Finance Morning: PBOC Maps Next Monetary Policy Steps; Hong Kong Tech Stocks Slide

📊 Today's Asian Markets

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PBOC Q3 monetary policy meeting: keep monetary policy moderately loose

Source: CCTV (央视网)

The People's Bank of China's Monetary Policy Committee held its third-quarter 2026 meeting (the 114th overall), releasing its latest policy signal. The meeting held that macro policy has been more proactive this year and monetary policy has stayed moderately loose, with counter- and cross-cyclical adjustment strengthened and a mix of monetary policy tools used to create a suitable monetary and financial environment for the economy. It noted social financing costs are at historically low levels and the yuan has remained basically stable at a reasonable and balanced level.

The meeting said China will continue to implement a moderately loose monetary policy, step up counter-cyclical adjustment, better leverage both the aggregate and structural functions of monetary policy tools, and strengthen coordination between monetary and fiscal policy to promote stable growth and a reasonable recovery in prices. It suggested giving play to the combined effect of incremental and existing policies, enhancing the forward-looking, flexible and targeted nature of policy, and using and adjusting monetary policy tools as appropriate to keep liquidity ample.

The meeting also called for regulating credit market operations, lowering intermediate financing fees and keeping overall social financing costs low, and for observing and assessing bond market conditions from a macro-prudential perspective while watching changes in long-term yields. On the exchange rate, it stressed letting the market play a decisive role in rate formation, enhancing the resilience of the forex market and keeping the yuan basically stable at a reasonable and balanced level. It also urged large banks to play a leading role in serving the real economy while pushing smaller banks to focus on their core business.

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China Molybdenum issues statement over tailings dispute with Xiamen Tungsten

Source: 21st Century Business Herald (21财经)

China Molybdenum Co. said in a statement published on its official WeChat account on the evening of Sept 24 that, over its tailings dispute with Xiamen Tungsten, it will follow the spirit of the rule of law and market principles and await a final ruling by the arbitration tribunal.

The statement said Xiamen Tungsten invested 40 million yuan as equity in 2001, and that over the years Yulu Mining has used the company's tailings to extract tungsten products; by the first half of 2025, Xiamen Tungsten had received about 1.7 billion yuan in cumulative dividends. China Molybdenum said that since 2023, relevant state authorities have imposed stricter supervision on tungsten mining quota allocations, under which no unit may produce or operate beyond its quota, and that quotas are allocated to mining enterprises rather than smelters — meaning Yulu Mining effectively occupies the company's tungsten quota for production and sales without consideration, while all compliance risk falls on the company.

China Molybdenum said it repeatedly communicated with Xiamen Tungsten, noting the two sides need to adjust their cooperation model to comply with current regulatory requirements, and that it had to suspend the relevant tailings supply when talks failed. Earlier, on Sept 21, Xiamen Tungsten announced it had applied to the Beijing Arbitration Commission over China Molybdenum's breach of the joint-venture contract for Luoyang Yulu Mining, alleging that the halt of tailings supply forced Yulu into full production stoppage; the amount involved in the case is provisionally calculated at a total of 116 million yuan (as of Aug 31, 2026).

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Traditional sectors surge; Buffett adds to a U.S. homebuilder for a third day

Source: Sina Finance (新浪财经)

Traditional sectors such as real estate and consumer goods suddenly strengthened. Wiwj, Huayuan Holdings and Hualilijiazu briefly logged three consecutive daily limit-ups, Vanke A staged a "three limit-ups in four days" during the session, and Hong Kong-listed China Vanke once rose more than 15%. Meanwhile, a U.S. homebuilding stock surged, triggered by a Berkshire purchase filing.

U.S. Securities and Exchange Commission filings show Berkshire bought Lennar on three consecutive trading days — Sept 17, 18 and 21 — acquiring about 2.6685 million Class A shares and 75,000 Class B shares for roughly $212 million. The U.S. housing market is hardly upbeat: Freddie Mac data show the 30-year fixed mortgage rate rose from 6.76% on Sept 10 to 6.95% on Sept 17, and further to 7.03% on Sept 24. Lennar's own average buyback price in its fiscal third quarter was $85.49, while most of Berkshire's purchases were between $75 and $80.

Around the time news of Berkshire's purchases emerged, A-share property stocks also turned clearly hotter. On Sept 21, Wiwj, Hualilijiazu, Huayuan Holdings, Greenland Holdings and others hit limit-up; by Sept 23, Wiwj, Huayuan Holdings and Hualilijiazu touched three consecutive limit-ups intraday, Vanke A briefly rose for a third day in four sessions, and World Union once notched a fifth gain in six days. One well-known fund manager said the opportunity in real estate "used to be once in ten years, now it's once in twenty years".

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Hong Kong stocks dive; Hang Seng down 1.69% at midday as tech names slump

Source: Southern Finance (南方财经)

Hong Kong's main indices dived on the morning of Sept 25. By the midday close, the Hang Seng Index was down 1.69% and the Hang Seng Tech Index down 2.14%.

Tech stocks fell broadly: SenseTime dropped 5%, NetEase nearly 4%, while Xiaomi Group, Li Auto, Leapmotor, BYD Company and Kuaishou fell more than 3%, JD.com nearly 3%, and Alibaba, XPeng, Meituan, Baidu and NIO more than 2%; Lenovo Group bucked the trend with a 1.55% gain. Machinery, building materials and semiconductors led the declines, with Iluvatar CoreX down nearly 5% and Biren Technology and GigaDevice down more than 4%.

On the upside, CXO and biomedical sectors led gains: Asymchem rose more than 3%, CanSino Biologics 2.7%, WuXi Biologics 2.4% and WuXi AppTec 1.85%.

