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Key News
Asian equities had a rough night, except India, on the specter of higher US interest rates.
Hong Kong was far weaker than China as several banks had a very poor day on real estate exposure concerns, lower rates on their US dollar deposits, a prominent broker downgraded several bank stocks, and limits on local government financing vehicles. Many of the bank stocks went ex-dividend today, so their price drops appear bigger due to their 7%/8% payouts. Against the backdrop of a quiet week for financial professionals, as many in Asia take the US shortened week off, the banks’ drop was likely exacerbated by the low liquidity. High dividend-paying SOEs had been a popular trade that appears to have become very unpopular as investors all try to squeeze out the exit.
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