I’ll be on RTHK’s Money Talk Monday morning do listen is in if you have time and drop me a line if you have a topic for discussion.
Daylight savings time starts Sunday (clocks move forward)
US Stimulus cheques could arrive in peoples accounts as early as this weekend. +VE for sentiment.
Quad group (US India, Australia and Japan) agree to pool financing, manufacturing and distribution capacity to send 1 billion coronavirus vaccines across Asia by the end of 2022, India’s foreign secretary said on Friday. India will use its manufacturing capacity to make U.S. vaccines, with financing from the US International Development Finance Corporation and the Japan Bank for International Cooperation. Australia will finance training and provide last-mile logistical support for the distribution of vaccines.They also agreed to work to ensure a free and open Indo-Pacific and to cooperate on maritime, cyber and economic security, issues vital to the four democracies in the face of challenges from Beijing.Full Statement https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/12/quad-leaders-joint-statement-the-spirit-of-the-quad/
DOW +0.9%, NDX -0.6%, S&P +0.1%, Russel 2K +0.6% Dow opened higher and worked higher all day encouraged by the re-opening rollout an Biden expecting the US to return to some sort of normal by July fourth. NDX opened lower with investors worried about rising rates as the T10 rose again. The NDX effectively traded sideways in choppy trading through the morning and then worked better into the close but never got close to getting out of the red. S&P opened lower and worked better through the day to close flat.
Banks +VE on hopes of better margins and Industrials on hopes of new stimulus. Tech an Telcos weak
Banks JPMorgan Chase +1.1%, Citigroup +2.5%, GS +2%, Wells Fargo +2.8%, Amex +0.5%
Work from home names, all off early lows; Facebook -2%, Apple -0.8%, Amazon -0.8%, Netflix -1%, Disney +0.2%, Zoom Video -2.5%, Alphabet -2.4% and Microsoft +0.6%,
Tech NXP Semi -2.4% but rallied 6% after hours, Nvidia -1%, Micron -1.7%, AMD -0.2%, Skyworks -0.8%
Re-opening stocks Boeing +6.8%, Caterpillar +4.2%, Simon Property +1.7%, Kohl’s +5.5%, Nordstrom +10.6%, Gap +3.2%, United Airlines +4.1%, Carnival +3.6%, Wynn Resorts -0.6%, Chevron +0.4%, Exxon Mobil +1.1%,
Lock down names Campbell Soup +1.1% General Mills +1%, JM Smucker +1.1%
PPI Feb +0.5% MoM vs +1.3% Jan (F/cast was +0.3%)
PPI Feb +2.8% YoY vs +1.7% Jan (F/cast was +2.2%)
Core PPI Feb +0.2% MoM vs +1.2% Jan (F/cast was +0.2%)
Core PPI Feb +2.5% YoY vs +2% Jan (F/cast was +2.3%)
Michigan Data March Prelim
Current Conditions Mar 91.5 vs 86.2 Feb (F/cast was 87)
Consumer Sentiment Mar 83 vs 76.8 Feb (F/cast was 78)
Inflation Expectations Mar 3.1% vs 3.3% Feb (F/cast was+3.4% )
Consumer Expectations Mar 77.5 vs 70.7 Feb (F/cast was 75)
5 year Inflation Expectations Mar +2.7% vs 2.7% Feb (F/cast was +2.7%)
Baker Hughes Oil Rig Count 309 vs 310 prior
Baker Hughes Total Rig Count 402 vs 403 prior
USD was stronger vs Yen & Euro. Bitcoin +0.3% @ 56,819.93,
VIX -5.6% @ 20.69 technically below 21 a number of funds become active
US T10 1.625% closing at its highest level in a year at touched 1.642% intraday, T30 rose 10 bpts to 2.388%. Moves came as Biden outlined he expected to US to return to ’normal’ by Fourth of July. Will give next weeks FOMC press conference on Wednesday of even more significance.
OIL Brent -0.2%, WTI -0.26% hovering around the $70 a barrel with increased demand expectations and producers holding supply cuts.
