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Key News
Asian equities were mixed overnight as Japan outperformed and Korea underperformed in advance of today’s US Fed interest rate decision, with a pause in June and hike in July anticipated.
Tonight will be must-see TV as China’s 1-year medium-term lending facility rate will be released with an anticipated 10 basis point cut to 2.65%, May industrial production (+3.5% estimate), retail sales (+13.7% estimate) and fixed asset investment (+4.4% estimate) followed by next week’s 1 and 5-year loan prime rate anticipated to be cut by 5 basis point to 3.6% and 4.25%. Hong Kong and China popped out of the gate, though faded with Hong Kong internet mixed and EV ecosystem stocks outperforming as May sales look strong along with rumors of Nio and Mercedes Benz partnership.
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