Key News
Asian equities were broadly higher overnight, though South Korea was closed for the Memorial Day holiday.
Hong Kong and Mainland China gave back mid-morning gains to close lower, as the Hang Seng Index opened higher by +1.41%, but closed lower by -0.05%. The most important news overnight came at 3:30 pm, after the Mainland’s close, when Bloomberg News reported that the PBOC would cut banks’ deposit rates, which led to a small rally into Hong Kong’s close. Mainland media also reported that the 2nd half of 2023 may see interest rate and bank reserve requirement ratio cuts.
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