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Hong Kong to remain as IPO Haven

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Northbound Trading

  • Traders brought in 64.7 Billion RMB (9.11 Billion of USD) of foreign capital to China A-Shares markets in Shanghai and Shenzhen via the stock connect tranche in the month of September, a record amount representing 4.9 times of last month’s inflow, despite political turbulence on several fronts.
  • Notable Northbound turnover of 78.5 Billion RMB was seen on 20-Sep with net inflow as large as 14.9 Billion RMB, an amount larger than the total inflow from entire August (13.2 Billion RMB).
  • China marginally cut its new one-year benchmark lending rate LPR for the second month in a row as the central bank sought to aid market with lower borrowing cost amid trade struggles, which were subsequently translated as improved capital flows and price support from the domestic segment in the China market.
  • Earlier on in the month, the State Administration of Foreign Exchange (SAFE) announced the abolition of investment quotas for QFII and RQFII schemes which were launched as 2002 and 2011 respectively. Though the implementation date has yet to be confirmed, the move was seen as a welcome development for international markets.
  • The availability of stock connect trading in recent years has QFII and RQFII restrictions becoming less of a concern over the years as foreigners have alternatives to gain access to the Chinese capital and fixed income markets alike.
  • Towards the end of September, speculations on White House contemplating investment restrictions on Chinese companies dented global traders’ sentiment. While no concrete details have been acknowledged by any authority, the chatter headline was weighing on A-shares trading momentum.
  • Northbound trading via stock connect will close for the first week of October in observance of national anniversary celebration and reopen on 8-Oct Tuesday.

Quarterly Outlook Q3 2022: The Runaway Train

  • Inflation will not moderate, it is a runaway train

    Central banks' attempts to kill inflation is a paradigm shift, which could end in a deep recession.
    Read article

  • Tangible assets and profitable growth are the winners

    With US equities officially in a bear market, the big question is where and when is the bottom in the current drawdown?
    Read article

  • Understanding the lack of investment appetite among oil majors

    The everything rally seen in recent quarters has become more uneven, as its strength is driven by commodities in short supply.
    Read article

  • The pressure is on as the wind leaves the sails

    With cryptocurrencies in sharp decline, are we entering a crypto winter or is the bear market a healthy clean-up of the crypto space?
    Read article

  • Why the Fed can never catch up and what turns the US dollar lower?

    Many other central banks are set to eventually outpace the Fed in hiking rates, taking their real interest rates to levels higher than the Fed will achieve.
    Read article

  • Bank of Japan: Swimming against the tide

    The Japanese economy has gone from the age of deflation to rapidly rising prices in no time, leaving the Bank of Japan in a pickle.
    Read article

  • Green transformation detour and bear market hibernation

    With the impending risk of global econonomic derailment, we share the five things investors need to consider in this new half year.
    Read article

  • Crisis redux for the eurozone?

    Whether there's going to be a recession in Europe or not, the path towards a stable economy will be agonizing.
    Read article
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