China Stocks Slump as Vaccine IP Waiver Proposal Hits Drugmakers

Bloomberg2021-05-06

China’s key equities index fell on Thursday following the Labor Day break, led by a slump in drugmakers after news that the U.S. will support a proposal to waive intellectual-property protections for ...

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Jazling
2021-05-06
Jazling
Ok
虎媽
2021-05-06
虎媽
🥲
UNCLEUNCLE
2021-05-06
UNCLEUNCLE
Good good

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The tech-heavy ChiNext Index fell 3.2%. The health-care subgauge was the worst performer on the benchmark CSI 300, while Shanghai Fosun Pharmaceutical Group Co.droppedby as much as 26% in Hong Kong on the prospect ofincreasedglobal supply.\nTourism stocks also fell despite the increased number of travelers over the break from a year earlier. Songcheng Performance Development Co. dropped 6.6%, while China Tourism Group Duty Free Corp. lost 4.7%. Even with domestic travel recovering, spending still lags, Citigroup Inc. analysts including Lydia Ling wrote in a note.\nAdding to the bearish sentiment was a statement from China saying the nation wassuspendingregular economic talks with Australia, a largely symbolic move intended to signal Beijing’s growing frustration with Canberra. Rising geopolitical tensions between China and some western countries are also weighing on the market, with the European Union increasingly taking atougherstance on Beijing.\n“It’s unclear what the actual impact of halting the dialogue will be on trade and markets,” said Wu Xuan, chief strategist at Tebon Fund. “It does cast doubt and uncertaintytowardsthe safety of investments of Chinese firms overseas, especially in areas where the geopolitical conditions are not so friendly toward China.”\nWhile growth continues in the world’s second-largest economy, traders say the recent economic signals offer few catalysts to push the key benchmark away from its recent narrow band. Thebest quarterly earningssince 2010 were met withrange-boundtrading, awaveof new pandemic cases in developing countries is weighing on markets, a supercharged commodities boom may spur inflation and the Communist Party’s Politburo meeting last week called for acontinuationof macro policies.\nEarnings Recovery\nProfit growth of the CSI 300 Index grew at the fastest pace since 2010\nSource: Bloomberg\n“The mainland market lacks upside catalyst,” said Castor Pang, head of research at Core Pacific Yamaichi. “The Politburo meeting offered nothing that excite the investors, as there is no additional incentives to boost the economy. The virus situation is worrying and the relationship with the U.S. is relatively sour.”\nTraders werejitteryabout Thursday’s open as they recalled their return from the last national holiday in February when a rally that pushed the CSI 300 past its 2007 peak fizzled on the back of a renewed deleveraging campaign by Beijing. The gauge is down 12% since that year-to-date high before Thursday\n\nThat’s not to say there aren’t drivers that could give the market a lift out of the doldrums. The end of the holidays will mean retail investors could return en masse, havingpiledinto Chinese equity exchange-traded funds ahead of the break. Both Goldman Sachs Group Inc. and UBS Group AG strategists believe the recent decline has made Chinese stocks relatively attractive, as the benchmarks are trading at undemanding price-to-earnings multiples.\nRead more:‘Buy in May’ Is Right Strategy for Goldman and UBS: China Today\nForeign investors have been bullish: they bought a combined 52.6 billion yuan ($8.1 billion) of mainland stocks through Hong Kong’s stock trading links with Shanghai and Shenzhen in April, the most in four months, according toBloomberg data.\n— With assistance by April Ma\n(Updates throughout)","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":105687891,"gmtCreate":1620298751613,"gmtModify":1634206289890,"author":{"id":"3566821013640470","authorId":"3566821013640470","authorIdStr":"3566821013640470","name":"Jazling","avatar":"https://static.tigerbbs.com/85e0a83573d9307f57fca9b2baed72af","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3566821013640470"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105687891","repostId":1184731920,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":105820384,"gmtCreate":1620290349748,"gmtModify":1634206343635,"author":{"id":"3575366267501972","authorId":"3575366267501972","authorIdStr":"3575366267501972","name":"虎媽","avatar":"https://static.tigerbbs.com/addaf8f5c70389d895e9f8f49cdc8283","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575366267501972"},"htmlText":"🥲","listText":"🥲","text":"🥲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105820384","repostId":1184731920,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":105817256,"gmtCreate":1620288938276,"gmtModify":1634206356355,"author":{"id":"3578454236921942","authorId":"3578454236921942","authorIdStr":"3578454236921942","name":"UNCLEUNCLE","avatar":"https://static.tigerbbs.com/39d9ac757e81155e380be67c7f350841","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3578454236921942"},"htmlText":"Good good","listText":"Good good","text":"Good good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105817256","repostId":1184731920,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":12,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1184731920"}