Asian markets rise as China releases CPI and PPI data.


China’s consumer prices have fallen in October, highlighting an uneven economic recovery following the Covid-19 pandemic. The consumer price index dropped by 0.2%, which is more than the 0.1% decline that was expected. However, efforts for policy support have been discussed given the decline, which also comes after unexpectedly flat numbers in September. This signifies the challenges faced by the world’s second-largest economy as it navigates through the pandemic’s effects.

Hong Kong listed shares of China’s major property developer, Country Garden, fell drastically in volatile trading. However, reports of governmental intervention have pushed the potential for Country Garden’s rescue by Ping An Insurance Group, despite the denial from Ping An. This has contributed to the volatility of China’s Hang Seng index and China’s CSI 300, reflecting the unpredictable market environment linked to the current economic situation.

Finally, despite recent dips in energy prices and other markets due to the Covid-19 pandemic, stock pickers have managed to perform consistently well and have outperformed the benchmarks. Mortgage rates in the US also saw a decline – the biggest in over a year, contributing to a rise in mortgage application volume. While stock pickers outperformed benchmarks, the energy complex continued its move lower throughout Wednesday, impacting S&P 500’s Energy Index by almost 9% so far in the fourth quarter.

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