Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Verizon’s Push to Keep Phones Locked Could Cost You

July 13, 2025

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 2025

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

July 13, 2025
Facebook Twitter Instagram
Trending
  • Verizon’s Push to Keep Phones Locked Could Cost You
  • Fed Fight Heats up: What Trump’s Choice Could Mean for You
  • 6 Daily Habits That Signal You’re Headed Toward Financial Burnout
  • This $50 Lifetime Travel Hack Is Made for Remote Workers
  • Manage Clients, Projects, and Sales Without Leaving Your Dashboard
  • Why This Market Dip Is Your Chance to Accelerate Product Velocity, Win Customers and Own the Next Cycle
  • The Real Currency Of Life, According To Naval Ravikant
  • New Bill Would Eliminate Income Taxes on Home Sales
Sunday, July 13
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » July Services PMI Increases As Diners Dine Out
Investing

July Services PMI Increases As Diners Dine Out

News RoomBy News RoomAugust 6, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Key News

Asian equities were largely lower overnight, and Taiwan was closed as Typhoon Khanun came ashore.

The Hang Seng Tech index gained +0.4% following US-listed China stocks’ decline of -5% yesterday on no real news, except for a stronger US dollar, ironically, on Fitch’s downgrade and Asian growth stocks and sectors being hit with profit taking after a strong July run.

The space appeared slightly overbought, which provides investors on the sideline to come in. We should have a nice rebound in US-listed China ADRs as Hong Kong didn’t nearly as much as US ADRs, with Hong Kong’s most heavily traded were Tencent, which fell -0.35%, Alibaba, which fell -2.1%, AIA, which pulled a James Bond to gain +0.07%, HSBC, which fell -2.02%, and Meituan, which fell -0.36%.

The July Caixin China Services PMI increased to 54.1 versus expectations of 52.4 and June’s 53.9. Fake data, right? The Caixin survey is conducted by IHS Markit, which was bought by S&P Global. The increase was driven by an increase in restaurant activity, as noted in Q2 financial results from Starbucks, Yum China, and hot pot chain Haidilao.

Mainland China posted small gains driven by an afternoon rally. Brokers drove Mainland financials higher and were very strong (again) as investors consider the Politburo statement on raising investor expectations highly unusual. Mainland real estate was also a strong performer, as policy support is apt to include a repricing of current mortgages. This is in addition to recent language on support for local government debt, stabilizing the renminbi, and monetary support for the economy.

The China clean tech ecosystem had a strong day driven by strong results from Longi Green Energy Technology (601012 CH) +6.05% after announcing that in the first half of 2023, net income grew +41.6% to RMB 9.18 billion. Hong Kong EV makers XPeng +3.97%, Li Auto +3.92%, and BYD +0.3% gained on strong July sales numbers. BYD sold 262,161 EVs in July!!! Wow!

A fair amount of press on a well-respected strategist downgrading China to equal weight from overweight. Interesting that Hong Kong’s weakness was blamed on the downgrade though the strategist upgraded India, which was down! Ultimately the strategist had been overweight China since early December, which means they caught the initial upswing in Chinese equities but caught the pullback as well.

In a meeting with a Chinese economist yesterday, he noted that local investors have been conservatively positioned though the Politburo release is viewed as a very significant event and market catalyst. It is very rare for the government to explicitly include the stock market in their readout. China’s Foreign Ministry acknowledged the invitation from the US for Foreign Minister Wang Yi to visit Washington DC though a date hasn’t been released. Diplomatic green shoots! Evergrande Property Service (6666 HK), the property management arm of distressed developer Evergrande, fell -47.39% after reopening for trading in Hong Kong after being suspended since March 2022.

The Hang Seng and Hang Seng Tech split -0.49% and +0.4% on volume -10.76% from yesterday, which is 89% of the 1-year average. 238 stocks advanced, while 226 declined. Main Board short turnover declined -8.85% from yesterday, which is 87% of the 1-year average of 16%. The growth factor outperformed the value factor, while small caps outpaced large caps. The top sectors were healthcare +1.01%, tech +0.71%, and real estate +0.62%, while energy -1.51%, materials -0.99%, and discretionary -0.9%. The top sub-sectors were pharma, auto, and diversified finance, while energy, retailing, and media were the worst. Southbound Stock Connect volumes were moderate/light as Mainland investors sold -$267 million of Hong Kong stocks and ETFs, with Tencent a moderate net buy, XPeng a small net buy, and China Construction Bank a very small net sell.

Shanghai, Shenzhen, and STAR Board gained +0.58%, +0.27%, and +0.2% on volume down -0.44% from yesterday, which is 93% of the 1-year average. 1,761 stocks advanced, while 2,861 declined. The value factor outperformed the growth factor, while small caps outpaced large caps. The top sectors were financials +2.34%, real estate +1.86%, and healthcare +1.53%, while discretionary -0.08% and energy -0.07%. The top sub-sectors were the securities industry, insurance, and pharma, while auto parts, precious metals, and communication equipment were the worst. Northbound Stock Connect volumes were moderate as foreign investors bought $75 million of mainland stocks, with Longi Green Energy a large net buy, Kweichow Moutai a small net sell, and Citic Securities a small net buy. CNY and the Asia dollar index made very small gains versus the US dollar. Treasury bonds rallied while copper and steel were smoked lower.

Upcoming Webinar

Join us today at 10 am EDT for our webinar:

Revving Up: EV Sales, Growth Potential, and Battery Innovation

Please click here to register.

Last Night’s Performance

Last Night’s Exchange Rates, Prices, & Yields

  • CNY per USD 7.17 versus 7.17 yesterday
  • CNY per EUR 7.84 versus 7.87 yesterday
  • Yield on 10-Year Government Bond 2.64% versus 2.65% yesterday
  • Yield on 10-Year China Development Bank Bond 2.75% versus 2.75% yesterday
  • Copper Price -1.15% overnight
  • Steel Price -1.96% overnight

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Manage Clients, Projects, and Sales Without Leaving Your Dashboard

Investing July 13, 2025

How Mastering Your Nervous System Boosts Leadership Presence and Performance

Investing July 12, 2025

This Former NFL Player Built a Brand Around Nasal Breathing

Investing July 11, 2025

Jack Dorsey Announces Bitchat Messaging App

Investing July 8, 2025

5 Generations, 1 Team — Heres How to Lead a Multigenerational Workforce

Investing July 7, 2025

How to Deal With Negative Articles on Google

Investing July 6, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 20250 Views

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

July 13, 20250 Views

This $50 Lifetime Travel Hack Is Made for Remote Workers

July 13, 20250 Views

Manage Clients, Projects, and Sales Without Leaving Your Dashboard

July 13, 20250 Views
Don't Miss

Why This Market Dip Is Your Chance to Accelerate Product Velocity, Win Customers and Own the Next Cycle

By News RoomJuly 13, 2025

Entrepreneur Crypto volumes have plunged from a post-Trump election surge of $126 billion to a…

The Real Currency Of Life, According To Naval Ravikant

July 12, 2025

New Bill Would Eliminate Income Taxes on Home Sales

July 12, 2025

Are You a Big, Beautiful Winner or Loser Under Trump’s Tax Law?

July 12, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Verizon’s Push to Keep Phones Locked Could Cost You

July 13, 2025

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 2025

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

July 13, 2025
Most Popular

51 Reasons I Won’t Lend Money to Friends and Family

August 6, 20231 Views

Verizon’s Push to Keep Phones Locked Could Cost You

July 13, 20250 Views

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.