Week in Review
- Asian equities were mostly higher after a turbulent week that included a cooler inflation print in the US and key economic positive economic data coming out of China, including growth in exports and a very low inflation print.
- Prosus’ selling of its stake in Tencent and SoftBank’s sale of Alibaba shares weighed on the companies’ share prices this week, though it is a positive that investors who could move in size are now out of the names.
- Solar giant Longi Green Energy reported Monday that 2022 operating revenue jumped +60% year-over-year (YoY) and net profit increased +62.66% YoY.
- In this week’s video update, Xiabing Su visits Baidu’s Apollo Park to explore the innovative advances in autonomous driving and take a test ride in the company’s latest model of its self-driving taxi.
Friday’s Key News
Asian equities gained today to end a roller coaster week though several markets were closed for holidays including India (in honor of politician and social reformer Dr. Ambedkar Jayanti), Pakistan (Juma Tul Vida, which is the last Friday of the month of Ramadhan before Eid-al-Fitr), and Thailand (Songkran Festival which is the Thai New Year’s national holiday). It is hard to believe that most Asian equity markets closed the week up.
Local China media coverage overnight was focused on President Xi’s visit to Guangdong Province in southern China, which borders Hong Kong and includes Shenzhen. Yesterday, we mentioned his visit to GAC Aion New Energy Automobile Co’s factory, though local media highlighted his visit to LG Display’s factory in Guangdong. He was quoted as stating that “China’s policy of reform and opening up will remain unchanged over the long term.” He also pointed out that “China’s market strengths will become more apparent… amidst the backdrop of sluggish global economic growth.” Premier Li also touted China’s pro-business stance by visiting Beijing Hyper Strong Technology Co. in Beijing in addition to a “satellite maker, an energy-storage company, and a smart-driving technology company”.
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