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Key News
Asian equities were largely higher on a quiet night, as Japan outperformed. Several markets were closed regionally for Eid al-Adha, the “Feast of Sacrifice”, which is the second most important of the two main holidays celebrated in Islam.
Mainland China and Hong Kong were lower in morning trading as May industrial profits were down -12.6% year-over-year, though better than April’s -18.2%. A potential US export ban weighed on Nvidia, and US semiconductor stock weakness spilled over into AI and semiconductor stocks in Mainland China. CNY was weak versus the US dollar, closing at 7.24 CNY per USD. Despite these headwinds, both Mainland China and Hong Kong were able to rise and limit losses.
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