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China travel stocks rally as tourism numbers spike
China markets are mixed this morning with the Shanghai Composite rising almost 1% and the Kospi in South Korea rising over 1%. The Nikkei in Japan is down 0.30%. This is the first day of trading for most Asian markets after a long Lunar New Year holiday that, according to official data, saw consumer spending jump to higher levels than what was registered pre-Covid. Tourism stocks in particular are jumping, up 2% and still benefitting for a post-pandemic reopening rebound. Shanghai-listed Air China rises climbed 1.2%, China Southern Airlines gained 1.7%, while Hong Kong-listed Chinese online tourism services group Tongcheng Travel rose 1.5%. Finally, the People's Bank of China held a key policy rate unchanged which was expected, but that also comes off the back of a hot inflation report in the US that sparked fears of a delayed rate-cutting program.
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