PRE-MARKET CHINESE STOCKS NEWS: Chinese trade data topped forecasts, while attention turns to inflation data
Alibaba (9988 HK) - Co. brings chat-style shopping to Taobao and Qwen amid AI gateway push, according to a source cited by SCMP. (SCMP)
Anhui Jianghuai Automobile (600418 CH) - Co. reported Apr vehicle production fell 3.3% Y/Y to 30.8k units and vehicle sales fell 6.0% Y/Y to 28.9k units. (Newswires)
Chery Auto (9973 HK) - Co. is establishing a JV with Japan’s Autobacs to sell EVs in Japan from 2027. (Newswires)
China Longyuan Power (916 HK) - Co. reported Apr power generation fell 0.8% Y/Y to 6.85TWh. (Newswires)
China Overseas Land (688 HK) - Co. reported Apr contracted sales rose 20% Y/Y to CNY 24.2bln. (Newswires)
CStone Pharmaceuticals (2616 HK) - Co. began nationwide commercial supply of locally manufactured Pralsetinib capsules in China. (Newswires)
Innovent Biologics (1801 HK) - Co. received a third China breakthrough therapy designation for IBI363 in colorectal cancer, with a Phase III trial to start in China near term. (Newswires)
Powerlong Real Estate (1238 HK) - Co. reported Apr contracted sales of CNY 640mln, compared with CNY 564mln Y/Y. (Newswires)
Shimao Group (813 HK) - Co. reported Apr contracted sales of CNY 1.21bln, compared with CNY 2.00bln Y/Y. (Newswires)
SSY Group (2005 HK) - Co. obtained China’s NMPA approval for Oseltamivir Phosphate capsules, Drotaverine Hydrochloride tablets and Metoclopramide tablets. (Newswires)
Yuexiu Property (123 HK) - Co. reported Apr contracted sales fell 17.4% Y/Y to CNY 8.50bln. (Newswires)
ByteDance - ByteDance raised its planned AI infrastructure spending for this year by 25% to CNY 200bln. (Newswires)
Other News
US White House spokeswoman said regarding US President Trump's expected visit to China this week that the opening ceremony will be held on Thursday morning and a state banquet will be held on Thursday evening, while bilateral tea and a working lunch will be held on Friday before Trump's departure. Furthermore, China confirmed US President Trump's visit to China on May 13th-15th. (Newswires)
USTR Greer said the goal with China is stability and that China should be an important buyer of US agriculture and medical devices. (Newswires)
US official said a US-China deal on rare earths remains in effect and hasn’t expired yet. (Nikkei)
China vowed to boost efforts to defuse local government debt risks while supporting growth, and the State Council called for stronger policy execution. (Newswires)
DATA RECAP
- Chinese Trade Balance (USD)(Apr) 84.8B vs. Exp. 82.4B (Prev. 51.13B)
- Chinese Exports YY (USD)(Apr) 14.1% vs Exp. 8.2% (Prev. 2.5%)
- Chinese Imports YY (USD)(Apr) 25.3% vs Exp. 17.3% (Prev. 27.8%)
- Chinese Trade Balance (CNY)(Apr) 585.7B (Prev. 354.8B)
- Chinese Exports YY (CNY)(Apr) 9.8% (Prev. -0.7%)
- Chinese Imports YY (CNY)(Apr) 20.6% (Prev. 23.8%)
Chinese trade data has surpassed forecasts, indicating stronger-than-expected export and import growth. This suggests potential for a more robust recovery in the Chinese economy, influencing market sentiment positively and possibly impacting commodities and currency flows, particularly the CNY. Attention now shifts to U.S. inflation data, which could further inform expectations for monetary policy and cross-border trade dynamics.