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Key News
Asian equities were largely lower to start the week, as Russia headlines dominated the weekend. Mainland China was off as AI profit-taking escalated into a stampede and the renminbi weakened versus the US dollar to 7.23 CNY per USD from Wednesday’s pre-holiday 7.17 CNY per USD.
China’s four-day Dragon Boat Festival data had something for the bulls and bears as trips and spending increased year-over-year, though remained below pre-pandemic, 2019 levels. Comparisons versus May’s Labor Day holiday were lower, which the nattering nabobs of negativity were quick to point out. Labor Day was a three-day holiday, likely leading to a week-long break and thus more international travel than the Dragon Boat’s four-day weekend. You are unlikely to read in Western media that total holiday domestic tourist volume was up +119% versus 2019, driven by 106 million domestic tourists, while airline and movie ticket sales were strong.
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