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Nikkei reclaims 66,000 mark with fifth straight daily gain

Source: Kyodo News (共同网)

Tokyo's Nikkei index on Sept 25 posted a fifth straight daily gain, closing up 850.21 points from the previous session at 66,364.20, reclaiming the 66,000 mark for the first time in about three weeks, a rise of 1.30%.

Helped by gains in U.S. tech shares overnight, some AI and semiconductor names in Tokyo drew buying, with index-heavy semiconductor equipment giants Tokyo Electron and Advantest among the favourites. Rising long-term interest rates also prompted more buying of bank stocks, with Japan's long-term rate once rising to 3.115%.

The Topix index closed up 53.29 points at 4,128.59, a gain of 1.31%, with full-day trading volume of 2.1492 billion shares.

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Asia-Pacific markets mixed: KOSPI up 0.9%, A-shares fall across the board

Source: JRJ (金融界)

Asia-Pacific markets all closed on Sept 25, with four of 11 indices up and seven down, leaving overall sentiment weak.

The top gainers were the Nikkei 225 (+1.30%), South Korea's KOSPI (+0.90%) and Vietnam's Ho Chi Minh index (+0.66%); the biggest losers were the ChiNext (-2.68%), Shenzhen Component (-2.34%) and Shanghai Composite (-1.22%). A-shares fell across the board.

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Three fined 8 million yuan for stock manipulation despite zero profit

Source: Sina Finance (新浪财经)

An administrative penalty decision disclosed by the CSRC on Sept 24 showed that Chen, Zhou and Li engaged in illegal stock market manipulation. Although they made no illegal gains, they were fined a combined 8 million yuan and barred from securities market trading for terms ranging from two to three years.

Investigations found that between Feb 20, 2023, and Aug 1, 2024, the three controlled multiple securities accounts opened in others' names, using concentrated capital and shareholding advantages to trade continuously and to trade between accounts under their own actual control to influence the price and trading volume of relevant stocks, with no illegal gains. On review, the CSRC found the three shared a common intent to manipulate "Chuhuan Technology", sufficient to prove joint manipulation.

Under the Securities Law, the CSRC fined the three a total of 8 million yuan — 3 million borne by Chen, 2 million by Zhou and 3 million by Li — and barred Chen and Li from securities trading for three years and Zhou for two years.

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Dollar index rises on Sept 24 to close at 101.285

Source: Sina Finance (新浪财经)

The U.S. dollar index, which measures the greenback against six major currencies, rose 0.19% on the day, ending at 101.285 in late foreign-exchange trade.

At the close of New York forex trading, one euro bought $1.1374, down from $1.1387 the previous session; one pound bought $1.3217, down from $1.3243; one dollar bought 158.85 yen, up from 158.27 yen; 0.8282 Swiss francs, up from 0.8244; 1.4141 Canadian dollars, up from 1.4097; and 9.9224 Swedish kronor, up from 9.9169.

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Eurozone composite PMI rises to 53.1 in September, highest since April 2023

Source: Sina Finance (新浪财经)

A latest S&P Global survey shows eurozone private-sector economic activity clearly accelerated in September 2026, with the composite PMI rising to 53.1 from 52.0 in August, the highest since April 2023. Services and manufacturing expanded in tandem and new orders grew faster, showing the eurozone economy remains resilient amid higher energy prices and rising geopolitical risk. The survey also showed business input costs and output prices rose markedly faster.

By component, the eurozone composite PMI stayed above the 50 no-change mark for a third straight month; the services PMI rose to 53.0 from 51.6 in August, a 10-month high; the manufacturing output index rose to 53.4 from 53.3, a 55-month high, while the manufacturing PMI held at 52.7. Germany's economy expanded for a third straight month at its fastest pace in nearly a year, while France ended 10 straight months of contraction and returned to growth. New orders rose for a third straight month at the fastest pace since May 2022.

Alongside faster activity, price pressures are rebuilding. Eurozone input costs and output prices rose at their fastest pace in four months in September, with output-price increases widening in Germany, France and other eurozone economies. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that given higher energy prices caused by the ongoing Middle East conflict, the renewed rise in inflation pressures in September was not surprising. Since early September, international oil and gas prices have at times risen sharply, with Brent crude peaking above $130 a barrel, up more than 35% from the start of the month, and Europe's benchmark TTF natural gas futures peaking above 80 euros per megawatt-hour, up about 14%. Attention to another ECB hike this year has increased.

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Asian shares mixed as U.S. bond sell-off weighs and oil slips

Source: Yahoo! Finance Canada (AP)

Asian shares were mixed on Friday after another bond sell-off pushed U.S. Treasury yields to their highest in years. Japan's Nikkei 225 rose, Hong Kong's Hang Seng slipped and Australia's S&P/ASX 200 fell.

On Wall Street, the benchmark S&P 500 was almost unchanged on Thursday, edging down less than 0.1%. The Dow Jones Industrial Average dropped 0.3%, while the tech-heavy Nasdaq composite climbed less than 0.1%. A global bond sell-off has again pressured stocks, with the U.S. 10-year Treasury yield reaching its highest since 2007; it eased to around 5.19% early Friday after rising above 5.20% on Thursday from around 5.11% on Wednesday. Investors are demanding higher compensation for rising risks and uncertainties, including inflationary pressure from the Iran war-driven energy shock and rising U.S. government debt.

Oil prices fell early Friday as investors looked for signs of a reopening of the Strait of Hormuz. Brent crude, the international standard, dropped 1.4% to $98.84 a barrel, staying below the $100 mark though still well above the roughly $72 a barrel level in late February before the war began. Many investors are also watching the Washington meeting between U.S. President Donald Trump and China's top leader; analysts said the two sides discussed topics including trade, artificial intelligence and the Middle East, but made limited concrete progress.

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