Diplomatic Green Shoots, Foreign Freak-Out & Mainland Shoulder Shrug

Key News

Asian equities were mixed overnight as Hong Kong underperformed following yesterday’s June economic release.

Tencent was down -4.59% on an interview with early investors Prosus stating it will sell 2 to 3% annually, weighing on internet plays. Hong Kong real estate was the worst sector, down -3.96%, as distressed property stocks fell after Evergrande finally announced financial results for the last two years. The company lost $95.7 billion in 2021 and $14.8 billion in 2022, though by stating its results, the Hong Kong shares could start trading again and lead to a restructuring.