For a reflection on the evolution of Emerging Markets investing over the past ten years, check out my recent article.
Asian equities opened lower on failed US stimulus talks though rallied over the course of the day. Hong Kong had a strong day despite growing concerns surrounding increased social distancing measures as growth stocks led the market higher. Hong Kong volume leaders were Alibaba HK, which rose +2.93% after Goldman Sachs
It is being reported that over 400 million Chinese are vacationing domestically during the Golden Week holiday. Thus, it is no surprise that consumption plays are performing well this week. How do investors know what’s happening in China? Our mobile phones are a treasure chest of tasty data that is available for a price. Chinese credit/ATM payment processor UnionPay announced that transactions over their network actually increased 15% year over year. Hedge funds will pay to know which restaurants, hotels, airlines etc. those transactions are taking place in. However, we don’t need that depth of analysis to know that domestic consumption is alive and well in China. Overnight, an analyst downgraded a Chinese retailer as their app downloads were falling relative