China’s Sudden Stock Rally Sucks Money From Rest of Asia; Hong Kong stocks rally to nearly 2-year high on stimulus tailwind [CSOP Global Market Morning Report]

🔸 ADP: Private Sector Jobs Bounce Back in September, Beating Forecasts. Private employers added a better-than-expected 143,000 jobs in September in a bounce back from sluggish summer hiring, payroll firm ADP said on Wednesday. The gains were broad-based with only the information technology showing a slight decrease. Increases occurred both at mid-sized and large employers. The leisure and hospitality sector led the way with a gain of 34,000 jobs, followed by construction with a 34,000 increase.

🔸 Saudi eyes US$316bn revenue for FY2025 amid fiscal reforms. Saudi Arabia Ministry of Finance has released its pre-budget statement for fiscal year 2025, projecting total revenues to reach approximately SR1.18 trillion (US$315.73 billion), marking a 4% decline from previous forecasts.

🔸OPEC+ ministers keep oil policy steady, focus on compliance, sources say. A meeting of the top ministers of OPEC+ has kept oil output policy unchanged, an OPEC+ source said while the meeting was under way. The talks are focusing on compliance with output cuts and ministers are likely to adjust compensation schedules for those countries that have been pumping above their targets, another OPEC+ source said.

🔸 Hong Kong stocks rally to nearly 2-year high on stimulus tailwind. Hong Kong stocks surged for a sixth day on Wednesday, amid growing optimism that Beijing's sweeping stimulus package could reboot the world's second-largest economy and fix the country's property market. The benchmark Hang Seng Index surged 6.2 percent on Wednesday, closing at 22,443.73 points, its highest for the past 20 months. The Hang Seng China Enterprises Index rose 7.08 percent. The Hang Seng Property Index, a gauge of the property sector, soared 47 percent, while Hang Seng Tech Index, representing the 30 largest technology firms listed in the city, jumped 8.53 percent.

This document is intended for general information purposes only. This document is intended for recipients only and not for further distribution. This document does not constitute any investment advice, advertisement or promotion of any investment products or any services, nor should it be construed as an offer, solicitation of offer, invitation, or recommendation to buy or sell any securities, funds, or any other financial instruments or enter into any transaction. CSOP Asset Management Limited and CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete and reliable. However, CSOP does not warrant the accuracy, reliability, timeliness, completeness or reasonableness, and CSOP and any of its affiliates shall not be liable for any loss, damage or expense incurred directly or indirectly by any recipient and/or its controlling shareholder as a result of the use of and/or reliance on this document. This document may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. The opinions expressed in this document only reflect the judgment of CSOP on the date of preparation of the material, and may be changed at any time due to subsequent changes in circumstances without prior notice. CSOP is under no obligation to keep the information up-to-date. This document (and any information in this document) does not constitute, and is not intended to be a substitute for, any financial, professional, investment, legal or any other advice or opinion. Investors should consult their own tax, legal and accounting advisors before engaging in any transaction. This document is not legally binding. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. This document is not directed to, intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, availability or use would be contrary to local law or regulations, or which would subject CSOP to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

Investment involves risk. Future performance and the capital value are not guaranteed. Past performance figures are not indicative of future performance. Investors should not make any investment decision solely based on this document. If you wish to receive advice on investment, please consult your professional advisers.

This document is not applicable in jurisdictions where the distribution of this material is restricted. This document is prepared by CSOP and has not been reviewed by the Securities and Futures Commission ("SFC") in Hong Kong or the Monetary Authority of Singapore (“MAS”) in Singapore. All copyrights, patent rights and other property rights related to the information contained in this document are owned by CSOP. This document does not confer upon the recipient any copyright or intellectual property rights (whether direct, indirect, or implied) in the use of the information contained herein. This document (and information in this document) should not be copies, reproduced, or distributed to any parties without the written consent of CSOP.

Issuer: CSOP Asset Management Limited and CSOP Asset Management Pte. Ltd.

Index Provider Disclaimer

For index provider disclaimers, please refer to the relevant funds' offering documents.