Key News
Asian equities were mixed overnight on light volumes.
COVID’s spread in China is garnering more attention than I would have thought from Western media. 100% COVID is spreading through China as some city’s close schools while our Mobility Tracker shows the drop off in traffic and subway usage. While Mainland China has been off the last few days, the market hasn’t collapsed. In fact, since the end of October to yesterday’s close, the S&P 500 is down -1.01%, Shanghai Composite gained +11.54%, and Shenzhen Composite finished up +10.10% in US dollars. While COVID concerns weigh on Mainland sentiment, worth pointing out today’s best performing sub-sectors in China today were airport industry +2.07% and catering tourism industry +1.87%. Who else didn’t care? Foreign investors bought $268 million of Mainland stocks today via Southbound Stock Connect.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.