Does The Surge In Chinese Banks Signal Trouble Ahead?
Upon returning from Golden Week holidays in Japan and China, Chinese bank shares went on an absolute tear higher, with some of the biggest lenders' stocks hitting their +10% intraday limit up on the heels of positive headlines on net interest margins. However, the bigger macro picture in China does not warrant such a historic surge in Chinese banks. Furthermore, the last time that Chinese banks hit limit up was in July 2015, followed by the historic PBOC yuan devaluation, and the subsequent cross-asset, global volatility that had ensued thereafter.
Weston Nakamura discusses today's price action in China (and indeed the world's) largest bank shares, as well as what else is ahead for this week out of Asia with global market impact and relevance.
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