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Asian investors cheered the potential Fed pause as the Asia Dollar Index gained +0.23% versus the US dollar, while Japan, Malaysia, and Thailand were on holiday.
Mainland China markets re-opened overnight as Shanghai, Shenzhen, and the STAR Board closed mixed at +0.82%, -0.08%, and -2.18%, respectively, on high volumes. Financials had a strong day in China +2.62% and Hong Kong +5.26% as a beneficiary of SOE reform, with recent solid financial results, outlook, and a Fed hike pause. I suppose not blowing up is a factor though there is no schadenfreude here, having known good people at both First Republic and Silicon Valley Bank.
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