Live Market Update - China Economy Growth (18 Jan 2021)

Personally, I am a more macro and news driven trader, I decided to start a new segment; Live Market Update. However, this segment will only be available when I have a bit free time to write during my work since it is live (or as much as I try to be quick), it will also be brief takeaway from me. Do look into the internet if you're keen on the exact details and not rely on this. 

China's Economy Grew

• Economy grew 2.3% versus 2.1% est. in 2020; Q4 GDP up 6.5% versus 6.2% est. 
• China economy rebounded strong after controlling their virus cases and they saw strong consumer demand for their goods; medical equipment + WFH equipment
• Industrial output is strong (up 7.3% in Dec YoY)
• Retail sales growth slumped; attributed from lower restaurant sales
• Jobless rate hovers around 5.2% by end Dec

Onshore CNY strengthened to 6.4779 against dollar after data release. 

Economist expects China GDP to be up 8.2% in 2021.

HKEx jumped on the back of China data, with Tencent up 2.33% and Xiaomi up 3.24% (despite sanction) at the point of writing. 

Personally, hope that this Chinese rally gets carry over into the US markets tomorrow (US holiday today) as I am bullish on Chinese names with my trading account exposure >50% in Chinese name. 

Hope this is short and sweet, as my first time writing up this segment, will appreciate if I get feedback on where to improve or what might be too excess. 

*Key is brief and detailed (oxymoron). 

Cheers, have a good week ahead.