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Key News
Asian equities were largely higher as Japan outperformed, while Indonesia and Malaysia were closed for the Islamic New Year.
Hong Kong stocks were off slightly, but not nearly as much as US-listed China ADRs due to strong buying from Mainland investors via Southbound Stock Connect in afternoon trading which curtailed losses. Mainland investors bought $2.11 billion of Hong Kong-listed stocks today in the 10th largest net buy day ever. Main Board short turnover increased +140% from yesterday as 32% of turnover was short turnover. Short turnover was very high in Hong Kong-listed ETFs, indicating the Mainland may have hedged their long positions. The only culprit in yesterday’s US-China ADR fall that I could see was the US dollar’s strength, especially versus China’s renminbi which fell -0.46% overnight to 7.21.
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