Gold +0.2%, Silver -0.7%, Copper +0.4%, Platinum +0.5% Palladium +0.8%
AHEAD NY Empire State Manufacturing, 6 month Bill auction, Foreign Bind Investment, Overall Net Capital Flows, Net Long Term Tic flows
DAX -0.46%, CAC +0.21%, FTSE +0.36% Markets opened lower as US T10 rose during Asian trading to hit 1.6% intraday and then traded around that level drug European hours. Despite the ECB pledge to increase bond buying markets were worried. FTSE opened lower but traded sideways until lunchtime and then it worked higher in the PM helped by the fact the UK economy contracted less than expected. CAC traded sideways around flat for most of the day but rallied into the close. DAX opened lower and and traded sideways in the red all day.
Tech under pressure, most sectors in the red and only Banks +VE
AstraZeneca -0.9% after use of its vaccine was suspended in Denmark, Norway and Iceland over reports about blood clotting in some people who had received the shot.
Credit Suisse -2.5% reportedly facing questions from regulators over the exposure collapsed Greenhill Capital which is worrying to investors.Burberry +6.8% after raising its guidance.
Prosus -6.7% after China’s market regulator fined Tencent, in which ti has a stake.Berkeley Group -5.8% after forecasting flatlining profits in 2021.
Industrial Production Jan +0.1% YoY vs -0.2% Dec revised (F/cast was -3%)
Industrial Production Jan +0.8% MoM vs -0.1% Dec revise (F/cast was +0.2%)
Inflation Rate Feb +1.3% YoY vs +1% Jan (F/cast was +1.3%)
Inflation Rate Feb +0.7% MoM vs +0.8% Jan (F/cast was +0.7% )
Balance of Trade Jan GBP -1.6b vs -6.2b Dec (F/cast was -4.8b)
GDP Jan vs Dec (F/cast was )GDP Jan vs Dec (F/cast was )
GDP 3mth Ave Jan -1.7% vs +1% Dec (F/cast was -2.8%)
Construction Output Jan -3% YoY vs -3.9% Dec (F/cast was -4.8%)
Industrial Production Jan -1.5% MoM vs +0.2% Dec (F/cast was -0.7%) Industrial Production Jan -4.9% YoY vs -3.3% Dec (F/cast was -4%) Manufacturing Production Jan -5.2% YoY vs -2.5% Dec (F/cast was -3.7%)
Manufacturing Production Jan -2.3% MoM vs +0.3% Dec (F/cast was -1%)
Goods Trade Balance Jan GBP -9.826b vs -14.315b Dec (F/cast was -12.2b)
NIESR Monthly GDP Tracker for Feb -2% vs -1.7% Jan revised from -2.5% (F/cast was -3.2%)
EUROZONE No data due
GERMANY Wholesale Prices
FRANCE No data due
UK No data due
JAPAN Expect Nikkei to open lower as inflation fears resurge, Tech under pressure but Banks and Exporters look attractive. Yen closed at 109 +VE for exporters.Later this week we get Industrial, Trade and Inflation data and that is likely to keep investors cautious.
Data due pre market
Machinery Orders Jan; Dec was +11.8% YoY F/cast is 0%Machinery Orders Jan; Dec was +5.2% MoM F/cast is -4.8% Later get Tertiary Index Jan (Dec was -0.4% MoM F/cast is-0.2%)
Tokyo report 330 new covid cases Saturday (vs 304 on Friday)
Coronavirus cases showing signs of rising in the Greater Tokyo area, Japanese Health Minister Norihisa Tamura said on Friday, raising questions about whether a state of emergency can be lifted on schedule on March 21. -VE
Re Quad PM Suga told reporters he had expressed strong opposition to China’s attempts to change the status quo in the region, and Modi told the session the Quad had “come of age” and would “now remain an important pillar of stability in the region.”
Rakuten Inc said on Friday it would sell an 8.32% stake to postal and banking giant Japan Post Holdings Co Ltd, deepening a logistics tie-up in the face of competition from rivals such as Amazon.com Inc.
Mizuho Bank suffered its fourth system glitch in two weeks Friday, dealing a serious blow to the management of one of Japan's top banks that has a history of troubling customers with technical problems. The latest glitch affected foreign currency-denominated remittances for corporate customers in the country. -VE
Daiichi Sankyo Co said Friday it has started manufacturing the COVID-19 vaccine of Britain's AstraZeneca Plc in Japan, as reports emerged in some European countries of blood clots in people receiving the vaccine. Based on an outsourcing agreement concluded in February, the Japanese pharmaceutical firm began Thursday the vial filling and packaging of the vaccine using undiluted solutions provided by AstraZeneca at its subsidiary Daiichi Sankyo Biotech Co., it said. Slight +VE
Nissan A union wants to hold a vote for representation of fewer than 100 workers out of thousands at the Nissan vehicle assembly plant in Tennessee, a move the company opposes because the effort doesn't stretch more broadly across the facility's workforce.
