China's GDP in the third quarter exceeded expectations of 4.9%! A-shares have become a bear market, what is the reason? What about the backbone of domestic capital
Last night there were two major negatives:
Last night, the US retail sales data for September increased by 0.7% month-on-month, significantly exceeding market expectations of 0.3%, indicating that consumer personal spending is still strong, the US economy remains resilient, the market's tightening expectations for the Fed have strengthened again, US Treasury yields have soared across the board, 10-year Treasury yields jumped 13 basis points to 4.83%, and 30-year long-term bond yields rose as much as 12 basis points to 4.99%, both hitting new highs since October 6 and close to the high since 2007.
In addition, according to reports, the US Department of Commerce announced restrictions on the sale of advanced AI chips to China and restrictions on the export of NVIDIA A800 and H800, which took effect 30 days after the ban was announced. Although NVIDIA's limited sales are good for domestic substitution, it is a big negative for those industries that rely on NVIDIA, and today's A-share AI sector plummeted.
Affected by the above two bearishness, A-shares opened low and dipped today, and the ChiNext index fell more than 1% intraday and hit a new low. However, the intraday statistics bureau released the third quarter GDP data and September economic data, specifically, the third quarter GDP growth of 4.9% year-on-year, higher than market expectations, September social zero, industrial added value exceeded market expectations.
From a month-on-month perspective, the GDP growth rate in the third quarter was 1.3%, which means that the mainland economy improved in the third quarter compared with the second quarter, but A-shares fell by a quarter, the Shenzhen Composite Index and ChiNext Index both hit new lows, and A-shares performed at the bottom of the world.
As of press time, the Shanghai Composite Index fell by 0.40%, the ChiNext Index fell by 0.83%, and northbound funds sold a small net of 875 million. Even if the GDP data exceeded expectations was released, A-shares still fell, and today is the market smashed by domestic capital.
In terms of industries, the four major industries of automobiles, agriculture, forestry, animal husbandry and fishery, food and beverage, and banking rose, while communications, media, social services, computers and other industries led the decline.
Risk Warning:
The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently