ドイツPPI前年比

ドイツ生産者物価指数月增率

イギリス小売売上高前年比（燃料除く）

イギリス小売売上高前年比

Hong Kong shares rose 68 points or 0.3% to 26,617 on Friday morning trade, rebounding from a 1.4% slump in the previous session as bargain hunters stepped in. Record highs for the S&P 500 and Nasdaq overnight supported sentiment, a day after the Fed cut rates for the first time in nine months. Traders also looked ahead to a call between U.S. President Trump and Xi Jinping after a deal that would place TikTok under U.S. ownership. For the week, the Hang Seng is on track for the third consecutive gain, up around 0.8% so far, lifted by optimism over China’s progress in AI, semiconductors, and drug innovation. Still, upside was limited by a pullback in mainland equities from decade highs after China's central bank signaled no urgency to ease monetary policy, fueling bets that fresh stimulus may be delayed until 2026. Among individual movers, Weimob jumped 12% after a share sale for tech upgrades, while SMIC gained 3.9%, Anta Sports 3.6%, Galaxy Entertainment 3.2%, and Trip.com 2.1%.

Hong Kong Stocks Poised for Third Straight Weekly Gains

The offshore yuan depreciated past 7.11 per dollar on Friday, extending its decline from the previous session amid a stronger greenback. The US dollar firmed after the Federal Reserve signaled it would adopt a cautious approach to easing monetary policy, following a 25 basis point rate cut announced on Wednesday. While the yuan faced downward pressure from the strengthening dollar, its losses were partially offset by supportive developments out of Hong Kong. In a move aimed at deepening the renminbi's role in international markets, Hong Kong announced plans to expand the use of the Chinese currency by issuing additional yuan-denominated bonds and settling a portion of government expenditures in renminbi. Looking ahead, investors are turning their attention to the release of China’s loan prime rates over the weekend. Despite back-to-back declines, the yuan is on track to notch a weekly gain.

Offshore Yuan Continues to Fall, Yet Poised for Weekly Gain

The Shanghai Composite slipped 0.1% to around 3,828 while the Shenzhen Component added 0.5% to 13,140 on Friday, with mainland shares lacking clear direction as investors searched for fresh catalysts. On Thursday, Chinese stocks retreated as traders locked in profits after the Shanghai Index hit a ten-year high. Sentiment was also pressured by the absence of new policy support, with the People’s Bank of China keeping a key rate unchanged and showing little urgency to ease further. Meanwhile, the US Federal Reserve cut rates this week and signaled more reductions, potentially giving the PBOC space to act. Among notable movers, Foxconn Industrial gained 5.1%, Luxshare Precision rose 4.7% and Wuxi Lead Intelligent advanced 4.3%, while Zhejiang Sanhua (-6.8%), Wolong Electric (-7.9%) and Cambricon Technologies (-1.7%) posted steep losses.

China Stocks Struggle for Direction

The New Zealand dollar hovered around $0.597 on Friday after sliding more than 1% in the previous session to a near two-week low, as a sharper-than-expected economic downturn reinforced bets of more rate cuts by the Reserve Bank. GDP decreased 0.9% in the June quarter, worse than the forecasted 0.3% fall, following a revised 0.9% growth in the previous quarter, mainly dragged by weakness in the construction and manufacturing sectors, alongside softer exports. Markets are now fully priced for a 25bps rate cut in October, while assigning about a 25% chance of a larger 50bps move. They also imply 71bps of easing ahead, up from 50bps at the start of the week. Separately, data out today showed New Zealand’s trade deficit narrowed to NZ$1.2 billion in August from NZ$2.3 billion in the same month last year, though still wider than market expectations of NZ$0.7 billion. For the week, the kiwi is on track for a loss of more than 1%.

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