Softbank backed Grab Holdings Inc is in talks to go public through a merger with a special purpose acquisition company that could value the ride-hailing giant at nearly $40 billion, making it the largest ever blank-check deal, people familiar with the matter said on Thursday. The Wall Street Journal reported Thursday that SoftBank-backed Grab was in talks with Altimeter Capital Management LP. +VE for Softbank
Japan, Australia, India and ASEAN (the Association of Southeast Asian Nations) are promoting cooperation on sharing the production data of key industries such as cars and electronics, as the supply chains for such industries are expanding into many countries and regions. Entities from both the public and private sectors are expected to participate in the scheme, according to sources. +VE
Japan is holding Myanmar's first satellite on board the International Space Station following the Myanmar coup, while Japan's space agency and a Japanese university decide what to do with it, two Japanese university officials said.
A project to create liquefied hydrogen from Australian brown coal and ship it to Japan has marked the start of the process at two facilities in the southeastern state of Victoria. The Hydrogen Energy Supply Chain, a partnership between the two countries and undertaken by a consortium of Australian and Japanese companies, is a 500 million Australian dollar (¥42.3 billion) pilot project working to develop a complete hydrogen supply chain. The liquid hydrogen will be shipped to Japan on the world’s first purpose-built liquefied hydrogen carrier, the Suiso Frontier, developed by Kawasaki Heavy Industries Ltd.
SOUTH KOREA Expect markets to open slightly higher but upside limited by inflation concerns. Choppy trading should be expected. Exporters (Chips & Autos) +VE on the US Stimulus package but the recent surge in the T10 is a worry. Thursday sees the IPO of SK Bioscience which should be +VE as it drew 64tn Won in deposits.
Local data is light this week with only Export/Import Prices and Unemployment.
No data due
KDCP reported 490 cases on Saturday the highest in 3 weeks and above 400 for a fifth day -VE for sentiment
South Korea will extend social distancing rules with a ban on private gatherings of more than four people in a bid to stamp out the possibility of a fourth wave of COVID-19 infections, Prime Minister Chung Sye-kyun said on Friday. The announcement at a government meeting comes as South Korea has been ramping up its immunisation drive, authorising use of AstraZeneca’s coronavirus vaccine for people aged 65 years and older in a bid to inoculate 70% of its 52 million residents by September.
Agicultural authorities confirmed Saturday one more case of highly pathogenic bird flu amid growing concerns over a prolonged battle against the animal disease. -VE
SK Innovaton: Georgia Gov. Brian Kemp has asked U.S. President Joe Biden to overturn a US trade panel's decision against SK Innovation Co. in a trade secret case over electric vehicle batteries. As Kemp tries to save thousands of jobs. Asking Biden to overrule on the grounds of it being contrary to public interest and jeopardising environmental and economic goals. But it would also bring into question the US legal system and whether it could be relied on. Also the move could jeopardise LG Energy’s investment in the US.
LG Energy Solution said Friday that it will invest 5 trillion won ($4.42 billion) through 2025 to build at least two more electric vehicle battery factories in the United States. Set for completion in 2025, the new factories will offer 70 gigawatt-hours of additional annual battery production capacity in the US. LG Energy Solution currently has one local electric vehicle battery production facility in Michigan that is capable of producing 5 gigawatt-hours.
SK hynix announced Friday that the company has received approval from the US foreign investment watchdog for acquiring Intel’s NAND business. +VE
Hanjin Transportation said Friday it will buy back 20 billion won ($17.7 million) worth of its shares to improve shareholder value. It's board of directors approved the plan to buy its shares for six months ending on Sept. 12, the company said.
Daewoo Shipbuilding & Marine Engineering said Friday that it had signed orders worth 1.95 trillion won ($1.73 billion) to build 10 very large crude carriers, signaling an uptrend in the nation’s shipbuilding industry. +VE
Market Kurly said Friday it has decided to go public within this year and is exploring whether to make its stock market debut at home or in the United States. "We received positive statements from our accounting consultants about going public within this year," Market Kurly spokesman Song Cheol-wook said. Basically having seen the success of Coupang others are now considering a listing. The question is whether others can achieve the same valuations and whether Cuopang’s valuation is justified. FT Lex Friday said it was not.
