Consumption Policies Lift Growth Stocks, LVMH’s China Revenue Up +11%

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Asian equities were higher as South Korea and Hong Kong outperformed.

The State Administration of Financial Supervision issued a statement titled “Notice on Financial Support for the Resumption and Expansion of Consumption,” asking financial institutions to increase support for “the expansion of automobile consumption, increasing financial support for new consumption and service consumption, reducing consumer finance costs…”. The notice emphasizes the support for small businesses that employ most people in China versus state-owned enterprises (SOEs).