Key News
Asian stocks were largely higher post yesterday’s global holiday, less the United States while China remains on holiday until Thursday.
Australia’s central bank unexpectedly hiked interest rates by 25 basis points which had one of our currency traders fired up as they believe it is an indication that central banks, including the US Fed, will keep hiking rates. Hong Kong volumes were light with China and Southbound closed with the latter usually accounting for 1/3 of Hong Kong trading. Hong Kong shares opened higher but faded with Hong Kong’s most heavily traded Tencent up +0.41%, Alibaba HK gaining +0.3%, HSBC closing higher +4.45% on strong financial results and buyback plans, AIA up +0.59%, Meituan down -0.38%, and JD.com HK closing higher +1.69%.
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