TAIWAN Expect market to open flat with concerns on Tech despite good local results and data recently.
No data due
Taiwan’s representative office in New York has lodged a protest with the UN over a map published by one of its agencies that shows Taiwan as part of China. The Women in Politics 2021 map, published by the Inter-Parliamentary Union (IPU) and UN Women, shows the political participation rate of women in countries around the world, with Taiwan color-coded in red, the same as China, and the combined rate listed at 24.9 percent. Previously it has been shown separately and it ironic since Taiwan has a female Head of State unlike China
China Steel Corp, yesterday said that it would raise prices by 8.3 percent on a quarterly basis for local deliveries next quarter, citing strong demand and rising raw material prices. Steel prices for next month are to rise 1.7 percent, CSC said. The Kaohsiung-based firm updates prices to reflect market conditions for products such as hot-rolled steel on a monthly basis, while the updates are quarterly for other products, such as automotive steel. “The World Steel Association predicts an increase in global steel demand of 4.1 percent,” CSC said. +VE
Shipments of laptop computers in Taiwan last year continued to gain ground on desktop computer shipments as the COVID-19 pandemic stimulated a work-from-home and remote education trend, market research firm International Data Corp (IDC) said in a report Friday. +VE Tech sector
Mobile payments in Taiwan last year more than doubled to NT$240.7 billion (US$8.54 billion) from NT$118.2 billion a year earlier as a trend toward ditching wallets and paying with mobile devices continued, Financial Supervisory Commission (FSC) data showed Friday. +VE on line banks and app makersYageo Corp the largest multi-layer ceramic capacitor maker in Taiwan, share closed +1.24% off the highs Friday after it reported that net profit last year increased more than 80%. Little upside probably for Yageo but watch for other passive electronic component makers +VE with expectations of product price rises in Q2.
CHINA Expect market to open lower as investors try to work out how to position post the NPC; with the Govt looking to focus on reducing local government debt rather than stimulus. Housing on focus with the expectation of further tightening. International relations also a concern after the G7 and other expressed concerns over the changes to the Hong Kong election system.
Feb House Price Index on the open (Jan was +3.9% YoY (F/cast is +4.1%)
NBS Press Conference at 10am along with
FIA (YTD) Jan & Feb; Dec was +2.9% YoY F/cast is 42%),
Industrial Production Jan & Feb; Dec was +7.3% YoY F/cast is 32%),
Retail Sales Jan & Feb; Dec was +4.6% YoY (F/cast is 30%),
Unemployment Jan & Feb; Dec was +5.2% (F/cast is 5.1%) good as a trend but doesn’t include migrant workers outside their home city or town
After Market Friday
FDI (YTD) Feb 31.5% YoY vs +4.6% Jan (F/cast was +4.2%
Foreign ministers in the G7 group of nations including the United States have expressed grave concerns at what they said was China's decision to fundamentally erode democratic elements of the electoral system in Hong Kong.
The United States on Friday condemned China's abuse of ethnic and religious minorities, including what it called "crimes against humanity and genocide" in Xinjiang against Muslim Uighurs and severe restrictions in Tibet.
China should brace for ‘difficult’ issues during Alaska meeting, US says ‘There is a long litany of disagreements,’ according to the US State Department, with topics likely to include Hong Kong, Taiwan and China’s treatment of Uygurs. Key being the US will take the stance of how China’s actions don’t just impact the US but its allies, friends and others. A very different stance from Trumps. Additiionally the Biden administration also recognises areas of potential collaboration, including climate change.
China on Friday said it was “deeply concerned” by what it described as the Australian government’s operation of offshore detention centres, and it called for the sites to be closed immediately. In a statement to the U.N. Human Rights Council in Geneva, China alleged that the detention centres “fall short of adequate medical conditions where a large number of immigrants, refugees and asylum seekers have been detained over a long period of time or even indefinitely, and their human rights have been violated.” Some what ironic considering the accusations that China is facing but it demonstrates that China is seeking to deflect as much attention on its domestic actives as possible.
