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Asia-Pacific markets showed mixed results on Tuesday amid ongoing tensions related to the U.S.-Iran conflict. Japan's Nikkei 225 rose slightly, while markets in Hong Kong were closed. President Trump threatened to target Iran's infrastructure if a ceasefire isn't reached by the deadline. The U.S. and Iran are negotiating a framework to end the conflict, with Iran proposing its own terms. Other regional markets saw varied performances, with Taiwan's Taiex gaining significantly, while the CSI 300 index in China experienced a slight decline.

Baystreet

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Hang Seng Index

CSOP HSI ETF

CSOP NIKKEI225

HS HSI ETF-R-D

TRACKER FUND

Pro Ultrshrt Yen

Asia Mixed on Trump’s Hardened Rhetoric

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China has capped domestic fuel price increases amid rising energy costs due to the Middle East conflict. Gasoline and diesel prices will rise by 420 yuan and 400 yuan per ton, respectively, instead of the projected 800 yuan and 770 yuan. This decision aims to mitigate inflation impacts on consumers and businesses. Analysts predict a slight increase in consumer prices, but warn of potential supply-side inflation if demand remains weak. China is better positioned than many Asian countries to manage these challenges due to its strategic oil reserves and energy capacity.

marketscreener

iShares MSCI China

China Caps Rise in Fuel Prices as Middle East War Drives Up Energy Costs

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Reuters

Wtree Bbg Usd Bull

Invesco DB US Dollar Index Bullish Fund

Fortune SG SSE 180 Value ETF

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China's forex reserves fall more than expected in March

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Asian shares mostly higher ahead of Trump's deadline for Iran to reopen oil route

Barchart Option

FTSE Straits Times Index

Conglomerates Index

Hang Seng Composite LargeCap

Huaan MUFG N225 ETF(QDII)

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Hang Seng Composite Index

Asian shares mostly higher ahead of Trump's deadline for Iran to reopen oil route

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Since the beginning of the year, the Hong Kong IPO market has been active, with 40 companies completing IPOs and raising a total of HK$109.926 billion, a year-on-year increase of 488.81%. The information technology sector dominates, accounting for nearly 70% of the fundraising amount. On April 1 and 2 alone, 21 companies submitted IPO applications to the HKEX, indicating that the pace of market filings remains high

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Hong Kong Exchanges and Clearing (HKEX)

HKEX

Hong Kong IPO Fundraising Exceeds HK$100 Billion So Far This Year

Rents in Hong Kong's luxury housing market are increasing due to a tightening supply and the return of overseas professionals. The most significant rebound is seen in upscale areas like The Peak and Southside, with transactions in Repulse Bay reaching 108 in Q1 2026, over 40% of which had rents above HK$100,000. The demand surge is attributed to corporate expansions and new expatriate families relocating. Average monthly rents in Repulse Bay rose by 28.2% year-on-year to HK$166,375, reflecting intense competition for prime homes.

SCMP

Return of overseas hires meets tighter supply, driving up Hong Kong luxury rents

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Asian stocks caught between Trump's threats and fragile ceasefire hopes

Hang Seng China Enterprises Index

Asian stocks caught between Trump's threats and fragile ceasefire hopes

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Hong Kong's Mandatory Provident Fund (MPF) is expected to report a loss exceeding HK$100 billion (US$12.8 billion) for March, marking its worst monthly performance since its inception. The decline is attributed to a sharp fall in global stock markets and uncertainties from the Middle East conflict. Each of the 4.8 million members lost an average of HK$21,542. The MPFA advises members to focus on long-term investments and diversify their portfolios to mitigate risks. Despite the poor March performance, long-term returns remain solid, with five-year and ten-year annualized returns of 1.28% and 4.01%, respectively.

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Hong Kong’s MPF set to report worst performance in 3 years in March

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Hong Kong Financial Secretary Paul Chan highlighted in a blog post that the average daily turnover of Hong Kong stocks surpassed HK$300 billion in March, marking an 8% increase year-on-year. This underscores Hong Kong's reputation as a safe haven for investors, supported by stable economic growth in mainland China and a surge in high-quality IPOs. As of March 27th, IPO fundraising exceeded HK$103 billion, leading globally, with total fundraising around HK$237 billion. Over 500 companies are currently applying to list, indicating Hong Kong's growing importance for financing and expansion.

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Paul Chan: Hong Kong is a safe haven for investors' funds

Hong Kong's economy demonstrated resilience in Q1 2026, despite a volatile stock market and geopolitical tensions. Financial Secretary Paul Chan attributed this to mainland China's steady growth, positioning Hong Kong as a global hi-tech financing hub. The IPO market thrived, raising over HK$103 billion, with more than 500 pending applications. Merchandise exports surged nearly 30%, and retail sales rose by almost 12%. The jobless rate slightly declined to 3.8%, indicating a stable labor market. Chan emphasized Hong Kong's role as a reliable investment haven amid global uncertainties.

