Key News
Asian equities were mixed overnight as central bank meetings will dominate this week as Taiwan outperformed while Hong Kong-listed internet stocks were hit with profit taking.
The Hong Kong stock fall was exacerbated by Mainland investors selling a healthy $881 million worth of Hong Kong stocks via Southbound Stock Connect, though the Hang Seng Index stayed above the 22k level. With China’s reopening on full display, we likely had some buy-the-rumor/sell-the-news trades after strong year-to-date performance. Weekend rhetoric from US politicians on increased investment bans, semiconductor bans, and the probability of war over Taiwan may have been a factor, though Taiwan’s strong day does not quite fit that narrative. In traveling for work last week, we warned US political rhetoric as a continued risk, though headlines have had more bark than bite thus far.
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