STAR Board) | Star50 Index | -1.5% |
| Mainland Turnover | .chturn Index | -12.4% |
| Nouthbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | -0.5% |
| Japan | NKY Index | -1.4% |
| India | SENSEX Index | -1.1% |
| Indonesia | JCI Index | 0.2% |
| Malaysia | FBMKLCI Index | -0.2% |
| Pakistan | KSE100 Index | 0.7% |
| Philippines | PCOMP Index | 0.1% |
| South Korea | KOSPI Index | -1.3% |
| Taiwan | TWSE Index | 0% |
| Thailand | SET Index | -1.2% |
| Singapore | STI Index | -0.8% |
| Australia | AS51 Index | -1.7% |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 154 | 0.29 |
| Communication Services | 9 | -0.03 |
| Consumer Discretionary | 29 | 0.64 |
| Consumer Staples | 13 | 1.11 |
| Energy | 7 | 0.62 |
| Financials | 24 | -0.15 |
| Health Care | 14 | 0.02 |
| Industrials | 18 | 0.47 |
| Information Technology | 11 | 0.05 |
| Materials | 11 | -0.09 |
| Real Estate | 6 | 0.43 |
| Utilities | 12 | 2.16 |
| Mainland China Listed | 487 | 0.54 |
| Communication Services | 13 | 1.37 |
| Consumer Discretionary | 41 | 1.59 |
| Consumer Staples | 32 | 1.12 |
| Energy | 17 | 0.6 |
| Financials | 68 | 0.09 |
| Health Care | 45 | 0.65 |
| Industrials | 74 | 0.59 |
| Information Technology | 93 | -0.22 |
| Materials | 80 | 0.75 |
| Real Estate | 7 | 0.26 |
| Utilities | 17 | 1.43 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | 0.1 |
| Alibaba HK | 9988 HK Equity | -0.6 |
| JD.com HK | 9618 HK Equity | -0.3 |
| NetEase HK | 9999 HK Equity | -0.3 |
| Yum China HK | 9987 HK Equity | 1 |
| Baozun HK | 9991 HK Equity | 5.8 |
| Baidu HK | 9888 HK Equity | -2.9 |
| Autohome HK | 2518 HK Equity | 0.3 |
| Bilibili HK | 9626 HK Equity | 2.2 |
| Trip.com HK | 9961 HK Equity | 0.4 |
| EDU HK | 9901 HK Equity | -3.1 |
| Xpeng HK | 9868 HK Equity | 2.8 |
| Weibo HK | 9898 HK Equity | 1.7 |
| Li Auto HK | 2015 HK Equity | 5 |
| Nio Auto HK | 9866 HK Equity | 1.6 |
| Zhihu HK | 2390 HK Equity | 0.5 |
| KE HK | 2423 HK Equity | -0.1 |
| Tencent Music Entertainment HK | 1698 HK Equity | -0.9 |
| Meituan HK | 3690 HK Equity | 2 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| SEMICONDUCTOR MANUFACTURING | 0.3 |
| MEITUAN-CLASS B | 2 |
| ALIBABA GROUP HOLDING LTD | -0.6 |
| TENCENT HOLDINGS LTD | 0.1 |
| PING AN INSURANCE GROUP CO-H | -1.8 |
| CHINA MOBILE LTD | -0.7 |
| XIAOMI CORP-CLASS B | 0.8 |
| LI AUTO INC-CLASS A | 5 |
| GEELY AUTOMOBILE HOLDINGS LT | 7.1 |
| JD.COM INC-CLASS A | -0.3 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| EAST MONEY INFORMATION CO-A | 1.7 |
| OFILM GROUP CO LTD-A | 3.7 |
| ZHEJIANG WANFENG AUTO -A | 2.3 |
| KUANG-CHI TECHNOLOGIES CO-A | 0.3 |
| ISOFTSTONE INFORMATION TEC-A | -8.1 |
| CONTEMPORARY AMPEREX TECHN-A | -1.1 |
| KUNLUN TECH CO LTD-A | 1.4 |
| ZHONGJI INNOLIGHT CO LTD-A | 3 |
| ZTE CORP-A | -5.1 |
| CAMBRICON TECHNOLOGIES-A | -5.2 |
Last Night’s Exchange Rates, Prices, & Yields
- CNY per USD 7.12 versus 7.12 yesterday
- CNY per EUR 7.69 versus 7.70 yesterday
- Yield on 10-Year Government Bond 2.15% versus 2.12% yesterday
- Yield on 10-Year China Development Bank Bond 2.22% versus 2.12% yesterday
- Copper Price +0.22%
- Steel Price +0.54%
