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Key News
Similar to yesterday, North Asia was off, while South Asia managed small gains on light volumes following the US equity market sell-off yesterday.
US tech weakness led by Apple’s fall yesterday weighed on growth stocks in the region, with South Korea hit harder than most. Apple’s bad showing had a knock-on effect on its Asia supplier ecosystem, similar to Tesla’s effect on Asia EVs yesterday. Western media headlines are screaming about the spread of COVID in China and outbound traveler testing. 100% COVID is spreading in China though thus far, it appears to be the omicron variant as our Mobility Tracker below continues to show a pick up in city activity. I would point out how stable CNY has been, which appreciated overnight versus the US dollar. If CNY isn’t freaking out, neither should you!
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