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Key News
Asian equities were mixed overnight as China underperformed.
Health care was the worst-performing sector in Hong Kong overnight after contract research giant WuXi Biologics issued a negative medium-term growth outlook. The primary factors were the boom in COVID-related business coming to an end and less funding for smaller biotechnology companies due to higher interest rates. However, the company expects a recovery in the second half of 2024. Other contract manufacturers were also lower overnight. The company’s stock was halted for trading for the announcement. However, it is important to note that WuXi is one of the largest contract manufacturers in the world with a global footprint and client base that is likely to continue to be a global leader. Sentiment in the biotechnology industry is at an historic low and that is a global issue, not just a China issue.
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