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Haikou Customs reported on January 3 that on the first day of the New Years Day holiday, Hainans offshore duty-free sales reached 148,000 items, a year-on-year increase of 30%; the number of shoppers reached 32,000, a year-on-year increase of 45.8%; and the total shopping amount reached 251 million yuan, a year-on-year increase of 93.8%.1. According to multiple foreign media reports, BYD has surpassed Tesla to become the worlds top-selling electric vehicle manufacturer. 2. Teslas Q4 2025 deliveries declined more than expected, marking its second consecutive year of sales decline. 3. Samsung Electronics CEO proclaims "Samsung is back": HBM4 has received high praise from customers for its unique competitive advantages. 4. Samsungs IT and cloud services subsidiary, SDS, will invest 427 billion won to build an AI data center in South Korea. 5. Biren Technologys shares surged 75.8% on its first day of trading. 6. Documents show that Brazils antitrust agency, CADE, has launched an investigation into Microsoft. 7. According to Hong Kong Stock Exchange documents, Huizhou EVE Energy Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange. 8. Rivian, the US electric vehicle company, produced 10,974 vehicles and delivered 9,745 in Q4. 9. The Indian government under Prime Minister Modi is ramping up efforts to build a domestic supply chain and has approved $4.6 billion in investment in electronic components.According to ship movement data disclosed by foreign media on Friday, at least seven oil tankers bound for Venezuela have changed course or stopped at sea.The Dow Jones Industrial Average rose 319.10 points, or 0.66%, to close at 48,382.39 on Friday, January 2; the S&P 500 rose 12.97 points, or 0.19%, to close at 6,858.47; and the Nasdaq Composite fell 6.36 points, or 0.03%, to close at 23,235.63.January 3rd - On the first trading day of the new year, the three major U.S. stock indexes diverged. The Dow Jones Industrial Average closed up 0.66%, the S&P 500 rose 0.19%, and the Nasdaq Composite fell 0.03%, after rising more than 1% at one point during the session. Chip stocks surged, with Micron Technology (MU.O) rising over 10% and Intel (INTC.O) rising 6.7%. The Nasdaq China Golden Dragon Index jumped 4.38%, with Baidu (BIDU.O) rising over 15% and Alibaba (BABA.N) rising 6.2%.

Chinese Stock Market Rises Following A Week-long Holiday

Charlie Brooks

Jan 30, 2023 11:27

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Chinese stock markets climbed strongly on Monday as trading resumed following the Lunar New Year vacation. The government's pledge to increase spending and support economic growth further boosted investor enthusiasm.


The Shanghai Shenzhen CSI 300 index increased 1.3%, while the Shanghai Composite index rose 0.6%, with positive trading in the majority of sectors. In early trading, automobile and industrial companies performed the best, while energy equities declined.


During the holiday season, state media sources indicated that retail travel and spending rebounded substantially to reach pre-pandemic levels, which bodes well for the Chinese economy. The Lunar New Year celebrations of 2023 were the first in three years to occur without any anti-COVID restrictions, following the country's December decision to relax its rigorous zero-COVID policy.


China has reopened its international borders, solidifying a departure from the zero-COVID policy that had shook the economy since 2020.


This week, the focus shifts to important business activity figures, which are anticipated to have improved in January compared to the previous month due to the relaxation of anti-COVID measures.


The world's second-largest economy is still reeling from the repercussions of tough anti-COVID measures, which are slated to continue through 2022. Said limitations had also prompted a severe slowdown in China's economic growth, but the country's fourth-quarter performance was still better than anticipated.


The Chinese government has set out a spate of economic stimulus measures through 2022 in an effort to stimulate GDP. The country's State Council has pledged to promote local economic growth and consumption this year, according to reports from the weekend.


As the country deals with its worst-ever COVID-19 outbreak, it is anticipated that rising COVID-19 illnesses would also postpone a more robust economic recovery.


However, health officials recently reported a dramatic decline in new deaths from the virus, despite the Lunar New Year holiday increasing the likelihood of virus transmission.


Hong Kong stocks lagged behind their Chinese counterparts, with the Hang Seng index falling 0.5% due to weakness in large technology sectors, ahead of a wave of important earnings reports this week. The broad Asian stock market was likewise subdued in advance of this week's Federal Reserve meeting.

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