Alibaba Beats But Cloud IPO Pulled

Key News

Asian equities were mixed overnight, with Japan, Mainland China, and Hong Kong off while Taiwan, Korea, and India managed small gains.

The Biden-Xi four-hour meeting met low expectations though strong progress was made on curbing fentanyl ingredient exports, furthering communication between the two militaries, and agreeing to talks on artificial intelligence risks. The sleeper positive was Biden’s comments on Taiwan and maintaining the one-China policy. We shouldn’t expect the two sides to go to the prom together, though they are learning how to play nice in the sandbox with one another.