China denied on Friday it was planning to hit e-commerce giant Alibaba with a record fine of almost $1 billion for allegedly flouting monopoly rules (as reported by the WSJ), But it hit 12 other tech firms; including giants Tencent, Baidu and ByteDance with symbolic fines for allegedly flouting monopoly rules. Tencent was fined $77,000 for its 2018 investment in online education app Yuanfudao without seeking prior government approval for the deal. Baidu got the same amount for acquiring consumer electronics maker Ainemo under the radar in 2014. Beijing has warned it will take an increasingly ruthless approach to antitrust questions. Premier Li Keqiang last week said the government would “strengthen anti-monopoly laws” and “prevent the disorderly expansion of capital”. The fines send a strong signal of the Communist Party’s dominion over the country’s tech landscape and a warning to investors of the ability of the government to pursue stricter compliance when it decides. -VE for investor confidence.
Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant's business, the first top management exit since a scuppered $37 billion initial public offering. -VE comes after
Ant Group unveiled a set of financial self-discipline rules amid intense scrutiny on its activities by authorities and the country’s overall tightening of financial technology regulations.
China is scooping up supplies of U.S. white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high. The purchases are the latest disruption in commodities markets caused by Chinese buying of grains and oilseeds during the coronavirus pandemic, pushing prices of major commodity crops to multi-year high. +VE and also for the dry bulk carriers.SCMP article asks 'South China Sea: what does Beijing want in Indonesia’s Natuna Islands?’ Beijing says it just wants to fish in waters where it has historical rights. That is a problem, because it’s within the same area Indonesia claims as its EEZ. For Jakarta, Chinese incursions are a threat to sovereignty and may compel it to look to the US, as part of a strategy of military deterrence. Potentially rising another dispute.
HONG KONG ADR’s +111pts at 28,850 Ecommerce names weak after a raft of fines from China and the threat of less certainty over the regulation of the sector. Chinese Financials also saw some weakness.
No data due
SHORT SELLING Friday 14.3% vs 12.8% Thursday
Top Shorts MTRC (66) 42%, Bud Apac (1876) 40%, Bank of China (3988) 32%, Ping An (2318) 29%, ICBC (1398) 28%, Sino Biopharm (1177) 26%, Hang Seng Bank (11) 25%,
AUTOHOME-S (02518.HK) opened at $183.3 in gray market, up around 4% against the listing price of $176.3, PhillipMart data showed. It last posted at $189.5, up 7.5%, on volume of 51,000 shares. Autohome (ATHM.US) +2.980 (+3.066%) closed up 2.9% last night to US$100.
Earnings due Monday incl Car Inc (699), Shimao Services (873), CSPC Pharm (1093), China Aircraft Leasing (1848).
Due during the rest of the week include earnings from:
Tuesday Yuexiu (123) Rusal (486) ZTE (763) CK Life Ausnutria (1717), Evergrande Property Services (6666),
Wednesday Power Asset (6), HK and Shanghai Hotels (45), Clear Media (100)CK Infrastructure (1038), Modern Land (1107), Nexteer Auto (1316), Samsonite (1910), Sunny Optical (2382),
Thursday Hutch (1), Sany (731), Kerry Property (683), China Sate Const (830), Town Gas (1083), CK Assets (1113), China Lilang (1234) Xtep (1368), Stella (1836), Li Ning (2331),
Friday HK China Gas (3), UniPresident (220), Fountain Set (420) Hengan (1044), Chongqing Iron (1053), SinoPharm (1099), Zijin Mining (2899), China Merchant Bank (3968)and others.
COVID Centre for Health Protection's Communicable Disease reported 47 new covid cases on Saturday. On Saturday, the government imposed mandatory testing orders to 84 residential buildings and workplaces, of which many are in Central and Western districts. Health authorities had ordered all gym employees across the city to be tested for the virus by Sunday. Another 360 deemed at risk were quarantined and some 450 others were told to go through virus scans. In addition to compulsory testing orders on gym staffers, visitors at fitness centers are required to wear masks, a rule that previously only applied to those in exercise groups.
NATIONAL SECURITY LAW
In a response to the joint-statement from the G7, the Foreign Ministry’s Hong Kong office said the remarks were unwarranted and made under the pretext of democracy and freedom. “We urge external forces to abide by international law and basic norms governing international relations, and immediately stop meddling with Hong Kong affairs and China's internal affairs as a whole,” a spokesperson of the office said.
Carrie Lam said time will tell that electoral changes in Hong Kong don’t undermine rights and freedom in the SAR. In a televised interview with mainland media CGTN, Lam said Beijing’s decision to “perfect” the city’s electoral system was intended to implement “patriots administering Hong Kong.”
