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KraneShares Advisors

March 31, 2020

PMIs Rebound: Bringing Both Optimism and Caution

This is a massive uptick versus analyst expectations. PMIs are calculated on a month to month basis which helps explain the jump. The National Bureau of Statistics compiles the “official” PMI by surveying several thousand large and mid sized companies, many of which are State Owned Enterprises.

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KraneShares Advisors

March 24, 2020

Markets Surge on Fed’s Decisive Action

Asian equities cheered the Fed’s decisive action to shore up the financial system’s plumbing and particularly the fixed income market by buying bonds. The general feeling among brokers yesterday mid-afternoon was that Congress is fiddling while the US economy burns.

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KraneShares Advisors

March 17, 2020

Asian Markets Stabilize

Asian equities were largely lower following yesterday’s epic loss in the US. However, it is worth noting that US futures started to rally during the trading day. Japan, Hong Kong, and Australia managed gains. Meanwhile, most of the region was off to varying degrees.

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KraneShares Advisors

March 12, 2020

Trump Address Doesn’t Calm Markets, China New Cases Drop To New Low

Asian equity markets plunged following President Trump’s speech fell flat with investors. What was missing? The lack of fiscal stimulus, recognizing issues in test kits and limiting domestic travel stand out to me relative to responses in China, South Korea and Japan. However, a stronger response is likely being drawn up as we speak.

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KraneShares Advisors

March 10, 2020

US Policy Response Lifts Sentiment

Asian equities rebounded as President Trump’s announcement of a payroll tax cut and other stimulus propelled bargain hunters. The gains in Asia look subdued compared to the strong rebound in Europe. India was closed today for the Holi holiday.

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KraneShares Advisors

March 2, 2020

Headlines Look Backward While Markets Are Forward-Looking

Asian markets diverged with Japan, Hong Kong, Mainland China, and Korea rising while Taiwan , Australia, India, Singapore, Malaysia, Thailand and Indonesia were off. The big story was Mainland China, which ripped higher as Mainland investors believe this weekend’s poor PMIs will lead to further stimulus measures.

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KraneShares Advisors

February 25, 2020

China Last Week – Megan Gummer Discusses Working From Home In China & Trade Updates

This week, the outlook on the coronavirus appears to be improving. According to the Chinese National Health Counsel, with the exception of Hubei Province, the number of confirmed cases within China has continuously declined over the past 16 days. On Feb 19th, only 45 new cases were found across 30 provinces, which is a 95% decline from 2 weeks ago. An increasing number of provinces have no new daily confirmed cases.

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KraneShares Advisors

February 14, 2020

Asian Markets Mixed as Sentiment Improves

Asian markets were half up and half down last night following Thursday’s market selloff due to the announcement of more than 15,000 new cases of the virus thanks to a new methodology.

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KraneShares Advisors

February 11, 2020

BABA Blues? Not Buying The News

Asian equities were higher across the board except for Japan, which was celebrating National Foundation Day, and Thailand, which was down. Hong Kong was the best regional performer as index heavyweights powered the index higher.

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KraneShares Advisors

January 22, 2020

End of Human Civilization May Have Been Premature

Asian equity markets were largely higher after yesterday’s hysteria surrounding the coronavirus. Japan, Hong Kong, Mainland China, Taiwan, Korea, Australia, and Singapore were up while India, Malaysia, Thailand, and Indonesia were off. Markets were off in early trading, especially in Hong Kong and Mainland China.

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KraneShares Advisors

January 7, 2020

Risk On, Foreign Reserves Climb

Asian equities were a sea of green as markets turned risk on following US equity markets higher with only Taiwan off. Oil and gold’s decline led the energy and material sectors lower in Hong Kong trading. Automaker Geely (175 HK) gained +1.55% after strong December sales though 2019 sales declined nearly 10% in 2019. Mainland stocks had a very strong day, which we discuss further below.

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KraneShares Advisors

December 10, 2019

China Stimulus Working

Asia was a sea of red outside of Korea and Mainland China as investors wait for developments on US-China trade talks in light of the coming December 15th tariff hike, ECB and Fed guidance, and a slew of economic data. US-China trade talks appear to be headed in the right direction as both Jared Kushner and Sonny Perdue, Agriculture Secretary, had positive comments on Monday.

