Key News
Asian equities were largely higher/mixed on lower volume while Taiwan and India were off on holiday.
There are many market holidays this week which explains the light volumes in the region which can lead to more volatility. It was interesting that Mainland China was mixed/higher but on very high volumes, reaching 146% of the 1-year average. Both the Shanghai and Shenzhen appear to be in intermediate uptrends with the Shanghai outperforming the Shenzhen. Shanghai’s mega/large cap State Owned Enterprises (SOEs) are outperforming Shenzhen’s large/mid/small cap private companies. SOE reforms are a factor but also sector composition. Another factor is China’s consumer confidence is rising off the lows posted during the April Shanghai lockdown (86.7 from March’s 113) and after zero-COVID was removed in October, it led to many people falling ill (85.5). January’s 91.2 was followed by February’s 94.7.
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