China's services industry growth in June markedly slower than previous month

BrianTycangco鄭彥渊
2023-07-05

China's services industry growth in June markedly slower than previous month but still clearly in expansionary mode.

PBoC should take this as cue to keep foot on gas pedal. $Alibaba(BABA)$ $Alibaba(09988)$ $Tencent(00700)$ $Tencent Holding Ltd.(TCEHY)$ $Tencent Holding Ltd.(TCEHY)$ $JD.com(JD)$ $JD-SW(09618)$ $Pinduoduo Inc.(PDD)$ $Bilibili Inc.(BILI)$ $BILIBILI-W(09626)$ $Baidu(BIDU)$ $BIDU-SW(09888)$ $CSI China Internet ETF(KWEB)$ $Global X China Consumer ETF(CHIQ)$ $Global X MSCI China Real Estate ETF(CHIR)$

CN Jun Caixin Service PMI Sinks to 53.9, vs 56.2 in Consensus

Hedge funds are poised to exit bullish dollar bets on the prospects for an end to Federal Reserve rate hikes. This will be good for Chinese equities.

It will take a bit of time for less restrictive US monetary policy to enable China to let loose bigger stimulus efforts. But weaker $USD bets definitely positive for alternative assets like CN and other EM equities, currencies, and also precious metals & commodities. $iShares MSCI China ETF(MCHI)$ $iShares MSCI Emerging Markets ETF(EEM)$ $SPDR Gold Shares(GLD)$

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