HARBIN BANK (06138.HK) announced that the Bank received the Approval of Heilongjiang Regulatory Bureau of CBIRC in relation to the Qualification of Deng Xinquan today, in which the qualification of Deng Xinquan as the Chairman of the Bank was approved, with effect from 11 March 2021.
BIDU-SW (09888.HK)’s IPO registered almost $24.2 billion margin as at around 6:00 pm according to brokers. Based on the public fundraising amount of $1.401 billion, the IPO was over-subscribed by approximately 16.3 times.
HNA TECH INV (02086.HK) PROFIT WARNING for the year ended 31 December 2020, expecting a net loss of HK$22.4 million for the year ended 31 December 2020, as compared with the net loss of HK$8.3 million for the year ended 31 December 2019.
HKEX (00388.HK) announced that it will implement enhancements to the Volatility Control Mechanism (VCM) and Pre-Opening Session (POS) in its derivatives market on 12 April. The VCM is currently applied to the spot month and next calendar month contracts in the Hang Seng Index (HSI) Futures, Mini-Hang Seng Index (MHI) Futures, Hang Seng China Enterprises Index (HHI) Futures and Mini-Hang Seng China Enterprises Index (MCH) Futures, which only allows a maximum of one trigger per trading session. The enhancement will allow multiple triggers in each day trading session, to better safeguard market integrity.
Financial Secretary Paul Chan said he will uphold financial discipline by synchronizing expenditure with income and economic growth. The Government will rebuild the image of Hong Kong after the hard time last two years, added Chan. In the future, they will put more efforts in propaganda and set up new overseas offices.
TINGYI (00322.HK) announced that the board of directors has resolved to terminate the ADR facility and has given notice to The Bank of New York Mellon as the depository bank for the termination of the facility. The ADR facility (TCYMY) will terminate at 5:00 p.m. (U.S. Eastern Time) on 10 May 2021.
CHINA LIFE (02628.HK) announced that the accumulated premium income of the Company for the first two months of 2021 was about RMB254 billion, up 11.4% yearly.
HANG SENG BANK (00011.HK) announced the launch of BIDU-SW (09888.HK)’s IPO subscription offers from the 12th to the 17th of March. Through Hang Seng Invest Express' App, customers can be waived from the $100 subscription fee. The actual annual interest rate is as low as 0.9%.
The 77A Peak Road's house owned by WHARF HOLDINGS (00004.HK) was sold at over $590 million. The buyer is purportedly Li Haixiang, having the same name as a TENCENT (00700.HK) co-founder and former Senior Executive Vice President. Li quitted TENCENT in 2012.
Ministry of Foreign Affairs of the PRC (MoFA), commenting on the strategic top-tier dialogue to be held between the US and China, said the specific topics for the dialogue are subject to the negotiation between the two nations. China hoped both sides could be honest with one another regarding issues of mutual concerns. Besides, China will take the dialogue as an opportunity to define its stance.
Japanese Prime Minister Suga said today he is interested to pay a visit to the U.S. in early-April and meet with U.S. President Biden, Kyodo News reported. He anticipates to foster the tie between Washington and Tokyo and deepen their relationship in order to realize a more liberalized Indo-Pacific region, disclosed Yoshihide.
China's Ministry of Industry and Information Technology (MIIT) unveiled the 3rd list of notification on mobile apps' user rights infringement for 2021. 136 apps under the list have yet to complete rectification so far, including Tencent Phone Butler. These apps are required to finish the rectification task by 17 March.
Centa-City Leading Index (CCL) last printed at 178.89, up 0.97% weekly to a 29-week high.
CCL Mass climbed 0.55% weekly to 181.34; and CCL (small-to-medium units) rose 0.71% weekly to 179.12. The data reflected a notable home price uptick in the first week post-Spring Festival, said the research department of Centaline Property.
The three key CCL indices hiked for three weeks altogether, where CCL +1.58%, CCL Mass +1.65% and CCL (small-to-medium units) +1.66%.
The Insurance Authority (IA) announced that for 2020, Hong Kong saw a growth of total gross premiums by 4.9% to $608.4 billion over 2019. New office premiums attributable to Mainland visitors contracted to $6.8 billion in 2020 (decreased by 84.3% YoY), representing 5.1% of the total for individual businesses.