Government Policy Pivot Leans Into The Global Macro Headwind

Key News

Asian equities were largely higher except for South Korea, India, and Singapore.

Mainland China and Hong Kong both opened higher following yesterday’s strong performance in US-listed China stocks, following China’s surprise post-market announcement that the budget deficit would be expanded due to the issuance of RMB 1 trillion worth of bonds for local governments to use on infrastructure damaged during several natural disasters.