Stock futures are little changed as investors await a flurry of economic data reports, while Nvidia shares are falling after Monday's rally. Here's what investors need to know today. https://t.co/IqOgS3HE4p ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: A-Shares in China - **Market Sentiment**: Investor sentiment in the A-share market has weakened, with a notable decline in the MSASI (Morgan Stanley A-share Sentiment Indicator) metrics, indicating lower risk appetite and muted economic data as the year ends [1][3][12]. Core Insights and Arguments - **Sentiment Metrics**: - The weighted MSASI decreased by 8% to 51% compared to the previous cut-off date, and the 1-month moving average (MMA) of MSASI fell by 3% to 65% [1][3]. - Daily turnover for ChiNext, A-shares, and equity futures decreased by 6% (to RMB 464 billion), 11% (to RMB 1,728 billion), and 5% (to RMB 403 billion), respectively [1][3]. - Margin transaction turnover remained stable at RMB 2,472 billion, indicating a lack of significant changes in leveraged trading [1][3]. - **Economic Data**: - Recent economic data shows resilient production growth at 6.9% YoY for mid- to downstream sectors, but consumption and investment are weakening, with retail sales excluding gold dropping to 2.2%, the lowest in 16 months [3][12]. - Capital expenditure (capex) has slowed broadly, particularly in infrastructure and manufacturing, reflecting reduced fiscal impulse and anti-involution measures in some sectors [3][12]. - **GDP Projections**: - The China Economics Team projects 4Q real GDP growth at 4.6% YoY, with nominal GDP growth likely remaining below 4% YoY due to ongoing supply-demand imbalances and deflationary pressures [3][12]. Future Outlook - **2026 Projections**: - The outlook for 2026 is viewed as a year of stabilization following the high returns of 2025, with modest index upside and moderate earnings per share (EPS) growth expected at 6% [13]. - New index targets for Chinese equities have been set: Hang Seng at 27,500, HSCEI at 9,700, MSCI China at 90, and CSI 300 at 4,840, implying potential upsides of 6%, 6%, 7%, and 5%, respectively [13]. - **Market Dynamics**: - Flows and liquidity are expected to remain net positive in 2026 for both A-share and offshore markets, with anticipated on-par performance between the two [13]. Additional Important Insights - **Property Market**: - The property market is facing challenges, with national sales dropping 24% YoY in value and 19% YoY in volume for October, indicating a worsening sentiment among residents and higher inventory levels [12]. - Home price declines have slightly accelerated, with primary markets down 0.5% MoM and secondary markets down 0.7% MoM in October [12]. - **Investor Behavior**: - The consensus earnings estimate revision breadth remains negative, indicating a lack of confidence among analysts regarding future earnings growth [1][3]. - **Methodology of MSASI**: - The MSASI is constructed using 12 individual indicators capturing various dimensions of investor sentiment and market activity, normalized to reduce noise and reflect medium-term sentiment trends [14][22]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the A-share market in China.

The $7 trillion market for securities linked to US inflation will employ fallback mechanisms for the first time after the longest government shutdown in history derailed economic data collection https://t.co/oX06aDKsj6 ...

RT Bloomberg Opinion (@opinion)The shutdown is over and the BLS is putting out numbers again.Tune in here for live Jobs Day analysis on the September data 🎥https://t.co/IDe2ypIzco ...

The UK government will keep its statistics agency in Wales after fresh questions over its location were raised following a crisis of confidence in the country’s economic data https://t.co/CiFHXthJg4 ...

Digital assets have slumped in recent weeks, as investors fret about lofty AI valuations and looming economic data. ...

>> FROM NEW YORK CITY, I’M SCARLET FU. BLOOMBERG REAL YIELD STARTS RIGHT NOW. >> COMING UP A MASSIVE WAVE OF VOLATILITY HITS WALL STREET TRIGGERED BY FED COMMENTARY THAT LEAVES THE DECEMBER RATE CUT IN DOUBT.UNSTEADY CREDIT MARKET LEADS TO A RARE WHOLESALE IN HIGH GRADE. WE START WITH THE MARKET. >> IF THE FED DOESN’T DELIVER THEACTICS WILL BE PRICED.THAT IS THE SPARK THAT LIT THIS. THERE’S A BROAD A YOU RAY OF RISK. THEY HAVE IT FIGURE OUT WHAT THEY DO TO PRIORITIZE.THE OCTOBER DATA WILL BE VERY NOISY AND ...

COMPONENT. IF THEY ARE BECOMING LONG-DURATION ASSETS THEY WILL SWING WITH RATES. JONATHAN: TO THE FORCES I AM TALKING ABOUT PUT THE YEAR IN THE RALLY IN JEOPARDY.GEORGE: WE WILL GO THROUGH MANY CYCLES BEFORE WE GET TO THE TYPICAL YEAR END RALLY WHICH TYPICALLY KICKS OFF CLOSER TO THANKSGIVING INTO THE END OF THE YEAR. I THINK NOW WITH THE GOVERNMENT REOPENING WE WILL GET THE DATA. SOME DATA.NOT ALL OF IT. THE BURDEN OF PROOF IS THERE. YOU HAVE TO HAVE REALLY STRONG JOBS DATA TO TURN OFF THE FED.EVEN THOUGH ...

#数据 中国10月规模以上工业增加值同比增4.9%，预期5.5%；10月社会消费品零售总额同比增2.9%，预期2.7%；10月城镇调查失业率5.1%，预期5.2%；1-10月城镇固定资产投资同比-1.7%，预期-0.8%。 https://t.co/GWEjKDuZ6E ...

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