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China: trade data leads markets higher

Key Chinese stock indices showed solid gains on Wednesday, October 13, drawing support from strong foreign trade data. Notably,  persistent risks in the country’s real estate sector as well as a slight downgrade of the IMF’s Chinese GDP outlook for 2021 (by 0.1 pp to 8.0%) were put on the back burner. In particular, China’s trade surplus widened to USD 66.76 bn in September, the highest level since December 2020, as exports soared 28.1% y-o-y to a new record of U

SD 305.74 bn, while imports rose 17.6% y-o-y.

The Stock Exchange of Hong Kong canceled securities trading as strong winds and rain from typhoon Kompasu lashed the city.

Recapping the benchmarks, the CSI 300 added 1.15% to 4,940.1, and the ChiNext advanced 2.25% to 3,208.7.

In Shanghai, the session’s leaderboard included alcohol maker Sichuan Swellfun (+10.0%), automotive manufacturer Anhui Jianghuai Automobile (+10.0%), as well as China Northern Rare Earth Group (+6.4%) and Kangmei Pharmaceutical (+5.1%).

Trading to the downside were coal miners, which extended a pullback after hitting record highs previously amid a spike in coal prices. As a result, Pingdingshan Tianan Coal Mining, Shanghai Datun Energy Resources and China Coal Energy slid 10.0%, 9.9% and 9.8%, respectively.

In technical terms, the CSI 300 index has bounced off the 50-day moving average within a triangle. We expect price action to ascend further towards the upper bound of the current formation near 5,000.

On the FX market, by 8:00 GMT the USD/CNY pair edged down 0.03% to 6.447, USD/CNH weakened 0.07% to 6.449, while USD/HKD was little changed at 7.781.

The 10-year China government bond yield widened 2 bps to 2.98%.

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