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Key News
Asian equities had another strong day as Mainland China and Hong Kong outperformed the region.
Following the weekend announcements on stock market reforms covered yesterday (Mainland stamp tax cut, nearly 40 mutual funds /ETFs approved to launch, i.e., more demand, restrictions on corporate parent stock sales, i.e., less supply, limit IPOs, i.e., less supply, encourage buybacks, i.e., more demand), there were further incremental policies announced including several banks cutting mortgage rates and deposit rates, PBOC adding liquidity to the financial system, US Commerce Secretary Raimondo’s positive meeting with China Minister of Commerce Wang Wentao, and several company catalysts such as BYD’s very strong financial results after the Hong Kong close yesterday.
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