- Hong Kong's economy showed resilience in the first quarter of 2026, despite ongoing geopolitical tensions and stock market volatility.  
- Financial Secretary Paul Chan attributed this performance to the stable growth of mainland China's economy, which helps solidify Hong Kong's role as a global high-tech financing hub.  
- While the uncertainty surrounding Middle Eastern conflicts continues to impact the market, Hong Kong's IPO sector remains robust, attracting significant investments and enhancing local consumption through rising employment and retail sales.

Hong Kong economy showed resilience in first quarter of 2026, Paul Chan says

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Hong Kong Property Sector Sees Recovery Concentrated in Some Segments, S&P Says

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China Southern Hang Seng ETF

Yinhua CSI Interior Real Estate Theme ETF

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Hwabao WP CSI 800 Real Estate ETF

China Southern CSI All Share Real Estate ETF

SAMSUNG REITS

Hong Kong Property Sector Sees Recovery Concentrated in Some Segments, S&P Says

The World Trade Organization's latest report indicates that Hong Kong has become the world's fifth-largest trading entity in 2025, reflecting its resilience in merchandise trade. The Hong Kong Trade Development Council (HKTDC) attributes this success to the 'One Country, Two Systems' principle and a free business environment. The national 15th Five-Year Plan aims to further integrate Hong Kong into national development, enhancing its status as a global financial and trade hub. HKTDC will continue to promote Hong Kong as a two-way investment hub through international exhibitions and business missions.

- The World Trade Organization's latest report shows that Hong Kong became the fifth largest trading entity globally in 2025, rising two places from the previous year.  
- The Hong Kong Trade Development Council highlights that this achievement reflects Hong Kong's resilience in goods trade, supported by the "One Country, Two Systems" principle and its open business environment.  
- The report aligns with China's 15th Five-Year Plan, aiming to enhance Hong Kong's role as an international financial and trade center while fostering innovation and talent development.

Asian Corporate Newswire

HKTDC's response to World Trade Organization's latest report

More Hongkongers are opting for mainland Chinese tours during the Easter holiday due to the ongoing conflict in the Middle East, which has disrupted air travel. The Hong Kong Tourism Association reported a 30% year-on-year increase in outbound tour groups to the mainland. Many travelers are shifting from plans to visit Europe or the Middle East to mainland destinations. Additionally, local airlines have raised fuel surcharges amid rising global fuel prices. The Immigration Department anticipates 6.44 million trips through Hong Kong's border during the Easter and Ching Ming Festival holiday.

Hongkongers opt for mainland Chinese tours during Easter amid Middle East war

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China's services activity showed slower growth in March, with the services purchasing managers' index dropping to 52.1 from 56.7 in February, indicating weak consumer demand post-Lunar New Year holiday. The official PMI indicated gains in producer services, but consumer services like retail remained in contraction. Input prices rose slightly, yet companies reduced selling prices to stimulate sales. Consumer spending has had a poor start to the year, prompting the government to lower its growth target to 4.5%-5%, the lowest since 1991, while scaling back fiscal stimulus plans.

- China's service sector activity expanded at a weak pace in March, indicating soft consumer demand after the long holiday.  
- The RatingDogChina service purchasing managers' index fell from 56.7 in February to 52.1, dropping more than expected, while economists had predicted 53.6.  
- Despite a slight uptick in official PMI data, consumption services like retail remain in contraction, posing challenges for the government as it aims to shift economic focus towards consumer spending.

Bloomberg

NASDAQ Golden Dragon China Index

ISHARES A50

Harvest FTSE China A50 ETF

Krne Csi China Internet

Tianshun

iShares China Large Cap

Invesco Golden Dragon China

E Fund MSCI China A50 Interconnection ETF

Roundhill China Dragons ETF

Founder Fubon CSI Consumer Staples Dividend Index Enhanced Fund(LOF)

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CSOP A50 ETF

China Services Gauge Slows After Boost From New Year Holiday

$Hang Seng Index(00HSI.HK)has evolved into a hybrid market that reflects China’s economic cycle more than Hong Kong’s domestic fundamentals. Its performance is increasingly driven by mainland policy follow-through, earnings durability in platform and financial stocks, and cross-border capital flows via Stock Connect. Valuation alone is no longer a catalyst; sustained upside depends on whether policy support translates into real profit recovery and renewed confidence from long-term global investors.

