Key News
Asian equities were lower overnight on light volumes and US debt ceiling concerns in advance of today’s US CPI release.
Foreign investors bought a healthy $804 million of Mainland stocks today via Northbound Stock Connect. China and Hong Kong were mixed as Mainland traders booked profits in SOEs with the Mainland and Hong Kong financial sectors down -2.9% and -2.23% along with Mainland and Hong Kong energy sectors down -2.31% and -0.8%. SOE reform buzz has led local Chinese asset managers to list SOE-focused ETFs. Auto stocks were a top performer in both China and Hong Kong as April auto sales increased 54.5% year over year to 1.65 million and +2.1% month over month.
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