CHINA PRESS: China Wants To Import More Goods - Vice Premier
China does not seek a trade surplus and wants to promote balanced trade by importing more quality products and services, Ding Xuexiang, vice premier at the State Council, told delegates at the World Economic Forum in Davos. The government will make continuous efforts to improve conditions for multinational companies, such as IP protection, cross-border data flow and access to factors of production. Ding said officials would work with foreign firms to access government procurement contracts, acknowledging some invisible barriers remain despite receiving equal treatment under Chinese law. (Source: China Ministry of Foreign Affairs)
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ASIA STOCKS: Asian Equities Higher, Tech Stocks Lead the Way
Asian equities are higher this morning, buoyed by a lower-than-expected US core PCE inflation reading, which increased hopes for more Fed rate cut in 2025. The MSCI Asia Pacific Index snapped a six-day losing streak as US equity futures pointed higher. Despite today’s gains, markets remain cautious. Focus this week will be on upcoming inflation data in Tokyo, Singapore, and minutes from the Reserve Bank of Australia's dovish policy meeting.
- Japanese equities are higher across the board with the Topix is up 0.75% while the Nikkei 225 advanced 0.95%. Recruit holdings is up 3.65% while Tokyo Electron is benefitting from a 1.50% jump higher in the SOX on Friday, with the stock last up 1.46%.
- China & Hong Kong equities are all higher, with HSI up 0.85%, banking stocks are the top performers with the HS Banking Index 1.20% higher, followed by HS Property Index which trades up 1.15%. In China mainland equities consumers discretionary is the top performing sector, the CSI 300 was last up 0.50%.
- The tech heavy markets in Taiwan and South Korea have surged higher today, after seeing heavy selling on Friday. The TAIEX is 2% higher with TSMC up 2.90% & Hon Hai up 2.50%, while in South Korea the KOSPI is 1.30% higher after Samsung jumped 1.70%.
- Australian equities are trading 1% higher, although still trades 4% lower for the month. Financials are the top performing sector today, followed by Real Estate stocks. New Zealand, NZX50 is trading 0.10% lower after Fisher & Paykel dropped 1.15%.
MNI: CHINA PBOC CONDUCTS CNY109.6 BLN VIA 7-DAY REVERSE REPOS MON
- CHINA PBOC CONDUCTS CNY109.6 BLN VIA 7-DAY REVERSE REPOS MON
CHINA: Central Bank Withdraws Liquidity via OMO.
- PBOC issued CNY109.6bn of 7-day reverse repo at 1.5%.
- Maturities today CNY753.1bn.
- Net liquidity withdrawal CNY643.5bn.
- The PBOC controls liquidity within the interbank market via the issuance of reverse repo.