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KraneShares Advisors

November 25, 2019

Strong Foreign Buying, BABA HK & MSCI China A Tomorrow

Asian markets traded higher led by Japan, Hong Kong, Mainland China, Korea, Australia, India and Thailand. Taiwan, Singapore, Malaysia, and Indonesia were off. Hong Kong’s local elections went off without a hitch as pro-democracy candidates had a landslide victory. Real estate companies had a strong day in Hong Kong as investors believe the Hong Kong government will take a more conciliatory approach.

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KraneShares Advisors

November 19, 2019

China & Hong Kong Climb the Wall of Worry

Asian equity markets were mixed with Hong Kong, Mainland China, Taiwan, Australia, India, Malaysia and Indonesia up while Japan, Korea, Singapore and Thailand were off. It was a fairly quiet night US China trade talk news was light.

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KraneShares Advisors

November 12, 2019

Singles Day Recap: Chinese Consumers Alive & Kicking

Asian equities had a surprisingly strong day following yesterday’s selloff as virtually all of the markets rebounded. Hong Kong rebounded despite protests in the financial district yesterday afternoon. Some companies let employees leave work early which led to them getting caught up in the mayhem.

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KraneShares Advisors

October 28, 2019

China Last Night: October 28, 2019

Phase One Complete: IP Hurdle? Blockchain Mania, Taylor Swift & Alibaba, Industrial Profits: Asian equities were largely higher with only Malaysia and Japan in the red. Hong Kong and Mainland markets both had strong days on news over the weekend from the Ministry of Commerce that Phase One was nearing completion.

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KraneShares Advisors

October 22, 2019

MSCI Responds to Rubio, New Orient Education (EDU) Earnings Exceed Expectations

Asian equity markets had a strong day except for India, which was an outlier by declining on the day, and Japan, which was closed. Hong Kong and Mainland China had the dual tailwinds of continued positive coverage of trade talks and the PBOC’s injection of liquidity into the interbank market. It was a fairly quiet day with Vice Foreign Minister Le Yucheng providing positive trade talk commentary.

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KraneShares Advisors

October 15, 2019

China Last Night: October 15, 2019

Asian equities were predominantly up with Japan playing catch up after yesterday’s holiday while South Korea, Taiwan, India, Thailand and Indonesia were up. China, Malaysia and Singapore were down today while Hong Kong was basically flat despite China’s mainland media confirming trade talks had made “substantial progress”. Yesterday’s Bloomberg article on the lack of media mention was the latest negative spin on the positive steps taken by both sides.

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KraneShares Advisors

October 10, 2019

China Last Night: October 10, 2019

The latest round of trade negotiations begins today in Washington. It was a Jekyll & Hyde session as news flow swung from positive (US China FX deal, truce/not deal feasibility, US Huawei exemptions) to bad (little progress on Monday/Tuesday US China lower level trade dialogue, NBA, visas) back to positive leading to a mixed overnight session as Japan, HK and China gained while Korea and India were down on the day with Taiwan closed for holiday.

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KraneShares Advisors

October 3, 2019

Hong Kong Rally Unmasked, PayPal Enters the Thunderdome of China Mobile Payments

Asian equities followed the US equity market downwards in an ugly session as US unemployment underwhelmed following large downward revisions of August data and US tariffs on the EU following a WTO judgment citing European subsidies. Japan’s Nikkei 225 was off -2% while the region was generally down ~-1%. Hong Kong was an outlier reversing from a -0.9% loss in an afternoon rally driven by news of a proposed ban on wearing masks to gain +0.26%. Short covering was cited as one catalyst for the swing.

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KraneShares Advisors

October 1, 2019

China Last Night: October 1, 2019

Asian equities were mixed with Japan, Taiwan and South Korea gaining on increased enthusiasm for Apple’s latest iPhone 11 leading to a tech rally while India, Thailand and Indonesia were off. Mainland China and Hong Kong were closed for China’s 70th anniversary. It was a fairly quiet night as expected due to the China holiday.

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