$XTALPI(02228.HK) The first to rise in the Hong Kong stock watch list! Push it up!

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CSOP A50 ETF-R

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Tencent HK SDR 10to1

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Tencent Holdings Limited

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

POP MART HK SDR 20to1

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Alibaba HK SDR 5to1

Alibaba

The exchange rate of HKD against USD is rising rapidly. Will there still be big opportunities in Hong Kong stocks? $Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK)

While the US stock market hovers under the shadow of tariffs, the Hong Kong stock market is experiencing a liquidity-driven structural frenzy. But is this 'Hong Kong stocks feast' the beginning of a trend revaluation, or a short-lived bubble induced by capital?From a macro perspective, the weak dollar cycle and the abundance of Hong Kong dollar liquidity are the core drivers of the Hong Kong stock market. In May, US tariff revenue surged to a peak of $22 billion, yet the CPI remained stable, coupled with the potential impact of immigration policies on the job market, the probability of a Fed rate cut in June-July is extremely low. The US stock market remains in a tug-of-war between 'chicken ribs market and downside risk.' In contrast, the Hong Kong dollar exchange rate has quickly slid from the strong-side guarantee to the weak-side edge, HIBOR rates are nearly zero, and the abundant liquidity is flooding into new consumption, innovative drugs, and A/H premium targets, driving both blue-chip dividend stocks and growth assets higher.However, the sustainability of the structural revaluation of Hong Kong stocks is highly dependent on the liquidity environment. The current extremely low level of HIBOR has deviated from the US benchmark interest rate. If the Fed's policy shifts or there are changes in the supply and demand of funds, a liquidity retreat could trigger a valuation correction. More critically, the structural premium of the same asset in Hong Kong stocks compared to A-shares lacks fundamental support. In a market dominated by southbound funds, caution is needed against the risk of valuation overshoot under 'capital frenzy.'In the short term, as long as the cost of borrowing in Hong Kong dollars remains low, there is still room for liquidity-driven revaluation to continue. However, in the long term, whether Hong Kong stocks can escape the 'capital market' dilemma depends on whether corporate earnings can take over liquidity as the anchor of valuation. Investors need to closely monitor changes in HIBOR rates and maintain sensitivity to risks amid the liquidity feast. $Hang Seng Index(00HSI.HK)

$Hang Seng Index(00HSI.HK)When the Hong Kong dollar triggers the strong-side convertibility undertaking, the Hong Kong government will be forced to issue Hong Kong dollars to buy US dollars (unless Hong Kong abandons the linked exchange rate system due to another crisis caused by excessive base money).Short-term may benefit the Hong Kong stock market.

On a weekly basis, the southbound capital flow in Hong Kong stocks was a net outflow in the past week. This is unusual, as it's the first time this has happened in at least over a year. $HSTECH ETF(03032.HK) $Hang Seng Index(00HSI.HK) $XIAOMI-W(01810.HK)

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XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

$XTALPI(02228.HK)$Hang Seng Index(00HSI.HK)This is a key macro indicator for Hong Kong stocks.

$Hang Seng Index(00HSI.HK) $XTALPI(02228.HK) Who should be blamed for these poor souls in Hong Kong stocks today? Sigh... damn it

During the 2018 trade war, Gao Shanwen gave a relatively well-known internal speech:Our generation has already made enough money, so young people should just wash up and go to sleep.As for the 2025 tariff war, what I want to say is: young people might not be able to sleep.$Hang Seng Index(00HSI.HK)$Hang Seng TECH Index(STECH.HK)$Invesco QQQ Trust(QQQ.US)$SPDR S&amp;P 500(SPY.US)

Invesco QQQ Trust

SPDR S&P 500

Another day protected by southbound capital! At 13:30 in the afternoon, the southbound capital suddenly surged, and the intraday chart skyrocketed after a 10-minute delay (did you day trade during these 10 minutes? 😂).Unlike yesterday, the southbound capital first rose and then fell in the morning, showing overall weakness. By 13:30, the net purchase was only 1.5 billion. After the surge, the cumulative net purchase for the day reached 5.15 billion. Compared with yesterday, I'm more convinced that there is a will behind the southbound capital.$Hang Seng Index(00HSI.HK) $BABA-W(09988.HK) $TENCENT(00700.HK)

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UB#HSI RC2809D Stock Performance Chart

Asia Mixed on Trump’s Hardened Rhetoric

China Caps Rise in Fuel Prices as Middle East War Drives Up Energy Costs

China's forex reserves fall more than expected in March

Asian shares mostly higher ahead of Trump's deadline for Iran to reopen oil route

Hong Kong IPO Fundraising Exceeds HK$100 Billion So Far This Year